DR. ELS NOE: 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.
DR. ELS NOE
Largest movements
- Current investments +€271,045
new in 2025: €271,045
- Cash -€230,826
down €230,826 (-61.6%), from €374,603 to €143,777
mainly Current investments (-€271,045) and Tax, wage and social debts (-€46,699)
- Receivables within one year +€13,925
up €13,925 (+57.5%), from €24,200 to €38,125
of which Trade receivables: +€7,787
- Tangible fixed assets -€10,485
down €10,485 (-17.2%), from €60,983 to €50,499
of which Furniture and vehicles: -€9,657
- Reserves +€90,937
up €90,937 (+23.2%), from €392,655 to €483,593
of which Distributable reserves: +€90,937
- Tax, wage and social debts -€46,699
down €46,699 (-80.0%), from €58,380 to €11,681
- Gross operating margin -€37,740
down €37,740 (-24.5%), from €154,164 to €116,424
- Taxes -€12,089
down €12,089 (-25.5%), from €47,399 to €35,311
- Financial income +€11,604
up €11,604 (+117%), from €9,908 to €21,512
- Depreciation +€2,961
up €2,961 (+39.4%), from €7,524 to €10,485
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 | €459,786 | €504,737 | +€44,951 | +9.8% |
| Fixed assets | 21/28 | €60,983 | €50,499 | -€10,485 | -17.2% |
| Tangible fixed assets | 22/27 | €60,983 | €50,499 | -€10,485 | -17.2% |
| Plant, machinery and equipment | 23 | €1,723 | €896 | -€827 | -48.0% |
| Furniture and vehicles | 24 | €59,260 | €49,603 | -€9,657 | -16.3% |
| Current assets | 29/58 | €398,803 | €454,239 | +€55,436 | +13.9% |
| Amounts receivable within one year | 40/41 | €24,200 | €38,125 | +€13,925 | +57.5% |
| Trade receivables | 40 | €24,200 | €31,987 | +€7,787 | +32.2% |
| Other amounts receivable | 41 | - | €6,139 | +€6,139 | |
| Current investments | 50/53 | - | €271,045 | +€271,045 | |
| Cash at bank and in hand | 54/58 | €374,603 | €143,777 | -€230,826 | -61.6% |
| Deferred charges and accrued income | 490/1 | - | €1,292 | +€1,292 | |
| Total equity and liabilities | 10/49 | €459,786 | €504,737 | +€44,951 | +9.8% |
| Equity | 10/15 | €398,855 | €489,793 | +€90,937 | +22.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €392,655 | €483,593 | +€90,937 | +23.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €390,655 | €481,593 | +€90,937 | +23.3% |
| Amounts payable | 17/49 | €60,931 | €14,945 | -€45,986 | -75.5% |
| Amounts payable within one year | 42/48 | €60,250 | €14,264 | -€45,986 | -76.3% |
| Trade debts | 44 | €219 | €1,952 | +€1,733 | +790% |
| Suppliers | 440/4 | €219 | €1,952 | +€1,733 | +790% |
| Taxes, remuneration and social security | 45 | €58,380 | €11,681 | -€46,699 | -80.0% |
| Taxes | 450/3 | €58,380 | €11,681 | -€46,699 | -80.0% |
| Other amounts payable | 47/48 | €1,651 | €630 | -€1,020 | -61.8% |
| Accrued charges and deferred income | 492/3 | €681 | €681 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,524 | €10,485 | +€2,961 | +39.4% |
| Other operating charges | 640/8 | €787 | €1,003 | +€216 | +27.4% |
| Gross operating margin | 9900 | €154,164 | €116,424 | -€37,740 | -24.5% |
| Operating profit (loss) | 9901 | €145,853 | €104,936 | -€40,917 | -28.1% |
| Financial income | 75/76B | €9,908 | €21,512 | +€11,604 | +117% |
| Recurring financial income | 75 | €9,908 | €21,512 | +€11,604 | +117% |
| Financial charges | 65/66B | €194 | €200 | +€6 | +3.2% |
| Recurring financial charges | 65 | €194 | €200 | +€6 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €155,567 | €126,248 | -€29,319 | -18.8% |
| Income taxes | 67/77 | €47,399 | €35,311 | -€12,089 | -25.5% |
| Profit (loss) for the period | 9904 | €108,168 | €90,937 | -€17,231 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,168 | €90,937 | -€17,231 | -15.9% |
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 18 October 2026 via checked.be.