nvdm: 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.
nvdm
Largest movements
- Receivables within one year +€137,011
up €137,011 (+610.9%), from €22,428 to €159,439
of which Trade receivables: +€142,669
- Cash -€72,472
down €72,472 (-83.9%), from €86,390 to €13,918
mainly Receivables within one year (-€137,011) and Debts after one year (-€15,096)
- Tangible fixed assets -€28,959
down €28,959 (-10.4%), from €278,185 to €249,226
of which Plant, machinery and equipment: -€18,543
- Tax, wage and social debts +€19,055
up €19,055 (+1303.2%), from €1,462 to €20,517
- Reserves +€18,589
up €18,589 (+16.0%), from €116,349 to €134,938
- Debts after one year -€15,096
down €15,096 (-8.5%), from €177,814 to €162,718
- Accrued charges and deferred income +€8,644
up €8,644 (+21.4%), from €40,320 to €48,964
- Profit (loss) carried forward +€7,271
no longer reported in 2025 (was -€7,271)
- Gross operating margin +€35,452
up €35,452 (+84.4%), from €42,028 to €77,481
- Taxes +€5,645
up €5,645 (+42219.6%), from €13 to €5,658
- Depreciation -€3,121
down €3,121 (-7.5%), from €41,451 to €38,330
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 | €401,623 | €438,997 | +€37,374 | +9.3% |
| Fixed assets | 21/28 | €278,185 | €249,226 | -€28,959 | -10.4% |
| Tangible fixed assets | 22/27 | €278,185 | €249,226 | -€28,959 | -10.4% |
| Land and buildings | 22 | €222,804 | €214,644 | -€8,160 | -3.7% |
| Plant, machinery and equipment | 23 | €40,182 | €21,640 | -€18,543 | -46.1% |
| Furniture and vehicles | 24 | €15,199 | €12,942 | -€2,256 | -14.8% |
| Current assets | 29/58 | €123,438 | €189,771 | +€66,333 | +53.7% |
| Stocks and contracts in progress | 3 | €14,620 | €14,620 | = | 0.0% |
| Stocks | 30/36 | €14,620 | €14,620 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,428 | €159,439 | +€137,011 | +610.9% |
| Trade receivables | 40 | €12,428 | €155,098 | +€142,669 | +1147.9% |
| Other amounts receivable | 41 | €10,000 | €4,342 | -€5,658 | -56.6% |
| Cash at bank and in hand | 54/58 | €86,390 | €13,918 | -€72,472 | -83.9% |
| Deferred charges and accrued income | 490/1 | - | €1,794 | +€1,794 | |
| Total equity and liabilities | 10/49 | €401,623 | €438,997 | +€37,374 | +9.3% |
| Equity | 10/15 | €119,078 | €144,938 | +€25,860 | +21.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €116,349 | €134,938 | +€18,589 | +16.0% |
| Distributable reserves | 133 | €116,349 | €134,938 | +€18,589 | +16.0% |
| Profit (loss) carried forward | 14 | -€7,271 | - | +€7,271 | |
| Amounts payable | 17/49 | €282,545 | €294,059 | +€11,514 | +4.1% |
| Amounts payable after more than one year | 17 | €177,814 | €162,718 | -€15,096 | -8.5% |
| Financial debts | 170/4 | €177,814 | €162,718 | -€15,096 | -8.5% |
| Amounts payable within one year | 42/48 | €64,410 | €82,377 | +€17,966 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €14,908 | €15,096 | +€188 | +1.3% |
| Trade debts | 44 | €9,390 | €7,289 | -€2,100 | -22.4% |
| Suppliers | 440/4 | €9,390 | €7,289 | -€2,100 | -22.4% |
| Taxes, remuneration and social security | 45 | €1,462 | €20,517 | +€19,055 | +1303.2% |
| Taxes | 450/3 | €1,462 | €20,517 | +€19,055 | +1303.2% |
| Other amounts payable | 47/48 | €38,651 | €39,474 | +€823 | +2.1% |
| Accrued charges and deferred income | 492/3 | €40,320 | €48,964 | +€8,644 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,451 | €38,330 | -€3,121 | -7.5% |
| Other operating charges | 640/8 | €3,716 | €3,981 | +€265 | +7.1% |
| Gross operating margin | 9900 | €42,028 | €77,481 | +€35,452 | +84.4% |
| Operating profit (loss) | 9901 | -€3,139 | €35,170 | +€38,308 | |
| Financial income | 75/76B | €63 | €291 | +€228 | +359.5% |
| Recurring financial income | 75 | €63 | €291 | +€228 | +359.5% |
| Financial charges | 65/66B | €4,182 | €3,943 | -€239 | -5.7% |
| Recurring financial charges | 65 | €4,182 | €3,943 | -€239 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,257 | €31,518 | +€38,775 | |
| Income taxes | 67/77 | €13 | €5,658 | +€5,645 | +42219.6% |
| Profit (loss) for the period | 9904 | -€7,271 | €25,860 | +€33,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,271 | €25,860 | +€33,130 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.