BORSA NOVA: 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.
BORSA NOVA
Largest movements
- Tangible fixed assets -€14,705
down €14,705 (-8.8%), from €166,380 to €151,675
of which Land and buildings: -€11,875
- Cash +€7,291
up €7,291 (+23.7%), from €30,748 to €38,039
mainly Depreciation (+€17,027) and Receivables within one year (+€2,133)
- Profit (loss) carried forward -€8,126
down €8,126 (-9.2%), from -€87,894 to -€96,020
- Other debts -€2,983
no longer reported in 2025 (was €2,983)
- Gross operating margin -€21,479
down €21,479 (-50.8%), from €42,284 to €20,805
- Financial charges +€3,204
up €3,204 (+75.2%), from €4,261 to €7,465
- Write-downs -€1,455
down €1,455, from €939 to -€516
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 | €231,461 | €219,782 | -€11,679 | -5.0% |
| Fixed assets | 21/28 | €166,590 | €151,999 | -€14,591 | -8.8% |
| Intangible fixed assets | 21 | - | €114 | +€114 | |
| Tangible fixed assets | 22/27 | €166,380 | €151,675 | -€14,705 | -8.8% |
| Land and buildings | 22 | €126,741 | €114,866 | -€11,875 | -9.4% |
| Plant, machinery and equipment | 23 | €38 | €61 | +€23 | +60.5% |
| Furniture and vehicles | 24 | €22,009 | €21,302 | -€707 | -3.2% |
| Other tangible fixed assets | 26 | €17,592 | €15,446 | -€2,146 | -12.2% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €64,871 | €67,783 | +€2,912 | +4.5% |
| Stocks and contracts in progress | 3 | €17,250 | €15,417 | -€1,833 | -10.6% |
| Stocks | 30/36 | €17,250 | €15,417 | -€1,833 | -10.6% |
| Amounts receivable within one year | 40/41 | €11,452 | €9,319 | -€2,133 | -18.6% |
| Trade receivables | 40 | €11,452 | €9,319 | -€2,133 | -18.6% |
| Cash at bank and in hand | 54/58 | €30,748 | €38,039 | +€7,291 | +23.7% |
| Deferred charges and accrued income | 490/1 | €5,421 | €5,008 | -€413 | -7.6% |
| Total equity and liabilities | 10/49 | €231,461 | €219,782 | -€11,679 | -5.0% |
| Equity | 10/15 | €90,856 | €82,730 | -€8,126 | -8.9% |
| Contributions | 10/11 | €162,500 | €162,500 | = | 0.0% |
| Reserves | 13 | €16,250 | €16,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,250 | €16,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,250 | €16,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,894 | -€96,020 | -€8,126 | -9.2% |
| Amounts payable | 17/49 | €140,605 | €137,052 | -€3,553 | -2.5% |
| Amounts payable after more than one year | 17 | €116,000 | €116,000 | = | 0.0% |
| Financial debts | 170/4 | €116,000 | €116,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,489 | €18,679 | -€3,810 | -16.9% |
| Trade debts | 44 | €4,023 | €3,907 | -€116 | -2.9% |
| Suppliers | 440/4 | €4,023 | €3,907 | -€116 | -2.9% |
| Taxes, remuneration and social security | 45 | €15,483 | €14,772 | -€711 | -4.6% |
| Taxes | 450/3 | €5,983 | €7,770 | +€1,787 | +29.9% |
| Remuneration and social security | 454/9 | €9,500 | €7,002 | -€2,498 | -26.3% |
| Other amounts payable | 47/48 | €2,983 | - | -€2,983 | |
| Accrued charges and deferred income | 492/3 | €2,116 | €2,373 | +€257 | +12.1% |
| Non-recurring operating income | 76A | - | €161 | +€161 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,172 | €17,027 | -€145 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €939 | -€516 | -€1,455 | |
| Other operating charges | 640/8 | €4,901 | €5,033 | +€132 | +2.7% |
| Gross operating margin | 9900 | €42,284 | €20,805 | -€21,479 | -50.8% |
| Operating profit (loss) | 9901 | €19,272 | -€739 | -€20,011 | |
| Financial income | 75/76B | - | €78 | +€78 | |
| Recurring financial income | 75 | - | €78 | +€78 | |
| Financial charges | 65/66B | €4,261 | €7,465 | +€3,204 | +75.2% |
| Recurring financial charges | 65 | €4,261 | €7,465 | +€3,204 | +75.2% |
| Profit (loss) for the period before taxes | 9903 | €15,011 | -€8,126 | -€23,137 | |
| Profit (loss) for the period | 9904 | €15,011 | -€8,126 | -€23,137 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,011 | -€8,126 | -€23,137 |
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 25 October 2026 via checked.be.