JOSE NOBELS: 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.
JOSE NOBELS
Largest movements
- Current investments +€21,174
up €21,174 (+10.1%), from €209,929 to €231,103
- Tangible fixed assets +€5,799
up €5,799 (+42.4%), from €13,678 to €19,477
- Reserves +€32,224
up €32,224 (+20.3%), from €158,528 to €190,752
- Other debts -€3,967
down €3,967 (-15.6%), from €25,414 to €21,447
- Gross operating margin +€11,077
up €11,077 (+17.7%), from €62,721 to €73,798
- Taxes +€4,002
up €4,002 (+26.2%), from €15,288 to €19,290
- Financial charges -€2,958
down €2,958 (-89.1%), from €3,320 to €362
- Depreciation +€2,452
up €2,452 (+50.2%), from €4,883 to €7,336
- Financial income +€1,471
up €1,471 (+87.4%), from €1,683 to €3,154
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 | €234,836 | €262,838 | +€28,003 | +11.9% |
| Fixed assets | 21/28 | €13,678 | €19,477 | +€5,799 | +42.4% |
| Tangible fixed assets | 22/27 | €13,678 | €19,477 | +€5,799 | +42.4% |
| Furniture and vehicles | 24 | €13,678 | €19,477 | +€5,799 | +42.4% |
| Current assets | 29/58 | €221,158 | €243,361 | +€22,204 | +10.0% |
| Amounts receivable within one year | 40/41 | €6,891 | €7,118 | +€227 | +3.3% |
| Trade receivables | 40 | €6,891 | €7,112 | +€221 | +3.2% |
| Other amounts receivable | 41 | - | €7 | +€7 | |
| Current investments | 50/53 | €209,929 | €231,103 | +€21,174 | +10.1% |
| Cash at bank and in hand | 54/58 | €4,338 | €5,140 | +€803 | +18.5% |
| Total equity and liabilities | 10/49 | €234,836 | €262,838 | +€28,003 | +11.9% |
| Equity | 10/15 | €199,526 | €231,750 | +€32,224 | +16.2% |
| Contributions | 10/11 | €40,998 | €40,998 | = | 0.0% |
| Reserves | 13 | €158,528 | €190,752 | +€32,224 | +20.3% |
| Distributable reserves | 133 | €158,528 | €190,752 | +€32,224 | +20.3% |
| Amounts payable | 17/49 | €35,310 | €31,089 | -€4,221 | -12.0% |
| Amounts payable within one year | 42/48 | €32,902 | €31,089 | -€1,814 | -5.5% |
| Financial debts | 43 | - | €305 | +€305 | |
| Credit institutions | 430/8 | - | €305 | +€305 | |
| Trade debts | 44 | €915 | €419 | -€496 | -54.2% |
| Suppliers | 440/4 | €915 | €419 | -€496 | -54.2% |
| Taxes, remuneration and social security | 45 | €6,574 | €8,918 | +€2,344 | +35.7% |
| Taxes | 450/3 | €6,574 | €8,918 | +€2,344 | +35.7% |
| Other amounts payable | 47/48 | €25,414 | €21,447 | -€3,967 | -15.6% |
| Accrued charges and deferred income | 492/3 | €2,408 | - | -€2,408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,883 | €7,336 | +€2,452 | +50.2% |
| Other operating charges | 640/8 | €758 | €1,075 | +€317 | +41.8% |
| Gross operating margin | 9900 | €62,721 | €73,798 | +€11,077 | +17.7% |
| Operating profit (loss) | 9901 | €57,080 | €65,388 | +€8,308 | +14.6% |
| Financial income | 75/76B | €1,683 | €3,154 | +€1,471 | +87.4% |
| Recurring financial income | 75 | €1,683 | €3,154 | +€1,471 | +87.4% |
| Financial charges | 65/66B | €3,320 | €362 | -€2,958 | -89.1% |
| Recurring financial charges | 65 | €3,320 | €362 | -€2,958 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | €55,443 | €68,180 | +€12,737 | +23.0% |
| Income taxes | 67/77 | €15,288 | €19,290 | +€4,002 | +26.2% |
| Profit (loss) for the period | 9904 | €40,155 | €48,890 | +€8,735 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,155 | €48,890 | +€8,735 | +21.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.