DR. PAUL NOëTH: 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. PAUL NOëTH
Largest movements
- Current investments +€50,000
up €50,000 (+38.5%), from €130,000 to €180,000
- Cash -€24,326
down €24,326 (-28.5%), from €85,409 to €61,083
mainly Current investments (-€50,000) and Receivables after one year (-€17,813)
- Receivables after one year +€17,813
up €17,813 (+3.4%), from €521,998 to €539,811
- Reserves +€51,453
up €51,453 (+6.9%), from €740,628 to €792,081
of which Distributable reserves: +€51,453
- Debts after one year -€11,268
down €11,268 (-54.4%), from €20,718 to €9,450
- Gross operating margin -€150,941
down €150,941 (-66.5%), from €227,135 to €76,194
- Taxes -€48,848
down €48,848 (-67.1%), from €72,774 to €23,926
- Financial income -€2,755
down €2,755 (-18.2%), from €15,152 to €12,396
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 | €804,929 | €840,387 | +€35,458 | +4.4% |
| Fixed assets | 21/28 | €57,338 | €53,285 | -€4,053 | -7.1% |
| Tangible fixed assets | 22/27 | €57,338 | €53,285 | -€4,053 | -7.1% |
| Land and buildings | 22 | €47,620 | €41,832 | -€5,788 | -12.2% |
| Plant, machinery and equipment | 23 | €9,718 | €11,453 | +€1,735 | +17.9% |
| Current assets | 29/58 | €747,591 | €787,102 | +€39,511 | +5.3% |
| Amounts receivable after more than one year | 29 | €521,998 | €539,811 | +€17,813 | +3.4% |
| Other amounts receivable | 291 | €521,998 | €539,811 | +€17,813 | +3.4% |
| Amounts receivable within one year | 40/41 | €9,892 | €6,208 | -€3,684 | -37.2% |
| Trade receivables | 40 | €2,573 | €0 | -€2,573 | -100% |
| Other amounts receivable | 41 | €7,319 | €6,208 | -€1,110 | -15.2% |
| Current investments | 50/53 | €130,000 | €180,000 | +€50,000 | +38.5% |
| Cash at bank and in hand | 54/58 | €85,409 | €61,083 | -€24,326 | -28.5% |
| Deferred charges and accrued income | 490/1 | €293 | €0 | -€293 | -100% |
| Total equity and liabilities | 10/49 | €804,929 | €840,387 | +€35,458 | +4.4% |
| Equity | 10/15 | €753,028 | €804,481 | +€51,453 | +6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €740,628 | €792,081 | +€51,453 | +6.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €740,628 | €792,081 | +€51,453 | +6.9% |
| Amounts payable | 17/49 | €51,901 | €35,906 | -€15,996 | -30.8% |
| Amounts payable after more than one year | 17 | €20,718 | €9,450 | -€11,268 | -54.4% |
| Financial debts | 170/4 | €20,718 | €9,450 | -€11,268 | -54.4% |
| Amounts payable within one year | 42/48 | €31,183 | €26,456 | -€4,727 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €10,944 | €11,188 | +€244 | +2.2% |
| Financial debts | 43 | €20,000 | €15,000 | -€5,000 | -25.0% |
| Other loans | 439 | €20,000 | €15,000 | -€5,000 | -25.0% |
| Trade debts | 44 | €0 | €268 | +€268 | |
| Suppliers | 440/4 | €0 | €268 | +€268 | |
| Other amounts payable | 47/48 | €239 | €0 | -€239 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,382 | €10,241 | +€859 | +9.2% |
| Other operating charges | 640/8 | €2,601 | €1,571 | -€1,029 | -39.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €227,135 | €76,194 | -€150,941 | -66.5% |
| Operating profit (loss) | 9901 | €215,152 | €64,382 | -€150,771 | -70.1% |
| Financial income | 75/76B | €15,152 | €12,396 | -€2,755 | -18.2% |
| Recurring financial income | 75 | €15,152 | €12,396 | -€2,755 | -18.2% |
| Financial charges | 65/66B | €3,034 | €1,399 | -€1,636 | -53.9% |
| Recurring financial charges | 65 | €3,034 | €1,399 | -€1,636 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €227,270 | €75,379 | -€151,891 | -66.8% |
| Income taxes | 67/77 | €72,774 | €23,926 | -€48,848 | -67.1% |
| Profit (loss) for the period | 9904 | €154,496 | €51,453 | -€103,042 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €154,496 | €51,453 | -€103,042 | -66.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.