Koen 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.
Koen Noels
Largest movements
- Current investments -€213,633
down €213,633 (-40.7%), from €525,154 to €311,521
- Receivables within one year +€77,402
up €77,402 (+108%), from €71,572 to €148,975
of which Other amounts receivable: +€95,889
- Tangible fixed assets +€31,710
up €31,710 (+52.6%), from €60,325 to €92,035
of which Furniture and vehicles: +€50,725
- Reserves -€337,183
down €337,183 (-39.0%), from €864,454 to €527,271
of which Distributable reserves: -€337,183
- Other debts +€223,465
up €223,465 (+8,332%), from €2,682 to €226,147
- Tax, wage and social debts +€16,924
up €16,924 (+52.0%), from €32,527 to €49,451
of which Taxes: +€15,836
- Debts after one year -€10,610
down €10,610 (-43.6%), from €24,309 to €13,699
- Gross operating margin +€46,157
up €46,157 (+16.5%), from €279,202 to €325,359
- Staff costs +€19,019
up €19,019 (+10.9%), from €174,889 to €193,908
- Depreciation +€10,115
up €10,115 (+53.0%), from €19,103 to €29,218
- Taxes +€7,581
up €7,581 (+32.1%), from €23,585 to €31,166
- Financial income +€6,849
up €6,849 (+1,062%), from €645 to €7,494
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 | €951,519 | €851,661 | -€99,857 | -10.5% |
| Fixed assets | 21/28 | €60,325 | €92,035 | +€31,710 | +52.6% |
| Tangible fixed assets | 22/27 | €60,325 | €92,035 | +€31,710 | +52.6% |
| Plant, machinery and equipment | 23 | €59,300 | €40,284 | -€19,015 | -32.1% |
| Furniture and vehicles | 24 | €1,025 | €51,750 | +€50,725 | +4,950% |
| Current assets | 29/58 | €891,194 | €759,627 | -€131,567 | -14.8% |
| Amounts receivable within one year | 40/41 | €71,572 | €148,975 | +€77,402 | +108% |
| Trade receivables | 40 | €58,240 | €39,753 | -€18,487 | -31.7% |
| Other amounts receivable | 41 | €13,332 | €109,221 | +€95,889 | +719% |
| Current investments | 50/53 | €525,154 | €311,521 | -€213,633 | -40.7% |
| Cash at bank and in hand | 54/58 | €294,468 | €295,464 | +€996 | +0.3% |
| Deferred charges and accrued income | 490/1 | €0 | €3,667 | +€3,667 | |
| Total equity and liabilities | 10/49 | €951,519 | €851,661 | -€99,857 | -10.5% |
| Equity | 10/15 | €874,460 | €537,277 | -€337,183 | -38.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €864,454 | €527,271 | -€337,183 | -39.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €825,094 | €487,911 | -€337,183 | -40.9% |
| Profit (loss) carried forward | 14 | €6 | €6 | = | 0.0% |
| Amounts payable | 17/49 | €77,058 | €314,384 | +€237,326 | +308% |
| Amounts payable after more than one year | 17 | €24,309 | €13,699 | -€10,610 | -43.6% |
| Financial debts | 170/4 | €24,309 | €13,699 | -€10,610 | -43.6% |
| Amounts payable within one year | 42/48 | €52,749 | €300,685 | +€247,936 | +470% |
| Current portion of amounts payable after more than one year | 42 | €10,309 | €10,610 | +€301 | +2.9% |
| Trade debts | 44 | €7,231 | €14,477 | +€7,245 | +100% |
| Suppliers | 440/4 | €7,231 | €14,477 | +€7,245 | +100% |
| Taxes, remuneration and social security | 45 | €32,527 | €49,451 | +€16,924 | +52.0% |
| Taxes | 450/3 | - | €15,836 | +€15,836 | |
| Remuneration and social security | 454/9 | €32,527 | €33,614 | +€1,088 | +3.3% |
| Other amounts payable | 47/48 | €2,682 | €226,147 | +€223,465 | +8,332% |
| Remuneration, social security and pensions | 62 | €174,889 | €193,908 | +€19,019 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,103 | €29,218 | +€10,115 | +53.0% |
| Other operating charges | 640/8 | €1,359 | €1,723 | +€364 | +26.8% |
| Gross operating margin | 9900 | €279,202 | €325,359 | +€46,157 | +16.5% |
| Operating profit (loss) | 9901 | €83,852 | €100,510 | +€16,658 | +19.9% |
| Financial income | 75/76B | €645 | €7,494 | +€6,849 | +1,062% |
| Recurring financial income | 75 | €645 | €7,494 | +€6,849 | +1,062% |
| Financial charges | 65/66B | €1,803 | €1,021 | -€782 | -43.4% |
| Recurring financial charges | 65 | €1,803 | €1,021 | -€782 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €82,694 | €106,982 | +€24,289 | +29.4% |
| Income taxes | 67/77 | €23,585 | €31,166 | +€7,581 | +32.1% |
| Profit (loss) for the period | 9904 | €59,109 | €75,817 | +€16,708 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,109 | €75,817 | +€16,708 | +28.3% |
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 26 October 2026 via checked.be.