NOVAD: 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.
NOVAD
Largest movements
- Receivables within one year +€8,967
up €8,967 (+26.6%), from €33,675 to €42,642
of which Trade receivables: +€8,740
- Tangible fixed assets -€8,370
down €8,370 (-77.6%), from €10,791 to €2,421
- Cash +€1,573
up €1,573 (+111.0%), from €1,417 to €2,990
mainly Other debts (+€10,300) and Depreciation (+€8,370)
- Other debts +€10,300
up €10,300 (+7.9%), from €129,952 to €140,252
- Profit (loss) carried forward -€9,456
down €9,456 (-8.8%), from -€107,115 to -€116,570
- Trade debts +€4,283
up €4,283 (+158.5%), from €2,703 to €6,986
- Tax, wage and social debts -€2,057
no longer reported in 2025 (was €2,057)
- Accrued charges and deferred income -€900
down €900 (-100.0%), from €900 to €0
- Gross operating margin -€6,288
down €6,288, from €6,201 to -€87
- Depreciation +€2,421
up €2,421 (+40.7%), from €5,949 to €8,370
- Other operating charges +€739
new in 2025: €739
- Taxes -€224
no longer reported in 2025 (was €224)
- Financial income -€142
down €142 (-99.6%), from €142 to €1
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 | €47,098 | €49,268 | +€2,171 | +4.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €12,006 | €3,636 | -€8,370 | -69.7% |
| Tangible fixed assets | 22/27 | €10,791 | €2,421 | -€8,370 | -77.6% |
| Furniture and vehicles | 24 | €10,791 | €2,421 | -€8,370 | -77.6% |
| Financial fixed assets | 28 | €1,215 | €1,215 | = | 0.0% |
| Current assets | 29/58 | €35,092 | €45,632 | +€10,540 | +30.0% |
| Amounts receivable within one year | 40/41 | €33,675 | €42,642 | +€8,967 | +26.6% |
| Trade receivables | 40 | €31,240 | €39,980 | +€8,740 | +28.0% |
| Other amounts receivable | 41 | €2,435 | €2,662 | +€227 | +9.3% |
| Cash at bank and in hand | 54/58 | €1,417 | €2,990 | +€1,573 | +111.0% |
| Total equity and liabilities | 10/49 | €47,098 | €49,268 | +€2,171 | +4.6% |
| Equity | 10/15 | -€88,515 | -€97,970 | -€9,456 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,115 | -€116,570 | -€9,456 | -8.8% |
| Amounts payable | 17/49 | €135,612 | €147,238 | +€11,626 | +8.6% |
| Amounts payable within one year | 42/48 | €134,712 | €147,238 | +€12,526 | +9.3% |
| Trade debts | 44 | €2,703 | €6,986 | +€4,283 | +158.5% |
| Suppliers | 440/4 | €2,703 | €6,986 | +€4,283 | +158.5% |
| Taxes, remuneration and social security | 45 | €2,057 | - | -€2,057 | |
| Taxes | 450/3 | €2,057 | - | -€2,057 | |
| Other amounts payable | 47/48 | €129,952 | €140,252 | +€10,300 | +7.9% |
| Accrued charges and deferred income | 492/3 | €900 | €0 | -€900 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,949 | €8,370 | +€2,421 | +40.7% |
| Other operating charges | 640/8 | - | €739 | +€739 | |
| Non-recurring operating charges | 66A | €6,213 | - | -€6,213 | |
| Gross operating margin | 9900 | €6,201 | -€87 | -€6,288 | |
| Operating profit (loss) | 9901 | -€5,960 | -€9,196 | -€3,235 | -54.3% |
| Financial income | 75/76B | €142 | €1 | -€142 | -99.6% |
| Recurring financial income | 75 | €142 | €1 | -€142 | -99.6% |
| Financial charges | 65/66B | €241 | €260 | +€19 | +8.0% |
| Recurring financial charges | 65 | €241 | €260 | +€19 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,059 | -€9,456 | -€3,397 | -56.1% |
| Income taxes | 67/77 | €224 | - | -€224 | |
| Profit (loss) for the period | 9904 | -€6,283 | -€9,456 | -€3,173 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,283 | -€9,456 | -€3,173 | -50.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.