NEVE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
NEVE
Largest movements
- Tangible fixed assets +€159,057
up €159,057 (+22.3%), from €712,142 to €871,199
of which Land and buildings: +€161,421
- Receivables within one year +€25,871
up €25,871 (+32.9%), from €78,611 to €104,482
of which Trade receivables: +€21,802
- Current investments +€14,957
up €14,957 (+13.4%), from €112,000 to €126,957
- Cash +€13,087
up €13,087 (+17.4%), from €75,397 to €88,484
mainly Debts after one year (+€135,401) and Depreciation (+€107,401)
- Debts after one year +€135,401
up €135,401 (+31.5%), from €430,091 to €565,492
- Reserves +€68,500
up €68,500 (+18.4%), from €372,600 to €441,100
- Current portion of long-term debt +€18,358
up €18,358 (+27.0%), from €67,998 to €86,356
- Depreciation +€26,552
up €26,552 (+32.8%), from €80,848 to €107,401
- Gross operating margin +€25,440
up €25,440 (+4.6%), from €549,648 to €575,089
- Taxes -€10,982
down €10,982 (-29.7%), from €36,997 to €26,015
- Financial charges +€5,910
up €5,910 (+63.9%), from €9,243 to €15,153
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,007,553 | €1,219,199 | +€211,646 | +21.0% |
| Fixed assets | 21/28 | €736,105 | €894,243 | +€158,138 | +21.5% |
| Intangible fixed assets | 21 | €23,763 | €22,844 | -€919 | -3.9% |
| Tangible fixed assets | 22/27 | €712,142 | €871,199 | +€159,057 | +22.3% |
| Land and buildings | 22 | €599,833 | €761,254 | +€161,421 | +26.9% |
| Plant, machinery and equipment | 23 | €7,326 | €5,895 | -€1,431 | -19.5% |
| Furniture and vehicles | 24 | €86,463 | €104,051 | +€17,588 | +20.3% |
| Assets under construction and advance payments | 27 | €18,520 | €0 | -€18,520 | -100.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €271,448 | €324,956 | +€53,508 | +19.7% |
| Amounts receivable within one year | 40/41 | €78,611 | €104,482 | +€25,871 | +32.9% |
| Trade receivables | 40 | €67,250 | €89,052 | +€21,802 | +32.4% |
| Other amounts receivable | 41 | €11,360 | €15,429 | +€4,069 | +35.8% |
| Current investments | 50/53 | €112,000 | €126,957 | +€14,957 | +13.4% |
| Cash at bank and in hand | 54/58 | €75,397 | €88,484 | +€13,087 | +17.4% |
| Deferred charges and accrued income | 490/1 | €5,441 | €5,034 | -€407 | -7.5% |
| Total equity and liabilities | 10/49 | €1,007,553 | €1,219,199 | +€211,646 | +21.0% |
| Equity | 10/15 | €380,813 | €449,359 | +€68,546 | +18.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €372,600 | €441,100 | +€68,500 | +18.4% |
| Distributable reserves | 133 | €372,600 | €441,100 | +€68,500 | +18.4% |
| Profit (loss) carried forward | 14 | €153 | €199 | +€46 | +30.3% |
| Amounts payable | 17/49 | €626,740 | €769,840 | +€143,100 | +22.8% |
| Amounts payable after more than one year | 17 | €430,091 | €565,492 | +€135,401 | +31.5% |
| Financial debts | 170/4 | €430,091 | €565,492 | +€135,401 | +31.5% |
| Amounts payable within one year | 42/48 | €196,649 | €204,348 | +€7,698 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €67,998 | €86,356 | +€18,358 | +27.0% |
| Financial debts | 43 | €19 | €0 | -€19 | -100.0% |
| Credit institutions | 430/8 | €19 | €0 | -€19 | -100.0% |
| Trade debts | 44 | €21,976 | €22,489 | +€513 | +2.3% |
| Suppliers | 440/4 | €21,976 | €22,489 | +€513 | +2.3% |
| Taxes, remuneration and social security | 45 | €104,682 | €94,773 | -€9,909 | -9.5% |
| Taxes | 450/3 | €53,102 | €50,772 | -€2,331 | -4.4% |
| Remuneration and social security | 454/9 | €51,580 | €44,002 | -€7,579 | -14.7% |
| Other amounts payable | 47/48 | €1,974 | €729 | -€1,245 | -63.1% |
| Remuneration, social security and pensions | 62 | €342,551 | €343,424 | +€873 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,848 | €107,401 | +€26,552 | +32.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,847 | €14,973 | +€5,127 | +52.1% |
| Gross operating margin | 9900 | €549,648 | €575,089 | +€25,440 | +4.6% |
| Operating profit (loss) | 9901 | €116,402 | €109,291 | -€7,112 | -6.1% |
| Financial income | 75/76B | €1,024 | €424 | -€600 | -58.6% |
| Recurring financial income | 75 | €1,024 | €424 | -€600 | -58.6% |
| Financial charges | 65/66B | €9,243 | €15,153 | +€5,910 | +63.9% |
| Recurring financial charges | 65 | €9,243 | €15,153 | +€5,910 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | €108,183 | €94,562 | -€13,622 | -12.6% |
| Income taxes | 67/77 | €36,997 | €26,015 | -€10,982 | -29.7% |
| Profit (loss) for the period | 9904 | €71,186 | €68,546 | -€2,640 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,186 | €68,546 | -€2,640 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.