NOAH'S: 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'S
Largest movements
- Cash -€19,175
down €19,175 (-43.5%), from €44,032 to €24,857
mainly Receivables within one year (-€9,984) and Tax, wage and social debts (-€9,457)
- Receivables within one year +€9,984
up €9,984 (+3640.1%), from €274 to €10,259
- Tangible fixed assets -€3,678
down €3,678 (-12.6%), from €29,127 to €25,449
of which Plant, machinery and equipment: -€2,716
- Tax, wage and social debts -€9,457
down €9,457 (-72.7%), from €13,003 to €3,546
of which Remuneration and social security: -€6,950
- Other debts -€7,181
no longer reported in 2025 (was €7,181)
- Trade debts +€7,135
up €7,135 (+82.7%), from €8,625 to €15,760
- Current portion of long-term debt -€6,170
down €6,170 (-83.5%), from €7,387 to €1,216
- Reserves +€1,522
up €1,522 (+5.2%), from €29,045 to €30,567
- Gross operating margin -€15,348
down €15,348 (-52.6%), from €29,161 to €13,814
- Taxes -€3,678
down €3,678 (-90.2%), from €4,077 to €399
- Depreciation +€1,443
up €1,443 (+23.7%), from €6,094 to €7,537
- Other operating charges -€822
down €822 (-39.4%), from €2,087 to €1,265
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 | €79,433 | €65,389 | -€14,044 | -17.7% |
| Formation expenses | 20 | €161 | - | -€161 | |
| Fixed assets | 21/28 | €29,731 | €26,054 | -€3,678 | -12.4% |
| Tangible fixed assets | 22/27 | €29,127 | €25,449 | -€3,678 | -12.6% |
| Land and buildings | 22 | €5,507 | €4,623 | -€884 | -16.1% |
| Plant, machinery and equipment | 23 | €23,542 | €20,826 | -€2,716 | -11.5% |
| Furniture and vehicles | 24 | €78 | - | -€78 | |
| Financial fixed assets | 28 | €604 | €604 | = | 0.0% |
| Current assets | 29/58 | €49,540 | €39,335 | -€10,205 | -20.6% |
| Stocks and contracts in progress | 3 | €4,525 | €4,219 | -€306 | -6.8% |
| Stocks | 30/36 | €4,525 | €4,219 | -€306 | -6.8% |
| Amounts receivable within one year | 40/41 | €274 | €10,259 | +€9,984 | +3640.1% |
| Other amounts receivable | 41 | €274 | €10,259 | +€9,984 | +3640.1% |
| Cash at bank and in hand | 54/58 | €44,032 | €24,857 | -€19,175 | -43.5% |
| Deferred charges and accrued income | 490/1 | €708 | - | -€708 | |
| Total equity and liabilities | 10/49 | €79,433 | €65,389 | -€14,044 | -17.7% |
| Equity | 10/15 | €40,095 | €41,617 | +€1,522 | +3.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €29,045 | €30,567 | +€1,522 | +5.2% |
| Distributable reserves | 133 | €29,045 | €30,567 | +€1,522 | +5.2% |
| Profit (loss) carried forward | 14 | €6,050 | €6,050 | = | 0.0% |
| Amounts payable | 17/49 | €39,337 | €23,771 | -€15,566 | -39.6% |
| Amounts payable after more than one year | 17 | €1,221 | - | -€1,221 | |
| Financial debts | 170/4 | €1,221 | - | -€1,221 | |
| Amounts payable within one year | 42/48 | €36,196 | €20,522 | -€15,674 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €7,387 | €1,216 | -€6,170 | -83.5% |
| Trade debts | 44 | €8,625 | €15,760 | +€7,135 | +82.7% |
| Suppliers | 440/4 | €8,625 | €15,760 | +€7,135 | +82.7% |
| Taxes, remuneration and social security | 45 | €13,003 | €3,546 | -€9,457 | -72.7% |
| Taxes | 450/3 | €6,053 | €3,546 | -€2,507 | -41.4% |
| Remuneration and social security | 454/9 | €6,950 | - | -€6,950 | |
| Other amounts payable | 47/48 | €7,181 | - | -€7,181 | |
| Accrued charges and deferred income | 492/3 | €1,921 | €3,249 | +€1,329 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,094 | €7,537 | +€1,443 | +23.7% |
| Other operating charges | 640/8 | €2,087 | €1,265 | -€822 | -39.4% |
| Gross operating margin | 9900 | €29,161 | €13,814 | -€15,348 | -52.6% |
| Operating profit (loss) | 9901 | €20,981 | €5,013 | -€15,968 | -76.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,859 | €3,092 | +€233 | +8.2% |
| Recurring financial charges | 65 | €2,859 | €3,092 | +€233 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €18,122 | €1,921 | -€16,201 | -89.4% |
| Income taxes | 67/77 | €4,077 | €399 | -€3,678 | -90.2% |
| Profit (loss) for the period | 9904 | €14,045 | €1,522 | -€12,523 | -89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,045 | €1,522 | -€12,523 | -89.2% |
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 4 October 2026 via checked.be.