NVH: 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.
NVH
Largest movements
- Tangible fixed assets +€176,089
up €176,089 (+51.7%), from €340,269 to €516,358
of which Land and buildings: +€176,443
- Receivables within one year -€58,906
down €58,906 (-75.7%), from €77,853 to €18,947
of which Trade receivables: -€63,714
- Debts after one year +€105,055
up €105,055 (+54.8%), from €191,741 to €296,796
- Trade debts -€50,265
down €50,265 (-92.5%), from €54,326 to €4,062
- Reserves +€26,183
up €26,183 (+22.3%), from €117,172 to €143,355
of which Distributable reserves: +€26,183
- Other debts +€19,428
up €19,428 (+60.7%), from €32,008 to €51,436
- Current portion of long-term debt +€14,477
up €14,477 (+40.3%), from €35,886 to €50,363
- Depreciation +€21,275
up €21,275 (+104.2%), from €20,422 to €41,696
- Gross operating margin +€8,512
up €8,512 (+10.0%), from €84,924 to €93,436
- Taxes -€3,486
down €3,486 (-23.8%), from €14,677 to €11,191
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 | €456,014 | €570,459 | +€114,445 | +25.1% |
| Fixed assets | 21/28 | €340,269 | €516,358 | +€176,089 | +51.7% |
| Tangible fixed assets | 22/27 | €340,269 | €516,358 | +€176,089 | +51.7% |
| Land and buildings | 22 | €337,704 | €514,147 | +€176,443 | +52.2% |
| Plant, machinery and equipment | 23 | €2,565 | €2,211 | -€354 | -13.8% |
| Current assets | 29/58 | €115,745 | €54,102 | -€61,643 | -53.3% |
| Amounts receivable within one year | 40/41 | €77,853 | €18,947 | -€58,906 | -75.7% |
| Trade receivables | 40 | €73,530 | €9,816 | -€63,714 | -86.7% |
| Other amounts receivable | 41 | €4,323 | €9,131 | +€4,809 | +111.2% |
| Cash at bank and in hand | 54/58 | €24,538 | €21,603 | -€2,935 | -12.0% |
| Deferred charges and accrued income | 490/1 | €13,355 | €13,551 | +€197 | +1.5% |
| Total equity and liabilities | 10/49 | €456,014 | €570,459 | +€114,445 | +25.1% |
| Equity | 10/15 | €135,772 | €161,955 | +€26,183 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €117,172 | €143,355 | +€26,183 | +22.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €117,172 | €143,355 | +€26,183 | +22.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €320,242 | €408,504 | +€88,262 | +27.6% |
| Amounts payable after more than one year | 17 | €191,741 | €296,796 | +€105,055 | +54.8% |
| Financial debts | 170/4 | €191,741 | €296,796 | +€105,055 | +54.8% |
| Amounts payable within one year | 42/48 | €126,771 | €109,404 | -€17,367 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €35,886 | €50,363 | +€14,477 | +40.3% |
| Trade debts | 44 | €54,326 | €4,062 | -€50,265 | -92.5% |
| Suppliers | 440/4 | €54,326 | €4,062 | -€50,265 | -92.5% |
| Taxes, remuneration and social security | 45 | €4,551 | €3,543 | -€1,008 | -22.2% |
| Taxes | 450/3 | €4,551 | €3,543 | -€1,008 | -22.2% |
| Other amounts payable | 47/48 | €32,008 | €51,436 | +€19,428 | +60.7% |
| Accrued charges and deferred income | 492/3 | €1,730 | €2,305 | +€575 | +33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,422 | €41,696 | +€21,275 | +104.2% |
| Other operating charges | 640/8 | €2,388 | €2,852 | +€465 | +19.5% |
| Gross operating margin | 9900 | €84,924 | €93,436 | +€8,512 | +10.0% |
| Operating profit (loss) | 9901 | €62,115 | €48,888 | -€13,227 | -21.3% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €9,912 | €9,847 | -€64 | -0.6% |
| Recurring financial charges | 65 | €9,912 | €9,847 | -€64 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €52,204 | €39,041 | -€13,163 | -25.2% |
| Income taxes | 67/77 | €14,677 | €11,191 | -€3,486 | -23.8% |
| Profit (loss) for the period | 9904 | €37,526 | €27,849 | -€9,677 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,526 | €27,849 | -€9,677 | -25.8% |
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 4 October 2026 via checked.be.