Dries Noteboom: what changed
Two fiscal 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.
Dries Noteboom
Largest movements
- Cash -€28,973
down €28,973 (-69.7%), from €41,562 to €12,589
mainly Other debts (-€26,544) and Receivables within one year (-€13,371)
- Receivables within one year +€13,371
up €13,371 (+422.4%), from €3,165 to €16,536
of which Trade receivables: +€13,371
- Tangible fixed assets -€5,327
down €5,327 (-85.6%), from €6,220 to €893
of which Plant, machinery and equipment: -€4,348
- Intangible fixed assets +€4,054
new in 2025: €4,054
- Other debts -€26,544
down €26,544 (-68.8%), from €38,608 to €12,064
- Reserves +€5,449
up €5,449 (+130.5%), from €4,175 to €9,624
- Trade debts +€4,289
up €4,289 (+961.5%), from €446 to €4,735
- Tax, wage and social debts +€2,698
up €2,698 (+60.0%), from €4,495 to €7,193
- Current portion of long-term debt -€2,279
down €2,279 (-100.0%), from €2,279 to €0
- Depreciation -€3,806
down €3,806 (-40.4%), from €9,410 to €5,604
- Gross operating margin +€2,897
up €2,897 (+26.5%), from €10,940 to €13,838
- Taxes +€1,868
up €1,868 (+570.7%), from €327 to €2,196
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.
Cash bridge derived
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 | €53,081 | €36,680 | -€16,402 | -30.9% |
| Fixed assets | 21/28 | €6,220 | €4,947 | -€1,273 | -20.5% |
| Intangible fixed assets | 21 | - | €4,054 | +€4,054 | |
| Tangible fixed assets | 22/27 | €6,220 | €893 | -€5,327 | -85.6% |
| Plant, machinery and equipment | 23 | €4,985 | €637 | -€4,348 | -87.2% |
| Furniture and vehicles | 24 | €1,234 | €255 | -€979 | -79.3% |
| Current assets | 29/58 | €46,862 | €31,733 | -€15,129 | -32.3% |
| Amounts receivable within one year | 40/41 | €3,165 | €16,536 | +€13,371 | +422.4% |
| Trade receivables | 40 | €3,165 | €16,536 | +€13,371 | +422.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,562 | €12,589 | -€28,973 | -69.7% |
| Deferred charges and accrued income | 490/1 | €2,135 | €2,608 | +€473 | +22.2% |
| Total equity and liabilities | 10/49 | €53,081 | €36,680 | -€16,402 | -30.9% |
| Equity | 10/15 | €7,175 | €12,624 | +€5,449 | +75.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €4,175 | €9,624 | +€5,449 | +130.5% |
| Distributable reserves | 133 | €4,175 | €9,624 | +€5,449 | +130.5% |
| Amounts payable | 17/49 | €45,907 | €24,056 | -€21,851 | -47.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €45,828 | €24,004 | -€21,824 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €2,279 | €0 | -€2,279 | -100.0% |
| Financial debts | 43 | €0 | €12 | +€12 | |
| Other loans | 439 | €0 | €12 | +€12 | |
| Trade debts | 44 | €446 | €4,735 | +€4,289 | +961.5% |
| Suppliers | 440/4 | €446 | €4,735 | +€4,289 | +961.5% |
| Taxes, remuneration and social security | 45 | €4,495 | €7,193 | +€2,698 | +60.0% |
| Taxes | 450/3 | €4,495 | €7,193 | +€2,698 | +60.0% |
| Other amounts payable | 47/48 | €38,608 | €12,064 | -€26,544 | -68.8% |
| Accrued charges and deferred income | 492/3 | €79 | €51 | -€27 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,410 | €5,604 | -€3,806 | -40.4% |
| Other operating charges | 640/8 | €623 | €639 | +€16 | +2.6% |
| Gross operating margin | 9900 | €10,940 | €13,838 | +€2,897 | +26.5% |
| Operating profit (loss) | 9901 | €907 | €7,594 | +€6,687 | +736.9% |
| Financial income | 75/76B | €216 | €303 | +€87 | +40.3% |
| Recurring financial income | 75 | €216 | €303 | +€87 | +40.3% |
| Financial charges | 65/66B | €352 | €252 | -€100 | -28.3% |
| Recurring financial charges | 65 | €352 | €252 | -€100 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €771 | €7,645 | +€6,873 | +891.0% |
| Income taxes | 67/77 | €327 | €2,196 | +€1,868 | +570.7% |
| Profit (loss) for the period | 9904 | €444 | €5,449 | +€5,005 | +1127.0% |
| Profit (loss) for the period to be appropriated | 9905 | €444 | €5,449 | +€5,005 | +1127.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.