DE NOLF: 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.
DE NOLF
Largest movements
- Receivables within one year +€13,670
up €13,670 (+28.8%), from €47,479 to €61,149
of which Trade receivables: +€10,634
- Stocks and contracts +€13,362
up €13,362 (+163%), from €8,201 to €21,563
- Cash +€6,390
up €6,390 (+238%), from €2,681 to €9,070
mainly Depreciation (+€32,461) and Other debts (+€30,904)
- Tangible fixed assets -€3,532
down €3,532 (-1.5%), from €233,770 to €230,238
of which Furniture and vehicles: -€21,303
- Other debts +€30,904
up €30,904 (+519%), from €5,957 to €36,861
- Debts after one year -€25,822
down €25,822 (-14.1%), from €183,200 to €157,378
- Trade debts +€11,319
up €11,319 (+30.0%), from €37,746 to €49,064
- Tax, wage and social debts +€7,373
up €7,373 (+53.5%), from €13,786 to €21,160
of which Remuneration and social security: +€5,378
- Reserves +€5,668
up €5,668 (+53.1%), from €10,670 to €16,338
- Gross operating margin +€21,185
up €21,185 (+12.0%), from €177,134 to €198,319
- Staff costs +€17,500
up €17,500 (+14.6%), from €119,764 to €137,264
- Financial charges +€2,247
up €2,247 (+15.1%), from €14,832 to €17,079
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 | €298,582 | €329,234 | +€30,652 | +10.3% |
| Fixed assets | 21/28 | €237,892 | €233,860 | -€4,032 | -1.7% |
| Intangible fixed assets | 21 | €4,122 | €3,622 | -€500 | -12.1% |
| Tangible fixed assets | 22/27 | €233,770 | €230,238 | -€3,532 | -1.5% |
| Land and buildings | 22 | €154,094 | €174,644 | +€20,550 | +13.3% |
| Plant, machinery and equipment | 23 | €10,063 | €7,285 | -€2,778 | -27.6% |
| Furniture and vehicles | 24 | €69,613 | €48,310 | -€21,303 | -30.6% |
| Current assets | 29/58 | €60,690 | €95,374 | +€34,683 | +57.1% |
| Stocks and contracts in progress | 3 | €8,201 | €21,563 | +€13,362 | +163% |
| Stocks | 30/36 | €8,201 | €21,563 | +€13,362 | +163% |
| Amounts receivable within one year | 40/41 | €47,479 | €61,149 | +€13,670 | +28.8% |
| Trade receivables | 40 | €46,520 | €57,154 | +€10,634 | +22.9% |
| Other amounts receivable | 41 | €959 | €3,995 | +€3,036 | +317% |
| Cash at bank and in hand | 54/58 | €2,681 | €9,070 | +€6,390 | +238% |
| Deferred charges and accrued income | 490/1 | €2,329 | €3,591 | +€1,261 | +54.1% |
| Total equity and liabilities | 10/49 | €298,582 | €329,234 | +€30,652 | +10.3% |
| Equity | 10/15 | €15,670 | €21,338 | +€5,668 | +36.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,670 | €16,338 | +€5,668 | +53.1% |
| Distributable reserves | 133 | €10,670 | €16,338 | +€5,668 | +53.1% |
| Amounts payable | 17/49 | €282,912 | €307,896 | +€24,984 | +8.8% |
| Amounts payable after more than one year | 17 | €183,200 | €157,378 | -€25,822 | -14.1% |
| Financial debts | 170/4 | €183,200 | €157,378 | -€25,822 | -14.1% |
| Amounts payable within one year | 42/48 | €99,712 | €147,918 | +€48,206 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €25,130 | €25,822 | +€692 | +2.8% |
| Trade debts | 44 | €37,746 | €49,064 | +€11,319 | +30.0% |
| Suppliers | 440/4 | €37,746 | €49,064 | +€11,319 | +30.0% |
| Advances received on contracts in progress | 46 | €17,093 | €15,011 | -€2,083 | -12.2% |
| Taxes, remuneration and social security | 45 | €13,786 | €21,160 | +€7,373 | +53.5% |
| Taxes | 450/3 | €8,882 | €10,877 | +€1,995 | +22.5% |
| Remuneration and social security | 454/9 | €4,904 | €10,282 | +€5,378 | +110% |
| Other amounts payable | 47/48 | €5,957 | €36,861 | +€30,904 | +519% |
| Accrued charges and deferred income | 492/3 | - | €2,600 | +€2,600 | |
| Non-recurring operating income | 76A | - | €8,224 | +€8,224 | |
| Remuneration, social security and pensions | 62 | €119,764 | €137,264 | +€17,500 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,827 | €32,461 | +€635 | +2.0% |
| Other operating charges | 640/8 | €3,522 | €3,322 | -€199 | -5.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €177,134 | €198,319 | +€21,185 | +12.0% |
| Operating profit (loss) | 9901 | €22,021 | €25,271 | +€3,250 | +14.8% |
| Financial income | 75/76B | €127 | €63 | -€64 | -50.3% |
| Recurring financial income | 75 | €127 | €63 | -€64 | -50.3% |
| Financial charges | 65/66B | €14,832 | €17,079 | +€2,247 | +15.1% |
| Recurring financial charges | 65 | €14,832 | €17,079 | +€2,247 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €7,316 | €8,256 | +€939 | +12.8% |
| Income taxes | 67/77 | €2,981 | €2,588 | -€393 | -13.2% |
| Profit (loss) for the period | 9904 | €4,336 | €5,668 | +€1,332 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,336 | €5,668 | +€1,332 | +30.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.