NVL Projects: 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 Projects
Largest movements
- Receivables after one year -€340,000
down €340,000 (-100%), from €340,000 to €0
- Tangible fixed assets +€63,532
up €63,532 (+522%), from €12,178 to €75,710
of which Furniture and vehicles: +€63,260
- Cash +€50,573
up €50,573 (+269%), from €18,768 to €69,342
mainly Receivables after one year (+€340,000) and Net result for the year (+€20,801)
- Receivables within one year +€37,320
up €37,320 (+89.4%), from €41,748 to €79,069
of which Other amounts receivable: +€43,768
- Debts after one year -€137,583
down €137,583 (-68.5%), from €200,755 to €63,172
of which Financial debts: -€130,723
- Current portion of long-term debt -€27,820
down €27,820 (-78.7%), from €35,369 to €7,549
- Other debts -€27,585
down €27,585 (-100%), from €27,585 to €0
- Reserves +€20,801
up €20,801 (+20.0%), from €103,957 to €124,758
- Tax, wage and social debts -€13,072
down €13,072 (-94.6%), from €13,815 to €744
- Gross operating margin -€54,632
down €54,632 (-50.1%), from €108,958 to €54,326
- Taxes -€10,265
down €10,265 (-48.1%), from €21,348 to €11,083
- Financial charges +€5,108
up €5,108 (+68.1%), from €7,496 to €12,604
- Other operating charges -€4,091
down €4,091 (-51.3%), from €7,970 to €3,879
- Depreciation +€2,444
up €2,444 (+57.5%), from €4,249 to €6,693
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 | €414,471 | €228,350 | -€186,122 | -44.9% |
| Fixed assets | 21/28 | €12,178 | €75,710 | +€63,532 | +522% |
| Tangible fixed assets | 22/27 | €12,178 | €75,710 | +€63,532 | +522% |
| Plant, machinery and equipment | 23 | €7,411 | €7,683 | +€272 | +3.7% |
| Furniture and vehicles | 24 | €4,767 | €68,027 | +€63,260 | +1,327% |
| Current assets | 29/58 | €402,293 | €152,639 | -€249,654 | -62.1% |
| Amounts receivable after more than one year | 29 | €340,000 | €0 | -€340,000 | -100% |
| Other amounts receivable | 291 | €340,000 | €0 | -€340,000 | -100% |
| Amounts receivable within one year | 40/41 | €41,748 | €79,069 | +€37,320 | +89.4% |
| Trade receivables | 40 | €37,778 | €31,330 | -€6,448 | -17.1% |
| Other amounts receivable | 41 | €3,971 | €47,739 | +€43,768 | +1,102% |
| Cash at bank and in hand | 54/58 | €18,768 | €69,342 | +€50,573 | +269% |
| Deferred charges and accrued income | 490/1 | €1,777 | €4,229 | +€2,452 | +138% |
| Total equity and liabilities | 10/49 | €414,471 | €228,350 | -€186,122 | -44.9% |
| Equity | 10/15 | €123,957 | €144,758 | +€20,801 | +16.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €103,957 | €124,758 | +€20,801 | +20.0% |
| Distributable reserves | 133 | €103,957 | €124,758 | +€20,801 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €290,514 | €83,592 | -€206,923 | -71.2% |
| Amounts payable after more than one year | 17 | €200,755 | €63,172 | -€137,583 | -68.5% |
| Financial debts | 170/4 | €160,715 | €29,991 | -€130,723 | -81.3% |
| Other amounts payable | 178/9 | €40,040 | €33,181 | -€6,860 | -17.1% |
| Amounts payable within one year | 42/48 | €89,759 | €20,419 | -€69,340 | -77.3% |
| Current portion of amounts payable after more than one year | 42 | €35,369 | €7,549 | -€27,820 | -78.7% |
| Trade debts | 44 | €12,989 | €12,127 | -€863 | -6.6% |
| Suppliers | 440/4 | €12,989 | €12,127 | -€863 | -6.6% |
| Taxes, remuneration and social security | 45 | €13,815 | €744 | -€13,072 | -94.6% |
| Taxes | 450/3 | €13,815 | €744 | -€13,072 | -94.6% |
| Other amounts payable | 47/48 | €27,585 | €0 | -€27,585 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,249 | €6,693 | +€2,444 | +57.5% |
| Other operating charges | 640/8 | €7,970 | €3,879 | -€4,091 | -51.3% |
| Gross operating margin | 9900 | €108,958 | €54,326 | -€54,632 | -50.1% |
| Operating profit (loss) | 9901 | €96,739 | €43,754 | -€52,985 | -54.8% |
| Financial income | 75/76B | €0 | €733 | +€733 | |
| Recurring financial income | 75 | €0 | €733 | +€733 | |
| Financial charges | 65/66B | €7,496 | €12,604 | +€5,108 | +68.1% |
| Recurring financial charges | 65 | €7,496 | €12,604 | +€5,108 | +68.1% |
| Profit (loss) for the period before taxes | 9903 | €89,243 | €31,884 | -€57,360 | -64.3% |
| Income taxes | 67/77 | €21,348 | €11,083 | -€10,265 | -48.1% |
| Profit (loss) for the period | 9904 | €67,895 | €20,801 | -€47,094 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,895 | €20,801 | -€47,094 | -69.4% |
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 16 October 2026 via checked.be.