NOVACAS: 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.
NOVACAS
Largest movements
- Cash +€619,054
up €619,054 (+4651.3%), from €13,309 to €632,363
mainly Other debts (+€848,319) and Depreciation (+€64,013)
- Tangible fixed assets -€59,961
down €59,961 (-3.0%), from €2.0m to €1.9m
of which Land and buildings: -€59,654
- Other debts +€848,319
up €848,319 (+557.0%), from €152,304 to €1.0m
- Debts after one year -€268,107
down €268,107 (-28.2%), from €952,349 to €684,242
of which Advances received on contracts in progress: -€146,107
- Tax, wage and social debts -€32,992
down €32,992 (-30.4%), from €108,579 to €75,587
- Reserves +€32,903
up €32,903 (+6.0%), from €548,733 to €581,636
of which Distributable reserves: +€35,720
- Other operating charges +€123,517
up €123,517 (+2829.8%), from €4,365 to €127,882
- Gross operating margin +€31,596
up €31,596 (+13.6%), from €232,387 to €263,983
- Taxes -€25,681
down €25,681 (-50.7%), from €50,634 to €24,953
- Financial charges -€2,867
down €2,867 (-15.7%), from €18,282 to €15,414
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 | €2,021,034 | €2,600,987 | +€579,953 | +28.7% |
| Fixed assets | 21/28 | €2,007,084 | €1,947,123 | -€59,961 | -3.0% |
| Tangible fixed assets | 22/27 | €2,005,334 | €1,945,373 | -€59,961 | -3.0% |
| Land and buildings | 22 | €2,003,490 | €1,943,836 | -€59,654 | -3.0% |
| Plant, machinery and equipment | 23 | €1,801 | €1,537 | -€264 | -14.7% |
| Furniture and vehicles | 24 | €43 | - | -€43 | |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €13,949 | €653,864 | +€639,915 | +4587.4% |
| Amounts receivable within one year | 40/41 | €640 | €21,501 | +€20,861 | +3257.7% |
| Other amounts receivable | 41 | €640 | €21,501 | +€20,861 | +3257.7% |
| Cash at bank and in hand | 54/58 | €13,309 | €632,363 | +€619,054 | +4651.3% |
| Total equity and liabilities | 10/49 | €2,021,034 | €2,600,987 | +€579,953 | +28.7% |
| Equity | 10/15 | €610,733 | €643,636 | +€32,903 | +5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Share premium | 1100/10 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €548,733 | €581,636 | +€32,903 | +6.0% |
| Tax-exempt reserves | 132 | €114,463 | €111,647 | -€2,816 | -2.5% |
| Distributable reserves | 133 | €434,270 | €469,989 | +€35,720 | +8.2% |
| Provisions and deferred taxes | 16 | €48,072 | €46,889 | -€1,183 | -2.5% |
| Deferred taxes | 168 | €48,072 | €46,889 | -€1,183 | -2.5% |
| Amounts payable | 17/49 | €1,362,229 | €1,910,462 | +€548,233 | +40.2% |
| Amounts payable after more than one year | 17 | €952,349 | €684,242 | -€268,107 | -28.2% |
| Financial debts | 170/4 | €324,000 | €202,000 | -€122,000 | -37.7% |
| Advances received on contracts in progress | 176 | €628,349 | €482,242 | -€146,107 | -23.3% |
| Amounts payable within one year | 42/48 | €409,880 | €1,226,220 | +€816,340 | +199.2% |
| Current portion of amounts payable after more than one year | 42 | €144,865 | €146,107 | +€1,242 | +0.9% |
| Financial debts | 43 | €717 | - | -€717 | |
| Credit institutions | 430/8 | €717 | - | -€717 | |
| Trade debts | 44 | €3,414 | €3,903 | +€489 | +14.3% |
| Suppliers | 440/4 | €3,414 | €3,903 | +€489 | +14.3% |
| Taxes, remuneration and social security | 45 | €108,579 | €75,587 | -€32,992 | -30.4% |
| Taxes | 450/3 | €108,579 | €75,587 | -€32,992 | -30.4% |
| Other amounts payable | 47/48 | €152,304 | €1,000,623 | +€848,319 | +557.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,759 | €64,013 | -€745 | -1.2% |
| Other operating charges | 640/8 | €4,365 | €127,882 | +€123,517 | +2829.8% |
| Gross operating margin | 9900 | €232,387 | €263,983 | +€31,596 | +13.6% |
| Operating profit (loss) | 9901 | €163,263 | €72,088 | -€91,175 | -55.8% |
| Financial income | 75/76B | €649 | - | -€649 | |
| Recurring financial income | 75 | €649 | - | -€649 | |
| Non-recurring financial income | 76B | €649 | - | -€649 | |
| Financial charges | 65/66B | €18,282 | €15,414 | -€2,867 | -15.7% |
| Recurring financial charges | 65 | €18,282 | €15,414 | -€2,867 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €145,631 | €56,673 | -€88,957 | -61.1% |
| Transfer from deferred taxes | 780 | €1,183 | €1,183 | = | 0.0% |
| Income taxes | 67/77 | €50,634 | €24,953 | -€25,681 | -50.7% |
| Profit (loss) for the period | 9904 | €96,180 | €32,903 | -€63,277 | -65.8% |
| Transfer from tax-exempt reserves | 789 | €2,816 | €2,816 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,996 | €35,720 | -€63,277 | -63.9% |
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 12 October 2026 via checked.be.