Nobel: 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.
What changed
Nobel
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€127,188
2024 · €169,535-€296,724
Equity
€5.4m
2024 · €5.4m-€5,525
Cash
€505,708
2024 · €25,613+€480,095
Balance sheet total
€18.4m
2024 · €16.8m+€1.6m
Largest movements
Assets
- Stocks and contracts +€1.1m
up €1.1m (+129%), from €890,313 to €2.0m
- Receivables within one year +€562,798
up €562,798 (+46.5%), from €1.2m to €1.8m
of which Other amounts receivable: +€598,376
- Tangible fixed assets -€543,967
down €543,967 (-3.8%), from €14.4m to €13.8m
of which Land and buildings: -€521,012
- Cash +€480,095
up €480,095 (+1,874%), from €25,613 to €505,708
mainly Other debts (+€753,088) and Depreciation (+€730,004)
Equity and liabilities
- Other debts +€753,088
up €753,088 (+132%), from €570,354 to €1.3m
- Short-term financial debts +€660,829
up €660,829 (+82.5%), from €801,133 to €1.5m
of which Credit institutions: +€660,829
- Provisions +€229,918
up €229,918 (+32.6%), from €705,542 to €935,460
of which Provisions for liabilities and charges: +€288,374
Income statement
- Provisions +€288,374
new in 2025: €288,374
- Gross operating margin +€97,291
up €97,291 (+6.4%), from €1.5m to €1.6m
- Financial charges +€63,233
up €63,233 (+11.3%), from €559,072 to €622,305
- Depreciation +€43,238
up €43,238 (+6.3%), from €686,766 to €730,004
- Taxes -€30,961
down €30,961 (-42.2%), from €73,370 to €42,410
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.
Result 2024
€169,535
Gross operating margin
+€97,291
Depreciation
-€43,238
Write-downs
-€26,498
Provisions
-€288,374
Other operating charges
-€18,520
Financial income
+€14,887
Financial charges
-€63,233
Taxes
+€30,961
Result 2025
-€127,188
raises the resultlowers the result
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.
From operations
-€38,150
Investment
-€175,333
Financing
+€693,578
Cash 2024
€25,613
From operations (derived)
-€38,150
Net result for the year
-€127,188
Depreciation
+€730,004
Stocks and contracts
-€1.1m
Receivables within one year
-€562,798
Deferred charges and accrued income
+€3,505
Provisions
+€229,918
Trade debts
+€81,469
Tax, wage and social debts
-€6,764
Other debts
+€753,088
Accrued charges and deferred income
+€8,809
Investment (derived)
-€175,333
Investment in fixed assets (net)
-€175,333
Financing
+€693,578
Debts after one year
-€76,201
Current portion of long-term debt
-€12,713
Short-term financial debts
+€660,829
Contributions, distributions and other
+€121,664
Cash 2025
€505,708
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,787,249 | €18,420,160 | +€1.6m | +9.7% |
| Fixed assets | 21/28 | €14,610,343 | €14,055,673 | -€554,670 | -3.8% |
| Intangible fixed assets | 21 | €84,738 | €74,035 | -€10,704 | -12.6% |
| Tangible fixed assets | 22/27 | €14,375,605 | €13,831,638 | -€543,967 | -3.8% |
| Land and buildings | 22 | €13,850,190 | €13,329,178 | -€521,012 | -3.8% |
| Plant, machinery and equipment | 23 | €204,289 | €181,635 | -€22,654 | -11.1% |
| Furniture and vehicles | 24 | €926 | €625 | -€301 | -32.5% |
| Other tangible fixed assets | 26 | €320,200 | €320,200 | = | 0.0% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €2,176,906 | €4,364,487 | +€2.2m | +100% |
| Stocks and contracts in progress | 3 | €890,313 | €2,038,506 | +€1.1m | +129% |
| Stocks | 30/36 | €890,313 | €2,038,506 | +€1.1m | +129% |
| Amounts receivable within one year | 40/41 | €1,209,200 | €1,771,998 | +€562,798 | +46.5% |
| Trade receivables | 40 | €43,129 | €7,551 | -€35,578 | -82.5% |
| Other amounts receivable | 41 | €1,166,070 | €1,764,446 | +€598,376 | +51.3% |
| Cash at bank and in hand | 54/58 | €25,613 | €505,708 | +€480,095 | +1,874% |
