NVH: 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.
NVH
Largest movements
- Cash +€13,787
up €13,787 (+18.6%), from €74,225 to €88,012
mainly Net result for the year (+€101,083) and Depreciation (+€12,309)
- Tangible fixed assets -€12,309
down €12,309 (-22.8%), from €53,998 to €41,688
of which Furniture and vehicles: -€11,945
- Reserves +€57,729
up €57,729 (+11.3%), from €511,654 to €569,383
of which Distributable reserves: +€57,729
- Debts after one year -€42,266
down €42,266 (-33.6%), from €125,849 to €83,583
- Current portion of long-term debt -€23,713
down €23,713 (-35.6%), from €66,527 to €42,814
- Financial income +€49,993
up €49,993 (+11,143%), from €449 to €50,442
- Gross operating margin -€9,608
down €9,608 (-8.6%), from €111,417 to €101,809
- Taxes +€2,750
up €2,750 (+8.9%), from €31,071 to €33,821
- Other operating charges +€1,120
up €1,120 (+104%), from €1,074 to €2,194
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.
Derived cash bridge
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 | €726,950 | €718,633 | -€8,317 | -1.1% |
| Fixed assets | 21/28 | €625,294 | €612,985 | -€12,309 | -2.0% |
| Tangible fixed assets | 22/27 | €53,998 | €41,688 | -€12,309 | -22.8% |
| Land and buildings | 22 | €11,355 | €10,991 | -€364 | -3.2% |
| Furniture and vehicles | 24 | €42,643 | €30,698 | -€11,945 | -28.0% |
| Financial fixed assets | 28 | €571,297 | €571,297 | = | 0.0% |
| Current assets | 29/58 | €101,656 | €105,648 | +€3,992 | +3.9% |
| Amounts receivable after more than one year | 29 | €6,000 | €0 | -€6,000 | -100% |
| Other amounts receivable | 291 | €6,000 | €0 | -€6,000 | -100% |
| Amounts receivable within one year | 40/41 | €929 | €44 | -€885 | -95.2% |
| Trade receivables | 40 | - | €44 | +€44 | |
| Other amounts receivable | 41 | €929 | €0 | -€929 | -100% |
| Current investments | 50/53 | €20,502 | €17,592 | -€2,910 | -14.2% |
| Cash at bank and in hand | 54/58 | €74,225 | €88,012 | +€13,787 | +18.6% |
| Total equity and liabilities | 10/49 | €726,950 | €718,633 | -€8,317 | -1.1% |
| Equity | 10/15 | €530,254 | €587,983 | +€57,729 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €511,654 | €569,383 | +€57,729 | +11.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €509,794 | €567,523 | +€57,729 | +11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €196,696 | €130,650 | -€66,046 | -33.6% |
| Amounts payable after more than one year | 17 | €125,849 | €83,583 | -€42,266 | -33.6% |
| Financial debts | 170/4 | €125,849 | €83,583 | -€42,266 | -33.6% |
| Amounts payable within one year | 42/48 | €70,847 | €47,067 | -€23,780 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €66,527 | €42,814 | -€23,713 | -35.6% |
| Trade debts | 44 | €2,035 | €30 | -€2,004 | -98.5% |
| Suppliers | 440/4 | €2,035 | €30 | -€2,004 | -98.5% |
| Taxes, remuneration and social security | 45 | €332 | €1,836 | +€1,504 | +453% |
| Taxes | 450/3 | €332 | €1,836 | +€1,504 | +453% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,954 | €2,387 | +€433 | +22.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,309 | €12,309 | = | 0.0% |
| Other operating charges | 640/8 | €1,074 | €2,194 | +€1,120 | +104% |
| Gross operating margin | 9900 | €111,417 | €101,809 | -€9,608 | -8.6% |
| Operating profit (loss) | 9901 | €98,034 | €87,306 | -€10,728 | -10.9% |
| Financial income | 75/76B | €449 | €50,442 | +€49,993 | +11,143% |
| Recurring financial income | 75 | €449 | €50,442 | +€49,993 | +11,143% |
| Financial charges | 65/66B | €3,954 | €2,843 | -€1,111 | -28.1% |
| Recurring financial charges | 65 | €3,954 | €2,843 | -€1,111 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €94,529 | €134,905 | +€40,376 | +42.7% |
| Income taxes | 67/77 | €31,071 | €33,821 | +€2,750 | +8.9% |
| Profit (loss) for the period | 9904 | €63,458 | €101,083 | +€37,626 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,458 | €101,083 | +€37,626 | +59.3% |
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 25 October 2026 via checked.be.