NOAQUA: 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.
NOAQUA
Largest movements
- Cash -€84,062
down €84,062 (-39.6%), from €212,181 to €128,119
mainly Receivables within one year (-€73,277) and Receivables after one year (-€60,000)
- Intangible fixed assets -€79,633
down €79,633 (-37.7%), from €210,998 to €131,365
- Receivables within one year +€73,277
up €73,277 (+36.3%), from €201,890 to €275,167
of which Other amounts receivable: +€117,017
- Receivables after one year +€60,000
new in 2025: €60,000
- Tangible fixed assets +€20,920
up €20,920 (+21.6%), from €96,882 to €117,802
of which Furniture and vehicles: +€16,566
- Debts after one year -€51,464
down €51,464 (-18.5%), from €278,301 to €226,837
- Other debts +€46,110
up €46,110 (+1,105%), from €4,173 to €50,283
- Tax, wage and social debts +€9,639
up €9,639 (+21.6%), from €44,632 to €54,272
of which Remuneration and social security: +€12,286
- Current portion of long-term debt +€8,681
up €8,681 (+9.3%), from €93,367 to €102,047
- Gross operating margin +€58,344
up €58,344 (+8.9%), from €655,315 to €713,659
- Staff costs +€42,130
up €42,130 (+9.1%), from €460,929 to €503,059
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 | €738,587 | €742,710 | +€4,123 | +0.6% |
| Fixed assets | 21/28 | €307,880 | €249,167 | -€58,713 | -19.1% |
| Intangible fixed assets | 21 | €210,998 | €131,365 | -€79,633 | -37.7% |
| Tangible fixed assets | 22/27 | €96,882 | €117,802 | +€20,920 | +21.6% |
| Plant, machinery and equipment | 23 | €1,768 | €795 | -€973 | -55.0% |
| Furniture and vehicles | 24 | €85,856 | €102,422 | +€16,566 | +19.3% |
| Other tangible fixed assets | 26 | €9,258 | €14,585 | +€5,328 | +57.5% |
| Current assets | 29/58 | €430,707 | €493,543 | +€62,836 | +14.6% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Stocks and contracts in progress | 3 | €12,952 | €17,659 | +€4,707 | +36.3% |
| Stocks | 30/36 | €12,952 | €17,659 | +€4,707 | +36.3% |
| Amounts receivable within one year | 40/41 | €201,890 | €275,167 | +€73,277 | +36.3% |
| Trade receivables | 40 | €72,520 | €28,780 | -€43,740 | -60.3% |
| Other amounts receivable | 41 | €129,370 | €246,387 | +€117,017 | +90.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €212,181 | €128,119 | -€84,062 | -39.6% |
| Deferred charges and accrued income | 490/1 | €3,684 | €12,598 | +€8,914 | +242% |
| Total equity and liabilities | 10/49 | €738,587 | €742,710 | +€4,123 | +0.6% |
| Equity | 10/15 | €215,528 | €211,242 | -€4,286 | -2.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €53,774 | €53,774 | = | 0.0% |
| Distributable reserves | 133 | €53,774 | €53,774 | = | 0.0% |
| Profit (loss) carried forward | 14 | €156,754 | €152,468 | -€4,286 | -2.7% |
| Amounts payable | 17/49 | €523,059 | €531,468 | +€8,409 | +1.6% |
| Amounts payable after more than one year | 17 | €278,301 | €226,837 | -€51,464 | -18.5% |
| Financial debts | 170/4 | €278,301 | €226,837 | -€51,464 | -18.5% |
| Amounts payable within one year | 42/48 | €244,758 | €304,631 | +€59,873 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €93,367 | €102,047 | +€8,681 | +9.3% |
| Financial debts | 43 | €28,843 | €29,000 | +€158 | +0.5% |
| Credit institutions | 430/8 | €13,842 | €14,816 | +€975 | +7.0% |
| Other loans | 439 | €15,001 | €14,184 | -€817 | -5.4% |
| Trade debts | 44 | €73,743 | €69,028 | -€4,715 | -6.4% |
| Suppliers | 440/4 | €73,743 | €69,028 | -€4,715 | -6.4% |
| Taxes, remuneration and social security | 45 | €44,632 | €54,272 | +€9,639 | +21.6% |
| Taxes | 450/3 | €4,047 | €1,400 | -€2,647 | -65.4% |
| Remuneration and social security | 454/9 | €40,586 | €52,872 | +€12,286 | +30.3% |
| Other amounts payable | 47/48 | €4,173 | €50,283 | +€46,110 | +1,105% |
| Non-recurring operating income | 76A | €992 | €0 | -€992 | -100% |
| Remuneration, social security and pensions | 62 | €460,929 | €503,059 | +€42,130 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,994 | €113,498 | +€6,504 | +6.1% |
| Other operating charges | 640/8 | €2,331 | €7,623 | +€5,292 | +227% |
| Non-recurring operating charges | 66A | €591 | €17,757 | +€17,166 | +2,906% |
| Gross operating margin | 9900 | €655,315 | €713,659 | +€58,344 | +8.9% |
| Operating profit (loss) | 9901 | €84,471 | €71,724 | -€12,747 | -15.1% |
| Financial income | 75/76B | €1,130 | €6,014 | +€4,884 | +432% |
| Recurring financial income | 75 | €1,130 | €6,014 | +€4,884 | +432% |
| Financial charges | 65/66B | €13,997 | €14,151 | +€154 | +1.1% |
| Recurring financial charges | 65 | €13,997 | €14,151 | +€154 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €71,605 | €63,587 | -€8,018 | -11.2% |
| Income taxes | 67/77 | €17,831 | €17,873 | +€42 | +0.2% |
| Profit (loss) for the period | 9904 | €53,774 | €45,714 | -€8,060 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,774 | €45,714 | -€8,060 | -15.0% |
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 28 October 2026 via checked.be.