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 46.630, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€152,284
2024 · €78,912+€73,371
Equity
€158,801
2024 · €156,517+€2,284
Cash
€133,445
2024 · €128,213+€5,232
Balance sheet total
€1.3m
2024 · €1.8m-€480,400
Largest movements
Assets
- Receivables within one year -€492,874
down €492,874 (-88.0%), from €559,959 to €67,085
of which Other amounts receivable: -€474,660
Equity and liabilities
- Other debts -€289,730
down €289,730 (-48.6%), from €596,207 to €306,476
- Debts after one year -€182,140
down €182,140 (-24.3%), from €749,802 to €567,661
of which Trade debts: -€142,582
- Tax, wage and social debts -€49,478
down €49,478 (-73.8%), from €67,047 to €17,569
of which Taxes: -€51,124
- Trade debts +€28,872
up €28,872 (+17.2%), from €167,614 to €196,486
Income statement
- Gross operating margin +€55,489
up €55,489 (+14.6%), from €378,907 to €434,396
- Other operating charges -€23,980
down €23,980 (-68.0%), from €35,267 to €11,288
- Taxes -€23,970
down €23,970 (-53.8%), from €44,571 to €20,601
- Financial charges +€19,977
up €19,977 (+40.6%), from €49,238 to €69,216
- Staff costs +€13,370
up €13,370 (+13.3%), from €100,709 to €114,078
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
€78,912
Gross operating margin
+€55,489
Staff costs
-€13,370
Depreciation
+€3,540
Other operating charges
+€23,980
Financial income
-€261
Financial charges
-€19,977
Taxes
+€23,970
Result 2025
€152,284
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
+€389,439
Investment
-€66,880
Financing
-€317,327
Cash 2024
€128,213
From operations (derived)
+€389,439
Net result for the year
+€152,284
Depreciation
+€67,016
Stocks and contracts
-€7,378
Receivables within one year
+€492,874
Trade debts
+€28,872
Tax, wage and social debts
-€49,478
Other debts
-€289,730
Accrued charges and deferred income
-€5,020
Investment (derived)
-€66,880
Investment in fixed assets (net)
-€66,880
Financing
-€317,327
Debts after one year
-€182,140
Current portion of long-term debt
+€14,813
Contributions, distributions and other
-€150,000
Cash 2025
€133,445
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,771,565 | €1,291,165 | -€480,400 | -27.1% |
| Fixed assets | 21/28 | €332,108 | €331,973 | -€135 | 0.0% |
| Tangible fixed assets | 22/27 | €284,447 | €282,946 | -€1,500 | -0.5% |
| Land and buildings | 22 | €117,582 | €128,560 | +€10,978 | +9.3% |
| Plant, machinery and equipment | 23 | €21,542 | €14,909 | -€6,634 | -30.8% |
| Furniture and vehicles | 24 | €27,200 | €4,540 | -€22,660 | -83.3% |
| Other tangible fixed assets | 26 | €118,123 | €134,938 | +€16,815 | +14.2% |
| Financial fixed assets | 28 | €47,661 | €49,026 | +€1,365 | +2.9% |
| Current assets | 29/58 | €1,439,457 | €959,192 | -€480,265 | -33.4% |
| Stocks and contracts in progress | 3 | €751,285 | €758,662 | +€7,378 | +1.0% |
| Stocks | 30/36 | €751,285 | €758,662 | +€7,378 | +1.0% |
| Amounts receivable within one year | 40/41 | €559,959 | €67,085 | -€492,874 | -88.0% |
| Trade receivables | 40 | €42,018 | €23,804 | -€18,214 | -43.3% |
| Other amounts receivable | 41 | €517,941 | €43,280 | -€474,660 | -91.6% |
| Cash at bank and in hand | 54/58 | €128,213 | €133,445 | +€5,232 | +4.1% |
| Total equity and liabilities | 10/49 | €1,771,565 | €1,291,165 | -€480,400 | -27.1% |
| Equity | 10/15 | €156,517 | €158,801 | +€2,284 | +1.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €21,408 | €21,408 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,210 | €15,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,136 | €75,420 | +€2,284 | +3.1% |
| Amounts payable | 17/49 | €1,615,048 | €1,132,364 | -€482,684 | -29.9% |
| Amounts payable after more than one year | 17 | €749,802 | €567,661 | -€182,140 | -24.3% |
| Financial debts | 170/4 | €161,809 | €122,251 | -€39,558 | -24.4% |
| Trade debts | 175 | €587,993 | €445,411 | -€142,582 | -24.2% |
| Amounts payable within one year | 42/48 | €860,226 | €564,703 | -€295,523 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €18,286 | €33,099 | +€14,813 | +81.0% |
| Financial debts | 43 | €4,000 | €4,000 | = | 0.0% |
| Credit institutions | 430/8 | €4,000 | €4,000 | = | 0.0% |
| Trade debts | 44 | €167,614 | €196,486 | +€28,872 | +17.2% |
| Suppliers | 440/4 | €167,614 | €196,486 | +€28,872 | +17.2% |
| Advances received on contracts in progress | 46 | €7,073 | €7,073 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €67,047 | €17,569 | -€49,478 | -73.8% |
| Taxes | 450/3 | €53,850 | €2,726 | -€51,124 | -94.9% |
| Remuneration and social security | 454/9 | €13,197 | €14,843 | +€1,647 | +12.5% |
| Other amounts payable | 47/48 | €596,207 | €306,476 | -€289,730 | -48.6% |
| Accrued charges and deferred income | 492/3 | €5,020 | - | -€5,020 | |
| Non-recurring operating income | 76A | €1,042 | - | -€1,042 | |
| Remuneration, social security and pensions | 62 | €100,709 | €114,078 | +€13,370 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,556 | €67,016 | -€3,540 | -5.0% |
| Other operating charges | 640/8 | €35,267 | €11,288 | -€23,980 | -68.0% |
| Gross operating margin | 9900 | €378,907 | €434,396 | +€55,489 | +14.6% |
| Operating profit (loss) | 9901 | €172,375 | €242,014 | +€69,639 | +40.4% |
| Financial income | 75/76B | €347 | €86 | -€261 | -75.2% |
| Recurring financial income | 75 | €347 | €86 | -€261 | -75.2% |
| Financial charges | 65/66B | €49,238 | €69,216 | +€19,977 | +40.6% |
| Recurring financial charges | 65 | €49,238 | €69,216 | +€19,977 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €123,483 | €172,884 | +€49,401 | +40.0% |
| Income taxes | 67/77 | €44,571 | €20,601 | -€23,970 | -53.8% |
| Profit (loss) for the period | 9904 | €78,912 | €152,284 | +€73,371 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,912 | €152,284 | +€73,371 | +93.0% |
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 17 October 2026 via checked.be.