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.
What changed
NOVA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€295,857
2024 · €170,472+€125,385
Equity
€8.1m
2024 · €7.9m+€195,857
Cash
€944,586
2024 · €927,592+€16,994
Balance sheet total
€8.7m
2024 · €8.4m+€267,290
Largest movements
Assets
- Current investments +€449,426
up €449,426 (+14.0%), from €3.2m to €3.7m
- Tangible fixed assets -€188,991
down €188,991 (-4.5%), from €4.2m to €4.1m
Equity and liabilities
- Profit (loss) carried forward +€116,944
up €116,944 (+1.8%), from €6.6m to €6.7m
Income statement
- Gross operating margin +€186,732
up €186,732 (+50.2%), from €371,629 to €558,360
- Financial income -€20,911
down €20,911 (-20.4%), from €102,279 to €81,368
- Taxes +€12,526
up €12,526 (+21.0%), from €59,789 to €72,315
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.
Result 2024
€170,472
Gross operating margin
+€186,732
Depreciation
-€1,924
Other operating charges
-€1,211
Financial income
-€20,911
Financial charges
+€4,495
Taxes
-€12,526
Deferred taxes and other
-€29,269
Result 2025
€295,857
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€595,104
Investment
-€478,110
Financing
-€100,000
Cash 2024
€927,592
From operations (derived)
+€595,104
Net result for the year
+€295,857
Depreciation
+€217,675
Receivables within one year
+€19,761
Deferred charges and accrued income
-€9,621
Provisions
+€28,559
Trade debts
-€6,356
Tax, wage and social debts
+€15,878
Other debts
+€34,151
Accrued charges and deferred income
-€800
Investment (derived)
-€478,110
Investment in fixed assets (net)
-€28,684
Current investments
-€449,426
Financing
-€100,000
Contributions, distributions and other
-€100,000
Cash 2025
€944,586
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,423,867 | €8,691,157 | +€267,290 | +3.2% |
| Fixed assets | 21/28 | €4,242,374 | €4,053,383 | -€188,991 | -4.5% |
| Tangible fixed assets | 22/27 | €4,242,374 | €4,053,383 | -€188,991 | -4.5% |
| Land and buildings | 22 | €4,242,374 | €4,053,383 | -€188,991 | -4.5% |
| Current assets | 29/58 | €4,181,493 | €4,637,773 | +€456,280 | +10.9% |
| Amounts receivable within one year | 40/41 | €24,107 | €4,346 | -€19,761 | -82.0% |
| Trade receivables | 40 | - | €242 | +€242 | |
| Other amounts receivable | 41 | €24,107 | €4,104 | -€20,003 | -83.0% |
| Current investments | 50/53 | €3,200,574 | €3,650,000 | +€449,426 | +14.0% |
| Cash at bank and in hand | 54/58 | €927,592 | €944,586 | +€16,994 | +1.8% |
| Deferred charges and accrued income | 490/1 | €29,221 | €38,842 | +€9,621 | +32.9% |
| Total equity and liabilities | 10/49 | €8,423,867 | €8,691,157 | +€267,290 | +3.2% |
| Equity | 10/15 | €7,882,170 | €8,078,028 | +€195,857 | +2.5% |
| Contributions | 10/11 | €47,612 | €47,612 | = | 0.0% |
| Reserves | 13 | €1,251,278 | €1,330,192 | +€78,914 | +6.3% |
| Tax-exempt reserves | 132 | €136,652 | €215,565 | +€78,914 | +57.7% |
| Distributable reserves | 133 | €1,114,626 | €1,114,626 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,583,281 | €6,700,225 | +€116,944 | +1.8% |
| Provisions and deferred taxes | 16 | €10,112 | €38,672 | +€28,559 | +282% |
| Deferred taxes | 168 | €10,112 | €38,672 | +€28,559 | +282% |
| Amounts payable | 17/49 | €531,584 | €574,457 | +€42,873 | +8.1% |
| Amounts payable within one year | 42/48 | €529,984 | €573,657 | +€43,673 | +8.2% |
| Trade debts | 44 | €10,613 | €4,257 | -€6,356 | -59.9% |
| Suppliers | 440/4 | €10,613 | €4,257 | -€6,356 | -59.9% |
| Taxes, remuneration and social security | 45 | €40,536 | €56,414 | +€15,878 | +39.2% |
| Taxes | 450/3 | €40,536 | €56,414 | +€15,878 | +39.2% |
| Other amounts payable | 47/48 | €478,835 | €512,986 | +€34,151 | +7.1% |
| Accrued charges and deferred income | 492/3 | €1,600 | €800 | -€800 | -50.0% |
| Non-recurring operating income | 76A | - | €117,076 | +€117,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,751 | €217,675 | +€1,924 | +0.9% |
| Other operating charges | 640/8 | €24,044 | €25,255 | +€1,211 | +5.0% |
| Gross operating margin | 9900 | €371,629 | €558,360 | +€186,732 | +50.2% |
| Operating profit (loss) | 9901 | €131,834 | €315,431 | +€183,596 | +139% |
| Financial income | 75/76B | €102,279 | €81,368 | -€20,911 | -20.4% |
| Recurring financial income | 75 | €102,279 | €81,368 | -€20,911 | -20.4% |
| Financial charges | 65/66B | €4,563 | €68 | -€4,495 | -98.5% |
| Recurring financial charges | 65 | €4,563 | €68 | -€4,495 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €229,551 | €396,731 | +€167,181 | +72.8% |
| Transfer from deferred taxes | 780 | €710 | €710 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €29,269 | +€29,269 | |
| Income taxes | 67/77 | €59,789 | €72,315 | +€12,526 | +21.0% |
| Profit (loss) for the period | 9904 | €170,472 | €295,857 | +€125,385 | +73.6% |
| Transfer from tax-exempt reserves | 789 | €8,894 | €8,894 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €87,807 | +€87,807 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,366 | €216,944 | +€37,578 | +21.0% |
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 25 October 2026 via checked.be.