NOVAC: what changed
What changed
NOVAC
NACE 52.250, Logistics services
filed annual accounts (NBB)
Net result for the year
-€6,802
2024 · €9,636-€16,438
Equity
€475,082
2024 · €481,884-€6,802
Cash
€149,291
2024 · €180,034-€30,743
Balance sheet total
€832,789
2024 · €864,895-€32,107
Largest movements
Assets
- Cash -€30,743
down €30,743 (-17.1%), from €180,034 to €149,291
mainly Tax, wage and social debts (-€50,588) and Investment in fixed assets (net) (-€48,059)
- Tangible fixed assets +€22,366
up €22,366 (+3.5%), from €630,597 to €652,964
of which Assets under construction and advance payments: +€19,421
- Deferred charges and accrued income -€19,159
down €19,159 (-88.1%), from €21,737 to €2,578
Equity and liabilities
- Tax, wage and social debts -€50,588
down €50,588 (-73.8%), from €68,553 to €17,965
- Debts after one year +€39,920
up €39,920 (+15.3%), from €260,711 to €300,631
of which Other amounts payable: +€39,920
- Trade debts -€10,992
down €10,992 (-54.0%), from €20,345 to €9,353
Income statement
- Gross operating margin -€19,466
down €19,466 (-24.0%), from €81,229 to €61,763
- Taxes -€4,813
down €4,813 (-91.3%), from €5,269 to €456
- Depreciation +€2,557
up €2,557 (+11.1%), from €23,136 to €25,693
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9,636
Gross operating margin
-€19,466
Depreciation
-€2,557
Other operating charges
-€58
Financial income
+€252
Financial charges
+€253
Taxes
+€4,813
Deferred taxes and other
+€324
Result 2025
-€6,802
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€20,655
Investment
-€48,059
Financing
+€37,970
Cash 2024
€180,034
From operations (derived)
-€20,655
Net result for the year
-€6,802
Depreciation
+€25,693
Receivables within one year
+€4,571
Deferred charges and accrued income
+€19,159
Provisions
-€325
Trade debts
-€10,992
Tax, wage and social debts
-€50,588
Accrued charges and deferred income
-€1,370
Investment (derived)
-€48,059
Investment in fixed assets (net)
-€48,059
Financing
+€37,970
Debts after one year
+€39,920
Current portion of long-term debt
-€1,950
Cash 2025
€149,291
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €864,895 | €832,789 | -€32,107 | -3.7% |
| Fixed assets | 21/28 | €630,597 | €652,964 | +€22,366 | +3.5% |
| Tangible fixed assets | 22/27 | €630,597 | €652,964 | +€22,366 | +3.5% |
| Land and buildings | 22 | €422,800 | €433,361 | +€10,561 | +2.5% |
| Plant, machinery and equipment | 23 | €6,822 | €5,069 | -€1,753 | -25.7% |
| Other tangible fixed assets | 26 | €5,863 | €0 | -€5,863 | -100% |
| Assets under construction and advance payments | 27 | €195,113 | €214,534 | +€19,421 | +10.0% |
| Current assets | 29/58 | €234,298 | €179,825 | -€54,473 | -23.2% |
| Amounts receivable within one year | 40/41 | €32,527 | €27,956 | -€4,571 | -14.1% |
| Trade receivables | 40 | €32,527 | €27,823 | -€4,704 | -14.5% |
| Other amounts receivable | 41 | €0 | €133 | +€133 | |
| Cash at bank and in hand | 54/58 | €180,034 | €149,291 | -€30,743 | -17.1% |
| Deferred charges and accrued income | 490/1 | €21,737 | €2,578 | -€19,159 | -88.1% |
| Total equity and liabilities | 10/49 | €864,895 | €832,789 | -€32,107 | -3.7% |
| Equity | 10/15 | €481,884 | €475,082 | -€6,802 | -1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,096 | €137,122 | -€974 | -0.7% |
| Tax-exempt reserves | 132 | €96,229 | €95,255 | -€974 | -1.0% |
| Distributable reserves | 133 | €41,867 | €41,867 | = | 0.0% |
| Profit (loss) carried forward | 14 | €325,188 | €319,360 | -€5,828 | -1.8% |
| Provisions and deferred taxes | 16 | €25,664 | €25,339 | -€325 | -1.3% |
| Deferred taxes | 168 | €25,664 | €25,339 | -€325 | -1.3% |
| Amounts payable | 17/49 | €357,347 | €332,368 | -€24,980 | -7.0% |
| Amounts payable after more than one year | 17 | €260,711 | €300,631 | +€39,920 | +15.3% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €260,711 | €300,631 | +€39,920 | +15.3% |
| Amounts payable within one year | 42/48 | €95,185 | €31,655 | -€63,530 | -66.7% |
| Current portion of amounts payable after more than one year | 42 | €1,950 | €0 | -€1,950 | -100% |
| Trade debts | 44 | €20,345 | €9,353 | -€10,992 | -54.0% |
| Suppliers | 440/4 | €20,345 | €9,353 | -€10,992 | -54.0% |
| Taxes, remuneration and social security | 45 | €68,553 | €17,965 | -€50,588 | -73.8% |
| Taxes | 450/3 | €68,553 | €17,965 | -€50,588 | -73.8% |
| Other amounts payable | 47/48 | €4,336 | €4,336 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,452 | €82 | -€1,370 | -94.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,136 | €25,693 | +€2,557 | +11.1% |
| Other operating charges | 640/8 | €22,551 | €22,608 | +€58 | +0.3% |
| Gross operating margin | 9900 | €81,229 | €61,763 | -€19,466 | -24.0% |
| Operating profit (loss) | 9901 | €35,542 | €13,463 | -€22,080 | -62.1% |
| Financial income | 75/76B | €604 | €856 | +€252 | +41.6% |
| Recurring financial income | 75 | €604 | €856 | +€252 | +41.6% |
| Financial charges | 65/66B | €21,242 | €20,989 | -€253 | -1.2% |
| Recurring financial charges | 65 | €21,242 | €20,989 | -€253 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €14,905 | -€6,671 | -€21,576 | |
| Transfer from deferred taxes | 780 | €0 | €325 | +€324 | +111,859% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €5,269 | €456 | -€4,813 | -91.3% |
| Profit (loss) for the period | 9904 | €9,636 | -€6,802 | -€16,438 | |
| Transfer from tax-exempt reserves | 789 | €1 | €974 | +€973 | +111,857% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €9,637 | -€5,828 | -€15,465 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.