NOA PARTNERS: 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.
NOA PARTNERS
Largest movements
- Financial fixed assets -€407,048
no longer reported in 2025 (was €407,048)
- Receivables within one year +€267,635
up €267,635 (+165%), from €162,000 to €429,635
- Tangible fixed assets -€49,043
down €49,043 (-2.4%), from €2.0m to €2.0m
- Debts after one year -€128,869
down €128,869 (-7.4%), from €1.7m to €1.6m
- Other debts -€45,958
down €45,958 (-67.8%), from €67,796 to €21,838
- Financial charges +€11,181
up €11,181 (+19.0%), from €58,757 to €69,938
- Gross operating margin -€8,972
down €8,972 (-3.8%), from €238,874 to €229,902
- Depreciation +€6,845
up €6,845 (+12.8%), from €53,278 to €60,123
- Other operating charges -€6,604
down €6,604 (-40.0%), from €16,518 to €9,915
- Taxes -€5,341
down €5,341 (-60.6%), from €8,811 to €3,469
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 | €2,605,566 | €2,417,275 | -€188,291 | -7.2% |
| Fixed assets | 21/28 | €2,443,491 | €1,987,401 | -€456,091 | -18.7% |
| Tangible fixed assets | 22/27 | €2,036,444 | €1,987,401 | -€49,043 | -2.4% |
| Land and buildings | 22 | €2,036,444 | €1,987,401 | -€49,043 | -2.4% |
| Financial fixed assets | 28 | €407,048 | - | -€407,048 | |
| Current assets | 29/58 | €162,075 | €429,874 | +€267,800 | +165% |
| Amounts receivable within one year | 40/41 | €162,000 | €429,635 | +€267,635 | +165% |
| Other amounts receivable | 41 | €162,000 | €429,635 | +€267,635 | +165% |
| Cash at bank and in hand | 54/58 | €75 | €239 | +€165 | +221% |
| Total equity and liabilities | 10/49 | €2,605,566 | €2,417,275 | -€188,291 | -7.2% |
| Equity | 10/15 | €605,637 | €614,899 | +€9,262 | +1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,801 | €7,801 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,801 | €7,801 | = | 0.0% |
| Legal reserve | 130 | €7,801 | €7,801 | = | 0.0% |
| Profit (loss) carried forward | 14 | €535,836 | €545,098 | +€9,262 | +1.7% |
| Amounts payable | 17/49 | €1,999,929 | €1,802,376 | -€197,553 | -9.9% |
| Amounts payable after more than one year | 17 | €1,742,709 | €1,613,839 | -€128,869 | -7.4% |
| Financial debts | 170/4 | €1,742,709 | €1,613,839 | -€128,869 | -7.4% |
| Amounts payable within one year | 42/48 | €257,220 | €186,972 | -€70,248 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €124,357 | €128,869 | +€4,513 | +3.6% |
| Financial debts | 43 | €7,155 | €5,403 | -€1,752 | -24.5% |
| Credit institutions | 430/8 | €7,155 | €5,403 | -€1,752 | -24.5% |
| Trade debts | 44 | €17,592 | €16,253 | -€1,340 | -7.6% |
| Suppliers | 440/4 | €17,592 | €16,253 | -€1,340 | -7.6% |
| Taxes, remuneration and social security | 45 | €40,319 | €14,608 | -€25,711 | -63.8% |
| Taxes | 450/3 | €40,319 | €14,608 | -€25,711 | -63.8% |
| Other amounts payable | 47/48 | €67,796 | €21,838 | -€45,958 | -67.8% |
| Accrued charges and deferred income | 492/3 | - | €1,565 | +€1,565 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,278 | €60,123 | +€6,845 | +12.8% |
| Other operating charges | 640/8 | €16,518 | €9,915 | -€6,604 | -40.0% |
| Gross operating margin | 9900 | €238,874 | €229,902 | -€8,972 | -3.8% |
| Operating profit (loss) | 9901 | €169,077 | €159,864 | -€9,213 | -5.4% |
| Financial income | 75/76B | €13 | €805 | +€792 | +6,096% |
| Recurring financial income | 75 | €13 | €805 | +€792 | +6,096% |
| Financial charges | 65/66B | €58,757 | €69,938 | +€11,181 | +19.0% |
| Recurring financial charges | 65 | €58,757 | €69,938 | +€11,181 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €110,333 | €90,732 | -€19,602 | -17.8% |
| Income taxes | 67/77 | €8,811 | €3,469 | -€5,341 | -60.6% |
| Profit (loss) for the period | 9904 | €101,523 | €87,262 | -€14,260 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,523 | €87,262 | -€14,260 | -14.0% |
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 22 October 2026 via checked.be.