NOAH: what changed
Two fiscal 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.
NOAH
Largest movements
- Receivables within one year -€67,080
down €67,080 (-49.3%), from €135,927 to €68,848
of which Other amounts receivable: -€61,518
- Cash -€23,045
down €23,045 (-84.8%), from €27,164 to €4,119
mainly Debts after one year (-€126,370) and Investment in fixed assets (net) (-€42,314)
- Debts after one year -€126,370
down €126,370 (-11.7%), from €1.1m to €957,372
- Reserves +€74,000
up €74,000 (+11.0%), from €669,860 to €743,860
- Short-term financial debts -€29,458
down €29,458 (-58.9%), from €50,000 to €20,542
- Financial income -€45,003
down €45,003 (-100.0%), from €45,003 to €0
- Depreciation -€15,086
down €15,086 (-23.9%), from €63,139 to €48,053
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 | €2,211,939 | €2,118,964 | -€92,975 | -4.2% |
| Fixed assets | 21/28 | €2,047,817 | €2,042,078 | -€5,739 | -0.3% |
| Tangible fixed assets | 22/27 | €1,213,817 | €1,208,078 | -€5,739 | -0.5% |
| Land and buildings | 22 | €1,213,817 | €1,208,078 | -€5,739 | -0.5% |
| Financial fixed assets | 28 | €834,000 | €834,000 | = | 0.0% |
| Current assets | 29/58 | €164,121 | €76,885 | -€87,236 | -53.2% |
| Amounts receivable within one year | 40/41 | €135,927 | €68,848 | -€67,080 | -49.3% |
| Trade receivables | 40 | €31,295 | €25,733 | -€5,562 | -17.8% |
| Other amounts receivable | 41 | €104,633 | €43,115 | -€61,518 | -58.8% |
| Cash at bank and in hand | 54/58 | €27,164 | €4,119 | -€23,045 | -84.8% |
| Deferred charges and accrued income | 490/1 | €1,030 | €3,918 | +€2,888 | +280.5% |
| Total equity and liabilities | 10/49 | €2,211,939 | €2,118,964 | -€92,975 | -4.2% |
| Equity | 10/15 | €895,095 | €969,811 | +€74,716 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €669,860 | €743,860 | +€74,000 | +11.0% |
| Distributable reserves | 133 | €669,860 | €743,860 | +€74,000 | +11.0% |
| Profit (loss) carried forward | 14 | €206,635 | €207,351 | +€716 | +0.3% |
| Amounts payable | 17/49 | €1,316,844 | €1,149,153 | -€167,691 | -12.7% |
| Amounts payable after more than one year | 17 | €1,083,742 | €957,372 | -€126,370 | -11.7% |
| Financial debts | 170/4 | €1,083,742 | €957,372 | -€126,370 | -11.7% |
| Amounts payable within one year | 42/48 | €233,102 | €191,126 | -€41,975 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €125,039 | €129,972 | +€4,933 | +3.9% |
| Financial debts | 43 | €50,000 | €20,542 | -€29,458 | -58.9% |
| Credit institutions | 430/8 | €50,000 | €20,542 | -€29,458 | -58.9% |
| Trade debts | 44 | €5,237 | €2,369 | -€2,869 | -54.8% |
| Suppliers | 440/4 | €5,237 | €2,369 | -€2,869 | -54.8% |
| Taxes, remuneration and social security | 45 | €13,151 | €2,905 | -€10,247 | -77.9% |
| Taxes | 450/3 | €13,151 | €2,905 | -€10,247 | -77.9% |
| Other amounts payable | 47/48 | €39,674 | €35,339 | -€4,335 | -10.9% |
| Accrued charges and deferred income | 492/3 | - | €654 | +€654 | |
| Non-recurring operating income | 76A | - | €42,314 | +€42,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,139 | €48,053 | -€15,086 | -23.9% |
| Other operating charges | 640/8 | €3,938 | €2,986 | -€951 | -24.2% |
| Gross operating margin | 9900 | €177,463 | €175,726 | -€1,737 | -1.0% |
| Operating profit (loss) | 9901 | €110,387 | €124,687 | +€14,301 | +13.0% |
| Financial income | 75/76B | €45,003 | €0 | -€45,003 | -100.0% |
| Recurring financial income | 75 | €45,003 | €0 | -€45,003 | -100.0% |
| Financial charges | 65/66B | €15,323 | €14,193 | -€1,130 | -7.4% |
| Recurring financial charges | 65 | €15,323 | €14,193 | -€1,130 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €140,067 | €110,494 | -€29,573 | -21.1% |
| Income taxes | 67/77 | €34,703 | €34,945 | +€242 | +0.7% |
| Profit (loss) for the period | 9904 | €105,364 | €75,549 | -€29,815 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,364 | €75,549 | -€29,815 | -28.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.