eNOAh: 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.
eNOAh
Largest movements
- Tangible fixed assets +€83,888
up €83,888 (+33.5%), from €250,597 to €334,485
of which Assets under construction and advance payments: +€81,033
- Receivables within one year +€28,367
up €28,367 (+108.9%), from €26,051 to €54,418
of which Trade receivables: +€27,137
- Deferred charges and accrued income -€17,347
down €17,347 (-88.2%), from €19,670 to €2,322
- Cash -€7,597
down €7,597 (-30.8%), from €24,655 to €17,057
mainly Investment in fixed assets (net) (-€85,949) and Receivables within one year (-€28,367)
- Debts after one year +€88,128
up €88,128 (+38.8%), from €226,865 to €314,993
- Profit (loss) carried forward +€30,728
up €30,728 (+508.3%), from €6,045 to €36,774
- Current portion of long-term debt -€21,686
down €21,686 (-54.1%), from €40,112 to €18,426
- Tax, wage and social debts -€6,480
down €6,480 (-24.8%), from €26,095 to €19,615
- Other operating charges -€38,068
down €38,068 (-67.8%), from €56,162 to €18,094
- Financial charges +€9,618
up €9,618 (+174.9%), from €5,498 to €15,116
- Taxes +€7,984
up €7,984 (+367.2%), from €2,174 to €10,158
- Gross operating margin +€4,875
up €4,875 (+6.7%), from €73,061 to €77,936
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 | €321,598 | €408,720 | +€87,122 | +27.1% |
| Formation expenses | 20 | €626 | €438 | -€189 | -30.1% |
| Fixed assets | 21/28 | €250,597 | €334,485 | +€83,888 | +33.5% |
| Tangible fixed assets | 22/27 | €250,597 | €334,485 | +€83,888 | +33.5% |
| Land and buildings | 22 | €109,200 | €109,200 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,892 | €1,443 | -€449 | -23.8% |
| Furniture and vehicles | 24 | €991 | €4,961 | +€3,970 | +400.6% |
| Other tangible fixed assets | 26 | €3,747 | €3,081 | -€666 | -17.8% |
| Assets under construction and advance payments | 27 | €134,767 | €215,801 | +€81,033 | +60.1% |
| Current assets | 29/58 | €70,375 | €73,797 | +€3,422 | +4.9% |
| Amounts receivable within one year | 40/41 | €26,051 | €54,418 | +€28,367 | +108.9% |
| Trade receivables | 40 | €24,129 | €51,266 | +€27,137 | +112.5% |
| Other amounts receivable | 41 | €1,922 | €3,152 | +€1,230 | +64.0% |
| Cash at bank and in hand | 54/58 | €24,655 | €17,057 | -€7,597 | -30.8% |
| Deferred charges and accrued income | 490/1 | €19,670 | €2,322 | -€17,347 | -88.2% |
| Total equity and liabilities | 10/49 | €321,598 | €408,720 | +€87,122 | +27.1% |
| Equity | 10/15 | €21,045 | €51,774 | +€30,728 | +146.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,045 | €36,774 | +€30,728 | +508.3% |
| Amounts payable | 17/49 | €300,553 | €356,946 | +€56,393 | +18.8% |
| Amounts payable after more than one year | 17 | €226,865 | €314,993 | +€88,128 | +38.8% |
| Financial debts | 170/4 | €226,865 | €314,993 | +€88,128 | +38.8% |
| Amounts payable within one year | 42/48 | €73,688 | €41,954 | -€31,734 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €40,112 | €18,426 | -€21,686 | -54.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,481 | €3,912 | -€3,568 | -47.7% |
| Suppliers | 440/4 | €7,481 | €3,912 | -€3,568 | -47.7% |
| Taxes, remuneration and social security | 45 | €26,095 | €19,615 | -€6,480 | -24.8% |
| Taxes | 450/3 | €26,095 | €19,615 | -€6,480 | -24.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,978 | €1,728 | -€250 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,738 | €2,250 | +€512 | +29.5% |
| Other operating charges | 640/8 | €56,162 | €18,094 | -€38,068 | -67.8% |
| Gross operating margin | 9900 | €73,061 | €77,936 | +€4,875 | +6.7% |
| Operating profit (loss) | 9901 | €13,183 | €55,865 | +€42,682 | +323.8% |
| Financial income | 75/76B | €93 | €137 | +€44 | +47.7% |
| Recurring financial income | 75 | €93 | €137 | +€44 | +47.7% |
| Financial charges | 65/66B | €5,498 | €15,116 | +€9,618 | +174.9% |
| Recurring financial charges | 65 | €5,498 | €15,116 | +€9,618 | +174.9% |
| Profit (loss) for the period before taxes | 9903 | €7,778 | €40,886 | +€33,108 | +425.6% |
| Income taxes | 67/77 | €2,174 | €10,158 | +€7,984 | +367.2% |
| Profit (loss) for the period | 9904 | €5,604 | €30,728 | +€25,124 | +448.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,604 | €30,728 | +€25,124 | +448.3% |
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 9 October 2026 via checked.be.