NOVALATI: 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.
NOVALATI
Largest movements
- Cash -€187,434
down €187,434 (-68.2%), from €274,803 to €87,369
mainly Investment in fixed assets (net) (-€156,132) and Contributions, distributions and other (-€77,261)
- Tangible fixed assets +€141,630
up €141,630 (+361.9%), from €39,138 to €180,767
of which Land and buildings: +€71,402
- Receivables within one year +€34,729
up €34,729 (+66.1%), from €52,579 to €87,307
of which Other amounts receivable: +€41,346
- Current investments -€19,369
down €19,369 (-13.2%), from €146,460 to €127,092
- Stocks and contracts +€5,375
new in 2025: €5,375
- Reserves -€42,316
down €42,316 (-11.7%), from €360,767 to €318,450
- Other debts +€32,648
up €32,648 (+64.4%), from €50,701 to €83,349
- Trade debts -€19,754
down €19,754 (-61.4%), from €32,167 to €12,413
- Current portion of long-term debt +€16,741
new in 2025: €16,741
- Debts after one year -€12,741
down €12,741 (-29.0%), from €44,000 to €31,259
of which Other amounts payable: -€30,000
- Financial income -€48,133
down €48,133 (-98.9%), from €48,683 to €551
- Taxes -€13,693
down €13,693 (-48.5%), from €28,229 to €14,536
- Gross operating margin -€11,374
down €11,374 (-13.8%), from €82,255 to €70,881
- Depreciation +€6,540
up €6,540 (+62.1%), from €10,534 to €17,074
- Financial charges -€5,169
down €5,169 (-58.7%), from €8,808 to €3,639
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 | €516,136 | €488,823 | -€27,313 | -5.3% |
| Fixed assets | 21/28 | €41,709 | €180,767 | +€139,058 | +333.4% |
| Intangible fixed assets | 21 | €2,572 | €0 | -€2,572 | -100.0% |
| Tangible fixed assets | 22/27 | €39,138 | €180,767 | +€141,630 | +361.9% |
| Land and buildings | 22 | €28,484 | €99,886 | +€71,402 | +250.7% |
| Plant, machinery and equipment | 23 | €10,609 | €9,772 | -€837 | -7.9% |
| Furniture and vehicles | 24 | €45 | €71,110 | +€71,065 | +159302.8% |
| Current assets | 29/58 | €474,427 | €308,056 | -€166,371 | -35.1% |
| Stocks and contracts in progress | 3 | - | €5,375 | +€5,375 | |
| Stocks | 30/36 | - | €5,375 | +€5,375 | |
| Amounts receivable within one year | 40/41 | €52,579 | €87,307 | +€34,729 | +66.1% |
| Trade receivables | 40 | €48,632 | €42,015 | -€6,618 | -13.6% |
| Other amounts receivable | 41 | €3,947 | €45,293 | +€41,346 | +1047.6% |
| Current investments | 50/53 | €146,460 | €127,092 | -€19,369 | -13.2% |
| Cash at bank and in hand | 54/58 | €274,803 | €87,369 | -€187,434 | -68.2% |
| Deferred charges and accrued income | 490/1 | €585 | €913 | +€328 | +56.0% |
| Total equity and liabilities | 10/49 | €516,136 | €488,823 | -€27,313 | -5.3% |
| Equity | 10/15 | €379,367 | €337,050 | -€42,316 | -11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,767 | €318,450 | -€42,316 | -11.7% |
| Distributable reserves | 133 | €360,767 | €318,450 | -€42,316 | -11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €136,769 | €151,773 | +€15,003 | +11.0% |
| Amounts payable after more than one year | 17 | €44,000 | €31,259 | -€12,741 | -29.0% |
| Financial debts | 170/4 | - | €17,259 | +€17,259 | |
| Other amounts payable | 178/9 | €44,000 | €14,000 | -€30,000 | -68.2% |
| Amounts payable within one year | 42/48 | €89,240 | €118,177 | +€28,936 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | - | €16,741 | +€16,741 | |
| Trade debts | 44 | €32,167 | €12,413 | -€19,754 | -61.4% |
| Suppliers | 440/4 | €32,167 | €12,413 | -€19,754 | -61.4% |
| Taxes, remuneration and social security | 45 | €6,372 | €5,674 | -€698 | -10.9% |
| Taxes | 450/3 | €6,372 | €5,674 | -€698 | -10.9% |
| Other amounts payable | 47/48 | €50,701 | €83,349 | +€32,648 | +64.4% |
| Accrued charges and deferred income | 492/3 | €3,529 | €2,336 | -€1,192 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,534 | €17,074 | +€6,540 | +62.1% |
| Other operating charges | 640/8 | €1,374 | €1,238 | -€135 | -9.8% |
| Gross operating margin | 9900 | €82,255 | €70,881 | -€11,374 | -13.8% |
| Operating profit (loss) | 9901 | €70,348 | €52,569 | -€17,779 | -25.3% |
| Financial income | 75/76B | €48,683 | €551 | -€48,133 | -98.9% |
| Recurring financial income | 75 | €48,683 | €551 | -€48,133 | -98.9% |
| Financial charges | 65/66B | €8,808 | €3,639 | -€5,169 | -58.7% |
| Recurring financial charges | 65 | €8,808 | €3,639 | -€5,169 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €110,223 | €49,481 | -€60,743 | -55.1% |
| Income taxes | 67/77 | €28,229 | €14,536 | -€13,693 | -48.5% |
| Profit (loss) for the period | 9904 | €81,995 | €34,945 | -€47,050 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €81,995 | €34,945 | -€47,050 | -57.4% |
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.