E-NOVATE: 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.
E-NOVATE
Largest movements
- Current investments +€193,078
up €193,078 (+2,438%), from €7,920 to €200,998
- Cash -€136,574
down €136,574 (-43.2%), from €316,347 to €179,773
mainly Current investments (-€193,078) and Contributions, distributions and other (-€66,700)
- Tangible fixed assets -€30,175
down €30,175 (-28.0%), from €107,902 to €77,727
of which Furniture and vehicles: -€26,336
- Receivables within one year -€6,344
down €6,344 (-55.1%), from €11,510 to €5,166
of which Trade receivables: -€10,211
- Other debts +€35,801
up €35,801 (+110%), from €32,464 to €68,265
- Tax, wage and social debts -€9,130
down €9,130 (-40.1%), from €22,788 to €13,658
- Reserves -€6,376
down €6,376 (-2.1%), from €309,314 to €302,938
of which Distributable reserves: -€6,376
- Gross operating margin -€35,187
down €35,187 (-23.5%), from €149,973 to €114,786
- Taxes -€8,426
down €8,426 (-28.3%), from €29,825 to €21,399
- Depreciation +€6,791
up €6,791 (+25.5%), from €26,590 to €33,380
- Other operating charges -€5,036
down €5,036 (-83.6%), from €6,026 to €991
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 | €445,365 | €465,395 | +€20,030 | +4.5% |
| Fixed assets | 21/28 | €107,902 | €77,727 | -€30,175 | -28.0% |
| Tangible fixed assets | 22/27 | €107,902 | €77,727 | -€30,175 | -28.0% |
| Plant, machinery and equipment | 23 | €1,980 | €317 | -€1,663 | -84.0% |
| Furniture and vehicles | 24 | €98,201 | €71,865 | -€26,336 | -26.8% |
| Other tangible fixed assets | 26 | €7,721 | €5,545 | -€2,177 | -28.2% |
| Current assets | 29/58 | €337,463 | €387,669 | +€50,206 | +14.9% |
| Amounts receivable within one year | 40/41 | €11,510 | €5,166 | -€6,344 | -55.1% |
| Trade receivables | 40 | €11,099 | €888 | -€10,211 | -92.0% |
| Other amounts receivable | 41 | €410 | €4,278 | +€3,867 | +943% |
| Current investments | 50/53 | €7,920 | €200,998 | +€193,078 | +2,438% |
| Cash at bank and in hand | 54/58 | €316,347 | €179,773 | -€136,574 | -43.2% |
| Deferred charges and accrued income | 490/1 | €1,686 | €1,732 | +€45 | +2.7% |
| Total equity and liabilities | 10/49 | €445,365 | €465,395 | +€20,030 | +4.5% |
| Equity | 10/15 | €389,214 | €382,838 | -€6,376 | -1.6% |
| Contributions | 10/11 | €79,900 | €79,900 | = | 0.0% |
| Reserves | 13 | €309,314 | €302,938 | -€6,376 | -2.1% |
| Non-distributable reserves | 130/1 | €8,610 | €8,610 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,610 | €8,610 | = | 0.0% |
| Distributable reserves | 133 | €300,704 | €294,328 | -€6,376 | -2.1% |
| Amounts payable | 17/49 | €56,151 | €82,558 | +€26,407 | +47.0% |
| Amounts payable within one year | 42/48 | €56,151 | €82,558 | +€26,407 | +47.0% |
| Financial debts | 43 | €12 | - | -€12 | |
| Credit institutions | 430/8 | €12 | - | -€12 | |
| Trade debts | 44 | €887 | €635 | -€252 | -28.4% |
| Suppliers | 440/4 | €887 | €635 | -€252 | -28.4% |
| Taxes, remuneration and social security | 45 | €22,788 | €13,658 | -€9,130 | -40.1% |
| Taxes | 450/3 | €22,788 | €13,658 | -€9,130 | -40.1% |
| Other amounts payable | 47/48 | €32,464 | €68,265 | +€35,801 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,590 | €33,380 | +€6,791 | +25.5% |
| Other operating charges | 640/8 | €6,026 | €991 | -€5,036 | -83.6% |
| Gross operating margin | 9900 | €149,973 | €114,786 | -€35,187 | -23.5% |
| Operating profit (loss) | 9901 | €117,356 | €80,415 | -€36,942 | -31.5% |
| Financial income | 75/76B | €2,804 | €1,596 | -€1,209 | -43.1% |
| Recurring financial income | 75 | €2,804 | €1,596 | -€1,209 | -43.1% |
| Financial charges | 65/66B | €258 | €288 | +€29 | +11.4% |
| Recurring financial charges | 65 | €258 | €288 | +€29 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €119,903 | €81,723 | -€38,180 | -31.8% |
| Income taxes | 67/77 | €29,825 | €21,399 | -€8,426 | -28.3% |
| Profit (loss) for the period | 9904 | €90,078 | €60,324 | -€29,754 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,078 | €60,324 | -€29,754 | -33.0% |
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 19 October 2026 via checked.be.