NOBERO: 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
NOBERO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€19,821
2024 · €4,332-€24,153
Equity
€809,517
2024 · €829,339-€19,821
Cash
€296,175
2024 · €79,760+€216,415
Balance sheet total
€3.1m
2024 · €2.8m+€313,038
Largest movements
Assets
- Tangible fixed assets +€423,728
up €423,728 (+21.5%), from €2.0m to €2.4m
of which Other tangible fixed assets: +€498,848
- Current investments -€350,104
down €350,104 (-98.6%), from €355,101 to €4,997
- Cash +€216,415
up €216,415 (+271%), from €79,760 to €296,175
mainly Trade debts (+€519,992) and Current investments (+€350,104)
Equity and liabilities
- Trade debts +€519,992
up €519,992 (+9,100%), from €5,714 to €525,706
- Debts after one year -€129,544
down €129,544 (-8.3%), from €1.6m to €1.4m
- Other debts -€38,710
down €38,710 (-100%), from €38,710 to €0
Income statement
- Gross operating margin -€36,536
down €36,536 (-25.0%), from €146,337 to €109,801
- Other operating charges -€12,363
down €12,363 (-60.7%), from €20,379 to €8,016
- Staff costs +€8,281
up €8,281 (+28.9%), from €28,621 to €36,901
- Financial income +€8,204
up €8,204 (+250%), from €3,287 to €11,490
- Depreciation +€6,974
up €6,974 (+8.4%), from €82,776 to €89,750
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
€4,332
Gross operating margin
-€36,536
Staff costs
-€8,281
Depreciation
-€6,974
Other operating charges
+€12,363
Financial income
+€8,204
Financial charges
+€2,569
Taxes
+€5,023
Deferred taxes and other
-€520
Result 2025
-€19,821
raises the resultlowers the resultnot broken down further in the accounts
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
+€505,610
Investment
-€163,375
Financing
-€125,820
Cash 2024
€79,760
From operations (derived)
+€505,610
Net result for the year
-€19,821
Depreciation
+€89,750
Receivables within one year
-€27,030
Deferred charges and accrued income
+€4,032
Provisions
-€5,822
Trade debts
+€519,992
Tax, wage and social debts
-€15,920
Other debts
-€38,710
Accrued charges and deferred income
-€861
Investment (derived)
-€163,375
Investment in fixed assets (net)
-€513,479
Current investments
+€350,104
Financing
-€125,820
Debts after one year
-€129,544
Current portion of long-term debt
+€3,724
Cash 2025
€296,175
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,785,480 | €3,098,519 | +€313,038 | +11.2% |
| Fixed assets | 21/28 | €1,971,464 | €2,395,192 | +€423,728 | +21.5% |
| Tangible fixed assets | 22/27 | €1,971,464 | €2,395,192 | +€423,728 | +21.5% |
| Land and buildings | 22 | €969,760 | €940,380 | -€29,380 | -3.0% |
| Plant, machinery and equipment | 23 | €2,362 | €379 | -€1,983 | -83.9% |
| Furniture and vehicles | 24 | €11,292 | €869 | -€10,423 | -92.3% |
| Leasing and similar rights | 25 | €988,050 | €954,717 | -€33,333 | -3.4% |
| Other tangible fixed assets | 26 | - | €498,848 | +€498,848 | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €814,016 | €703,326 | -€110,690 | -13.6% |
| Amounts receivable within one year | 40/41 | €304,123 | €331,154 | +€27,030 | +8.9% |
| Trade receivables | 40 | €3,141 | €24,200 | +€21,059 | +670% |
| Other amounts receivable | 41 | €300,982 | €306,954 | +€5,971 | +2.0% |
| Current investments | 50/53 | €355,101 | €4,997 | -€350,104 | -98.6% |
| Cash at bank and in hand | 54/58 | €79,760 | €296,175 | +€216,415 | +271% |
| Deferred charges and accrued income | 490/1 | €75,032 | €71,000 | -€4,032 | -5.4% |
| Total equity and liabilities | 10/49 | €2,785,480 | €3,098,519 | +€313,038 | +11.2% |
| Equity | 10/15 | €829,339 | €809,517 | -€19,821 | -2.4% |
| Contributions | 10/11 | €272,500 | €272,500 | = | 0.0% |
| Reserves | 13 | €556,839 | €545,194 | -€11,645 | -2.1% |
| Non-distributable reserves | 130/1 | €27,250 | €27,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,250 | €27,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €321,792 | €310,147 | -€11,645 | -3.6% |
| Distributable reserves | 133 | €207,797 | €207,797 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€8,176 | -€8,176 | |
| Provisions and deferred taxes | 16 | €211,399 | €205,577 | -€5,822 | -2.8% |
| Provisions for liabilities and charges | 160/5 | €76,230 | €76,230 | = | 0.0% |
| Pensions and similar obligations | 160 | €76,230 | €76,230 | = | 0.0% |
| Deferred taxes | 168 | €135,169 | €129,347 | -€5,822 | -4.3% |
| Amounts payable | 17/49 | €1,744,743 | €2,083,424 | +€338,681 | +19.4% |
| Amounts payable after more than one year | 17 | €1,554,552 | €1,425,008 | -€129,544 | -8.3% |
| Financial debts | 170/4 | €1,554,552 | €1,425,008 | -€129,544 | -8.3% |
| Amounts payable within one year | 42/48 | €189,330 | €658,416 | +€469,086 | +248% |
| Current portion of amounts payable after more than one year | 42 | €122,776 | €126,500 | +€3,724 | +3.0% |
| Trade debts | 44 | €5,714 | €525,706 | +€519,992 | +9,100% |
| Suppliers | 440/4 | €5,714 | €525,706 | +€519,992 | +9,100% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €22,130 | €6,211 | -€15,920 | -71.9% |
| Taxes | 450/3 | €18,727 | €1,502 | -€17,225 | -92.0% |
| Remuneration and social security | 454/9 | €3,403 | €4,709 | +€1,305 | +38.4% |
| Other amounts payable | 47/48 | €38,710 | €0 | -€38,710 | -100% |
| Accrued charges and deferred income | 492/3 | €861 | €0 | -€861 | -100% |
| Remuneration, social security and pensions | 62 | €28,621 | €36,901 | +€8,281 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,776 | €89,750 | +€6,974 | +8.4% |
| Other operating charges | 640/8 | €20,379 | €8,016 | -€12,363 | -60.7% |
| Gross operating margin | 9900 | €146,337 | €109,801 | -€36,536 | -25.0% |
| Operating profit (loss) | 9901 | €14,562 | -€24,867 | -€39,428 | |
| Financial income | 75/76B | €3,287 | €11,490 | +€8,204 | +250% |
| Recurring financial income | 75 | €3,287 | €11,490 | +€8,204 | +250% |
| Financial charges | 65/66B | €14,572 | €12,003 | -€2,569 | -17.6% |
| Recurring financial charges | 65 | €14,572 | €12,003 | -€2,569 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €3,276 | -€25,379 | -€28,656 | |
| Transfer from deferred taxes | 780 | €6,342 | €5,822 | -€520 | -8.2% |
| Income taxes | 67/77 | €5,286 | €263 | -€5,023 | -95.0% |
| Profit (loss) for the period | 9904 | €4,332 | -€19,821 | -€24,153 | |
| Transfer from tax-exempt reserves | 789 | €15,097 | €11,645 | -€3,452 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,429 | -€8,176 | -€27,605 |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.