NVEREST: 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.
NVEREST
Largest movements
- Tangible fixed assets +€64,849
up €64,849 (+197.1%), from €32,904 to €97,753
of which Assets under construction and advance payments: +€36,300
- Receivables within one year -€61,354
down €61,354 (-68.2%), from €89,906 to €28,553
of which Trade receivables: -€60,914
- Cash +€18,745
up €18,745 (+106.0%), from €17,684 to €36,429
mainly Net result for the year (+€62,000) and Receivables within one year (+€61,354)
- Current investments +€11,000
new in 2025: €11,000
- Intangible fixed assets -€10,500
down €10,500 (-23.9%), from €43,960 to €33,460
- Other debts -€63,668
down €63,668 (-85.0%), from €74,889 to €11,221
- Profit (loss) carried forward +€62,000
up €62,000 (+173.9%), from €35,662 to €97,661
- Debts after one year +€32,323
up €32,323 (+114.5%), from €28,223 to €60,546
of which Other amounts payable: +€45,000
- Trade debts -€14,440
down €14,440 (-38.4%), from €37,621 to €23,181
- Tax, wage and social debts +€3,052
up €3,052 (+35.8%), from €8,530 to €11,582
of which Taxes: +€3,023
- Gross operating margin +€19,611
up €19,611 (+23.7%), from €82,825 to €102,436
- Depreciation +€3,075
up €3,075 (+19.4%), from €15,884 to €18,960
- Financial charges +€2,584
up €2,584 (+118.9%), from €2,174 to €4,758
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 | €211,323 | €231,267 | +€19,944 | +9.4% |
| Fixed assets | 21/28 | €96,264 | €150,613 | +€54,349 | +56.5% |
| Intangible fixed assets | 21 | €43,960 | €33,460 | -€10,500 | -23.9% |
| Tangible fixed assets | 22/27 | €32,904 | €97,753 | +€64,849 | +197.1% |
| Plant, machinery and equipment | 23 | - | €18,653 | +€18,653 | |
| Furniture and vehicles | 24 | €6,405 | €19,633 | +€13,228 | +206.5% |
| Other tangible fixed assets | 26 | €26,499 | €23,166 | -€3,333 | -12.6% |
| Assets under construction and advance payments | 27 | - | €36,300 | +€36,300 | |
| Financial fixed assets | 28 | €19,400 | €19,400 | = | 0.0% |
| Current assets | 29/58 | €115,058 | €80,654 | -€34,404 | -29.9% |
| Amounts receivable within one year | 40/41 | €89,906 | €28,553 | -€61,354 | -68.2% |
| Trade receivables | 40 | €88,482 | €27,568 | -€60,914 | -68.8% |
| Other amounts receivable | 41 | €1,424 | €985 | -€439 | -30.8% |
| Current investments | 50/53 | - | €11,000 | +€11,000 | |
| Cash at bank and in hand | 54/58 | €17,684 | €36,429 | +€18,745 | +106.0% |
| Deferred charges and accrued income | 490/1 | €7,469 | €4,673 | -€2,796 | -37.4% |
| Total equity and liabilities | 10/49 | €211,323 | €231,267 | +€19,944 | +9.4% |
| Equity | 10/15 | €35,762 | €97,761 | +€62,000 | +173.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,662 | €97,661 | +€62,000 | +173.9% |
| Amounts payable | 17/49 | €175,561 | €133,506 | -€42,056 | -24.0% |
| Amounts payable after more than one year | 17 | €28,223 | €60,546 | +€32,323 | +114.5% |
| Financial debts | 170/4 | €28,223 | €15,546 | -€12,677 | -44.9% |
| Other amounts payable | 178/9 | - | €45,000 | +€45,000 | |
| Amounts payable within one year | 42/48 | €134,669 | €60,313 | -€74,357 | -55.2% |
| Current portion of amounts payable after more than one year | 42 | €12,106 | €12,677 | +€570 | +4.7% |
| Financial debts | 43 | €1,523 | €1,652 | +€129 | +8.5% |
| Credit institutions | 430/8 | €1,523 | €1,652 | +€129 | +8.5% |
| Trade debts | 44 | €37,621 | €23,181 | -€14,440 | -38.4% |
| Suppliers | 440/4 | €37,621 | €23,181 | -€14,440 | -38.4% |
| Taxes, remuneration and social security | 45 | €8,530 | €11,582 | +€3,052 | +35.8% |
| Taxes | 450/3 | €8,530 | €11,553 | +€3,023 | +35.4% |
| Remuneration and social security | 454/9 | - | €29 | +€29 | |
| Other amounts payable | 47/48 | €74,889 | €11,221 | -€63,668 | -85.0% |
| Accrued charges and deferred income | 492/3 | €12,669 | €12,647 | -€22 | -0.2% |
| Remuneration, social security and pensions | 62 | - | €182 | +€182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,884 | €18,960 | +€3,075 | +19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €498 | - | -€498 | |
| Other operating charges | 640/8 | €639 | €1,202 | +€562 | +88.0% |
| Gross operating margin | 9900 | €82,825 | €102,436 | +€19,611 | +23.7% |
| Operating profit (loss) | 9901 | €65,803 | €82,092 | +€16,289 | +24.8% |
| Financial income | 75/76B | - | €29 | +€29 | |
| Recurring financial income | 75 | - | €29 | +€29 | |
| Financial charges | 65/66B | €2,174 | €4,758 | +€2,584 | +118.9% |
| Recurring financial charges | 65 | €2,174 | €4,758 | +€2,584 | +118.9% |
| Profit (loss) for the period before taxes | 9903 | €63,629 | €77,363 | +€13,734 | +21.6% |
| Income taxes | 67/77 | €15,499 | €15,364 | -€135 | -0.9% |
| Profit (loss) for the period | 9904 | €48,130 | €62,000 | +€13,869 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,130 | €62,000 | +€13,869 | +28.8% |
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.