Noël: 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.
Noël
Largest movements
- Tangible fixed assets +€80,265
up €80,265 (+298.9%), from €26,850 to €107,115
of which Land and buildings: +€90,000
- Cash +€77,740
up €77,740 (+14.7%), from €528,191 to €605,931
mainly Net result for the year (+€102,613) and Debts after one year (+€74,428)
- Reserves +€76,506
up €76,506 (+33.5%), from €228,332 to €304,838
of which Distributable reserves: +€76,506
- Debts after one year +€74,428
up €74,428 (+410.0%), from €18,155 to €92,583
- Gross operating margin +€40,284
up €40,284 (+31.6%), from €127,303 to €167,587
- Depreciation +€7,085
up €7,085 (+267.4%), from €2,650 to €9,735
- Other operating charges -€3,165
down €3,165 (-72.4%), from €4,369 to €1,204
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 | €818,489 | €981,735 | +€163,246 | +19.9% |
| Fixed assets | 21/28 | €26,850 | €107,115 | +€80,265 | +298.9% |
| Tangible fixed assets | 22/27 | €26,850 | €107,115 | +€80,265 | +298.9% |
| Land and buildings | 22 | - | €90,000 | +€90,000 | |
| Furniture and vehicles | 24 | €26,850 | €17,115 | -€9,735 | -36.3% |
| Current assets | 29/58 | €791,639 | €874,620 | +€82,981 | +10.5% |
| Amounts receivable after more than one year | 29 | €81,617 | €81,617 | = | 0.0% |
| Other amounts receivable | 291 | €81,617 | €81,617 | = | 0.0% |
| Stocks and contracts in progress | 3 | €20,935 | €18,245 | -€2,690 | -12.8% |
| Stocks | 30/36 | €20,935 | €18,245 | -€2,690 | -12.8% |
| Amounts receivable within one year | 40/41 | €159,525 | €167,456 | +€7,931 | +5.0% |
| Trade receivables | 40 | €159,525 | €167,456 | +€7,931 | +5.0% |
| Cash at bank and in hand | 54/58 | €528,191 | €605,931 | +€77,740 | +14.7% |
| Deferred charges and accrued income | 490/1 | €1,371 | €1,371 | = | 0.0% |
| Total equity and liabilities | 10/49 | €818,489 | €981,735 | +€163,246 | +19.9% |
| Equity | 10/15 | €622,917 | €699,423 | +€76,506 | +12.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €228,332 | €304,838 | +€76,506 | +33.5% |
| Tax-exempt reserves | 132 | €9,452 | €9,452 | = | 0.0% |
| Distributable reserves | 133 | €218,880 | €295,386 | +€76,506 | +35.0% |
| Profit (loss) carried forward | 14 | €375,993 | €375,993 | = | 0.0% |
| Provisions and deferred taxes | 16 | €42,000 | €42,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €42,000 | €42,000 | = | 0.0% |
| Environmental obligations | 163 | €42,000 | €42,000 | = | 0.0% |
| Amounts payable | 17/49 | €153,572 | €240,312 | +€86,740 | +56.5% |
| Amounts payable after more than one year | 17 | €18,155 | €92,583 | +€74,428 | +410.0% |
| Financial debts | 170/4 | €18,155 | €92,583 | +€74,428 | +410.0% |
| Amounts payable within one year | 42/48 | €135,417 | €147,729 | +€12,312 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €10,374 | €8,650 | -€1,724 | -16.6% |
| Trade debts | 44 | €90,070 | €97,381 | +€7,311 | +8.1% |
| Suppliers | 440/4 | €90,070 | €97,381 | +€7,311 | +8.1% |
| Taxes, remuneration and social security | 45 | €34,973 | €41,698 | +€6,725 | +19.2% |
| Taxes | 450/3 | €19,194 | €33,430 | +€14,236 | +74.2% |
| Remuneration and social security | 454/9 | €15,779 | €8,268 | -€7,511 | -47.6% |
| Remuneration, social security and pensions | 62 | €34,401 | €33,504 | -€897 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,650 | €9,735 | +€7,085 | +267.4% |
| Other operating charges | 640/8 | €4,369 | €1,204 | -€3,165 | -72.4% |
| Non-recurring operating charges | 66A | - | €1,500 | +€1,500 | |
| Gross operating margin | 9900 | €127,303 | €167,587 | +€40,284 | +31.6% |
| Operating profit (loss) | 9901 | €85,883 | €121,644 | +€35,761 | +41.6% |
| Financial income | 75/76B | €1,659 | €202 | -€1,457 | -87.8% |
| Recurring financial income | 75 | €1,659 | €202 | -€1,457 | -87.8% |
| Financial charges | 65/66B | €1,088 | €1,806 | +€718 | +66.0% |
| Recurring financial charges | 65 | €1,088 | €1,806 | +€718 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | €86,454 | €120,040 | +€33,586 | +38.8% |
| Income taxes | 67/77 | €18,995 | €17,427 | -€1,568 | -8.3% |
| Profit (loss) for the period | 9904 | €67,459 | €102,613 | +€35,154 | +52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,459 | €102,613 | +€35,154 | +52.1% |
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 6 October 2026 via checked.be.