EMILIE NOELS: 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.
EMILIE NOELS
Largest movements
- Current investments +€12,000
up €12,000 (+22.6%), from €53,000 to €65,000
- Cash -€5,931
down €5,931 (-10.4%), from €56,780 to €50,849
mainly Contributions, distributions and other (-€58,823) and Current investments (-€12,000)
- Deferred charges and accrued income +€3,499
up €3,499 (+64.9%), from €5,389 to €8,887
- Tangible fixed assets +€3,236
up €3,236 (+126%), from €2,571 to €5,807
of which Furniture and vehicles: +€3,602
- Other debts +€52,824
up €52,824 (+777%), from €6,796 to €59,620
- Profit (loss) carried forward -€40,267
down €40,267 (-31.8%), from €126,759 to €86,492
- Gross operating margin +€22,451
up €22,451 (+303%), from €7,409 to €29,860
- Taxes +€4,501
up €4,501 (+272%), from €1,654 to €6,154
- Financial charges +€2,048
up €2,048 (+2,786%), from €74 to €2,121
- Depreciation +€589
up €589 (+43.6%), from €1,352 to €1,941
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 | €139,656 | €152,262 | +€12,606 | +9.0% |
| Fixed assets | 21/28 | €2,571 | €5,807 | +€3,236 | +126% |
| Tangible fixed assets | 22/27 | €2,571 | €5,807 | +€3,236 | +126% |
| Plant, machinery and equipment | 23 | €744 | €377 | -€366 | -49.3% |
| Furniture and vehicles | 24 | €1,827 | €5,429 | +€3,602 | +197% |
| Current assets | 29/58 | €137,085 | €146,455 | +€9,370 | +6.8% |
| Amounts receivable within one year | 40/41 | €21,916 | €21,718 | -€197 | -0.9% |
| Trade receivables | 40 | €9,746 | €11,372 | +€1,626 | +16.7% |
| Other amounts receivable | 41 | €12,169 | €10,346 | -€1,823 | -15.0% |
| Current investments | 50/53 | €53,000 | €65,000 | +€12,000 | +22.6% |
| Cash at bank and in hand | 54/58 | €56,780 | €50,849 | -€5,931 | -10.4% |
| Deferred charges and accrued income | 490/1 | €5,389 | €8,887 | +€3,499 | +64.9% |
| Total equity and liabilities | 10/49 | €139,656 | €152,262 | +€12,606 | +9.0% |
| Equity | 10/15 | €127,759 | €87,492 | -€40,267 | -31.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,759 | €86,492 | -€40,267 | -31.8% |
| Amounts payable | 17/49 | €11,897 | €64,770 | +€52,873 | +444% |
| Amounts payable within one year | 42/48 | €11,897 | €64,770 | +€52,873 | +444% |
| Trade debts | 44 | €167 | €62 | -€105 | -63.1% |
| Suppliers | 440/4 | €167 | €62 | -€105 | -63.1% |
| Taxes, remuneration and social security | 45 | €4,934 | €5,089 | +€154 | +3.1% |
| Taxes | 450/3 | €1,880 | €2,035 | +€154 | +8.2% |
| Remuneration and social security | 454/9 | €3,054 | €3,054 | = | 0.0% |
| Other amounts payable | 47/48 | €6,796 | €59,620 | +€52,824 | +777% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,352 | €1,941 | +€589 | +43.6% |
| Other operating charges | 640/8 | €1,066 | €1,087 | +€21 | +1.9% |
| Gross operating margin | 9900 | €7,409 | €29,860 | +€22,451 | +303% |
| Operating profit (loss) | 9901 | €4,991 | €26,832 | +€21,841 | +438% |
| Financial charges | 65/66B | €74 | €2,121 | +€2,048 | +2,786% |
| Recurring financial charges | 65 | €74 | €2,121 | +€2,048 | +2,786% |
| Profit (loss) for the period before taxes | 9903 | €4,918 | €24,711 | +€19,793 | +403% |
| Income taxes | 67/77 | €1,654 | €6,154 | +€4,501 | +272% |
| Profit (loss) for the period | 9904 | €3,264 | €18,556 | +€15,293 | +469% |
| Profit (loss) for the period to be appropriated | 9905 | €3,264 | €18,556 | +€15,293 | +469% |
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 1 November 2026 via checked.be.