Novaro: 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.
Novaro
Largest movements
- Tangible fixed assets -€20,074
down €20,074 (-22.8%), from €88,099 to €68,024
of which Leasing and similar rights: -€18,347
- Cash +€15,489
up €15,489 (+96,866%), from €16 to €15,505
mainly Depreciation (+€28,449) and Net result for the year (+€16,872)
- Receivables within one year -€4,106
down €4,106 (-6.6%), from €62,237 to €58,131
of which Trade receivables: -€12,384
- Stocks and contracts -€3,490
down €3,490 (-24.5%), from €14,261 to €10,771
of which Contracts in progress: -€3,594
- Deferred charges and accrued income -€3,466
down €3,466 (-100%), from €3,466 to €0
- Debts after one year -€18,253
down €18,253 (-35.7%), from €51,083 to €32,831
- Reserves +€11,861
up €11,861 (+23.3%), from €50,837 to €62,698
- Short-term financial debts -€9,079
down €9,079 (-100%), from €9,079 to €0
- Tax, wage and social debts -€6,369
down €6,369 (-74.6%), from €8,539 to €2,170
- Profit (loss) carried forward +€5,012
up €5,012, from -€5,012 to €0
- Gross operating margin +€26,365
up €26,365 (+85.1%), from €30,994 to €57,359
- Taxes +€5,753
up €5,753 (+2,544%), from €226 to €5,980
- Depreciation -€694
down €694 (-2.4%), from €29,143 to €28,449
- Financial charges -€616
down €616 (-12.8%), from €4,803 to €4,187
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.
Derived cash bridge
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 | €169,321 | €154,165 | -€15,157 | -9.0% |
| Fixed assets | 21/28 | €89,342 | €69,758 | -€19,584 | -21.9% |
| Intangible fixed assets | 21 | €993 | €1,483 | +€490 | +49.4% |
| Tangible fixed assets | 22/27 | €88,099 | €68,024 | -€20,074 | -22.8% |
| Plant, machinery and equipment | 23 | €18,906 | €17,646 | -€1,261 | -6.7% |
| Furniture and vehicles | 24 | €12,458 | €11,991 | -€467 | -3.7% |
| Leasing and similar rights | 25 | €56,734 | €38,388 | -€18,347 | -32.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €79,980 | €84,407 | +€4,427 | +5.5% |
| Stocks and contracts in progress | 3 | €14,261 | €10,771 | -€3,490 | -24.5% |
| Stocks | 30/36 | €10,667 | €10,771 | +€104 | +1.0% |
| Contracts in progress | 37 | €3,594 | €0 | -€3,594 | -100% |
| Amounts receivable within one year | 40/41 | €62,237 | €58,131 | -€4,106 | -6.6% |
| Trade receivables | 40 | €48,277 | €35,893 | -€12,384 | -25.7% |
| Other amounts receivable | 41 | €13,960 | €22,238 | +€8,278 | +59.3% |
| Cash at bank and in hand | 54/58 | €16 | €15,505 | +€15,489 | +96,866% |
| Deferred charges and accrued income | 490/1 | €3,466 | €0 | -€3,466 | -100% |
| Total equity and liabilities | 10/49 | €169,321 | €154,165 | -€15,157 | -9.0% |
| Equity | 10/15 | €52,026 | €68,898 | +€16,872 | +32.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €50,837 | €62,698 | +€11,861 | +23.3% |
| Distributable reserves | 133 | €50,837 | €62,698 | +€11,861 | +23.3% |
| Profit (loss) carried forward | 14 | -€5,012 | €0 | +€5,012 | |
| Amounts payable | 17/49 | €117,296 | €85,267 | -€32,029 | -27.3% |
| Amounts payable after more than one year | 17 | €51,083 | €32,831 | -€18,253 | -35.7% |
| Financial debts | 170/4 | €51,083 | €32,831 | -€18,253 | -35.7% |
| Amounts payable within one year | 42/48 | €66,089 | €52,436 | -€13,653 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €23,669 | €21,513 | -€2,156 | -9.1% |
| Financial debts | 43 | €9,079 | €0 | -€9,079 | -100% |
| Credit institutions | 430/8 | €9,079 | €0 | -€9,079 | -100% |
| Trade debts | 44 | €24,802 | €28,753 | +€3,950 | +15.9% |
| Suppliers | 440/4 | €24,802 | €28,753 | +€3,950 | +15.9% |
| Taxes, remuneration and social security | 45 | €8,539 | €2,170 | -€6,369 | -74.6% |
| Taxes | 450/3 | €8,539 | €2,170 | -€6,369 | -74.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €123 | €0 | -€123 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,143 | €28,449 | -€694 | -2.4% |
| Other operating charges | 640/8 | €2,034 | €2,304 | +€271 | +13.3% |
| Gross operating margin | 9900 | €30,994 | €57,359 | +€26,365 | +85.1% |
| Operating profit (loss) | 9901 | -€183 | €26,605 | +€26,788 | |
| Financial income | 75/76B | €200 | €434 | +€234 | +117% |
| Recurring financial income | 75 | €200 | €434 | +€234 | +117% |
| Financial charges | 65/66B | €4,803 | €4,187 | -€616 | -12.8% |
| Recurring financial charges | 65 | €4,803 | €4,187 | -€616 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,785 | €22,852 | +€27,637 | |
| Income taxes | 67/77 | €226 | €5,980 | +€5,753 | +2,544% |
| Profit (loss) for the period | 9904 | -€5,012 | €16,872 | +€21,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,012 | €16,872 | +€21,884 |
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 15 October 2026 via checked.be.