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
- Cash -€70,743
down €70,743 (-73.1%), from €96,782 to €26,039
mainly Current investments (-€56,500) and Contributions, distributions and other (-€16,000)
- Current investments +€56,500
new in 2025: €56,500
- Tangible fixed assets -€11,135
down €11,135 (-29.8%), from €37,427 to €26,292
of which Furniture and vehicles: -€7,903
- Receivables within one year +€6,547
up €6,547 (+184%), from €3,554 to €10,101
of which Trade receivables: +€7,869
- Reserves -€16,000
down €16,000 (-25.5%), from €62,650 to €46,650
of which Distributable reserves: -€16,000
- Profit (loss) carried forward -€15,049
down €15,049, from €5,794 to -€9,255
- Other debts +€12,738
up €12,738 (+1,478%), from €862 to €13,600
- Tax, wage and social debts -€1,480
down €1,480 (-21.0%), from €7,053 to €5,573
- Gross operating margin -€24,206
down €24,206, from €19,686 to -€4,520
- Taxes -€5,601
down €5,601, from €3,926 to -€1,675
- Financial income -€1,594
down €1,594 (-99.3%), from €1,605 to €11
- Other operating charges +€366
up €366 (+64.2%), from €571 to €937
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 | €139,310 | €120,068 | -€19,242 | -13.8% |
| Fixed assets | 21/28 | €37,427 | €26,292 | -€11,135 | -29.8% |
| Tangible fixed assets | 22/27 | €37,427 | €26,292 | -€11,135 | -29.8% |
| Furniture and vehicles | 24 | €11,325 | €3,421 | -€7,903 | -69.8% |
| Other tangible fixed assets | 26 | €26,102 | €22,871 | -€3,232 | -12.4% |
| Current assets | 29/58 | €101,883 | €93,776 | -€8,107 | -8.0% |
| Amounts receivable within one year | 40/41 | €3,554 | €10,101 | +€6,547 | +184% |
| Trade receivables | 40 | - | €7,869 | +€7,869 | |
| Other amounts receivable | 41 | €3,554 | €2,232 | -€1,322 | -37.2% |
| Current investments | 50/53 | - | €56,500 | +€56,500 | |
| Cash at bank and in hand | 54/58 | €96,782 | €26,039 | -€70,743 | -73.1% |
| Deferred charges and accrued income | 490/1 | €1,547 | €1,135 | -€411 | -26.6% |
| Total equity and liabilities | 10/49 | €139,310 | €120,068 | -€19,242 | -13.8% |
| Equity | 10/15 | €129,944 | €98,895 | -€31,049 | -23.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €62,650 | €46,650 | -€16,000 | -25.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €56,500 | €40,500 | -€16,000 | -28.3% |
| Profit (loss) carried forward | 14 | €5,794 | -€9,255 | -€15,049 | |
| Amounts payable | 17/49 | €9,366 | €21,173 | +€11,807 | +126% |
| Amounts payable within one year | 42/48 | €9,366 | €21,173 | +€11,807 | +126% |
| Trade debts | 44 | €1,451 | €2,000 | +€549 | +37.8% |
| Suppliers | 440/4 | €1,451 | €2,000 | +€549 | +37.8% |
| Taxes, remuneration and social security | 45 | €7,053 | €5,573 | -€1,480 | -21.0% |
| Taxes | 450/3 | €7,053 | €5,573 | -€1,480 | -21.0% |
| Other amounts payable | 47/48 | €862 | €13,600 | +€12,738 | +1,478% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,135 | €11,135 | = | 0.0% |
| Other operating charges | 640/8 | €571 | €937 | +€366 | +64.2% |
| Gross operating margin | 9900 | €19,686 | -€4,520 | -€24,206 | |
| Operating profit (loss) | 9901 | €7,980 | -€16,592 | -€24,572 | |
| Financial income | 75/76B | €1,605 | €11 | -€1,594 | -99.3% |
| Recurring financial income | 75 | €1,605 | €11 | -€1,594 | -99.3% |
| Financial charges | 65/66B | €113 | €144 | +€31 | +27.5% |
| Recurring financial charges | 65 | €113 | €144 | +€31 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €9,473 | -€16,724 | -€26,198 | |
| Income taxes | 67/77 | €3,926 | -€1,675 | -€5,601 | |
| Profit (loss) for the period | 9904 | €5,548 | -€15,049 | -€20,596 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,548 | -€15,049 | -€20,596 |
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.