NOWA: what changed
Two fiscal 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.
What changed
NOWA
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2.6m
2024 · -€1.4m-€1.2m
Equity
€9.0m
2024 · €11.6m-€2.6m
Cash
€433,713
2024 · €582,813-€149,100
Balance sheet total
€24.2m
2024 · €22.8m+€1.4m
Largest movements
Assets
- Receivables within one year -€3.8m
down €3.8m (-48.9%), from €7.7m to €3.9m
of which Other amounts receivable: -€5.3m
- Financial fixed assets +€3.6m
up €3.6m (+42.9%), from €8.4m to €12.0m
of which Affiliated companies: +€3.6m
- Stocks and contracts +€1.7m
up €1.7m (+27.5%), from €6.1m to €7.8m
of which Contracts in progress: +€1.7m
Equity and liabilities
- Trade debts +€5.3m
up €5.3m (+105.2%), from €5.0m to €10.2m
- Profit (loss) carried forward -€2.6m
down €2.6m (-63.7%), from -€4.1m to -€6.7m
- Other debts -€1.5m
down €1.5m (-56.9%), from €2.6m to €1.1m
- Tax, wage and social debts +€277,300
up €277,300 (+156.4%), from €177,330 to €454,630
of which Taxes: +€399,832
Income statement
- Goods and materials +€4.9m
up €4.9m (+173.2%), from €2.8m to €7.8m
of which Purchases: +€5.0m
- Turnover +€4.1m
up €4.1m (+285.6%), from €1.5m to €5.6m
- Financial income -€1.9m
down €1.9m (-97.7%), from €1.9m to €44,139
of which Financial income: -€1.9m
- Staff costs -€564,645
down €564,645 (-49.4%), from €1.1m to €577,978
- Services and other goods -€168,841
down €168,841 (-11.2%), from €1.5m to €1.3m
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.
Result 2024
-€1.4m
Turnover
+€4.1m
Other operating income
-€135,245
Goods and materials
-€4.9m
Services and other goods
+€168,841
Staff costs
+€564,645
Depreciation
+€439
Other operating charges
-€6,853
Other operating items
+€788,021
Financial income
-€1.9m
Financial charges
+€75,773
Taxes
+€3,657
Result 2025
-€2.6m
Cash bridge derived
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.
From operations
+€3.5m
Investment
-€3.6m
Financing
€0
Cash 2024
€582,813
From operations (derived)
+€3.5m
Net result for the year
-€2.6m
Depreciation
+€4,456
Stocks and contracts
-€1.7m
Receivables within one year
+€3.8m
Deferred charges and accrued income
+€12,196
Trade debts
+€5.3m
Tax, wage and social debts
+€277,300
Advances received
-€80,000
Other debts
-€1.5m
Accrued charges and deferred income
+€18,748
Investment (derived)
-€3.6m
Investment in fixed assets (net)
-€3.6m
Cash 2025
€433,713
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,817,201 | €24,188,531 | +€1.4m | +6.0% |
| Fixed assets | 21/28 | €8,423,202 | €12,023,802 | +€3.6m | +42.7% |
| Tangible fixed assets | 22/27 | €10,240 | €5,785 | -€4,456 | -43.5% |
| Furniture and vehicles | 24 | €4,359 | €2,906 | -€1,453 | -33.3% |
| Other tangible fixed assets | 26 | €5,882 | €2,879 | -€3,003 | -51.1% |
| Financial fixed assets | 28 | €8,412,961 | €12,018,018 | +€3.6m | +42.9% |
| Affiliated companies | 280/1 | €8,412,961 | €12,017,838 | +€3.6m | +42.8% |
| Participating interests | 280 | €8,412,961 | €12,017,838 | +€3.6m | +42.8% |
| Other financial fixed assets | 284/8 | - | €180 | +€180 | |
| Amounts receivable and cash guarantees | 285/8 | - | €180 | +€180 | |
| Current assets | 29/58 | €14,393,999 | €12,164,728 | -€2.2m | -15.5% |
| Stocks and contracts in progress | 3 | €6,109,379 | €7,791,989 | +€1.7m | +27.5% |
| Stocks | 30/36 | €2,234,620 | €2,234,620 | = | 0.0% |
| Property held for sale | 35 | €2,234,620 | €2,234,620 | = | 0.0% |
| Contracts in progress | 37 | €3,874,759 | €5,557,369 | +€1.7m | +43.4% |
| Amounts receivable within one year | 40/41 | €7,675,099 | €3,924,514 | -€3.8m | -48.9% |
| Trade receivables | 40 | €1,084,715 | €2,679,844 | +€1.6m | +147.1% |
| Other amounts receivable | 41 | €6,590,384 | €1,244,670 | -€5.3m | -81.1% |
| Cash at bank and in hand | 54/58 | €582,813 | €433,713 | -€149,100 | -25.6% |
| Deferred charges and accrued income | 490/1 | €26,708 | €14,511 | -€12,196 | -45.7% |
| Total equity and liabilities | 10/49 | €22,817,201 | €24,188,531 | +€1.4m | +6.0% |
