Noë: 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.
Noë
Largest movements
- Tangible fixed assets +€465,091
up €465,091 (+1,010%), from €46,031 to €511,122
of which Land and buildings: +€417,426
- Receivables within one year +€73,991
up €73,991 (+297%), from €24,889 to €98,879
of which Other amounts receivable: +€53,267
- Debts after one year +€406,594
up €406,594 (+1,560%), from €26,067 to €432,661
- Short-term financial debts +€64,000
new in 2025: €64,000
- Other debts +€27,713
new in 2025: €27,713
- Current portion of long-term debt +€27,605
up €27,605 (+330%), from €8,354 to €35,959
- Reserves +€17,947
up €17,947 (+48.0%), from €37,404 to €55,351
- Other operating charges +€23,415
up €23,415 (+954%), from €2,453 to €25,869
- Depreciation +€12,950
up €12,950 (+83.6%), from €15,487 to €28,437
- Taxes -€10,191
down €10,191 (-97.7%), from €10,431 to €240
- Gross operating margin +€7,024
up €7,024 (+9.8%), from €71,862 to €78,885
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 | €89,500 | €634,474 | +€544,974 | +609% |
| Fixed assets | 21/28 | €48,891 | €513,982 | +€465,091 | +951% |
| Tangible fixed assets | 22/27 | €46,031 | €511,122 | +€465,091 | +1,010% |
| Land and buildings | 22 | - | €417,426 | +€417,426 | |
| Plant, machinery and equipment | 23 | €6,624 | €5,103 | -€1,521 | -23.0% |
| Furniture and vehicles | 24 | €6,148 | €64,156 | +€58,008 | +944% |
| Leasing and similar rights | 25 | €33,259 | €24,437 | -€8,822 | -26.5% |
| Financial fixed assets | 28 | €2,860 | €2,860 | = | 0.0% |
| Current assets | 29/58 | €40,609 | €120,492 | +€79,883 | +197% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,889 | €98,879 | +€73,991 | +297% |
| Trade receivables | 40 | €5,312 | €26,035 | +€20,723 | +390% |
| Other amounts receivable | 41 | €19,577 | €72,844 | +€53,267 | +272% |
| Cash at bank and in hand | 54/58 | €5,686 | €9,777 | +€4,091 | +71.9% |
| Deferred charges and accrued income | 490/1 | €34 | €1,836 | +€1,802 | +5,304% |
| Total equity and liabilities | 10/49 | €89,500 | €634,474 | +€544,974 | +609% |
| Equity | 10/15 | €42,404 | €60,351 | +€17,947 | +42.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €37,404 | €55,351 | +€17,947 | +48.0% |
| Distributable reserves | 133 | €37,404 | €55,351 | +€17,947 | +48.0% |
| Amounts payable | 17/49 | €47,096 | €574,123 | +€527,027 | +1,119% |
| Amounts payable after more than one year | 17 | €26,067 | €432,661 | +€406,594 | +1,560% |
| Financial debts | 170/4 | €26,067 | €432,661 | +€406,594 | +1,560% |
| Amounts payable within one year | 42/48 | €21,029 | €141,462 | +€120,432 | +573% |
| Current portion of amounts payable after more than one year | 42 | €8,354 | €35,959 | +€27,605 | +330% |
| Financial debts | 43 | - | €64,000 | +€64,000 | |
| Credit institutions | 430/8 | - | €64,000 | +€64,000 | |
| Trade debts | 44 | €6,111 | €10,885 | +€4,774 | +78.1% |
| Suppliers | 440/4 | €6,111 | €10,885 | +€4,774 | +78.1% |
| Taxes, remuneration and social security | 45 | €6,565 | €2,905 | -€3,660 | -55.7% |
| Taxes | 450/3 | €6,565 | €2,905 | -€3,660 | -55.7% |
| Other amounts payable | 47/48 | - | €27,713 | +€27,713 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,487 | €28,437 | +€12,950 | +83.6% |
| Other operating charges | 640/8 | €2,453 | €25,869 | +€23,415 | +954% |
| Gross operating margin | 9900 | €71,862 | €78,885 | +€7,024 | +9.8% |
| Operating profit (loss) | 9901 | €53,921 | €24,579 | -€29,342 | -54.4% |
| Financial income | 75/76B | €397 | €200 | -€197 | -49.7% |
| Recurring financial income | 75 | €397 | €200 | -€197 | -49.7% |
| Financial charges | 65/66B | €6,483 | €6,592 | +€109 | +1.7% |
| Recurring financial charges | 65 | €6,483 | €6,592 | +€109 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €47,835 | €18,187 | -€29,648 | -62.0% |
| Income taxes | 67/77 | €10,431 | €240 | -€10,191 | -97.7% |
| Profit (loss) for the period | 9904 | €37,404 | €17,947 | -€19,457 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,404 | €17,947 | -€19,457 | -52.0% |
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 22 October 2026 via checked.be.