Noé: what changed
Two fiscal 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.
Noé
Largest movements
- Receivables after one year +€586,257
new in 2025: €586,257
- Receivables within one year -€499,281
down €499,281 (-90.0%), from €555,000 to €55,719
- Cash +€311,470
up €311,470 (+958.0%), from €32,511 to €343,981
mainly Receivables within one year (+€499,281) and Net result for the year (+€258,110)
- Tangible fixed assets -€22,486
down €22,486 (-18.8%), from €119,336 to €96,850
- Reserves +€258,110
up €258,110 (+41.6%), from €619,715 to €877,825
- Tax, wage and social debts +€137,130
up €137,130 (+244.2%), from €56,158 to €193,289
- Debts after one year -€12,429
down €12,429 (-36.5%), from €34,013 to €21,584
- Gross operating margin +€229,312
up €229,312 (+173.1%), from €132,485 to €361,796
- Taxes +€69,456
up €69,456 (+149.8%), from €46,368 to €115,825
- Depreciation +€16,709
up €16,709 (+177.2%), from €9,429 to €26,138
- Financial income +€5,046
up €5,046 (+13.9%), from €36,257 to €41,303
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.
Cash bridge derived
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 | €744,874 | €1,125,887 | +€381,012 | +51.2% |
| Fixed assets | 21/28 | €119,336 | €96,850 | -€22,486 | -18.8% |
| Tangible fixed assets | 22/27 | €119,336 | €96,850 | -€22,486 | -18.8% |
| Furniture and vehicles | 24 | €119,336 | €96,850 | -€22,486 | -18.8% |
| Current assets | 29/58 | €625,538 | €1,029,036 | +€403,498 | +64.5% |
| Amounts receivable after more than one year | 29 | - | €586,257 | +€586,257 | |
| Other amounts receivable | 291 | - | €586,257 | +€586,257 | |
| Amounts receivable within one year | 40/41 | €555,000 | €55,719 | -€499,281 | -90.0% |
| Other amounts receivable | 41 | €555,000 | €55,719 | -€499,281 | -90.0% |
| Cash at bank and in hand | 54/58 | €32,511 | €343,981 | +€311,470 | +958.0% |
| Deferred charges and accrued income | 490/1 | €38,028 | €43,080 | +€5,052 | +13.3% |
| Total equity and liabilities | 10/49 | €744,874 | €1,125,887 | +€381,012 | +51.2% |
| Equity | 10/15 | €637,550 | €895,660 | +€258,110 | +40.5% |
| Contributions | 10/11 | €17,835 | €17,835 | = | 0.0% |
| Reserves | 13 | €619,715 | €877,825 | +€258,110 | +41.6% |
| Distributable reserves | 133 | €619,715 | €877,825 | +€258,110 | +41.6% |
| Amounts payable | 17/49 | €107,324 | €230,227 | +€122,903 | +114.5% |
| Amounts payable after more than one year | 17 | €34,013 | €21,584 | -€12,429 | -36.5% |
| Financial debts | 170/4 | €34,013 | €21,584 | -€12,429 | -36.5% |
| Amounts payable within one year | 42/48 | €72,410 | €208,642 | +€136,232 | +188.1% |
| Current portion of amounts payable after more than one year | 42 | €12,052 | €12,429 | +€377 | +3.1% |
| Trade debts | 44 | €3,863 | €225 | -€3,638 | -94.2% |
| Suppliers | 440/4 | €3,863 | €225 | -€3,638 | -94.2% |
| Taxes, remuneration and social security | 45 | €56,158 | €193,289 | +€137,130 | +244.2% |
| Taxes | 450/3 | €56,158 | €193,289 | +€137,130 | +244.2% |
| Other amounts payable | 47/48 | €337 | €2,700 | +€2,363 | +702.1% |
| Accrued charges and deferred income | 492/3 | €900 | €0 | -€900 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,429 | €26,138 | +€16,709 | +177.2% |
| Other operating charges | 640/8 | €1,531 | €1,607 | +€76 | +5.0% |
| Gross operating margin | 9900 | €132,485 | €361,796 | +€229,312 | +173.1% |
| Operating profit (loss) | 9901 | €121,525 | €334,052 | +€212,526 | +174.9% |
| Financial income | 75/76B | €36,257 | €41,303 | +€5,046 | +13.9% |
| Recurring financial income | 75 | €36,257 | €41,303 | +€5,046 | +13.9% |
| Financial charges | 65/66B | €557 | €1,421 | +€864 | +155.1% |
| Recurring financial charges | 65 | €557 | €1,421 | +€864 | +155.1% |
| Profit (loss) for the period before taxes | 9903 | €157,225 | €373,934 | +€216,709 | +137.8% |
| Income taxes | 67/77 | €46,368 | €115,825 | +€69,456 | +149.8% |
| Profit (loss) for the period | 9904 | €110,857 | €258,110 | +€147,252 | +132.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,857 | €258,110 | +€147,252 | +132.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.