CLEMENT NOEL: 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.
CLEMENT NOEL
Largest movements
- Cash +€23,823
up €23,823 (+177.1%), from €13,453 to €37,276
mainly Net result for the year (+€35,499) and Receivables within one year (+€5,391)
- Receivables within one year -€5,391
down €5,391 (-27.8%), from €19,380 to €13,989
- Tangible fixed assets +€2,908
new in 2025: €2,908
- Reserves +€34,640
up €34,640 (+395.8%), from €8,753 to €43,392
- Other debts -€12,671
down €12,671 (-92.7%), from €13,675 to €1,004
- Accrued charges and deferred income -€3,589
down €3,589 (-91.3%), from €3,932 to €343
- Tax, wage and social debts +€2,096
up €2,096 (+54.5%), from €3,843 to €5,939
of which Taxes: +€2,096
- Trade debts +€867
up €867 (+663.3%), from €131 to €997
- Gross operating margin +€38,433
up €38,433 (+268.4%), from €14,317 to €52,750
- Taxes +€10,648
up €10,648 (+282.6%), from €3,768 to €14,415
- Financial charges +€1,272
up €1,272 (+134.4%), from €947 to €2,219
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 | €32,833 | €54,176 | +€21,343 | +65.0% |
| Fixed assets | 21/28 | - | €2,908 | +€2,908 | |
| Tangible fixed assets | 22/27 | - | €2,908 | +€2,908 | |
| Plant, machinery and equipment | 23 | - | €2,908 | +€2,908 | |
| Current assets | 29/58 | €32,833 | €51,269 | +€18,436 | +56.2% |
| Amounts receivable within one year | 40/41 | €19,380 | €13,989 | -€5,391 | -27.8% |
| Trade receivables | 40 | €19,380 | €13,989 | -€5,391 | -27.8% |
| Cash at bank and in hand | 54/58 | €13,453 | €37,276 | +€23,823 | +177.1% |
| Deferred charges and accrued income | 490/1 | - | €4 | +€4 | |
| Total equity and liabilities | 10/49 | €32,833 | €54,176 | +€21,343 | +65.0% |
| Equity | 10/15 | €11,253 | €45,892 | +€34,640 | +307.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €8,753 | €43,392 | +€34,640 | +395.8% |
| Distributable reserves | 133 | €8,753 | €43,392 | +€34,640 | +395.8% |
| Amounts payable | 17/49 | €21,580 | €8,284 | -€13,296 | -61.6% |
| Amounts payable within one year | 42/48 | €17,649 | €7,941 | -€9,708 | -55.0% |
| Trade debts | 44 | €131 | €997 | +€867 | +663.3% |
| Suppliers | 440/4 | €131 | €997 | +€867 | +663.3% |
| Taxes, remuneration and social security | 45 | €3,843 | €5,939 | +€2,096 | +54.5% |
| Taxes | 450/3 | €1,743 | €3,839 | +€2,096 | +120.2% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €13,675 | €1,004 | -€12,671 | -92.7% |
| Accrued charges and deferred income | 492/3 | €3,932 | €343 | -€3,589 | -91.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €265 | +€265 | |
| Other operating charges | 640/8 | €50 | €352 | +€302 | +603.0% |
| Gross operating margin | 9900 | €14,317 | €52,750 | +€38,433 | +268.4% |
| Operating profit (loss) | 9901 | €14,267 | €52,133 | +€37,866 | +265.4% |
| Financial charges | 65/66B | €947 | €2,219 | +€1,272 | +134.4% |
| Recurring financial charges | 65 | €947 | €2,219 | +€1,272 | +134.4% |
| Profit (loss) for the period before taxes | 9903 | €13,320 | €49,914 | +€36,594 | +274.7% |
| Income taxes | 67/77 | €3,768 | €14,415 | +€10,648 | +282.6% |
| Profit (loss) for the period | 9904 | €9,553 | €35,499 | +€25,946 | +271.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,553 | €35,499 | +€25,946 | +271.6% |
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 3 October 2026 via checked.be.