NOVIFOR: 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.
NOVIFOR
Largest movements
- Cash +€59,443
up €59,443 (+339%), from €17,553 to €76,996
mainly Depreciation (+€71,837) and Short-term financial debts (+€38,000)
- Tangible fixed assets -€32,537
down €32,537 (-4.5%), from €718,292 to €685,755
of which Plant, machinery and equipment: -€29,464
- Receivables within one year -€25,938
down €25,938 (-12.9%), from €200,782 to €174,844
of which Trade receivables: -€25,938
- Debts after one year -€61,431
no longer reported in 2025 (was €61,431)
- Current portion of long-term debt -€55,377
down €55,377 (-47.4%), from €116,808 to €61,431
- Short-term financial debts +€38,000
up €38,000 (+12.9%), from €294,000 to €332,000
- Other debts +€27,500
up €27,500 (+393%), from €7,000 to €34,500
- Reserves +€22,573
up €22,573 (+6.0%), from €379,134 to €401,706
of which Distributable reserves: +€21,444
- Staff costs +€72,639
up €72,639 (+14.8%), from €489,539 to €562,178
- Gross operating margin +€58,981
up €58,981 (+9.0%), from €656,745 to €715,725
- Taxes +€9,407
up €9,407 (+2,966%), from €317 to €9,724
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 | €1,396,157 | €1,388,782 | -€7,374 | -0.5% |
| Fixed assets | 21/28 | €724,032 | €688,070 | -€35,962 | -5.0% |
| Intangible fixed assets | 21 | €5,513 | €2,088 | -€3,425 | -62.1% |
| Tangible fixed assets | 22/27 | €718,292 | €685,755 | -€32,537 | -4.5% |
| Land and buildings | 22 | €142,418 | €142,300 | -€119 | -0.1% |
| Plant, machinery and equipment | 23 | €523,945 | €494,481 | -€29,464 | -5.6% |
| Furniture and vehicles | 24 | €1,435 | €6,893 | +€5,459 | +381% |
| Other tangible fixed assets | 26 | €50,494 | €42,081 | -€8,412 | -16.7% |
| Financial fixed assets | 28 | €227 | €227 | = | 0.0% |
| Current assets | 29/58 | €672,125 | €700,712 | +€28,587 | +4.3% |
| Stocks and contracts in progress | 3 | €438,348 | €433,348 | -€5,000 | -1.1% |
| Stocks | 30/36 | €438,348 | €433,348 | -€5,000 | -1.1% |
| Amounts receivable within one year | 40/41 | €200,782 | €174,844 | -€25,938 | -12.9% |
| Trade receivables | 40 | €200,752 | €174,814 | -€25,938 | -12.9% |
| Other amounts receivable | 41 | €30 | €30 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,553 | €76,996 | +€59,443 | +339% |
| Deferred charges and accrued income | 490/1 | €15,442 | €15,524 | +€82 | +0.5% |
| Total equity and liabilities | 10/49 | €1,396,157 | €1,388,782 | -€7,374 | -0.5% |
| Equity | 10/15 | €874,921 | €897,493 | +€22,573 | +2.6% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €379,134 | €401,706 | +€22,573 | +6.0% |
| Non-distributable reserves | 130/1 | €18,777 | €19,906 | +€1,129 | +6.0% |
| Legal reserve | 130 | €18,777 | €19,906 | +€1,129 | +6.0% |
| Distributable reserves | 133 | €360,357 | €381,800 | +€21,444 | +6.0% |
| Amounts payable | 17/49 | €521,236 | €491,289 | -€29,947 | -5.7% |
| Amounts payable after more than one year | 17 | €61,431 | - | -€61,431 | |
| Financial debts | 170/4 | €61,431 | - | -€61,431 | |
| Amounts payable within one year | 42/48 | €459,805 | €491,289 | +€31,484 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €116,808 | €61,431 | -€55,377 | -47.4% |
| Financial debts | 43 | €294,000 | €332,000 | +€38,000 | +12.9% |
| Credit institutions | 430/8 | €294,000 | €332,000 | +€38,000 | +12.9% |
| Trade debts | 44 | €20,211 | €20,294 | +€83 | +0.4% |
| Suppliers | 440/4 | €20,211 | €20,294 | +€83 | +0.4% |
| Taxes, remuneration and social security | 45 | €21,786 | €43,064 | +€21,278 | +97.7% |
| Taxes | 450/3 | €5,912 | €10,936 | +€5,024 | +85.0% |
| Remuneration and social security | 454/9 | €15,874 | €32,128 | +€16,254 | +102% |
| Other amounts payable | 47/48 | €7,000 | €34,500 | +€27,500 | +393% |
| Remuneration, social security and pensions | 62 | €489,539 | €562,178 | +€72,639 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,691 | €71,837 | +€2,146 | +3.1% |
| Other operating charges | 640/8 | €16,958 | €18,702 | +€1,744 | +10.3% |
| Gross operating margin | 9900 | €656,745 | €715,725 | +€58,981 | +9.0% |
| Operating profit (loss) | 9901 | €80,557 | €63,009 | -€17,548 | -21.8% |
| Financial income | 75/76B | €4,025 | €2,983 | -€1,041 | -25.9% |
| Recurring financial income | 75 | €4,025 | €2,983 | -€1,041 | -25.9% |
| Financial charges | 65/66B | €29,259 | €33,696 | +€4,437 | +15.2% |
| Recurring financial charges | 65 | €29,259 | €33,696 | +€4,437 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €55,322 | €32,296 | -€23,026 | -41.6% |
| Income taxes | 67/77 | €317 | €9,724 | +€9,407 | +2,966% |
| Profit (loss) for the period | 9904 | €55,005 | €22,573 | -€32,433 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,005 | €22,573 | -€32,433 | -59.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.