NVHR: 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.
NVHR
Largest movements
- Tangible fixed assets +€274,532
up €274,532 (+77.8%), from €352,833 to €627,365
of which Land and buildings: +€277,848
- Receivables within one year -€128,999
down €128,999 (-80.4%), from €160,499 to €31,500
of which Other amounts receivable: -€147,502
- Cash -€39,257
down €39,257 (-93.1%), from €42,176 to €2,918
mainly Investment in fixed assets (net) (-€303,368) and Other debts (-€49,462)
- Debts after one year +€92,296
up €92,296 (+27.4%), from €337,237 to €429,533
- Trade debts +€60,070
up €60,070 (+130.3%), from €46,111 to €106,181
- Other debts -€49,462
down €49,462 (-96.7%), from €51,147 to €1,685
- Current portion of long-term debt +€33,474
up €33,474 (+28.1%), from €119,077 to €152,551
- Profit (loss) carried forward -€23,315
down €23,315 (-5.9%), from €391,961 to €368,645
- Other operating charges +€40,233
up €40,233 (+1920.4%), from €2,095 to €42,328
- Gross operating margin -€23,204
down €23,204 (-25.9%), from €89,743 to €66,539
- Taxes -€11,363
down €11,363 (-100.0%), from €11,363 to €0
- Financial income -€5,514
down €5,514 (-97.4%), from €5,664 to €149
- Financial charges -€4,896
down €4,896 (-24.4%), from €20,035 to €15,140
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 | €1,009,208 | €1,111,784 | +€102,575 | +10.2% |
| Fixed assets | 21/28 | €806,533 | €1,077,365 | +€270,832 | +33.6% |
| Tangible fixed assets | 22/27 | €352,833 | €627,365 | +€274,532 | +77.8% |
| Land and buildings | 22 | €314,257 | €592,105 | +€277,848 | +88.4% |
| Furniture and vehicles | 24 | €14,904 | €15,088 | +€184 | +1.2% |
| Other tangible fixed assets | 26 | €23,673 | €20,173 | -€3,500 | -14.8% |
| Financial fixed assets | 28 | €453,700 | €450,000 | -€3,700 | -0.8% |
| Current assets | 29/58 | €202,675 | €34,418 | -€168,257 | -83.0% |
| Amounts receivable within one year | 40/41 | €160,499 | €31,500 | -€128,999 | -80.4% |
| Trade receivables | 40 | €12,998 | €31,500 | +€18,502 | +142.4% |
| Other amounts receivable | 41 | €147,502 | €0 | -€147,502 | -100.0% |
| Cash at bank and in hand | 54/58 | €42,176 | €2,918 | -€39,257 | -93.1% |
| Total equity and liabilities | 10/49 | €1,009,208 | €1,111,784 | +€102,575 | +10.2% |
| Equity | 10/15 | €410,688 | €387,373 | -€23,315 | -5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127 | €127 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €127 | €127 | = | 0.0% |
| Profit (loss) carried forward | 14 | €391,961 | €368,645 | -€23,315 | -5.9% |
| Amounts payable | 17/49 | €598,521 | €724,411 | +€125,890 | +21.0% |
| Amounts payable after more than one year | 17 | €337,237 | €429,533 | +€92,296 | +27.4% |
| Financial debts | 170/4 | €337,237 | €429,533 | +€92,296 | +27.4% |
| Amounts payable within one year | 42/48 | €261,284 | €294,878 | +€33,594 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €119,077 | €152,551 | +€33,474 | +28.1% |
| Financial debts | 43 | €245 | €0 | -€245 | -100.0% |
| Credit institutions | 430/8 | €245 | €0 | -€245 | -100.0% |
| Trade debts | 44 | €46,111 | €106,181 | +€60,070 | +130.3% |
| Suppliers | 440/4 | €46,111 | €106,181 | +€60,070 | +130.3% |
| Taxes, remuneration and social security | 45 | €44,704 | €34,461 | -€10,242 | -22.9% |
| Taxes | 450/3 | €44,704 | €34,461 | -€10,242 | -22.9% |
| Other amounts payable | 47/48 | €51,147 | €1,685 | -€49,462 | -96.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,382 | €32,536 | +€1,154 | +3.7% |
| Other operating charges | 640/8 | €2,095 | €42,328 | +€40,233 | +1920.4% |
| Gross operating margin | 9900 | €89,743 | €66,539 | -€23,204 | -25.9% |
| Operating profit (loss) | 9901 | €56,266 | -€8,325 | -€64,591 | |
| Financial income | 75/76B | €5,664 | €149 | -€5,514 | -97.4% |
| Recurring financial income | 75 | €5,664 | €149 | -€5,514 | -97.4% |
| Financial charges | 65/66B | €20,035 | €15,140 | -€4,896 | -24.4% |
| Recurring financial charges | 65 | €20,035 | €15,140 | -€4,896 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €41,895 | -€23,315 | -€65,210 | |
| Income taxes | 67/77 | €11,363 | €0 | -€11,363 | -100.0% |
| Profit (loss) for the period | 9904 | €30,532 | -€23,315 | -€53,847 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,532 | -€23,315 | -€53,847 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.