NOAVAL: 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.
NOAVAL
Largest movements
- Receivables within one year -€20,694
down €20,694 (-64.3%), from €32,199 to €11,505
of which Trade receivables: -€22,094
- Cash -€13,854
down €13,854 (-65.4%), from €21,194 to €7,340
mainly Other debts (-€29,742) and Debts after one year (-€16,433)
- Stocks and contracts -€11,000
no longer reported in 2025 (was €11,000)
- Tangible fixed assets -€5,986
down €5,986 (-3.1%), from €191,262 to €185,276
of which Land and buildings: -€6,707
- Other debts -€29,742
down €29,742 (-62.5%), from €47,594 to €17,852
- Debts after one year -€16,433
down €16,433 (-15.5%), from €106,118 to €89,685
- Trade debts -€12,577
down €12,577 (-87.2%), from €14,417 to €1,840
- Profit (loss) carried forward +€6,986
up €6,986 (+11.8%), from €59,331 to €66,317
- Other operating charges -€3,480
down €3,480 (-47.9%), from €7,268 to €3,789
- Taxes +€1,274
up €1,274 (+93.4%), from €1,363 to €2,637
- Gross operating margin +€1,020
up €1,020 (+4.1%), from €24,820 to €25,840
- Financial charges -€770
down €770 (-15.9%), from €4,851 to €4,081
- Depreciation +€761
up €761 (+10.0%), from €7,586 to €8,347
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 | €255,745 | €204,188 | -€51,557 | -20.2% |
| Fixed assets | 21/28 | €191,262 | €185,276 | -€5,986 | -3.1% |
| Tangible fixed assets | 22/27 | €191,262 | €185,276 | -€5,986 | -3.1% |
| Land and buildings | 22 | €185,567 | €178,860 | -€6,707 | -3.6% |
| Plant, machinery and equipment | 23 | €2,972 | €2,707 | -€265 | -8.9% |
| Furniture and vehicles | 24 | €1,097 | €2,509 | +€1,412 | +128.7% |
| Other tangible fixed assets | 26 | €1,626 | €1,200 | -€426 | -26.2% |
| Current assets | 29/58 | €64,483 | €18,912 | -€45,571 | -70.7% |
| Stocks and contracts in progress | 3 | €11,000 | - | -€11,000 | |
| Stocks | 30/36 | €11,000 | - | -€11,000 | |
| Amounts receivable within one year | 40/41 | €32,199 | €11,505 | -€20,694 | -64.3% |
| Trade receivables | 40 | €26,642 | €4,548 | -€22,094 | -82.9% |
| Other amounts receivable | 41 | €5,557 | €6,957 | +€1,400 | +25.2% |
| Cash at bank and in hand | 54/58 | €21,194 | €7,340 | -€13,854 | -65.4% |
| Deferred charges and accrued income | 490/1 | €90 | €67 | -€23 | -25.7% |
| Total equity and liabilities | 10/49 | €255,745 | €204,188 | -€51,557 | -20.2% |
| Equity | 10/15 | €67,391 | €74,377 | +€6,986 | +10.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,331 | €66,317 | +€6,986 | +11.8% |
| Amounts payable | 17/49 | €188,354 | €129,810 | -€58,543 | -31.1% |
| Amounts payable after more than one year | 17 | €106,118 | €89,685 | -€16,433 | -15.5% |
| Financial debts | 170/4 | €106,118 | €89,685 | -€16,433 | -15.5% |
| Amounts payable within one year | 42/48 | €81,000 | €40,125 | -€40,875 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €15,870 | €16,433 | +€563 | +3.5% |
| Trade debts | 44 | €14,417 | €1,840 | -€12,577 | -87.2% |
| Suppliers | 440/4 | €14,417 | €1,840 | -€12,577 | -87.2% |
| Taxes, remuneration and social security | 45 | €3,120 | €4,000 | +€881 | +28.2% |
| Taxes | 450/3 | €3,120 | €4,000 | +€881 | +28.2% |
| Other amounts payable | 47/48 | €47,594 | €17,852 | -€29,742 | -62.5% |
| Accrued charges and deferred income | 492/3 | €1,235 | - | -€1,235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,586 | €8,347 | +€761 | +10.0% |
| Other operating charges | 640/8 | €7,268 | €3,789 | -€3,480 | -47.9% |
| Gross operating margin | 9900 | €24,820 | €25,840 | +€1,020 | +4.1% |
| Operating profit (loss) | 9901 | €9,966 | €13,704 | +€3,739 | +37.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €4,851 | €4,081 | -€770 | -15.9% |
| Recurring financial charges | 65 | €4,851 | €4,081 | -€770 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €5,115 | €9,623 | +€4,508 | +88.1% |
| Income taxes | 67/77 | €1,363 | €2,637 | +€1,274 | +93.4% |
| Profit (loss) for the period | 9904 | €3,751 | €6,986 | +€3,235 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,751 | €6,986 | +€3,235 | +86.2% |
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.