NOWAK: 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.
NOWAK
Largest movements
- Receivables within one year +€122,784
up €122,784 (+29.9%), from €410,738 to €533,522
of which Other amounts receivable: +€99,774
- Stocks and contracts -€27,152
down €27,152 (-16.6%), from €163,316 to €136,164
- Cash +€11,301
up €11,301 (+115.8%), from €9,758 to €21,059
mainly Net result for the year (+€48,098) and Trade debts (+€47,167)
- Profit (loss) carried forward +€48,098
up €48,098 (+28.9%), from -€166,395 to -€118,297
- Trade debts +€47,167
up €47,167 (+63.7%), from €74,092 to €121,260
- Short-term financial debts +€35,000
up €35,000 (+53.8%), from €65,000 to €100,000
- Debts after one year -€28,088
down €28,088 (-5.5%), from €510,171 to €482,083
- Gross operating margin +€142,290
up €142,290 (+142.5%), from €99,874 to €242,163
- Staff costs +€28,294
up €28,294 (+21.6%), from €130,965 to €159,259
- Financial charges +€8,445
up €8,445 (+35.5%), from €23,794 to €32,240
of which Financial charges: +€8,057
- Financial income +€2,785
up €2,785 (+42.5%), from €6,554 to €9,339
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €633,439 | €740,721 | +€107,282 | +16.9% |
| Fixed assets | 21/28 | €47,885 | €48,962 | +€1,077 | +2.2% |
| Tangible fixed assets | 22/27 | €47,750 | €48,827 | +€1,077 | +2.3% |
| Land and buildings | 22 | €34,390 | €33,290 | -€1,100 | -3.2% |
| Plant, machinery and equipment | 23 | €5,352 | €13,032 | +€7,679 | +143.5% |
| Furniture and vehicles | 24 | €8,007 | €2,505 | -€5,503 | -68.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €585,554 | €691,759 | +€106,205 | +18.1% |
| Stocks and contracts in progress | 3 | €163,316 | €136,164 | -€27,152 | -16.6% |
| Stocks | 30/36 | €163,316 | €136,164 | -€27,152 | -16.6% |
| Amounts receivable within one year | 40/41 | €410,738 | €533,522 | +€122,784 | +29.9% |
| Trade receivables | 40 | €24,328 | €47,338 | +€23,010 | +94.6% |
| Other amounts receivable | 41 | €386,410 | €486,184 | +€99,774 | +25.8% |
| Cash at bank and in hand | 54/58 | €9,758 | €21,059 | +€11,301 | +115.8% |
| Deferred charges and accrued income | 490/1 | €1,741 | €1,013 | -€728 | -41.8% |
| Total equity and liabilities | 10/49 | €633,439 | €740,721 | +€107,282 | +16.9% |
| Equity | 10/15 | -€61,883 | -€13,785 | +€48,098 | +77.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €79,512 | €79,512 | = | 0.0% |
| Distributable reserves | 133 | €79,512 | €79,512 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€166,395 | -€118,297 | +€48,098 | +28.9% |
| Amounts payable | 17/49 | €695,322 | €754,505 | +€59,184 | +8.5% |
| Amounts payable after more than one year | 17 | €510,171 | €482,083 | -€28,088 | -5.5% |
| Financial debts | 170/4 | €510,171 | €482,083 | -€28,088 | -5.5% |
| Amounts payable within one year | 42/48 | €185,151 | €272,422 | +€87,271 | +47.1% |
| Current portion of amounts payable after more than one year | 42 | €26,851 | €28,088 | +€1,237 | +4.6% |
| Financial debts | 43 | €65,000 | €100,000 | +€35,000 | +53.8% |
| Credit institutions | 430/8 | €65,000 | €100,000 | +€35,000 | +53.8% |
| Trade debts | 44 | €74,092 | €121,260 | +€47,167 | +63.7% |
| Suppliers | 440/4 | €74,092 | €121,260 | +€47,167 | +63.7% |
| Taxes, remuneration and social security | 45 | €15,463 | €21,763 | +€6,299 | +40.7% |
| Taxes | 450/3 | €5,983 | €4,430 | -€1,553 | -26.0% |
| Remuneration and social security | 454/9 | €9,481 | €17,333 | +€7,852 | +82.8% |
| Other amounts payable | 47/48 | €3,745 | €1,312 | -€2,432 | -65.0% |
| Remuneration, social security and pensions | 62 | €130,965 | €159,259 | +€28,294 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,518 | €7,867 | +€349 | +4.6% |
| Other operating charges | 640/8 | €3,957 | €4,026 | +€68 | +1.7% |
| Gross operating margin | 9900 | €99,874 | €242,163 | +€142,290 | +142.5% |
| Operating profit (loss) | 9901 | -€42,566 | €71,012 | +€113,578 | |
| Financial income | 75/76B | €6,554 | €9,339 | +€2,785 | +42.5% |
| Recurring financial income | 75 | €6,554 | €9,339 | +€2,785 | +42.5% |
| Financial charges | 65/66B | €23,794 | €32,240 | +€8,445 | +35.5% |
| Recurring financial charges | 65 | €23,794 | €31,851 | +€8,057 | +33.9% |
| Non-recurring financial charges | 66B | - | €389 | +€389 | |
| Profit (loss) for the period before taxes | 9903 | -€59,807 | €48,111 | +€107,918 | |
| Income taxes | 67/77 | €37 | €13 | -€24 | -63.9% |
| Profit (loss) for the period | 9904 | -€59,844 | €48,098 | +€107,942 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,844 | €48,098 | +€107,942 |
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 10 October 2026 via checked.be.