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
- Tangible fixed assets -€13,105
down €13,105 (-2.9%), from €459,278 to €446,173
of which Land and buildings: -€13,105
- Cash -€12,261
down €12,261 (-21.4%), from €57,343 to €45,082
mainly Debts after one year (-€21,081) and Net result for the year (-€10,816)
- Receivables within one year -€6,227
down €6,227 (-21.9%), from €28,381 to €22,154
of which Other amounts receivable: -€4,570
- Debts after one year -€21,081
down €21,081 (-8.3%), from €252,818 to €231,737
- Profit (loss) carried forward -€10,816
down €10,816 (-4.2%), from €259,408 to €248,592
- Other operating charges +€7,199
up €7,199 (+1408.1%), from €511 to €7,710
- Financial charges -€2,098
down €2,098 (-27.7%), from €7,582 to €5,484
of which Financial charges: -€5,768
- Gross operating margin +€1,101
up €1,101 (+8.4%), from €13,112 to €14,213
- Financial income +€606
up €606 (+87.9%), from €689 to €1,295
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 | €548,673 | €513,410 | -€35,263 | -6.4% |
| Fixed assets | 21/28 | €462,948 | €446,173 | -€16,775 | -3.6% |
| Tangible fixed assets | 22/27 | €459,278 | €446,173 | -€13,105 | -2.9% |
| Land and buildings | 22 | €459,278 | €446,173 | -€13,105 | -2.9% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Financial fixed assets | 28 | €3,670 | - | -€3,670 | |
| Current assets | 29/58 | €85,725 | €67,237 | -€18,488 | -21.6% |
| Amounts receivable within one year | 40/41 | €28,381 | €22,154 | -€6,227 | -21.9% |
| Trade receivables | 40 | €1,658 | - | -€1,658 | |
| Other amounts receivable | 41 | €26,724 | €22,154 | -€4,570 | -17.1% |
| Cash at bank and in hand | 54/58 | €57,343 | €45,082 | -€12,261 | -21.4% |
| Total equity and liabilities | 10/49 | €548,673 | €513,410 | -€35,263 | -6.4% |
| Equity | 10/15 | €267,468 | €256,652 | -€10,816 | -4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €259,408 | €248,592 | -€10,816 | -4.2% |
| Amounts payable | 17/49 | €281,205 | €256,757 | -€24,448 | -8.7% |
| Amounts payable after more than one year | 17 | €252,818 | €231,737 | -€21,081 | -8.3% |
| Financial debts | 170/4 | €252,818 | €231,737 | -€21,081 | -8.3% |
| Amounts payable within one year | 42/48 | €28,387 | €25,020 | -€3,367 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €25,203 | €21,081 | -€4,122 | -16.4% |
| Trade debts | 44 | €2,026 | - | -€2,026 | |
| Suppliers | 440/4 | €2,026 | - | -€2,026 | |
| Taxes, remuneration and social security | 45 | €1,158 | €3,939 | +€2,782 | +240.3% |
| Taxes | 450/3 | - | €3,939 | +€3,939 | |
| Remuneration and social security | 454/9 | €1,158 | - | -€1,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,105 | €13,105 | = | 0.0% |
| Other operating charges | 640/8 | €511 | €7,710 | +€7,199 | +1408.1% |
| Gross operating margin | 9900 | €13,112 | €14,213 | +€1,101 | +8.4% |
| Operating profit (loss) | 9901 | -€504 | -€6,602 | -€6,098 | -1210.5% |
| Financial income | 75/76B | €689 | €1,295 | +€606 | +87.9% |
| Recurring financial income | 75 | €689 | €1,295 | +€606 | +87.9% |
| Financial charges | 65/66B | €7,582 | €5,484 | -€2,098 | -27.7% |
| Recurring financial charges | 65 | €7,582 | €1,814 | -€5,768 | -76.1% |
| Non-recurring financial charges | 66B | - | €3,670 | +€3,670 | |
| Profit (loss) for the period before taxes | 9903 | -€7,397 | -€10,792 | -€3,395 | -45.9% |
| Income taxes | 67/77 | - | €24 | +€24 | |
| Profit (loss) for the period | 9904 | -€7,397 | -€10,816 | -€3,419 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,397 | -€10,816 | -€3,419 | -46.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.