NOAN: 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.
NOAN
Largest movements
- Stocks and contracts -€301,200
down €301,200 (-36.7%), from €821,675 to €520,475
- Receivables within one year +€91,795
up €91,795 (+25.0%), from €366,915 to €458,710
of which Trade receivables: +€52,702
- Cash -€86,420
down €86,420 (-52.8%), from €163,554 to €77,134
mainly Other debts (-€151,162) and Net result for the year (-€139,769)
- Other debts -€151,162
down €151,162 (-7.5%), from €2.0m to €1.9m
- Profit (loss) carried forward -€139,769
down €139,769 (-15.8%), from -€887,062 to -€1.0m
- Gross operating margin -€706,489
down €706,489, from €592,113 to -€114,375
- Financial charges -€54,902
down €54,902 (-98.2%), from €55,883 to €981
of which Non-recurring financial charges: -€49,500
- Other operating charges +€22,396
up €22,396 (+1960.3%), from €1,143 to €23,539
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 | €1,356,104 | €1,059,816 | -€296,288 | -21.8% |
| Fixed assets | 21/28 | €3,851 | €2,977 | -€874 | -22.7% |
| Intangible fixed assets | 21 | €3,851 | €2,977 | -€874 | -22.7% |
| Current assets | 29/58 | €1,352,253 | €1,056,839 | -€295,414 | -21.8% |
| Stocks and contracts in progress | 3 | €821,675 | €520,475 | -€301,200 | -36.7% |
| Stocks | 30/36 | €821,675 | €520,475 | -€301,200 | -36.7% |
| Amounts receivable within one year | 40/41 | €366,915 | €458,710 | +€91,795 | +25.0% |
| Trade receivables | 40 | €1,019 | €53,720 | +€52,702 | +5173.8% |
| Other amounts receivable | 41 | €365,896 | €404,989 | +€39,093 | +10.7% |
| Cash at bank and in hand | 54/58 | €163,554 | €77,134 | -€86,420 | -52.8% |
| Deferred charges and accrued income | 490/1 | €110 | €521 | +€411 | +373.3% |
| Total equity and liabilities | 10/49 | €1,356,104 | €1,059,816 | -€296,288 | -21.8% |
| Equity | 10/15 | -€683,485 | -€823,254 | -€139,769 | -20.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €3,577 | €3,577 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Legal reserve | 130 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €2,577 | €2,577 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€887,062 | -€1,026,831 | -€139,769 | -15.8% |
| Amounts payable | 17/49 | €2,039,589 | €1,883,070 | -€156,519 | -7.7% |
| Amounts payable within one year | 42/48 | €2,039,589 | €1,883,070 | -€156,519 | -7.7% |
| Financial debts | 43 | €6 | €6 | = | 0.0% |
| Credit institutions | 430/8 | €6 | €6 | = | 0.0% |
| Trade debts | 44 | €16,214 | €10,857 | -€5,357 | -33.0% |
| Suppliers | 440/4 | €16,214 | €10,857 | -€5,357 | -33.0% |
| Other amounts payable | 47/48 | €2,023,369 | €1,872,207 | -€151,162 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €519 | €874 | +€355 | +68.4% |
| Other operating charges | 640/8 | €1,143 | €23,539 | +€22,396 | +1960.3% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €592,113 | -€114,375 | -€706,489 | |
| Operating profit (loss) | 9901 | €590,452 | -€138,788 | -€729,240 | |
| Financial income | 75/76B | €4,650 | €0 | -€4,650 | -100.0% |
| Recurring financial income | 75 | €4,650 | €0 | -€4,650 | -100.0% |
| Financial charges | 65/66B | €55,883 | €981 | -€54,902 | -98.2% |
| Recurring financial charges | 65 | €6,383 | €981 | -€5,402 | -84.6% |
| Non-recurring financial charges | 66B | €49,500 | - | -€49,500 | |
| Profit (loss) for the period before taxes | 9903 | €539,219 | -€139,769 | -€678,988 | |
| Profit (loss) for the period | 9904 | €539,219 | -€139,769 | -€678,988 | |
| Profit (loss) for the period to be appropriated | 9905 | €539,219 | -€139,769 | -€678,988 |
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 6 October 2026 via checked.be.