NVM PROJECTS: 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.
NVM PROJECTS
Largest movements
- Cash -€109,440
down €109,440 (-57.0%), from €191,895 to €82,455
mainly Contributions, distributions and other (-€112,446) and Other debts (-€93,138)
- Receivables within one year -€14,396
down €14,396 (-28.7%), from €50,098 to €35,702
- Deferred charges and accrued income -€2,837
down €2,837 (-98.4%), from €2,884 to €47
- Other debts -€93,138
down €93,138 (-46.7%), from €199,527 to €106,389
- Reserves -€40,379
down €40,379 (-100.0%), from €40,379 to €0
- Tax, wage and social debts +€9,447
up €9,447 (+307.5%), from €3,072 to €12,518
of which Taxes: +€7,335
- Trade debts -€4,206
down €4,206 (-51.2%), from €8,208 to €4,002
- Gross operating margin +€9,321
up €9,321 (+10.9%), from €85,894 to €95,215
- Financial income -€2,486
down €2,486 (-61.7%), from €4,029 to €1,543
- Depreciation +€2,252
up €2,252 (+93.6%), from €2,407 to €4,659
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 | €256,186 | €127,909 | -€128,277 | -50.1% |
| Fixed assets | 21/28 | €11,309 | €9,704 | -€1,604 | -14.2% |
| Tangible fixed assets | 22/27 | €11,309 | €9,704 | -€1,604 | -14.2% |
| Plant, machinery and equipment | 23 | €568 | €3,023 | +€2,455 | +432.6% |
| Furniture and vehicles | 24 | €10,741 | €6,682 | -€4,059 | -37.8% |
| Current assets | 29/58 | €244,877 | €118,205 | -€126,672 | -51.7% |
| Amounts receivable within one year | 40/41 | €50,098 | €35,702 | -€14,396 | -28.7% |
| Trade receivables | 40 | €50,098 | €35,702 | -€14,396 | -28.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €191,895 | €82,455 | -€109,440 | -57.0% |
| Deferred charges and accrued income | 490/1 | €2,884 | €47 | -€2,837 | -98.4% |
| Total equity and liabilities | 10/49 | €256,186 | €127,909 | -€128,277 | -50.1% |
| Equity | 10/15 | €45,379 | €5,000 | -€40,379 | -89.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,379 | €0 | -€40,379 | -100.0% |
| Distributable reserves | 133 | €40,379 | €0 | -€40,379 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €210,807 | €122,909 | -€87,897 | -41.7% |
| Amounts payable within one year | 42/48 | €210,807 | €122,909 | -€87,897 | -41.7% |
| Trade debts | 44 | €8,208 | €4,002 | -€4,206 | -51.2% |
| Suppliers | 440/4 | €8,208 | €4,002 | -€4,206 | -51.2% |
| Taxes, remuneration and social security | 45 | €3,072 | €12,518 | +€9,447 | +307.5% |
| Taxes | 450/3 | €3,072 | €10,406 | +€7,335 | +238.8% |
| Remuneration and social security | 454/9 | €0 | €2,112 | +€2,112 | |
| Other amounts payable | 47/48 | €199,527 | €106,389 | -€93,138 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,407 | €4,659 | +€2,252 | +93.6% |
| Other operating charges | 640/8 | €536 | €902 | +€366 | +68.2% |
| Gross operating margin | 9900 | €85,894 | €95,215 | +€9,321 | +10.9% |
| Operating profit (loss) | 9901 | €82,951 | €89,654 | +€6,703 | +8.1% |
| Financial income | 75/76B | €4,029 | €1,543 | -€2,486 | -61.7% |
| Recurring financial income | 75 | €4,029 | €1,543 | -€2,486 | -61.7% |
| Financial charges | 65/66B | €181 | €177 | -€4 | -2.0% |
| Recurring financial charges | 65 | €181 | €177 | -€4 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €86,799 | €91,020 | +€4,220 | +4.9% |
| Income taxes | 67/77 | €18,540 | €18,953 | +€413 | +2.2% |
| Profit (loss) for the period | 9904 | €68,259 | €72,067 | +€3,808 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,259 | €72,067 | +€3,808 | +5.6% |
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 3 October 2026 via checked.be.