NVG: 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.
NVG
Largest movements
- Current investments +€27,570
up €27,570 (+26.9%), from €102,483 to €130,054
- Cash +€23,051
up €23,051 (+40.8%), from €56,447 to €79,498
mainly Net result for the year (+€38,223) and Other debts (+€7,966)
- Receivables within one year -€5,292
down €5,292 (-29.2%), from €18,120 to €12,828
of which Other amounts receivable: -€7,027
- Reserves +€36,557
up €36,557 (+24.2%), from €150,985 to €187,542
- Other debts +€7,966
up €7,966 (+168.2%), from €4,737 to €12,702
- Tax, wage and social debts +€2,366
up €2,366 (+55.1%), from €4,294 to €6,660
of which Taxes: +€2,366
- Gross operating margin +€10,147
up €10,147 (+26.1%), from €38,840 to €48,988
- Provisions +€9,180
no longer reported in 2025 (was -€9,180)
- Taxes +€2,683
up €2,683 (+34.5%), from €7,778 to €10,462
- Financial charges -€1,593
down €1,593 (-49.6%), from €3,212 to €1,620
- Financial income +€704
up €704 (+71.7%), from €982 to €1,686
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 | €179,100 | €225,902 | +€46,801 | +26.1% |
| Current assets | 29/58 | €179,100 | €225,902 | +€46,801 | +26.1% |
| Amounts receivable within one year | 40/41 | €18,120 | €12,828 | -€5,292 | -29.2% |
| Trade receivables | 40 | €9,904 | €11,639 | +€1,735 | +17.5% |
| Other amounts receivable | 41 | €8,217 | €1,190 | -€7,027 | -85.5% |
| Current investments | 50/53 | €102,483 | €130,054 | +€27,570 | +26.9% |
| Cash at bank and in hand | 54/58 | €56,447 | €79,498 | +€23,051 | +40.8% |
| Deferred charges and accrued income | 490/1 | €2,050 | €3,521 | +€1,472 | +71.8% |
| Total equity and liabilities | 10/49 | €179,100 | €225,902 | +€46,801 | +26.1% |
| Equity | 10/15 | €169,585 | €206,142 | +€36,557 | +21.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,985 | €187,542 | +€36,557 | +24.2% |
| Distributable reserves | 133 | €150,985 | €187,542 | +€36,557 | +24.2% |
| Amounts payable | 17/49 | €9,516 | €19,759 | +€10,244 | +107.7% |
| Amounts payable within one year | 42/48 | €9,516 | €19,759 | +€10,244 | +107.7% |
| Trade debts | 44 | €485 | €397 | -€88 | -18.1% |
| Suppliers | 440/4 | €485 | €397 | -€88 | -18.1% |
| Taxes, remuneration and social security | 45 | €4,294 | €6,660 | +€2,366 | +55.1% |
| Taxes | 450/3 | €2,794 | €5,160 | +€2,366 | +84.7% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €4,737 | €12,702 | +€7,966 | +168.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,180 | - | +€9,180 | |
| Other operating charges | 640/8 | €507 | €370 | -€137 | -27.1% |
| Gross operating margin | 9900 | €38,840 | €48,988 | +€10,147 | +26.1% |
| Operating profit (loss) | 9901 | €47,513 | €48,618 | +€1,105 | +2.3% |
| Financial income | 75/76B | €982 | €1,686 | +€704 | +71.7% |
| Recurring financial income | 75 | €982 | €1,686 | +€704 | +71.7% |
| Financial charges | 65/66B | €3,212 | €1,620 | -€1,593 | -49.6% |
| Recurring financial charges | 65 | €3,212 | €1,620 | -€1,593 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €45,283 | €48,685 | +€3,402 | +7.5% |
| Income taxes | 67/77 | €7,778 | €10,462 | +€2,683 | +34.5% |
| Profit (loss) for the period | 9904 | €37,505 | €38,223 | +€718 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,505 | €38,223 | +€718 | +1.9% |
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 2 October 2026 via checked.be.