NOAX: 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.
NOAX
Largest movements
- Receivables within one year +€24,684
up €24,684 (+222%), from €11,124 to €35,808
of which Other amounts receivable: +€14,881
- Cash +€6,234
up €6,234 (+7,587%), from €82 to €6,317
mainly Tax, wage and social debts (+€22,587) and Net result for the year (+€15,892)
- Intangible fixed assets -€3,300
down €3,300 (-100%), from €3,300 to €0
- Deferred charges and accrued income +€1,421
new in 2025: €1,421
- Financial fixed assets -€1,320
down €1,320 (-100%), from €1,320 to €0
- Tax, wage and social debts +€22,587
up €22,587 (+142%), from €15,891 to €38,478
- Profit (loss) carried forward +€15,892
up €15,892 (+31.7%), from -€50,153 to -€34,261
- Short-term financial debts -€7,102
down €7,102 (-27.9%), from €25,501 to €18,398
- Other debts -€3,436
down €3,436 (-100%), from €3,436 to €0
- Trade debts -€860
down €860 (-3.3%), from €26,335 to €25,475
- Gross operating margin +€74,068
up €74,068, from -€31,986 to €42,082
- Financial charges +€18,275
up €18,275 (+642%), from €2,848 to €21,122
- Financial income +€2,116
up €2,116, from €0 to €2,116
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 | €39,610 | €66,689 | +€27,080 | +68.4% |
| Fixed assets | 21/28 | €8,404 | €3,044 | -€5,360 | -63.8% |
| Intangible fixed assets | 21 | €3,300 | €0 | -€3,300 | -100% |
| Tangible fixed assets | 22/27 | €3,784 | €3,044 | -€740 | -19.5% |
| Plant, machinery and equipment | 23 | €2,577 | €1,916 | -€661 | -25.7% |
| Furniture and vehicles | 24 | €1,206 | €1,128 | -€78 | -6.5% |
| Financial fixed assets | 28 | €1,320 | €0 | -€1,320 | -100% |
| Current assets | 29/58 | €31,206 | €63,645 | +€32,439 | +104% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,124 | €35,808 | +€24,684 | +222% |
| Trade receivables | 40 | €855 | €10,658 | +€9,803 | +1,147% |
| Other amounts receivable | 41 | €10,269 | €25,150 | +€14,881 | +145% |
| Current investments | 50/53 | - | €100 | +€100 | |
| Cash at bank and in hand | 54/58 | €82 | €6,317 | +€6,234 | +7,587% |
| Deferred charges and accrued income | 490/1 | - | €1,421 | +€1,421 | |
| Total equity and liabilities | 10/49 | €39,610 | €66,689 | +€27,080 | +68.4% |
| Equity | 10/15 | -€31,553 | -€15,661 | +€15,892 | +50.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€50,153 | -€34,261 | +€15,892 | +31.7% |
| Amounts payable | 17/49 | €71,163 | €82,351 | +€11,188 | +15.7% |
| Amounts payable within one year | 42/48 | €71,163 | €82,351 | +€11,188 | +15.7% |
| Financial debts | 43 | €25,501 | €18,398 | -€7,102 | -27.9% |
| Credit institutions | 430/8 | €25,501 | €18,398 | -€7,102 | -27.9% |
| Trade debts | 44 | €26,335 | €25,475 | -€860 | -3.3% |
| Suppliers | 440/4 | €26,335 | €25,475 | -€860 | -3.3% |
| Taxes, remuneration and social security | 45 | €15,891 | €38,478 | +€22,587 | +142% |
| Taxes | 450/3 | €15,891 | €38,478 | +€22,587 | +142% |
| Other amounts payable | 47/48 | €3,436 | €0 | -€3,436 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,276 | €5,071 | -€205 | -3.9% |
| Other operating charges | 640/8 | €1,845 | €1,729 | -€116 | -6.3% |
| Gross operating margin | 9900 | -€31,986 | €42,082 | +€74,068 | |
| Operating profit (loss) | 9901 | -€39,106 | €35,282 | +€74,388 | |
| Financial income | 75/76B | €0 | €2,116 | +€2,116 | |
| Recurring financial income | 75 | €0 | €2,116 | +€2,116 | |
| Financial charges | 65/66B | €2,848 | €21,122 | +€18,275 | +642% |
| Recurring financial charges | 65 | €2,848 | €21,122 | +€18,275 | +642% |
| Profit (loss) for the period before taxes | 9903 | -€41,954 | €16,276 | +€58,230 | |
| Income taxes | 67/77 | €0 | €384 | +€384 | |
| Profit (loss) for the period | 9904 | -€41,954 | €15,892 | +€57,846 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,954 | €15,892 | +€57,846 |
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 14 October 2026 via checked.be.