NVL: 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.
NVL
Largest movements
- Receivables within one year -€92,046
down €92,046 (-50.8%), from €181,312 to €89,265
of which Trade receivables: -€112,371
- Current investments +€82,216
up €82,216 (+31.6%), from €259,954 to €342,170
- Tangible fixed assets -€36,656
down €36,656 (-11.7%), from €313,225 to €276,568
of which Land and buildings: -€24,483
- Trade debts -€24,503
down €24,503 (-49.9%), from €49,108 to €24,605
- Tax, wage and social debts -€15,672
down €15,672 (-22.9%), from €68,510 to €52,839
of which Taxes: -€11,229
- Debts after one year -€10,578
down €10,578 (-18.2%), from €58,233 to €47,655
- Gross operating margin -€108,627
down €108,627 (-40.6%), from €267,339 to €158,712
- Taxes -€30,112
down €30,112 (-55.2%), from €54,591 to €24,479
- Staff costs -€9,409
down €9,409 (-18.5%), from €50,827 to €41,417
- Financial income +€6,241
up €6,241 (+117%), from €5,334 to €11,576
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 | €895,707 | €840,390 | -€55,317 | -6.2% |
| Fixed assets | 21/28 | €313,225 | €276,568 | -€36,656 | -11.7% |
| Tangible fixed assets | 22/27 | €313,225 | €276,568 | -€36,656 | -11.7% |
| Land and buildings | 22 | €287,635 | €263,153 | -€24,483 | -8.5% |
| Plant, machinery and equipment | 23 | €2,461 | €2,939 | +€478 | +19.4% |
| Furniture and vehicles | 24 | €23,128 | €10,477 | -€12,651 | -54.7% |
| Current assets | 29/58 | €582,483 | €563,822 | -€18,661 | -3.2% |
| Stocks and contracts in progress | 3 | €5,480 | €5,480 | = | 0.0% |
| Stocks | 30/36 | €5,480 | €5,480 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €181,312 | €89,265 | -€92,046 | -50.8% |
| Trade receivables | 40 | €180,753 | €68,381 | -€112,371 | -62.2% |
| Other amounts receivable | 41 | €559 | €20,884 | +€20,325 | +3,636% |
| Current investments | 50/53 | €259,954 | €342,170 | +€82,216 | +31.6% |
| Cash at bank and in hand | 54/58 | €130,698 | €121,885 | -€8,813 | -6.7% |
| Deferred charges and accrued income | 490/1 | €5,039 | €5,021 | -€17 | -0.3% |
| Total equity and liabilities | 10/49 | €895,707 | €840,390 | -€55,317 | -6.2% |
| Equity | 10/15 | €636,271 | €629,423 | -€6,848 | -1.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €521,120 | €514,271 | -€6,848 | -1.3% |
| Distributable reserves | 133 | €521,120 | €514,271 | -€6,848 | -1.3% |
| Profit (loss) carried forward | 14 | €90,152 | €90,152 | = | 0.0% |
| Amounts payable | 17/49 | €259,436 | €210,967 | -€48,469 | -18.7% |
| Amounts payable after more than one year | 17 | €58,233 | €47,655 | -€10,578 | -18.2% |
| Financial debts | 170/4 | €58,233 | €47,655 | -€10,578 | -18.2% |
| Amounts payable within one year | 42/48 | €201,204 | €163,312 | -€37,891 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €10,347 | €10,578 | +€231 | +2.2% |
| Trade debts | 44 | €49,108 | €24,605 | -€24,503 | -49.9% |
| Suppliers | 440/4 | €49,108 | €24,605 | -€24,503 | -49.9% |
| Taxes, remuneration and social security | 45 | €68,510 | €52,839 | -€15,672 | -22.9% |
| Taxes | 450/3 | €36,693 | €25,464 | -€11,229 | -30.6% |
| Remuneration and social security | 454/9 | €31,817 | €27,375 | -€4,442 | -14.0% |
| Other amounts payable | 47/48 | €73,239 | €75,291 | +€2,052 | +2.8% |
| Remuneration, social security and pensions | 62 | €50,827 | €41,417 | -€9,409 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,371 | €33,553 | -€1,818 | -5.1% |
| Other operating charges | 640/8 | €2,013 | €2,532 | +€520 | +25.8% |
| Gross operating margin | 9900 | €267,339 | €158,712 | -€108,627 | -40.6% |
| Operating profit (loss) | 9901 | €179,129 | €81,210 | -€97,919 | -54.7% |
| Financial income | 75/76B | €5,334 | €11,576 | +€6,241 | +117% |
| Recurring financial income | 75 | €5,334 | €11,576 | +€6,241 | +117% |
| Financial charges | 65/66B | €2,322 | €1,904 | -€418 | -18.0% |
| Recurring financial charges | 65 | €2,322 | €1,904 | -€418 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €182,141 | €90,881 | -€91,260 | -50.1% |
| Income taxes | 67/77 | €54,591 | €24,479 | -€30,112 | -55.2% |
| Profit (loss) for the period | 9904 | €127,550 | €66,402 | -€61,148 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,550 | €66,402 | -€61,148 | -47.9% |
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 17 October 2026 via checked.be.