COLLIN NOEL: 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.
COLLIN NOEL
Largest movements
- Cash +€71,094
up €71,094 (+53.6%), from €132,515 to €203,609
mainly Current investments (+€50,000) and Receivables within one year (+€48,621)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year -€48,621
down €48,621 (-43.6%), from €111,524 to €62,902
of which Trade receivables: -€53,337
- Stocks and contracts -€19,880
down €19,880 (-100%), from €19,880 to €0
of which Stocks: -€19,880
- Tangible fixed assets -€14,559
down €14,559 (-61.2%), from €23,797 to €9,238
of which Furniture and vehicles: -€11,167
- Profit (loss) carried forward -€53,395
down €53,395 (-20.6%), from -€258,782 to -€312,177
- Current portion of long-term debt -€9,779
down €9,779 (-100%), from €9,779 to €0
- Gross operating margin -€217,792
down €217,792, from €175,025 to -€42,767
- Purchases and services -€30,815
no longer reported in 2025 (was €30,815)
- Turnover -€17,869
no longer reported in 2025 (was €17,869)
- Taxes -€14,440
down €14,440 (-100%), from €14,440 to €0
- Depreciation -€2,312
down €2,312 (-16.6%), from €13,932 to €11,620
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 | €337,810 | €275,843 | -€61,967 | -18.3% |
| Fixed assets | 21/28 | €23,891 | €9,332 | -€14,559 | -60.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €23,797 | €9,238 | -€14,559 | -61.2% |
| Plant, machinery and equipment | 23 | €3,683 | €291 | -€3,392 | -92.1% |
| Furniture and vehicles | 24 | €20,114 | €8,947 | -€11,167 | -55.5% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €313,918 | €266,511 | -€47,408 | -15.1% |
| Stocks and contracts in progress | 3 | €19,880 | €0 | -€19,880 | -100% |
| Stocks | 30/36 | €19,880 | €0 | -€19,880 | -100% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €111,524 | €62,902 | -€48,621 | -43.6% |
| Trade receivables | 40 | €53,337 | €0 | -€53,337 | -100% |
| Other amounts receivable | 41 | €58,187 | €62,902 | +€4,715 | +8.1% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €132,515 | €203,609 | +€71,094 | +53.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €337,810 | €275,843 | -€61,967 | -18.3% |
| Equity | 10/15 | €312,499 | €259,104 | -€53,395 | -17.1% |
| Contributions | 10/11 | €11,659 | €11,659 | = | 0.0% |
| Reserves | 13 | €559,622 | €559,622 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €557,762 | €557,762 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€258,782 | -€312,177 | -€53,395 | -20.6% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €25,310 | €16,739 | -€8,571 | -33.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €25,310 | €16,739 | -€8,571 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €9,779 | €0 | -€9,779 | -100% |
| Trade debts | 44 | €707 | €2,521 | +€1,814 | +257% |
| Suppliers | 440/4 | €707 | €2,521 | +€1,814 | +257% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,825 | €14,218 | -€607 | -4.1% |
| Taxes | 450/3 | €14,825 | €14,218 | -€607 | -4.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €17,869 | - | -€17,869 | |
| Goods, raw materials, services and sundry goods | 60/61 | €30,815 | - | -€30,815 | |
| Remuneration, social security and pensions | 62 | €337 | €766 | +€430 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,932 | €11,620 | -€2,312 | -16.6% |
| Other operating charges | 640/8 | €3,983 | €3,068 | -€915 | -23.0% |
| Gross operating margin | 9900 | €175,025 | -€42,767 | -€217,792 | |
| Operating profit (loss) | 9901 | €156,773 | -€58,221 | -€214,994 | |
| Financial income | 75/76B | €3,129 | €5,148 | +€2,020 | +64.5% |
| Recurring financial income | 75 | €3,129 | €5,148 | +€2,020 | +64.5% |
| Financial charges | 65/66B | €1,067 | €323 | -€745 | -69.8% |
| Recurring financial charges | 65 | €1,067 | €323 | -€745 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €158,835 | -€53,395 | -€212,230 | |
| Income taxes | 67/77 | €14,440 | €0 | -€14,440 | -100% |
| Profit (loss) for the period | 9904 | €144,395 | -€53,395 | -€197,791 | |
| Profit (loss) for the period to be appropriated | 9905 | €144,395 | -€53,395 | -€197,791 |
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 20 October 2026 via checked.be.