NOVEM: 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.
NOVEM
Largest movements
- Current investments +€31,745
up €31,745 (+13.4%), from €236,336 to €268,081
- Tangible fixed assets -€18,856
down €18,856 (-2.8%), from €666,320 to €647,464
of which Land and buildings: -€18,301
- Cash +€14,226
up €14,226 (+8.9%), from €158,993 to €173,219
mainly Net result for the year (+€44,729) and Depreciation (+€18,856)
- Reserves +€44,700
up €44,700 (+6.5%), from €685,060 to €729,760
- Debts after one year -€24,585
down €24,585 (-7.7%), from €319,872 to €295,287
- Gross operating margin -€50,322
down €50,322 (-35.8%), from €140,387 to €90,065
- Taxes -€12,850
down €12,850 (-42.8%), from €30,024 to €17,174
- Financial charges +€1,829
up €1,829 (+22.8%), from €8,015 to €9,844
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 | €1,127,115 | €1,152,209 | +€25,094 | +2.2% |
| Fixed assets | 21/28 | €667,135 | €648,279 | -€18,856 | -2.8% |
| Tangible fixed assets | 22/27 | €666,320 | €647,464 | -€18,856 | -2.8% |
| Land and buildings | 22 | €661,650 | €643,349 | -€18,301 | -2.8% |
| Furniture and vehicles | 24 | €892 | €786 | -€106 | -11.9% |
| Other tangible fixed assets | 26 | €3,778 | €3,329 | -€449 | -11.9% |
| Financial fixed assets | 28 | €815 | €815 | = | 0.0% |
| Current assets | 29/58 | €459,980 | €503,930 | +€43,950 | +9.6% |
| Amounts receivable within one year | 40/41 | €30,856 | €30,627 | -€229 | -0.7% |
| Trade receivables | 40 | €30,467 | €29,857 | -€610 | -2.0% |
| Other amounts receivable | 41 | €389 | €770 | +€381 | +97.9% |
| Current investments | 50/53 | €236,336 | €268,081 | +€31,745 | +13.4% |
| Cash at bank and in hand | 54/58 | €158,993 | €173,219 | +€14,226 | +8.9% |
| Deferred charges and accrued income | 490/1 | €33,795 | €32,003 | -€1,792 | -5.3% |
| Total equity and liabilities | 10/49 | €1,127,115 | €1,152,209 | +€25,094 | +2.2% |
| Equity | 10/15 | €768,771 | €813,500 | +€44,729 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €685,060 | €729,760 | +€44,700 | +6.5% |
| Distributable reserves | 133 | €685,060 | €729,760 | +€44,700 | +6.5% |
| Profit (loss) carried forward | 14 | €65,111 | €65,140 | +€29 | 0.0% |
| Amounts payable | 17/49 | €358,344 | €338,709 | -€19,635 | -5.5% |
| Amounts payable after more than one year | 17 | €319,872 | €295,287 | -€24,585 | -7.7% |
| Financial debts | 170/4 | €319,872 | €295,287 | -€24,585 | -7.7% |
| Amounts payable within one year | 42/48 | €37,637 | €42,573 | +€4,936 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €24,064 | €24,586 | +€522 | +2.2% |
| Trade debts | 44 | €1,262 | €4,396 | +€3,134 | +248% |
| Suppliers | 440/4 | €1,262 | €4,396 | +€3,134 | +248% |
| Taxes, remuneration and social security | 45 | €12,110 | €12,614 | +€504 | +4.2% |
| Taxes | 450/3 | €12,110 | €10,774 | -€1,336 | -11.0% |
| Remuneration and social security | 454/9 | - | €1,840 | +€1,840 | |
| Other amounts payable | 47/48 | €201 | €977 | +€776 | +386% |
| Accrued charges and deferred income | 492/3 | €835 | €850 | +€15 | +1.8% |
| Non-recurring operating income | 76A | €28,925 | - | -€28,925 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,855 | €18,856 | +€1 | 0.0% |
| Other operating charges | 640/8 | €3,397 | €2,609 | -€788 | -23.2% |
| Gross operating margin | 9900 | €140,387 | €90,065 | -€50,322 | -35.8% |
| Operating profit (loss) | 9901 | €118,135 | €68,600 | -€49,535 | -41.9% |
| Financial income | 75/76B | €2,699 | €3,147 | +€448 | +16.6% |
| Recurring financial income | 75 | €2,699 | €3,147 | +€448 | +16.6% |
| Financial charges | 65/66B | €8,015 | €9,844 | +€1,829 | +22.8% |
| Recurring financial charges | 65 | €8,015 | €9,844 | +€1,829 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €112,819 | €61,903 | -€50,916 | -45.1% |
| Income taxes | 67/77 | €30,024 | €17,174 | -€12,850 | -42.8% |
| Profit (loss) for the period | 9904 | €82,795 | €44,729 | -€38,066 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,795 | €44,729 | -€38,066 | -46.0% |
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 16 October 2026 via checked.be.