| Deferred charges and accrued income | 490/1 | €51,781 | €48,276 | -€3,505 | -6.8% |
| Total equity and liabilities | 10/49 | €16,787,249 | €18,420,160 | +€1.6m | +9.7% |
| Equity | 10/15 | €5,402,524 | €5,396,999 | -€5,525 | -0.1% |
| Contributions | 10/11 | €5,146,320 | €5,154,624 | +€8,304 | +0.2% |
| Capital | 10 | €5,146,320 | €5,154,624 | +€8,304 | +0.2% |
| Issued capital | 100 | €5,146,320 | €5,154,624 | +€8,304 | +0.2% |
| Reserves | 13 | €316,737 | €325,402 | +€8,664 | +2.7% |
| Non-distributable reserves | 130/1 | €266,679 | €266,679 | = | 0.0% |
| Legal reserve | 130 | €266,679 | €266,679 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,669 | €36,669 | = | 0.0% |
| Distributable reserves | 133 | €13,390 | €22,054 | +€8,664 | +64.7% |
| Profit (loss) carried forward | 14 | -€60,534 | -€83,026 | -€22,493 | -37.2% |
| Provisions and deferred taxes | 16 | €705,542 | €935,460 | +€229,918 | +32.6% |
| Provisions for liabilities and charges | 160/5 | - | €288,374 | +€288,374 | |
| Environmental obligations | 163 | - | €288,374 | +€288,374 | |
| Deferred taxes | 168 | €705,542 | €647,086 | -€58,456 | -8.3% |
| Amounts payable | 17/49 | €10,679,184 | €12,087,701 | +€1.4m | +13.2% |
| Amounts payable after more than one year | 17 | €8,559,572 | €8,483,371 | -€76,201 | -0.9% |
| Financial debts | 170/4 | €8,543,582 | €8,468,303 | -€75,279 | -0.9% |
| Other amounts payable | 178/9 | €15,990 | €15,068 | -€922 | -5.8% |
| Amounts payable within one year | 42/48 | €2,084,330 | €3,560,239 | +€1.5m | +70.8% |
| Current portion of amounts payable after more than one year | 42 | €642,445 | €629,732 | -€12,713 | -2.0% |
| Financial debts | 43 | €801,133 | €1,461,961 | +€660,829 | +82.5% |
| Credit institutions | 430/8 | €800,940 | €1,461,768 | +€660,829 | +82.5% |
| Other loans | 439 | €193 | €193 | = | 0.0% |
| Trade debts | 44 | €47,666 | €129,135 | +€81,469 | +171% |
| Suppliers | 440/4 | €47,666 | €129,135 | +€81,469 | +171% |
| Taxes, remuneration and social security | 45 | €22,732 | €15,969 | -€6,764 | -29.8% |
| Taxes | 450/3 | €22,732 | €15,969 | -€6,764 | -29.8% |
| Other amounts payable | 47/48 | €570,354 | €1,323,442 | +€753,088 | +132% |
| Accrued charges and deferred income | 492/3 | €35,282 | €44,091 | +€8,809 | +25.0% |
| Non-recurring operating income | 76A | €6,381 | €0 | -€6,381 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €686,766 | €730,004 | +€43,238 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,150 | €27,648 | +€26,498 | +2,304% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €288,374 | +€288,374 | |
| Other operating charges | 640/8 | €116,780 | €135,299 | +€18,520 | +15.9% |
| Gross operating margin | 9900 | €1,516,188 | €1,613,479 | +€97,291 | +6.4% |
| Operating profit (loss) | 9901 | €711,493 | €432,154 | -€279,339 | -39.3% |
| Financial income | 75/76B | €32,030 | €46,917 | +€14,887 | +46.5% |
| Recurring financial income | 75 | €32,030 | €46,917 | +€14,887 | +46.5% |
| Financial charges | 65/66B | €559,072 | €622,305 | +€63,233 | +11.3% |
| Recurring financial charges | 65 | €559,072 | €622,305 | +€63,233 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €184,450 | -€143,234 | -€327,684 | |
| Transfer from deferred taxes | 780 | €58,456 | €58,456 | = | 0.0% |
| Income taxes | 67/77 | €73,370 | €42,410 | -€30,961 | -42.2% |
| Profit (loss) for the period | 9904 | €169,535 | -€127,188 | -€296,724 | |
| Transfer to tax-exempt reserves | 689 | €850 | €0 | -€850 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €168,685 | -€127,188 | -€295,873 |
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 15 October 2026 via checked.be.