NOBEN-VANHERCK: 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.
NOBEN-VANHERCK
Largest movements
- Receivables within one year +€129,900
up €129,900 (+257%), from €50,586 to €180,486
of which Trade receivables: +€126,973
- Cash -€41,619
down €41,619 (-82.4%), from €50,511 to €8,892
mainly Receivables within one year (-€129,900) and Investment in fixed assets (net) (-€24,078)
- Tangible fixed assets +€20,132
up €20,132 (+194%), from €10,393 to €30,524
of which Plant, machinery and equipment: +€12,338
- Deferred charges and accrued income +€10,513
up €10,513 (+517%), from €2,034 to €12,547
- Reserves +€75,320
up €75,320 (+86.9%), from €86,681 to €162,000
- Trade debts +€41,760
up €41,760 (+6,163%), from €678 to €42,438
- Other debts +€10,734
up €10,734, from €0 to €10,734
- Tax, wage and social debts -€10,176
down €10,176 (-35.7%), from €28,470 to €18,294
- Gross operating margin +€17,308
up €17,308 (+19.3%), from €89,454 to €106,762
- Depreciation +€3,219
up €3,219 (+308%), from €1,046 to €4,265
- Other operating charges +€2,687
up €2,687 (+596%), from €451 to €3,139
- Taxes -€2,223
down €2,223 (-9.2%), from €24,258 to €22,035
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 | €117,829 | €235,466 | +€117,637 | +99.8% |
| Fixed assets | 21/28 | €11,353 | €31,166 | +€19,813 | +175% |
| Intangible fixed assets | 21 | €960 | €641 | -€319 | -33.2% |
| Tangible fixed assets | 22/27 | €10,393 | €30,524 | +€20,132 | +194% |
| Plant, machinery and equipment | 23 | - | €12,338 | +€12,338 | |
| Furniture and vehicles | 24 | €10,393 | €15,162 | +€4,770 | +45.9% |
| Other tangible fixed assets | 26 | - | €3,024 | +€3,024 | |
| Current assets | 29/58 | €106,476 | €204,300 | +€97,824 | +91.9% |
| Stocks and contracts in progress | 3 | €3,345 | €2,375 | -€970 | -29.0% |
| Stocks | 30/36 | €3,345 | €2,375 | -€970 | -29.0% |
| Amounts receivable within one year | 40/41 | €50,586 | €180,486 | +€129,900 | +257% |
| Trade receivables | 40 | €45,324 | €172,296 | +€126,973 | +280% |
| Other amounts receivable | 41 | €5,263 | €8,190 | +€2,927 | +55.6% |
| Cash at bank and in hand | 54/58 | €50,511 | €8,892 | -€41,619 | -82.4% |
| Deferred charges and accrued income | 490/1 | €2,034 | €12,547 | +€10,513 | +517% |
| Total equity and liabilities | 10/49 | €117,829 | €235,466 | +€117,637 | +99.8% |
| Equity | 10/15 | €88,681 | €164,000 | +€75,320 | +84.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €86,681 | €162,000 | +€75,320 | +86.9% |
| Distributable reserves | 133 | €86,681 | €162,000 | +€75,320 | +86.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €29,148 | €71,465 | +€42,317 | +145% |
| Amounts payable within one year | 42/48 | €29,148 | €71,465 | +€42,317 | +145% |
| Trade debts | 44 | €678 | €42,438 | +€41,760 | +6,163% |
| Suppliers | 440/4 | €678 | €42,438 | +€41,760 | +6,163% |
| Taxes, remuneration and social security | 45 | €28,470 | €18,294 | -€10,176 | -35.7% |
| Taxes | 450/3 | €28,470 | €18,294 | -€10,176 | -35.7% |
| Other amounts payable | 47/48 | €0 | €10,734 | +€10,734 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,046 | €4,265 | +€3,219 | +308% |
| Other operating charges | 640/8 | €451 | €3,139 | +€2,687 | +596% |
| Gross operating margin | 9900 | €89,454 | €106,762 | +€17,308 | +19.3% |
| Operating profit (loss) | 9901 | €87,957 | €99,358 | +€11,402 | +13.0% |
| Financial income | 75/76B | €422 | €59 | -€363 | -85.9% |
| Recurring financial income | 75 | €422 | €59 | -€363 | -85.9% |
| Financial charges | 65/66B | €2,868 | €2,063 | -€805 | -28.1% |
| Recurring financial charges | 65 | €2,868 | €2,063 | -€805 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €85,510 | €97,355 | +€11,844 | +13.9% |
| Income taxes | 67/77 | €24,258 | €22,035 | -€2,223 | -9.2% |
| Profit (loss) for the period | 9904 | €61,252 | €75,320 | +€14,067 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,252 | €75,320 | +€14,067 | +23.0% |
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 29 October 2026 via checked.be.