NVDK: 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.
NVDK
Largest movements
- Tangible fixed assets +€139,430
up €139,430 (+216.0%), from €64,552 to €203,982
of which Leasing and similar rights: +€117,292
- Deferred charges and accrued income +€125,523
up €125,523 (+908.3%), from €13,820 to €139,343
- Receivables within one year -€57,392
down €57,392 (-41.0%), from €139,982 to €82,589
of which Trade receivables: -€32,753
- Cash +€21,895
up €21,895 (+25.2%), from €86,834 to €108,730
mainly Net result for the year (+€91,575) and Debts after one year (+€84,338)
- Profit (loss) carried forward +€91,575
up €91,575 (+112.3%), from €81,518 to €173,093
- Debts after one year +€84,338
up €84,338 (+76.7%), from €110,000 to €194,338
of which Financial debts: +€84,338
- Current portion of long-term debt +€25,339
new in 2025: €25,339
- Trade debts +€19,399
up €19,399 (+26.7%), from €72,670 to €92,068
- Other debts +€8,874
up €8,874 (+39.8%), from €22,295 to €31,169
- Gross operating margin +€146,212
up €146,212 (+34.2%), from €427,596 to €573,807
- Staff costs +€87,168
up €87,168 (+30.5%), from €285,783 to €372,952
- Depreciation +€24,756
up €24,756 (+94.3%), from €26,242 to €50,998
- Financial charges +€11,417
up €11,417 (+226.0%), from €5,052 to €16,469
- Taxes +€11,187
up €11,187 (+51.9%), from €21,555 to €32,743
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 | €341,633 | €571,597 | +€229,965 | +67.3% |
| Fixed assets | 21/28 | €79,822 | €219,347 | +€139,525 | +174.8% |
| Tangible fixed assets | 22/27 | €64,552 | €203,982 | +€139,430 | +216.0% |
| Plant, machinery and equipment | 23 | €24,505 | €20,844 | -€3,661 | -14.9% |
| Furniture and vehicles | 24 | €39,693 | €65,846 | +€26,153 | +65.9% |
| Leasing and similar rights | 25 | - | €117,292 | +€117,292 | |
| Other tangible fixed assets | 26 | €354 | - | -€354 | |
| Financial fixed assets | 28 | €15,270 | €15,365 | +€95 | +0.6% |
| Current assets | 29/58 | €261,811 | €352,250 | +€90,440 | +34.5% |
| Stocks and contracts in progress | 3 | €21,175 | €21,588 | +€413 | +2.0% |
| Stocks | 30/36 | €21,175 | €21,588 | +€413 | +2.0% |
| Amounts receivable within one year | 40/41 | €139,982 | €82,589 | -€57,392 | -41.0% |
| Trade receivables | 40 | €99,582 | €66,829 | -€32,753 | -32.9% |
| Other amounts receivable | 41 | €40,400 | €15,760 | -€24,639 | -61.0% |
| Cash at bank and in hand | 54/58 | €86,834 | €108,730 | +€21,895 | +25.2% |
| Deferred charges and accrued income | 490/1 | €13,820 | €139,343 | +€125,523 | +908.3% |
| Total equity and liabilities | 10/49 | €341,633 | €571,597 | +€229,965 | +67.3% |
| Equity | 10/15 | €86,518 | €178,093 | +€91,575 | +105.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,518 | €173,093 | +€91,575 | +112.3% |
| Amounts payable | 17/49 | €255,115 | €393,505 | +€138,390 | +54.2% |
| Amounts payable after more than one year | 17 | €110,000 | €194,338 | +€84,338 | +76.7% |
| Financial debts | 170/4 | - | €84,338 | +€84,338 | |
| Other amounts payable | 178/9 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €145,115 | €197,809 | +€52,694 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | - | €25,339 | +€25,339 | |
| Trade debts | 44 | €72,670 | €92,068 | +€19,399 | +26.7% |
| Suppliers | 440/4 | €72,670 | €92,068 | +€19,399 | +26.7% |
| Taxes, remuneration and social security | 45 | €50,151 | €49,233 | -€918 | -1.8% |
| Taxes | 450/3 | €10,295 | €15,155 | +€4,860 | +47.2% |
| Remuneration and social security | 454/9 | €39,855 | €34,078 | -€5,777 | -14.5% |
| Other amounts payable | 47/48 | €22,295 | €31,169 | +€8,874 | +39.8% |
| Accrued charges and deferred income | 492/3 | - | €1,358 | +€1,358 | |
| Remuneration, social security and pensions | 62 | €285,783 | €372,952 | +€87,168 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,242 | €50,998 | +€24,756 | +94.3% |
| Other operating charges | 640/8 | €2,431 | €6,137 | +€3,706 | +152.4% |
| Non-recurring operating charges | 66A | - | €2,992 | +€2,992 | |
| Gross operating margin | 9900 | €427,596 | €573,807 | +€146,212 | +34.2% |
| Operating profit (loss) | 9901 | €113,139 | €140,728 | +€27,589 | +24.4% |
| Financial income | 75/76B | €148 | €59 | -€89 | -60.1% |
| Recurring financial income | 75 | €148 | €59 | -€89 | -60.1% |
| Financial charges | 65/66B | €5,052 | €16,469 | +€11,417 | +226.0% |
| Recurring financial charges | 65 | €5,052 | €16,469 | +€11,417 | +226.0% |
| Profit (loss) for the period before taxes | 9903 | €108,234 | €124,318 | +€16,083 | +14.9% |
| Income taxes | 67/77 | €21,555 | €32,743 | +€11,187 | +51.9% |
| Profit (loss) for the period | 9904 | €86,679 | €91,575 | +€4,896 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €86,679 | €91,575 | +€4,896 | +5.6% |
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 8 October 2026 via checked.be.