| Equity | 10/15 | €11,649,662 | €9,035,680 | -€2.6m | -22.4% |
| Contributions | 10/11 | €13,627,530 | €13,627,530 | = | 0.0% |
| Capital | 10 | €13,627,530 | €13,627,530 | = | 0.0% |
| Issued capital | 100 | €13,627,530 | €13,627,530 | = | 0.0% |
| Reserves | 13 | €2,123,882 | €2,123,882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €234,726 | €234,726 | = | 0.0% |
| Legal reserve | 130 | €234,726 | €234,726 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,889,157 | €1,889,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,101,750 | -€6,715,733 | -€2.6m | -63.7% |
| Amounts payable | 17/49 | €11,167,539 | €15,152,851 | +€4.0m | +35.7% |
| Amounts payable after more than one year | 17 | €3,000,300 | €3,000,300 | = | 0.0% |
| Financial debts | 170/4 | €3,000,000 | €3,000,000 | = | 0.0% |
| Other loans | 174 | €3,000,000 | €3,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €300 | €300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,880,699 | €11,847,263 | +€4.0m | +50.3% |
| Trade debts | 44 | €4,994,129 | €10,245,457 | +€5.3m | +105.2% |
| Suppliers | 440/4 | €4,994,129 | €10,245,457 | +€5.3m | +105.2% |
| Advances received on contracts in progress | 46 | €105,000 | €25,000 | -€80,000 | -76.2% |
| Taxes, remuneration and social security | 45 | €177,330 | €454,630 | +€277,300 | +156.4% |
| Taxes | 450/3 | €4,908 | €404,740 | +€399,832 | +8146.7% |
| Remuneration and social security | 454/9 | €172,422 | €49,890 | -€122,532 | -71.1% |
| Other amounts payable | 47/48 | €2,604,239 | €1,122,176 | -€1.5m | -56.9% |
| Accrued charges and deferred income | 492/3 | €286,540 | €305,288 | +€18,748 | +6.5% |
| Operating income | 70/76A | €2,499,044 | €7,293,467 | +€4.8m | +191.9% |
| Turnover | 70 | €1,450,102 | €5,591,748 | +€4.1m | +285.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €894,589 | €1,682,610 | +€788,021 | +88.1% |
| Other operating income | 74 | €154,354 | €19,108 | -€135,245 | -87.6% |
| Operating charges | 60/66A | €5,561,778 | €9,768,237 | +€4.2m | +75.6% |
| Goods for resale, raw materials and consumables | 60 | €2,848,581 | €7,782,111 | +€4.9m | +173.2% |
| Purchases | 600/8 | €2,788,581 | €7,782,111 | +€5.0m | +179.1% |
| Change in stocks: decrease (increase) | 609 | €60,000 | - | -€60,000 | |
| Services and other goods | 61 | €1,508,296 | €1,339,455 | -€168,841 | -11.2% |
| Remuneration, social security and pensions | 62 | €1,142,623 | €577,978 | -€564,645 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,894 | €4,456 | -€439 | -9.0% |
| Other operating charges | 640/8 | €57,384 | €64,238 | +€6,853 | +11.9% |
| Operating profit (loss) | 9901 | -€3,062,734 | -€2,474,771 | +€587,964 | +19.2% |
| Financial income | 75/76B | €1,912,847 | €44,139 | -€1.9m | -97.7% |
| Recurring financial income | 75 | €1,912,847 | €32,390 | -€1.9m | -98.3% |
| Income from financial fixed assets | 750 | €1 | €32,174 | +€32,173 | +4874695.5% |
| Income from current assets | 751 | €1,906,060 | - | -€1.9m | |
| Other financial income | 752/9 | €6,786 | €216 | -€6,570 | -96.8% |
| Non-recurring financial income | 76B | - | €11,749 | +€11,749 | |
| Financial charges | 65/66B | €259,191 | €183,418 | -€75,773 | -29.2% |
| Recurring financial charges | 65 | €259,191 | €183,418 | -€75,773 | -29.2% |
| Debt charges | 650 | €256,517 | €68,424 | -€188,093 | -73.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €112,474 | +€112,474 | |
| Other financial charges | 652/9 | €2,674 | €2,520 | -€154 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,409,078 | -€2,614,050 | -€1.2m | -85.5% |
| Income taxes | 67/77 | €3,590 | -€68 | -€3,657 | |
| Taxes | 670/3 | €3,590 | €404,743 | +€401,154 | +11175.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €404,811 | +€404,811 | |
| Profit (loss) for the period | 9904 | -€1,412,668 | -€2,613,982 | -€1.2m | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,412,668 | -€2,613,982 | -€1.2m | -85.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.