NOAR: 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.
NOAR
Largest movements
- Current investments +€310,000
up €310,000 (+114.8%), from €270,000 to €580,000
- Other debts +€564,000
new in 2025: €564,000
- Debts after one year -€370,654
down €370,654 (-55.7%), from €665,150 to €294,496
- Reserves +€78,332
up €78,332 (+9.7%), from €807,128 to €885,460
- Current portion of long-term debt +€30,622
up €30,622 (+9.0%), from €340,032 to €370,654
- Financial income -€92,038
down €92,038 (-12.4%), from €743,004 to €650,966
- Financial charges -€5,315
down €5,315 (-74.3%), from €7,150 to €1,835
- Gross operating margin +€2,604
up €2,604 (+6.2%), from €41,976 to €44,580
- Taxes +€2,073
up €2,073 (+19.6%), from €10,588 to €12,661
- Other operating charges +€1,264
up €1,264 (+86.9%), from €1,454 to €2,718
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 | €1,830,698 | €2,126,966 | +€296,268 | +16.2% |
| Fixed assets | 21/28 | €1,525,000 | €1,525,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,525,000 | €1,525,000 | = | 0.0% |
| Current assets | 29/58 | €305,698 | €601,966 | +€296,268 | +96.9% |
| Amounts receivable within one year | 40/41 | €8,470 | €8,517 | +€47 | +0.6% |
| Trade receivables | 40 | €8,470 | €8,470 | = | 0.0% |
| Other amounts receivable | 41 | - | €47 | +€47 | |
| Current investments | 50/53 | €270,000 | €580,000 | +€310,000 | +114.8% |
| Cash at bank and in hand | 54/58 | €19,102 | €4,681 | -€14,421 | -75.5% |
| Deferred charges and accrued income | 490/1 | €8,126 | €8,768 | +€642 | +7.9% |
| Total equity and liabilities | 10/49 | €1,830,698 | €2,126,966 | +€296,268 | +16.2% |
| Equity | 10/15 | €810,128 | €888,460 | +€78,332 | +9.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €807,128 | €885,460 | +€78,332 | +9.7% |
| Distributable reserves | 133 | €807,128 | €885,460 | +€78,332 | +9.7% |
| Amounts payable | 17/49 | €1,020,570 | €1,238,506 | +€217,936 | +21.4% |
| Amounts payable after more than one year | 17 | €665,150 | €294,496 | -€370,654 | -55.7% |
| Financial debts | 170/4 | €665,150 | €294,496 | -€370,654 | -55.7% |
| Amounts payable within one year | 42/48 | €348,881 | €939,271 | +€590,390 | +169.2% |
| Current portion of amounts payable after more than one year | 42 | €340,032 | €370,654 | +€30,622 | +9.0% |
| Trade debts | 44 | €1,918 | €938 | -€980 | -51.1% |
| Suppliers | 440/4 | €1,918 | €938 | -€980 | -51.1% |
| Taxes, remuneration and social security | 45 | €6,931 | €3,679 | -€3,252 | -46.9% |
| Taxes | 450/3 | €6,931 | €3,679 | -€3,252 | -46.9% |
| Other amounts payable | 47/48 | - | €564,000 | +€564,000 | |
| Accrued charges and deferred income | 492/3 | €6,539 | €4,739 | -€1,800 | -27.5% |
| Other operating charges | 640/8 | €1,454 | €2,718 | +€1,264 | +86.9% |
| Gross operating margin | 9900 | €41,976 | €44,580 | +€2,604 | +6.2% |
| Operating profit (loss) | 9901 | €40,522 | €41,862 | +€1,340 | +3.3% |
| Financial income | 75/76B | €743,004 | €650,966 | -€92,038 | -12.4% |
| Recurring financial income | 75 | €743,004 | €650,966 | -€92,038 | -12.4% |
| Financial charges | 65/66B | €7,150 | €1,835 | -€5,315 | -74.3% |
| Recurring financial charges | 65 | €7,150 | €1,835 | -€5,315 | -74.3% |
| Profit (loss) for the period before taxes | 9903 | €776,376 | €690,993 | -€85,383 | -11.0% |
| Income taxes | 67/77 | €10,588 | €12,661 | +€2,073 | +19.6% |
| Profit (loss) for the period | 9904 | €765,788 | €678,332 | -€87,456 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €765,788 | €678,332 | -€87,456 | -11.4% |
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 30 September 2026 via checked.be.