NSLV: what changed
Two financial 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.
NSLV
Largest movements
- Receivables within one year +€30,821
up €30,821 (+43.8%), from €70,305 to €101,126
- Financial fixed assets -€29,716
down €29,716 (-11.4%), from €260,452 to €230,736
- Tangible fixed assets -€19,342
down €19,342 (-2.4%), from €795,264 to €775,922
- Deferred charges and accrued income -€17,689
no longer reported in 2025 (was €17,689)
- Cash +€14,001
up €14,001 (+245.2%), from €5,709 to €19,709
mainly Investment in fixed assets (net) (+€29,716) and Other debts (+€23,594)
- Debts after one year -€76,261
down €76,261 (-9.4%), from €814,237 to €737,976
of which Financial debts: -€73,636
- Other debts +€23,594
up €23,594 (+943.7%), from €2,500 to €26,094
- Reserves +€15,784
up €15,784 (+112.4%), from €14,038 to €29,822
- Write-downs -€24,301
down €24,301, from €5,778 to -€18,523
- Gross operating margin -€17,779
down €17,779 (-24.7%), from €71,917 to €54,138
- Other operating charges +€5,677
up €5,677 (+85.1%), from €6,668 to €12,345
- Financial charges -€1,418
down €1,418 (-5.9%), from €24,193 to €22,775
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 | €1,149,419 | €1,127,494 | -€21,926 | -1.9% |
| Fixed assets | 21/28 | €1,055,716 | €1,006,658 | -€49,058 | -4.6% |
| Tangible fixed assets | 22/27 | €795,264 | €775,922 | -€19,342 | -2.4% |
| Land and buildings | 22 | €795,264 | €775,922 | -€19,342 | -2.4% |
| Financial fixed assets | 28 | €260,452 | €230,736 | -€29,716 | -11.4% |
| Current assets | 29/58 | €93,703 | €120,835 | +€27,132 | +29.0% |
| Amounts receivable within one year | 40/41 | €70,305 | €101,126 | +€30,821 | +43.8% |
| Other amounts receivable | 41 | €70,305 | €101,126 | +€30,821 | +43.8% |
| Cash at bank and in hand | 54/58 | €5,709 | €19,709 | +€14,001 | +245.2% |
| Deferred charges and accrued income | 490/1 | €17,689 | - | -€17,689 | |
| Total equity and liabilities | 10/49 | €1,149,419 | €1,127,494 | -€21,926 | -1.9% |
| Equity | 10/15 | €237,646 | €252,597 | +€14,951 | +6.3% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €14,038 | €29,822 | +€15,784 | +112.4% |
| Distributable reserves | 133 | €14,038 | €29,822 | +€15,784 | +112.4% |
| Profit (loss) carried forward | 14 | €5,007 | €4,174 | -€833 | -16.6% |
| Amounts payable | 17/49 | €911,773 | €874,897 | -€36,877 | -4.0% |
| Amounts payable after more than one year | 17 | €814,237 | €737,976 | -€76,261 | -9.4% |
| Financial debts | 170/4 | €803,347 | €729,711 | -€73,636 | -9.2% |
| Other amounts payable | 178/9 | €10,890 | €8,265 | -€2,625 | -24.1% |
| Amounts payable within one year | 42/48 | €94,066 | €128,811 | +€34,745 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €67,765 | €73,636 | +€5,871 | +8.7% |
| Trade debts | 44 | €16,306 | €13,994 | -€2,311 | -14.2% |
| Suppliers | 440/4 | €16,306 | €13,994 | -€2,311 | -14.2% |
| Taxes, remuneration and social security | 45 | €7,496 | €15,087 | +€7,591 | +101.3% |
| Taxes | 450/3 | €7,496 | €15,087 | +€7,591 | +101.3% |
| Other amounts payable | 47/48 | €2,500 | €26,094 | +€23,594 | +943.7% |
| Accrued charges and deferred income | 492/3 | €3,470 | €8,110 | +€4,640 | +133.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,342 | €19,342 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,778 | -€18,523 | -€24,301 | |
| Other operating charges | 640/8 | €6,668 | €12,345 | +€5,677 | +85.1% |
| Gross operating margin | 9900 | €71,917 | €54,138 | -€17,779 | -24.7% |
| Operating profit (loss) | 9901 | €40,130 | €40,974 | +€844 | +2.1% |
| Financial income | 75/76B | €5,290 | €5,484 | +€194 | +3.7% |
| Recurring financial income | 75 | €5,290 | €5,484 | +€194 | +3.7% |
| Financial charges | 65/66B | €24,193 | €22,775 | -€1,418 | -5.9% |
| Recurring financial charges | 65 | €24,193 | €22,775 | -€1,418 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €21,226 | €23,683 | +€2,456 | +11.6% |
| Income taxes | 67/77 | €7,188 | €7,899 | +€711 | +9.9% |
| Profit (loss) for the period | 9904 | €14,038 | €15,784 | +€1,746 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,038 | €15,784 | +€1,746 | +12.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.