NOBEL MANAGEMENT: 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.
NOBEL MANAGEMENT
Largest movements
- Financial fixed assets +€433,392
up €433,392 (+25.0%), from €1.7m to €2.2m
- Receivables within one year -€232,583
down €232,583 (-85.7%), from €271,538 to €38,956
of which Other amounts receivable: -€232,583
- Reserves +€219,989
up €219,989 (+85.6%), from €256,952 to €476,941
- Other debts -€71,425
down €71,425 (-7.0%), from €1.0m to €948,992
- Advances received +€24,510
new in 2025: €24,510
- Financial income +€250,000
new in 2025: €250,000
- Gross operating margin -€34,105
down €34,105, from €26,636 to -€7,469
- Taxes +€19,631
up €19,631 (+772%), from €2,542 to €22,173
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 | €2,006,834 | €2,203,427 | +€196,593 | +9.8% |
| Fixed assets | 21/28 | €1,730,972 | €2,164,364 | +€433,392 | +25.0% |
| Financial fixed assets | 28 | €1,730,972 | €2,164,364 | +€433,392 | +25.0% |
| Current assets | 29/58 | €275,863 | €39,063 | -€236,799 | -85.8% |
| Amounts receivable within one year | 40/41 | €271,538 | €38,956 | -€232,583 | -85.7% |
| Trade receivables | 40 | €36,000 | €36,000 | = | 0.0% |
| Other amounts receivable | 41 | €235,538 | €2,956 | -€232,583 | -98.7% |
| Cash at bank and in hand | 54/58 | €4,324 | €108 | -€4,217 | -97.5% |
| Total equity and liabilities | 10/49 | €2,006,834 | €2,203,427 | +€196,593 | +9.8% |
| Equity | 10/15 | €976,610 | €1,196,599 | +€219,989 | +22.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €256,952 | €476,941 | +€219,989 | +85.6% |
| Distributable reserves | 133 | €256,952 | €476,941 | +€219,989 | +85.6% |
| Profit (loss) carried forward | 14 | €713,459 | €713,459 | = | 0.0% |
| Amounts payable | 17/49 | €1,030,224 | €1,006,828 | -€23,396 | -2.3% |
| Amounts payable within one year | 42/48 | €1,030,224 | €1,006,828 | -€23,396 | -2.3% |
| Trade debts | 44 | €5,912 | €8,775 | +€2,863 | +48.4% |
| Suppliers | 440/4 | €5,912 | €8,775 | +€2,863 | +48.4% |
| Advances received on contracts in progress | 46 | - | €24,510 | +€24,510 | |
| Taxes, remuneration and social security | 45 | €3,895 | €24,551 | +€20,657 | +530% |
| Taxes | 450/3 | €3,895 | €24,551 | +€20,657 | +530% |
| Other amounts payable | 47/48 | €1,020,417 | €948,992 | -€71,425 | -7.0% |
| Other operating charges | 640/8 | €231 | €239 | +€8 | +3.3% |
| Gross operating margin | 9900 | €26,636 | -€7,469 | -€34,105 | |
| Operating profit (loss) | 9901 | €26,405 | -€7,708 | -€34,113 | |
| Financial income | 75/76B | - | €250,000 | +€250,000 | |
| Recurring financial income | 75 | - | €250,000 | +€250,000 | |
| Financial charges | 65/66B | €83 | €130 | +€47 | +57.0% |
| Recurring financial charges | 65 | €83 | €130 | +€47 | +57.0% |
| Profit (loss) for the period before taxes | 9903 | €26,322 | €242,162 | +€215,840 | +820% |
| Income taxes | 67/77 | €2,542 | €22,173 | +€19,631 | +772% |
| Profit (loss) for the period | 9904 | €23,780 | €219,989 | +€196,209 | +825% |
| Profit (loss) for the period to be appropriated | 9905 | €23,780 | €219,989 | +€196,209 | +825% |
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 20 October 2026 via checked.be.