NOVO PROJECTS: what changed
NOVO PROJECTS
Largest movements
- Receivables within one year -€89,970
down €89,970 (-33.1%), from €271,578 to €181,608
of which Trade receivables: -€96,660
- Cash -€36,313
no longer reported in 2025 (was €36,313)
mainly Net result for the year (-€120,421) and Trade debts (-€31,718)
- Financial fixed assets -€3,751
down €3,751 (-71.4%), from €5,251 to €1,500
- Profit (loss) carried forward -€120,421
new in 2025: -€120,421
- Short-term financial debts +€31,741
new in 2025: €31,741
- Trade debts -€31,718
down €31,718 (-12.0%), from €263,349 to €231,630
- Other debts -€11,202
down €11,202 (-91.9%), from €12,189 to €987
- Tax, wage and social debts -€3,349
no longer reported in 2025 (was €3,349)
- Gross operating margin -€137,673
down €137,673, from €15,686 to -€121,987
- Financial income +€5,068
up €5,068 (+104%), from €4,883 to €9,951
- Financial charges -€4,044
down €4,044 (-82.5%), from €4,903 to €860
- Other operating charges +€1,948
up €1,948 (+68.4%), from €2,849 to €4,797
- Taxes -€1,593
no longer reported in 2025 (was €1,593)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €323,690 | €188,741 | -€134,949 | -41.7% |
| Fixed assets | 21/28 | €11,645 | €5,166 | -€6,479 | -55.6% |
| Intangible fixed assets | 21 | €661 | €421 | -€240 | -36.3% |
| Tangible fixed assets | 22/27 | €5,732 | €3,244 | -€2,488 | -43.4% |
| Furniture and vehicles | 24 | €5,732 | €3,244 | -€2,488 | -43.4% |
| Financial fixed assets | 28 | €5,251 | €1,500 | -€3,751 | -71.4% |
| Current assets | 29/58 | €312,046 | €183,576 | -€128,470 | -41.2% |
| Amounts receivable within one year | 40/41 | €271,578 | €181,608 | -€89,970 | -33.1% |
| Trade receivables | 40 | €270,403 | €173,744 | -€96,660 | -35.7% |
| Other amounts receivable | 41 | €1,175 | €7,865 | +€6,689 | +569% |
| Cash at bank and in hand | 54/58 | €36,313 | - | -€36,313 | |
| Deferred charges and accrued income | 490/1 | €4,155 | €1,967 | -€2,187 | -52.6% |
| Total equity and liabilities | 10/49 | €323,690 | €188,741 | -€134,949 | -41.7% |
| Equity | 10/15 | €44,804 | -€75,617 | -€120,421 | |
| Contributions | 10/11 | €306 | €306 | = | 0.0% |
| Reserves | 13 | €44,498 | €44,498 | = | 0.0% |
| Distributable reserves | 133 | €44,498 | €44,498 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€120,421 | -€120,421 | |
| Amounts payable | 17/49 | €278,887 | €264,358 | -€14,529 | -5.2% |
| Amounts payable within one year | 42/48 | €278,887 | €264,358 | -€14,529 | -5.2% |
| Financial debts | 43 | - | €31,741 | +€31,741 | |
| Credit institutions | 430/8 | - | €31,741 | +€31,741 | |
| Trade debts | 44 | €263,349 | €231,630 | -€31,718 | -12.0% |
| Suppliers | 440/4 | €263,349 | €231,630 | -€31,718 | -12.0% |
| Taxes, remuneration and social security | 45 | €3,349 | - | -€3,349 | |
| Taxes | 450/3 | €3,349 | - | -€3,349 | |
| Other amounts payable | 47/48 | €12,189 | €987 | -€11,202 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,857 | €2,728 | -€129 | -4.5% |
| Other operating charges | 640/8 | €2,849 | €4,797 | +€1,948 | +68.4% |
| Non-recurring operating charges | 66A | €5,299 | - | -€5,299 | |
| Gross operating margin | 9900 | €15,686 | -€121,987 | -€137,673 | |
| Operating profit (loss) | 9901 | €4,681 | -€129,512 | -€134,193 | |
| Financial income | 75/76B | €4,883 | €9,951 | +€5,068 | +104% |
| Recurring financial income | 75 | €4,883 | €9,951 | +€5,068 | +104% |
| Financial charges | 65/66B | €4,903 | €860 | -€4,044 | -82.5% |
| Recurring financial charges | 65 | €4,903 | €860 | -€4,044 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | €4,660 | -€120,421 | -€125,081 | |
| Income taxes | 67/77 | €1,593 | - | -€1,593 | |
| Profit (loss) for the period | 9904 | €3,067 | -€120,421 | -€123,488 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,067 | -€120,421 | -€123,488 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.