NOAQUIN: 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.
NOAQUIN
Largest movements
- Financial fixed assets -€424,068
down €424,068 (-40.6%), from €1.0m to €620,000
- Tangible fixed assets +€172,140
up €172,140 (+37.7%), from €456,845 to €628,986
of which Land and buildings: +€172,847
- Receivables within one year +€81,303
up €81,303 (+336%), from €24,167 to €105,471
of which Other amounts receivable: +€81,114
- Cash +€49,356
up €49,356 (+53.9%), from €91,534 to €140,890
mainly Investment in fixed assets (net) (+€206,769) and Net result for the year (+€112,618)
- Current investments -€29,630
down €29,630 (-100%), from €29,630 to €0
- Debts after one year -€160,641
down €160,641 (-28.7%), from €559,518 to €398,877
of which Financial debts: -€161,252
- Profit (loss) carried forward +€112,618
up €112,618 (+12.5%), from €901,969 to €1.0m
- Reserves -€105,315
down €105,315 (-100%), from €105,315 to €0
- Other debts +€46,033
up €46,033 (+3,610%), from €1,275 to €47,308
- Current portion of long-term debt -€43,275
down €43,275 (-60.2%), from €71,847 to €28,572
- Financial income -€69,915
down €69,915 (-84.3%), from €82,912 to €12,996
of which Financial income: -€38,050
- Gross operating margin -€29,788
down €29,788 (-12.4%), from €240,660 to €210,872
- Taxes -€10,996
down €10,996 (-23.8%), from €46,147 to €35,151
- Financial charges +€10,663
up €10,663 (+68.8%), from €15,504 to €26,168
- Other operating charges +€2,802
up €2,802 (+142%), from €1,972 to €4,774
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 | €1,647,186 | €1,498,709 | -€148,477 | -9.0% |
| Fixed assets | 21/28 | €1,500,913 | €1,248,986 | -€251,927 | -16.8% |
| Tangible fixed assets | 22/27 | €456,845 | €628,986 | +€172,140 | +37.7% |
| Land and buildings | 22 | €440,344 | €613,191 | +€172,847 | +39.3% |
| Plant, machinery and equipment | 23 | €2,596 | €2,456 | -€140 | -5.4% |
| Furniture and vehicles | 24 | €13,906 | €13,339 | -€567 | -4.1% |
| Financial fixed assets | 28 | €1,044,068 | €620,000 | -€424,068 | -40.6% |
| Current assets | 29/58 | €146,273 | €249,724 | +€103,451 | +70.7% |
| Amounts receivable within one year | 40/41 | €24,167 | €105,471 | +€81,303 | +336% |
| Trade receivables | 40 | - | €189 | +€189 | |
| Other amounts receivable | 41 | €24,167 | €105,281 | +€81,114 | +336% |
| Current investments | 50/53 | €29,630 | €0 | -€29,630 | -100% |
| Cash at bank and in hand | 54/58 | €91,534 | €140,890 | +€49,356 | +53.9% |
| Deferred charges and accrued income | 490/1 | €941 | €3,363 | +€2,422 | +257% |
| Total equity and liabilities | 10/49 | €1,647,186 | €1,498,709 | -€148,477 | -9.0% |
| Equity | 10/15 | €1,012,284 | €1,019,586 | +€7,303 | +0.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €105,315 | €0 | -€105,315 | -100% |
| Distributable reserves | 133 | €105,315 | €0 | -€105,315 | -100% |
| Profit (loss) carried forward | 14 | €901,969 | €1,014,586 | +€112,618 | +12.5% |
| Amounts payable | 17/49 | €634,902 | €479,123 | -€155,779 | -24.5% |
| Amounts payable after more than one year | 17 | €559,518 | €398,877 | -€160,641 | -28.7% |
| Financial debts | 170/4 | €559,518 | €398,266 | -€161,252 | -28.8% |
| Other amounts payable | 178/9 | - | €611 | +€611 | |
| Amounts payable within one year | 42/48 | €75,384 | €80,246 | +€4,862 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €71,847 | €28,572 | -€43,275 | -60.2% |
| Trade debts | 44 | €173 | €2,947 | +€2,774 | +1,604% |
| Suppliers | 440/4 | €173 | €2,947 | +€2,774 | +1,604% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,089 | €1,419 | -€670 | -32.1% |
| Taxes | 450/3 | €2,089 | €1,419 | -€670 | -32.1% |
| Other amounts payable | 47/48 | €1,275 | €47,308 | +€46,033 | +3,610% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,734 | €45,158 | +€424 | +0.9% |
| Other operating charges | 640/8 | €1,972 | €4,774 | +€2,802 | +142% |
| Gross operating margin | 9900 | €240,660 | €210,872 | -€29,788 | -12.4% |
| Operating profit (loss) | 9901 | €193,954 | €160,939 | -€33,015 | -17.0% |
| Financial income | 75/76B | €82,912 | €12,996 | -€69,915 | -84.3% |
| Recurring financial income | 75 | €51,046 | €12,996 | -€38,050 | -74.5% |
| Non-recurring financial income | 76B | €31,866 | €0 | -€31,866 | -100% |
| Financial charges | 65/66B | €15,504 | €26,168 | +€10,663 | +68.8% |
| Recurring financial charges | 65 | €15,504 | €26,168 | +€10,663 | +68.8% |
| Profit (loss) for the period before taxes | 9903 | €261,362 | €147,768 | -€113,594 | -43.5% |
| Income taxes | 67/77 | €46,147 | €35,151 | -€10,996 | -23.8% |
| Profit (loss) for the period | 9904 | €215,215 | €112,618 | -€102,598 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €215,215 | €112,618 | -€102,598 | -47.7% |
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 16 October 2026 via checked.be.