NVKM: 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.
What changed
NVKM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€399,189
2024 · €451,964-€52,775
Equity
€1.1m
2024 · €1.4m-€324,933
Cash
€651,188
2024 · €597,208+€53,980
Balance sheet total
€1.8m
2024 · €2.3m-€520,025
Largest movements
Assets
- Receivables within one year -€485,895
down €485,895 (-56.7%), from €857,531 to €371,636
of which Other amounts receivable: -€374,582
- Cash +€53,980
up €53,980 (+9.0%), from €597,208 to €651,188
mainly Receivables within one year (+€485,895) and Net result for the year (+€399,189)
- Tangible fixed assets -€50,439
down €50,439 (-6.2%), from €815,773 to €765,334
of which Land and buildings: -€26,414
- Receivables after one year -€30,000
down €30,000 (-100%), from €30,000 to €0
Equity and liabilities
- Reserves -€324,933
down €324,933 (-23.3%), from €1.4m to €1.1m
- Debts after one year -€110,802
down €110,802 (-22.2%), from €499,472 to €388,670
- Trade debts -€104,386
down €104,386 (-95.4%), from €109,432 to €5,046
- Provisions +€35,759
new in 2025: €35,759
Income statement
- Provisions +€35,759
new in 2025: €35,759
- Gross operating margin -€34,335
down €34,335 (-3.4%), from €1.0m to €982,187
- Taxes -€14,342
down €14,342 (-6.7%), from €213,311 to €198,970
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.
Result 2024
€451,964
Gross operating margin
-€34,335
Staff costs
+€8,461
Depreciation
-€5,018
Provisions
-€35,759
Other operating charges
-€1,610
Other operating items
+€6,086
Financial income
+€237
Financial charges
-€5,178
Taxes
+€14,342
Result 2025
€399,189
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€963,734
Investment
-€73,065
Financing
-€836,689
Cash 2024
€597,208
From operations (derived)
+€963,734
Net result for the year
+€399,189
Depreciation
+€123,504
Receivables after one year
+€30,000
Receivables within one year
+€485,895
Deferred charges and accrued income
+€7,671
Provisions
+€35,759
Trade debts
-€104,386
Tax, wage and social debts
-€12,669
Other debts
-€1,229
Investment (derived)
-€73,065
Investment in fixed assets (net)
-€73,065
Financing
-€836,689
Debts after one year
-€110,802
Current portion of long-term debt
-€3,082
Short-term financial debts
+€1,317
Contributions, distributions and other
-€724,122
Cash 2025
€651,188
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,334,391 | €1,814,366 | -€520,025 | -22.3% |
| Fixed assets | 21/28 | €830,773 | €780,334 | -€50,439 | -6.1% |
| Tangible fixed assets | 22/27 | €815,773 | €765,334 | -€50,439 | -6.2% |
| Land and buildings | 22 | €634,923 | €608,509 | -€26,414 | -4.2% |
| Plant, machinery and equipment | 23 | €16,431 | €10,058 | -€6,373 | -38.8% |
| Furniture and vehicles | 24 | €164,419 | €146,767 | -€17,652 | -10.7% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €1,503,618 | €1,034,032 | -€469,586 | -31.2% |
| Amounts receivable after more than one year | 29 | €30,000 | €0 | -€30,000 | -100% |
| Trade receivables | 290 | €30,000 | €0 | -€30,000 | -100% |
| Amounts receivable within one year | 40/41 | €857,531 | €371,636 | -€485,895 | -56.7% |
| Trade receivables | 40 | €187,920 | €76,607 | -€111,313 | -59.2% |
| Other amounts receivable | 41 | €669,611 | €295,029 | -€374,582 | -55.9% |
| Cash at bank and in hand | 54/58 | €597,208 | €651,188 | +€53,980 | +9.0% |
| Deferred charges and accrued income | 490/1 | €18,879 | €11,207 | -€7,671 | -40.6% |
| Total equity and liabilities | 10/49 | €2,334,391 | €1,814,366 | -€520,025 | -22.3% |
| Equity | 10/15 | €1,415,044 | €1,090,111 | -€324,933 | -23.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,395,044 | €1,070,111 | -€324,933 | -23.3% |
| Distributable reserves | 133 | €1,395,044 | €1,070,111 | -€324,933 | -23.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €35,759 | +€35,759 | |
| Provisions for liabilities and charges | 160/5 | - | €35,759 | +€35,759 | |
| Other liabilities and charges | 164/5 | - | €35,759 | +€35,759 | |
| Amounts payable | 17/49 | €919,347 | €688,496 | -€230,851 | -25.1% |
| Amounts payable after more than one year | 17 | €499,472 | €388,670 | -€110,802 | -22.2% |
| Financial debts | 170/4 | €499,472 | €388,670 | -€110,802 | -22.2% |
| Amounts payable within one year | 42/48 | €419,875 | €299,826 | -€120,049 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €202,528 | €199,446 | -€3,082 | -1.5% |
| Financial debts | 43 | €0 | €1,317 | +€1,317 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €1,317 | +€1,317 | |
| Trade debts | 44 | €109,432 | €5,046 | -€104,386 | -95.4% |
| Suppliers | 440/4 | €109,432 | €5,046 | -€104,386 | -95.4% |
| Taxes, remuneration and social security | 45 | €103,096 | €90,426 | -€12,669 | -12.3% |
| Taxes | 450/3 | €67,741 | €67,396 | -€344 | -0.5% |
| Remuneration and social security | 454/9 | €35,355 | €23,030 | -€12,325 | -34.9% |
| Other amounts payable | 47/48 | €4,818 | €3,589 | -€1,229 | -25.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €252,193 | €243,732 | -€8,461 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,486 | €123,504 | +€5,018 | +4.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €35,759 | +€35,759 | |
| Other operating charges | 640/8 | €8,094 | €9,704 | +€1,610 | +19.9% |
| Non-recurring operating charges | 66A | €6,186 | €100 | -€6,086 | -98.4% |
| Gross operating margin | 9900 | €1,016,522 | €982,187 | -€34,335 | -3.4% |
| Operating profit (loss) | 9901 | €631,563 | €569,387 | -€62,176 | -9.8% |
| Financial income | 75/76B | €49,002 | €49,239 | +€237 | +0.5% |
| Recurring financial income | 75 | €20,109 | €11,222 | -€8,887 | -44.2% |
| Non-recurring financial income | 76B | €28,893 | €38,017 | +€9,124 | +31.6% |
| Financial charges | 65/66B | €15,290 | €20,467 | +€5,178 | +33.9% |
| Recurring financial charges | 65 | €15,290 | €20,467 | +€5,178 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €665,275 | €598,159 | -€67,116 | -10.1% |
| Income taxes | 67/77 | €213,311 | €198,970 | -€14,342 | -6.7% |
| Profit (loss) for the period | 9904 | €451,964 | €399,189 | -€52,775 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €451,964 | €399,189 | -€52,775 | -11.7% |
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 30 October 2026 via checked.be.