NOVATHERM: 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.
NOVATHERM
Largest movements
- Receivables within one year -€19,602
down €19,602 (-52.6%), from €37,260 to €17,659
of which Trade receivables: -€26,224
- Tangible fixed assets -€15,560
down €15,560 (-23.3%), from €66,911 to €51,352
of which Furniture and vehicles: -€13,422
- Debts after one year -€19,588
down €19,588 (-47.1%), from €41,581 to €21,993
- Trade debts -€15,475
down €15,475 (-69.5%), from €22,265 to €6,790
- Current portion of long-term debt +€8,596
up €8,596 (+75.3%), from €11,421 to €20,017
- Short-term financial debts -€7,158
no longer reported in 2025 (was €7,158)
- Tax, wage and social debts -€2,200
down €2,200 (-22.3%), from €9,880 to €7,680
- Gross operating margin -€10,774
down €10,774 (-30.1%), from €35,853 to €25,078
- Staff costs -€1,366
down €1,366 (-75.7%), from €1,804 to €438
- Taxes -€990
down €990 (-41.1%), from €2,410 to €1,420
- Depreciation +€882
up €882 (+5.5%), from €16,171 to €17,053
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 | €131,056 | €94,835 | -€36,221 | -27.6% |
| Fixed assets | 21/28 | €66,911 | €51,352 | -€15,560 | -23.3% |
| Tangible fixed assets | 22/27 | €66,911 | €51,352 | -€15,560 | -23.3% |
| Land and buildings | 22 | €4,379 | €3,868 | -€512 | -11.7% |
| Plant, machinery and equipment | 23 | €13,474 | €11,847 | -€1,627 | -12.1% |
| Furniture and vehicles | 24 | €49,058 | €35,637 | -€13,422 | -27.4% |
| Current assets | 29/58 | €64,145 | €43,484 | -€20,661 | -32.2% |
| Stocks and contracts in progress | 3 | €26,632 | €25,480 | -€1,152 | -4.3% |
| Stocks | 30/36 | €5,132 | €5,480 | +€348 | +6.8% |
| Contracts in progress | 37 | €21,500 | €20,000 | -€1,500 | -7.0% |
| Amounts receivable within one year | 40/41 | €37,260 | €17,659 | -€19,602 | -52.6% |
| Trade receivables | 40 | €31,041 | €4,816 | -€26,224 | -84.5% |
| Other amounts receivable | 41 | €6,220 | €12,842 | +€6,623 | +106% |
| Cash at bank and in hand | 54/58 | - | €194 | +€194 | |
| Deferred charges and accrued income | 490/1 | €252 | €151 | -€102 | -40.3% |
| Total equity and liabilities | 10/49 | €131,056 | €94,835 | -€36,221 | -27.6% |
| Equity | 10/15 | €36,742 | €38,281 | +€1,538 | +4.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,842 | €17,381 | +€1,538 | +9.7% |
| Amounts payable | 17/49 | €94,314 | €56,554 | -€37,759 | -40.0% |
| Amounts payable after more than one year | 17 | €41,581 | €21,993 | -€19,588 | -47.1% |
| Financial debts | 170/4 | €41,581 | €21,993 | -€19,588 | -47.1% |
| Amounts payable within one year | 42/48 | €52,733 | €34,561 | -€18,171 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €11,421 | €20,017 | +€8,596 | +75.3% |
| Financial debts | 43 | €7,158 | - | -€7,158 | |
| Credit institutions | 430/8 | €7,158 | - | -€7,158 | |
| Trade debts | 44 | €22,265 | €6,790 | -€15,475 | -69.5% |
| Suppliers | 440/4 | €22,265 | €6,790 | -€15,475 | -69.5% |
| Taxes, remuneration and social security | 45 | €9,880 | €7,680 | -€2,200 | -22.3% |
| Remuneration and social security | 454/9 | €9,880 | €7,680 | -€2,200 | -22.3% |
| Other amounts payable | 47/48 | €2,009 | €75 | -€1,934 | -96.3% |
| Remuneration, social security and pensions | 62 | €1,804 | €438 | -€1,366 | -75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,171 | €17,053 | +€882 | +5.5% |
| Other operating charges | 640/8 | €940 | €1,193 | +€253 | +26.9% |
| Non-recurring operating charges | 66A | €4,868 | €97 | -€4,771 | -98.0% |
| Gross operating margin | 9900 | €35,853 | €25,078 | -€10,774 | -30.1% |
| Operating profit (loss) | 9901 | €12,070 | €6,298 | -€5,772 | -47.8% |
| Financial income | 75/76B | €270 | €12 | -€258 | -95.6% |
| Recurring financial income | 75 | €270 | €12 | -€258 | -95.6% |
| Financial charges | 65/66B | €3,249 | €3,351 | +€102 | +3.1% |
| Recurring financial charges | 65 | €3,249 | €3,351 | +€102 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €9,091 | €2,959 | -€6,133 | -67.5% |
| Income taxes | 67/77 | €2,410 | €1,420 | -€990 | -41.1% |
| Profit (loss) for the period | 9904 | €6,681 | €1,538 | -€5,143 | -77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,681 | €1,538 | -€5,143 | -77.0% |
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 17 October 2026 via checked.be.