DANIEL 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.
DANIEL NOEL
Largest movements
- Receivables within one year -€340,304
down €340,304 (-89.1%), from €382,012 to €41,708
of which Other amounts receivable: -€356,889
- Current investments +€100,000
up €100,000 (+12.5%), from €798,387 to €898,387
- Cash +€80,847
up €80,847 (+12.1%), from €670,671 to €751,518
mainly Other debts (+€455,509) and Receivables within one year (+€340,304)
- Tangible fixed assets -€26,644
down €26,644 (-8.2%), from €326,386 to €299,742
of which Land and buildings: -€18,627
- Reserves -€673,950
down €673,950 (-43.4%), from €1.6m to €879,834
of which Distributable reserves: -€673,147
- Other debts +€455,509
new in 2025: €455,509
- Trade debts +€78,232
up €78,232 (+39.8%), from €196,439 to €274,670
- Debts after one year -€29,741
down €29,741 (-36.4%), from €81,757 to €52,017
- Tax, wage and social debts -€24,344
down €24,344 (-23.6%), from €103,138 to €78,793
of which Taxes: -€25,888
- Gross operating margin +€253,338
up €253,338 (+57.7%), from €438,725 to €692,063
- Staff costs +€124,837
up €124,837 (+88.2%), from €141,545 to €266,382
- Financial charges +€50,730
up €50,730 (+126%), from €40,405 to €91,135
- Taxes +€32,569
up €32,569 (+42.4%), from €76,876 to €109,445
- Provisions -€15,000
no longer reported in 2025 (was €15,000)
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 | €2,343,630 | €2,154,479 | -€189,152 | -8.1% |
| Fixed assets | 21/28 | €328,486 | €301,842 | -€26,644 | -8.1% |
| Tangible fixed assets | 22/27 | €326,386 | €299,742 | -€26,644 | -8.2% |
| Land and buildings | 22 | €287,418 | €268,790 | -€18,627 | -6.5% |
| Plant, machinery and equipment | 23 | €17,592 | €11,572 | -€6,020 | -34.2% |
| Furniture and vehicles | 24 | €21,376 | €19,379 | -€1,996 | -9.3% |
| Financial fixed assets | 28 | €2,101 | €2,101 | = | 0.0% |
| Current assets | 29/58 | €2,015,144 | €1,852,636 | -€162,508 | -8.1% |
| Amounts receivable after more than one year | 29 | €158,687 | €158,687 | = | 0.0% |
| Other amounts receivable | 291 | €158,687 | €158,687 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €382,012 | €41,708 | -€340,304 | -89.1% |
| Trade receivables | 40 | €9,555 | €26,140 | +€16,585 | +174% |
| Other amounts receivable | 41 | €372,457 | €15,568 | -€356,889 | -95.8% |
| Current investments | 50/53 | €798,387 | €898,387 | +€100,000 | +12.5% |
| Cash at bank and in hand | 54/58 | €670,671 | €751,518 | +€80,847 | +12.1% |
| Deferred charges and accrued income | 490/1 | €5,387 | €2,336 | -€3,051 | -56.6% |
| Total equity and liabilities | 10/49 | €2,343,630 | €2,154,479 | -€189,152 | -8.1% |
| Equity | 10/15 | €1,643,254 | €967,713 | -€675,541 | -41.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,553,784 | €879,834 | -€673,950 | -43.4% |
| Non-distributable reserves | 130/1 | €304,537 | €304,537 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Own shares acquired | 1312 | €298,387 | €298,387 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,847 | €28,044 | -€803 | -2.8% |
| Distributable reserves | 133 | €1,220,400 | €547,253 | -€673,147 | -55.2% |
| Investment grants | 15 | €27,970 | €26,379 | -€1,592 | -5.7% |
| Provisions and deferred taxes | 16 | €57,714 | €57,301 | -€413 | -0.7% |
| Provisions for liabilities and charges | 160/5 | €55,000 | €55,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €55,000 | €55,000 | = | 0.0% |
| Deferred taxes | 168 | €2,714 | €2,301 | -€413 | -15.2% |
| Amounts payable | 17/49 | €642,662 | €1,129,465 | +€486,803 | +75.7% |
| Amounts payable after more than one year | 17 | €81,757 | €52,017 | -€29,741 | -36.4% |
| Financial debts | 170/4 | €81,757 | €52,017 | -€29,741 | -36.4% |
| Amounts payable within one year | 42/48 | €345,839 | €838,787 | +€492,948 | +143% |
| Current portion of amounts payable after more than one year | 42 | €46,263 | €29,815 | -€16,449 | -35.6% |
| Trade debts | 44 | €196,439 | €274,670 | +€78,232 | +39.8% |
| Suppliers | 440/4 | €196,439 | €274,670 | +€78,232 | +39.8% |
| Taxes, remuneration and social security | 45 | €103,138 | €78,793 | -€24,344 | -23.6% |
| Taxes | 450/3 | €90,486 | €64,598 | -€25,888 | -28.6% |
| Remuneration and social security | 454/9 | €12,652 | €14,195 | +€1,543 | +12.2% |
| Other amounts payable | 47/48 | - | €455,509 | +€455,509 | |
| Accrued charges and deferred income | 492/3 | €215,065 | €238,661 | +€23,596 | +11.0% |
| Non-recurring operating income | 76A | €7,478 | - | -€7,478 | |
| Remuneration, social security and pensions | 62 | €141,545 | €266,382 | +€124,837 | +88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,425 | €36,960 | -€4,466 | -10.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,000 | - | -€15,000 | |
| Other operating charges | 640/8 | €13,165 | €8,917 | -€4,248 | -32.3% |
| Non-recurring operating charges | 66A | €968 | - | -€968 | |
| Gross operating margin | 9900 | €438,725 | €692,063 | +€253,338 | +57.7% |
| Operating profit (loss) | 9901 | €226,621 | €379,804 | +€153,183 | +67.6% |
| Financial income | 75/76B | €47,249 | €46,867 | -€382 | -0.8% |
| Recurring financial income | 75 | €47,249 | €46,867 | -€382 | -0.8% |
| Financial charges | 65/66B | €40,405 | €91,135 | +€50,730 | +126% |
| Recurring financial charges | 65 | €40,405 | €91,135 | +€50,730 | +126% |
| Profit (loss) for the period before taxes | 9903 | €233,465 | €335,536 | +€102,071 | +43.7% |
| Transfer from deferred taxes | 780 | €413 | €413 | = | 0.0% |
| Income taxes | 67/77 | €76,876 | €109,445 | +€32,569 | +42.4% |
| Profit (loss) for the period | 9904 | €157,002 | €226,504 | +€69,502 | +44.3% |
| Transfer from tax-exempt reserves | 789 | €803 | €803 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €157,805 | €227,307 | +€69,502 | +44.0% |
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 18 October 2026 via checked.be.