MONICA NOTERMANS: 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.
MONICA NOTERMANS
Largest movements
- Cash +€57,224
up €57,224 (+43.8%), from €130,613 to €187,837
mainly Net result for the year (+€71,629) and Depreciation (+€45,289)
- Receivables within one year -€39,881
down €39,881 (-41.3%), from €96,464 to €56,583
of which Trade receivables: -€35,235
- Tangible fixed assets -€33,341
down €33,341 (-14.0%), from €237,885 to €204,544
of which Land and buildings: -€26,500
- Deferred charges and accrued income +€9,223
up €9,223 (+187%), from €4,929 to €14,152
- Reserves +€71,629
up €71,629 (+44.9%), from €159,452 to €231,081
- Other debts -€69,845
down €69,845 (-93.4%), from €74,748 to €4,903
- Current portion of long-term debt -€35,009
down €35,009 (-74.9%), from €46,771 to €11,762
- Trade debts +€30,424
up €30,424 (+58.2%), from €52,296 to €82,719
- Debts after one year -€11,762
no longer reported in 2025 (was €11,762)
- Depreciation -€17,933
down €17,933 (-28.4%), from €63,222 to €45,289
- Taxes +€6,933
up €6,933 (+24.1%), from €28,751 to €35,684
- Financial charges -€6,574
down €6,574 (-92.9%), from €7,076 to €503
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 | €469,892 | €463,116 | -€6,776 | -1.4% |
| Fixed assets | 21/28 | €237,885 | €204,544 | -€33,341 | -14.0% |
| Tangible fixed assets | 22/27 | €237,885 | €204,544 | -€33,341 | -14.0% |
| Land and buildings | 22 | €209,626 | €183,126 | -€26,500 | -12.6% |
| Plant, machinery and equipment | 23 | €5,795 | €14,829 | +€9,034 | +156% |
| Furniture and vehicles | 24 | €22,465 | €6,590 | -€15,875 | -70.7% |
| Current assets | 29/58 | €232,007 | €258,572 | +€26,565 | +11.5% |
| Amounts receivable within one year | 40/41 | €96,464 | €56,583 | -€39,881 | -41.3% |
| Trade receivables | 40 | €91,818 | €56,583 | -€35,235 | -38.4% |
| Other amounts receivable | 41 | €4,646 | - | -€4,646 | |
| Cash at bank and in hand | 54/58 | €130,613 | €187,837 | +€57,224 | +43.8% |
| Deferred charges and accrued income | 490/1 | €4,929 | €14,152 | +€9,223 | +187% |
| Total equity and liabilities | 10/49 | €469,892 | €463,116 | -€6,776 | -1.4% |
| Equity | 10/15 | €171,852 | €243,481 | +€71,629 | +41.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €159,452 | €231,081 | +€71,629 | +44.9% |
| Distributable reserves | 133 | €159,452 | €231,081 | +€71,629 | +44.9% |
| Provisions and deferred taxes | 16 | €100,252 | €100,252 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,252 | €100,252 | = | 0.0% |
| Pensions and similar obligations | 160 | €100,252 | €100,252 | = | 0.0% |
| Amounts payable | 17/49 | €197,788 | €119,382 | -€78,405 | -39.6% |
| Amounts payable after more than one year | 17 | €11,762 | - | -€11,762 | |
| Financial debts | 170/4 | €11,762 | - | -€11,762 | |
| Amounts payable within one year | 42/48 | €186,025 | €119,382 | -€66,643 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €46,771 | €11,762 | -€35,009 | -74.9% |
| Trade debts | 44 | €52,296 | €82,719 | +€30,424 | +58.2% |
| Suppliers | 440/4 | €52,296 | €82,719 | +€30,424 | +58.2% |
| Taxes, remuneration and social security | 45 | €12,211 | €19,997 | +€7,787 | +63.8% |
| Taxes | 450/3 | €12,211 | €19,915 | +€7,704 | +63.1% |
| Remuneration and social security | 454/9 | - | €82 | +€82 | |
| Other amounts payable | 47/48 | €74,748 | €4,903 | -€69,845 | -93.4% |
| Non-recurring operating income | 76A | €260 | - | -€260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,222 | €45,289 | -€17,933 | -28.4% |
| Other operating charges | 640/8 | €3,055 | €3,085 | +€30 | +1.0% |
| Gross operating margin | 9900 | €154,609 | €155,577 | +€968 | +0.6% |
| Operating profit (loss) | 9901 | €88,332 | €107,203 | +€18,871 | +21.4% |
| Financial income | 75/76B | €426 | €613 | +€187 | +43.8% |
| Recurring financial income | 75 | €426 | €613 | +€187 | +43.8% |
| Financial charges | 65/66B | €7,076 | €503 | -€6,574 | -92.9% |
| Recurring financial charges | 65 | €7,076 | €503 | -€6,574 | -92.9% |
| Profit (loss) for the period before taxes | 9903 | €81,682 | €107,313 | +€25,631 | +31.4% |
| Income taxes | 67/77 | €28,751 | €35,684 | +€6,933 | +24.1% |
| Profit (loss) for the period | 9904 | €52,931 | €71,629 | +€18,699 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,931 | €71,629 | +€18,699 | +35.3% |
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 14 October 2026 via checked.be.