Haegeman Noël: 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.
Haegeman Noël
Largest movements
- Cash -€10,641
down €10,641 (-99.6%), from €10,689 to €48
mainly Net result for the year (-€8,857) and Debts after one year (-€8,333)
- Tangible fixed assets -€6,523
down €6,523 (-5.8%), from €111,672 to €105,149
- Profit (loss) carried forward -€8,857
down €8,857, from €1,084 to -€7,773
- Debts after one year -€8,333
down €8,333 (-20.3%), from €40,973 to €32,639
- Tax, wage and social debts -€1,831
down €1,831 (-22.2%), from €8,244 to €6,413
- Gross operating margin -€37,748
down €37,748 (-100.0%), from €37,749 to €0
- Taxes -€6,413
no longer reported in 2025 (was €6,413)
- Other operating charges -€1,521
down €1,521 (-45.6%), from €3,336 to €1,815
- Financial income +€484
up €484 (+218%), from €222 to €706
- Financial charges -€384
down €384 (-23.9%), from €1,609 to €1,225
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 | €136,066 | €117,677 | -€18,389 | -13.5% |
| Fixed assets | 21/28 | €111,672 | €105,149 | -€6,523 | -5.8% |
| Tangible fixed assets | 22/27 | €111,672 | €105,149 | -€6,523 | -5.8% |
| Land and buildings | 22 | €111,672 | €105,149 | -€6,523 | -5.8% |
| Current assets | 29/58 | €24,394 | €12,527 | -€11,867 | -48.6% |
| Amounts receivable within one year | 40/41 | €13,705 | €12,480 | -€1,226 | -8.9% |
| Other amounts receivable | 41 | €13,705 | €12,480 | -€1,226 | -8.9% |
| Cash at bank and in hand | 54/58 | €10,689 | €48 | -€10,641 | -99.6% |
| Total equity and liabilities | 10/49 | €136,066 | €117,677 | -€18,389 | -13.5% |
| Equity | 10/15 | €75,554 | €66,697 | -€8,857 | -11.7% |
| Contributions | 10/11 | €29,747 | €29,747 | = | 0.0% |
| Reserves | 13 | €44,723 | €44,723 | = | 0.0% |
| Distributable reserves | 133 | €44,723 | €44,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,084 | -€7,773 | -€8,857 | |
| Amounts payable | 17/49 | €60,512 | €50,980 | -€9,532 | -15.8% |
| Amounts payable after more than one year | 17 | €40,973 | €32,639 | -€8,333 | -20.3% |
| Financial debts | 170/4 | €40,973 | €32,639 | -€8,333 | -20.3% |
| Amounts payable within one year | 42/48 | €19,539 | €18,340 | -€1,199 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €8,333 | = | 0.0% |
| Trade debts | 44 | €2,962 | €3,594 | +€633 | +21.4% |
| Suppliers | 440/4 | €2,962 | €3,594 | +€633 | +21.4% |
| Taxes, remuneration and social security | 45 | €8,244 | €6,413 | -€1,831 | -22.2% |
| Taxes | 450/3 | €8,244 | €6,413 | -€1,831 | -22.2% |
| Non-recurring operating income | 76A | €36,365 | - | -€36,365 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,523 | €6,523 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,336 | €1,815 | -€1,521 | -45.6% |
| Non-recurring operating charges | 66A | €1,718 | - | -€1,718 | |
| Gross operating margin | 9900 | €37,749 | €0 | -€37,748 | -100.0% |
| Operating profit (loss) | 9901 | €26,172 | -€8,337 | -€34,510 | |
| Financial income | 75/76B | €222 | €706 | +€484 | +218% |
| Recurring financial income | 75 | €222 | €706 | +€484 | +218% |
| Financial charges | 65/66B | €1,609 | €1,225 | -€384 | -23.9% |
| Recurring financial charges | 65 | €1,609 | €1,225 | -€384 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €24,785 | -€8,857 | -€33,642 | |
| Income taxes | 67/77 | €6,413 | - | -€6,413 | |
| Profit (loss) for the period | 9904 | €18,372 | -€8,857 | -€27,229 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,372 | -€8,857 | -€27,229 |
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 27 October 2026 via checked.be.