NVR: 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.
NVR
Largest movements
- Receivables within one year -€146,398
down €146,398 (-30.1%), from €486,923 to €340,525
of which Trade receivables: -€213,385
- Tangible fixed assets -€72,076
down €72,076 (-45.0%), from €160,199 to €88,123
of which Leasing and similar rights: -€41,151
- Cash +€27,343
up €27,343 (+45.0%), from €60,769 to €88,113
mainly Receivables within one year (+€146,398) and Depreciation (+€87,088)
- Trade debts -€96,566
down €96,566 (-51.9%), from €186,125 to €89,559
- Current portion of long-term debt -€45,052
down €45,052 (-73.1%), from €61,649 to €16,597
- Profit (loss) carried forward -€43,907
down €43,907 (-14.2%), from €309,550 to €265,644
- Debts after one year -€16,597
down €16,597 (-71.5%), from €23,227 to €6,630
- Gross operating margin +€247,776
up €247,776 (+46.8%), from €529,458 to €777,234
- Financial charges +€212,238
up €212,238 (+1806.6%), from €11,748 to €223,985
of which Non-recurring financial charges: +€216,113
- Staff costs +€113,980
up €113,980 (+30.2%), from €376,971 to €490,951
- Taxes -€10,625
down €10,625 (-98.8%), from €10,757 to €132
- Other operating charges +€7,828
up €7,828 (+70.1%), from €11,160 to €18,988
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 | €733,953 | €537,858 | -€196,095 | -26.7% |
| Fixed assets | 21/28 | €181,297 | €109,221 | -€72,076 | -39.8% |
| Tangible fixed assets | 22/27 | €160,199 | €88,123 | -€72,076 | -45.0% |
| Furniture and vehicles | 24 | €82,217 | €53,146 | -€29,071 | -35.4% |
| Leasing and similar rights | 25 | €65,085 | €23,934 | -€41,151 | -63.2% |
| Other tangible fixed assets | 26 | €12,896 | €11,042 | -€1,854 | -14.4% |
| Financial fixed assets | 28 | €21,098 | €21,098 | = | 0.0% |
| Current assets | 29/58 | €552,656 | €428,638 | -€124,019 | -22.4% |
| Amounts receivable within one year | 40/41 | €486,923 | €340,525 | -€146,398 | -30.1% |
| Trade receivables | 40 | €474,277 | €260,892 | -€213,385 | -45.0% |
| Other amounts receivable | 41 | €12,646 | €79,633 | +€66,987 | +529.7% |
| Cash at bank and in hand | 54/58 | €60,769 | €88,113 | +€27,343 | +45.0% |
| Deferred charges and accrued income | 490/1 | €4,964 | - | -€4,964 | |
| Total equity and liabilities | 10/49 | €733,953 | €537,858 | -€196,095 | -26.7% |
| Equity | 10/15 | €323,160 | €279,254 | -€43,907 | -13.6% |
| Contributions | 10/11 | €11,750 | €11,750 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,550 | €265,644 | -€43,907 | -14.2% |
| Amounts payable | 17/49 | €410,793 | €258,604 | -€152,188 | -37.0% |
| Amounts payable after more than one year | 17 | €23,227 | €6,630 | -€16,597 | -71.5% |
| Financial debts | 170/4 | €23,227 | €6,630 | -€16,597 | -71.5% |
| Amounts payable within one year | 42/48 | €387,566 | €251,374 | -€136,192 | -35.1% |
| Current portion of amounts payable after more than one year | 42 | €61,649 | €16,597 | -€45,052 | -73.1% |
| Trade debts | 44 | €186,125 | €89,559 | -€96,566 | -51.9% |
| Suppliers | 440/4 | €186,125 | €89,559 | -€96,566 | -51.9% |
| Taxes, remuneration and social security | 45 | €110,281 | €113,857 | +€3,576 | +3.2% |
| Taxes | 450/3 | €56,959 | €45,375 | -€11,584 | -20.3% |
| Remuneration and social security | 454/9 | €53,321 | €68,481 | +€15,160 | +28.4% |
| Other amounts payable | 47/48 | €29,512 | €31,362 | +€1,850 | +6.3% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Remuneration, social security and pensions | 62 | €376,971 | €490,951 | +€113,980 | +30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,031 | €87,088 | -€6,942 | -7.4% |
| Other operating charges | 640/8 | €11,160 | €18,988 | +€7,828 | +70.1% |
| Gross operating margin | 9900 | €529,458 | €777,234 | +€247,776 | +46.8% |
| Operating profit (loss) | 9901 | €47,297 | €180,206 | +€132,910 | +281.0% |
| Financial income | 75/76B | €566 | €4 | -€561 | -99.2% |
| Recurring financial income | 75 | €566 | €4 | -€561 | -99.2% |
| Financial charges | 65/66B | €11,748 | €223,985 | +€212,238 | +1806.6% |
| Recurring financial charges | 65 | €8,073 | €4,198 | -€3,876 | -48.0% |
| Non-recurring financial charges | 66B | €3,674 | €219,788 | +€216,113 | +5881.7% |
| Profit (loss) for the period before taxes | 9903 | €36,115 | -€43,775 | -€79,889 | |
| Income taxes | 67/77 | €10,757 | €132 | -€10,625 | -98.8% |
| Profit (loss) for the period | 9904 | €25,358 | -€43,907 | -€69,265 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,358 | -€43,907 | -€69,265 |
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 4 October 2026 via checked.be.