De Notelaar: 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 Notelaar
Largest movements
- Cash -€28,402
down €28,402 (-100%), from €28,402 to €0
mainly Net result for the year (-€59,537) and Investment in fixed assets (net) (-€27,100)
- Tangible fixed assets +€21,574
up €21,574 (+4.9%), from €441,893 to €463,467
of which Land and buildings: +€22,080
- Deferred charges and accrued income -€8,646
down €8,646 (-83.8%), from €10,311 to €1,666
- Profit (loss) carried forward -€59,537
down €59,537 (-20.8%), from -€286,787 to -€346,324
- Trade debts +€18,549
up €18,549 (+844%), from €2,198 to €20,747
- Short-term financial debts +€15,063
new in 2025: €15,063
- Other debts +€11,919
up €11,919 (+6.1%), from €196,283 to €208,202
- Gross operating margin -€12,938
down €12,938 (-33.4%), from -€38,795 to -€51,733
- Depreciation +€1,826
up €1,826 (+47.0%), from €3,886 to €5,713
- Other operating charges -€1,624
down €1,624 (-54.3%), from €2,991 to €1,367
- Financial income +€850
up €850 (+378%), from €225 to €1,075
- Financial charges +€596
up €596 (+57.3%), from €1,040 to €1,635
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 | €537,539 | €517,474 | -€20,065 | -3.7% |
| Fixed assets | 21/28 | €442,079 | €463,467 | +€21,387 | +4.8% |
| Intangible fixed assets | 21 | €187 | €0 | -€187 | -100% |
| Tangible fixed assets | 22/27 | €441,893 | €463,467 | +€21,574 | +4.9% |
| Land and buildings | 22 | €441,387 | €463,467 | +€22,080 | +5.0% |
| Plant, machinery and equipment | 23 | €506 | €0 | -€506 | -100% |
| Current assets | 29/58 | €95,460 | €54,008 | -€41,452 | -43.4% |
| Amounts receivable within one year | 40/41 | €56,746 | €52,342 | -€4,404 | -7.8% |
| Trade receivables | 40 | €7,172 | €2,770 | -€4,402 | -61.4% |
| Other amounts receivable | 41 | €49,575 | €49,572 | -€3 | 0.0% |
| Cash at bank and in hand | 54/58 | €28,402 | €0 | -€28,402 | -100% |
| Deferred charges and accrued income | 490/1 | €10,311 | €1,666 | -€8,646 | -83.8% |
| Total equity and liabilities | 10/49 | €537,539 | €517,474 | -€20,065 | -3.7% |
| Equity | 10/15 | €204,529 | €143,917 | -€60,612 | -29.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Revaluation surpluses | 12 | €330,000 | €330,000 | = | 0.0% |
| Reserves | 13 | €31,968 | €31,968 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,376 | €13,376 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€286,787 | -€346,324 | -€59,537 | -20.8% |
| Investment grants | 15 | €49,347 | €48,273 | -€1,075 | -2.2% |
| Amounts payable | 17/49 | €333,010 | €373,557 | +€40,547 | +12.2% |
| Amounts payable after more than one year | 17 | €120,031 | €120,408 | +€377 | +0.3% |
| Financial debts | 170/4 | €26,031 | €26,408 | +€377 | +1.4% |
| Other amounts payable | 178/9 | €94,000 | €94,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €212,979 | €253,149 | +€40,170 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €11,599 | €8,143 | -€3,456 | -29.8% |
| Financial debts | 43 | - | €15,063 | +€15,063 | |
| Credit institutions | 430/8 | - | €15,063 | +€15,063 | |
| Trade debts | 44 | €2,198 | €20,747 | +€18,549 | +844% |
| Suppliers | 440/4 | €2,198 | €20,747 | +€18,549 | +844% |
| Taxes, remuneration and social security | 45 | €2,899 | €994 | -€1,905 | -65.7% |
| Taxes | 450/3 | €2,899 | €994 | -€1,905 | -65.7% |
| Other amounts payable | 47/48 | €196,283 | €208,202 | +€11,919 | +6.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,886 | €5,713 | +€1,826 | +47.0% |
| Other operating charges | 640/8 | €2,991 | €1,367 | -€1,624 | -54.3% |
| Gross operating margin | 9900 | -€38,795 | -€51,733 | -€12,938 | -33.4% |
| Operating profit (loss) | 9901 | -€45,672 | -€58,813 | -€13,141 | -28.8% |
| Financial income | 75/76B | €225 | €1,075 | +€850 | +378% |
| Recurring financial income | 75 | €225 | €1,075 | +€850 | +378% |
| Financial charges | 65/66B | €1,040 | €1,635 | +€596 | +57.3% |
| Recurring financial charges | 65 | €1,040 | €1,635 | +€596 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | -€46,487 | -€59,374 | -€12,886 | -27.7% |
| Income taxes | 67/77 | €179 | €164 | -€16 | -8.8% |
| Profit (loss) for the period | 9904 | -€46,667 | -€59,537 | -€12,871 | -27.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,667 | -€59,537 | -€12,871 | -27.6% |
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.