NOVA HORSE: 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.
NOVA HORSE
Largest movements
- Tangible fixed assets -€41,400
down €41,400 (-27.2%), from €152,329 to €110,929
- Stocks and contracts +€35,250
up €35,250 (+42.7%), from €82,500 to €117,750
- Cash -€23,976
down €23,976 (-32.9%), from €72,857 to €48,881
mainly Net result for the year (-€49,429) and Stocks and contracts (-€35,250)
- Receivables within one year -€7,520
down €7,520 (-64.6%), from €11,638 to €4,118
- Profit (loss) carried forward -€49,429
down €49,429 (-55.2%), from -€89,527 to -€138,956
- Tax, wage and social debts +€12,433
up €12,433 (+91.7%), from €13,562 to €25,996
of which Remuneration and social security: +€13,508
- Staff costs -€8,666
down €8,666, from €8,079 to -€587
- Gross operating margin +€5,993
up €5,993 (+43.2%), from -€13,888 to -€7,895
- Financial charges +€141
up €141 (+114.0%), from €123 to €264
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 | €321,860 | €284,266 | -€37,594 | -11.7% |
| Fixed assets | 21/28 | €152,329 | €110,929 | -€41,400 | -27.2% |
| Tangible fixed assets | 22/27 | €152,329 | €110,929 | -€41,400 | -27.2% |
| Furniture and vehicles | 24 | €152,329 | €110,929 | -€41,400 | -27.2% |
| Current assets | 29/58 | €169,531 | €173,337 | +€3,806 | +2.2% |
| Stocks and contracts in progress | 3 | €82,500 | €117,750 | +€35,250 | +42.7% |
| Stocks | 30/36 | €82,500 | €117,750 | +€35,250 | +42.7% |
| Amounts receivable within one year | 40/41 | €11,638 | €4,118 | -€7,520 | -64.6% |
| Trade receivables | 40 | €11,638 | €4,118 | -€7,520 | -64.6% |
| Cash at bank and in hand | 54/58 | €72,857 | €48,881 | -€23,976 | -32.9% |
| Deferred charges and accrued income | 490/1 | €2,536 | €2,588 | +€52 | +2.1% |
| Total equity and liabilities | 10/49 | €321,860 | €284,266 | -€37,594 | -11.7% |
| Equity | 10/15 | -€86,527 | -€135,956 | -€49,429 | -57.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,527 | -€138,956 | -€49,429 | -55.2% |
| Amounts payable | 17/49 | €408,387 | €420,223 | +€11,836 | +2.9% |
| Amounts payable within one year | 42/48 | €408,387 | €420,223 | +€11,836 | +2.9% |
| Trade debts | 44 | €4,341 | €1,391 | -€2,951 | -68.0% |
| Suppliers | 440/4 | €4,341 | €1,391 | -€2,951 | -68.0% |
| Taxes, remuneration and social security | 45 | €13,562 | €25,996 | +€12,433 | +91.7% |
| Taxes | 450/3 | €1,900 | €826 | -€1,074 | -56.5% |
| Remuneration and social security | 454/9 | €11,662 | €25,170 | +€13,508 | +115.8% |
| Other amounts payable | 47/48 | €390,483 | €392,836 | +€2,353 | +0.6% |
| Remuneration, social security and pensions | 62 | €8,079 | -€587 | -€8,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,400 | €41,400 | = | 0.0% |
| Other operating charges | 640/8 | €441 | €457 | +€17 | +3.7% |
| Gross operating margin | 9900 | -€13,888 | -€7,895 | +€5,993 | +43.2% |
| Operating profit (loss) | 9901 | -€63,808 | -€49,165 | +€14,642 | +22.9% |
| Financial charges | 65/66B | €123 | €264 | +€141 | +114.0% |
| Recurring financial charges | 65 | €123 | €264 | +€141 | +114.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,931 | -€49,429 | +€14,502 | +22.7% |
| Profit (loss) for the period | 9904 | -€63,931 | -€49,429 | +€14,502 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,931 | -€49,429 | +€14,502 | +22.7% |
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.