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
- Receivables within one year +€91,582
up €91,582 (+22.9%), from €399,360 to €490,942
of which Other amounts receivable: +€88,988
- Tangible fixed assets -€49,151
down €49,151 (-7.5%), from €657,390 to €608,239
of which Land and buildings: -€46,376
- Debts after one year +€60,280
up €60,280 (+11.3%), from €531,824 to €592,105
- Reserves -€13,222
down €13,222 (-3.3%), from €398,527 to €385,305
of which Tax-exempt reserves: -€20,792
- Gross operating margin -€27,616
down €27,616 (-29.3%), from €94,137 to €66,521
- Other operating charges +€9,881
up €9,881 (+1,294%), from €764 to €10,645
- Financial charges -€7,424
down €7,424 (-27.6%), from €26,930 to €19,506
- Financial income -€2,173
down €2,173 (-60.4%), from €3,600 to €1,426
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 | €1,061,473 | €1,102,618 | +€41,145 | +3.9% |
| Fixed assets | 21/28 | €657,390 | €608,239 | -€49,151 | -7.5% |
| Tangible fixed assets | 22/27 | €657,390 | €608,239 | -€49,151 | -7.5% |
| Land and buildings | 22 | €651,735 | €605,359 | -€46,376 | -7.1% |
| Plant, machinery and equipment | 23 | €5,655 | €2,880 | -€2,775 | -49.1% |
| Current assets | 29/58 | €404,083 | €494,379 | +€90,296 | +22.3% |
| Amounts receivable within one year | 40/41 | €399,360 | €490,942 | +€91,582 | +22.9% |
| Trade receivables | 40 | €1,452 | €4,046 | +€2,594 | +179% |
| Other amounts receivable | 41 | €397,908 | €486,896 | +€88,988 | +22.4% |
| Cash at bank and in hand | 54/58 | €4,723 | €3,437 | -€1,286 | -27.2% |
| Total equity and liabilities | 10/49 | €1,061,473 | €1,102,618 | +€41,145 | +3.9% |
| Equity | 10/15 | €429,861 | €416,639 | -€13,222 | -3.1% |
| Contributions | 10/11 | €31,334 | €31,334 | = | 0.0% |
| Reserves | 13 | €398,527 | €385,305 | -€13,222 | -3.3% |
| Tax-exempt reserves | 132 | €63,994 | €43,202 | -€20,792 | -32.5% |
| Distributable reserves | 133 | €334,533 | €342,103 | +€7,569 | +2.3% |
| Provisions and deferred taxes | 16 | €35,896 | €28,965 | -€6,931 | -19.3% |
| Deferred taxes | 168 | €35,896 | €28,965 | -€6,931 | -19.3% |
| Amounts payable | 17/49 | €595,717 | €657,014 | +€61,298 | +10.3% |
| Amounts payable after more than one year | 17 | €531,824 | €592,105 | +€60,280 | +11.3% |
| Financial debts | 170/4 | €531,824 | €592,105 | +€60,280 | +11.3% |
| Amounts payable within one year | 42/48 | €60,014 | €62,279 | +€2,265 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €33,053 | €39,720 | +€6,667 | +20.2% |
| Trade debts | 44 | €7,225 | €8,288 | +€1,064 | +14.7% |
| Suppliers | 440/4 | €7,225 | €8,288 | +€1,064 | +14.7% |
| Taxes, remuneration and social security | 45 | €891 | €351 | -€540 | -60.6% |
| Taxes | 450/3 | €891 | €351 | -€540 | -60.6% |
| Other amounts payable | 47/48 | €18,845 | €13,920 | -€4,925 | -26.1% |
| Accrued charges and deferred income | 492/3 | €3,879 | €2,631 | -€1,248 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,170 | €57,949 | +€779 | +1.4% |
| Other operating charges | 640/8 | €764 | €10,645 | +€9,881 | +1,294% |
| Gross operating margin | 9900 | €94,137 | €66,521 | -€27,616 | -29.3% |
| Operating profit (loss) | 9901 | €36,203 | -€2,073 | -€38,276 | |
| Financial income | 75/76B | €3,600 | €1,426 | -€2,173 | -60.4% |
| Recurring financial income | 75 | €3,600 | €1,426 | -€2,173 | -60.4% |
| Financial charges | 65/66B | €26,930 | €19,506 | -€7,424 | -27.6% |
| Recurring financial charges | 65 | €26,930 | €19,506 | -€7,424 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €12,873 | -€20,153 | -€33,026 | |
| Transfer from deferred taxes | 780 | €6,931 | €6,931 | = | 0.0% |
| Income taxes | 67/77 | €628 | €0 | -€628 | -100% |
| Profit (loss) for the period | 9904 | €19,175 | -€13,222 | -€32,398 | |
| Transfer from tax-exempt reserves | 789 | €20,792 | €20,792 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,967 | €7,569 | -€32,398 | -81.1% |
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.