NOEL: 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.
NOEL
Largest movements
- Cash +€36,639
up €36,639 (+20.5%), from €178,499 to €215,138
mainly Net result for the year (+€63,270) and Other debts (+€24,612)
- Receivables within one year +€35,914
up €35,914 (+1,377%), from €2,609 to €38,523
of which Trade receivables: +€38,096
- Reserves +€37,873
up €37,873 (+23.1%), from €164,302 to €202,176
- Other debts +€24,612
up €24,612 (+4,221%), from €583 to €25,195
- Tax, wage and social debts +€10,793
up €10,793 (+189%), from €5,696 to €16,489
- Gross operating margin +€19,652
up €19,652 (+27.4%), from €71,774 to €91,425
- Taxes +€5,406
up €5,406 (+27.3%), from €19,796 to €25,203
- Other operating charges -€1,243
down €1,243 (-40.5%), from €3,066 to €1,824
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 | €183,732 | €255,615 | +€71,882 | +39.1% |
| Fixed assets | 21/28 | €1,063 | €385 | -€678 | -63.7% |
| Tangible fixed assets | 22/27 | €1,063 | €385 | -€678 | -63.7% |
| Plant, machinery and equipment | 23 | €1,063 | €385 | -€678 | -63.7% |
| Current assets | 29/58 | €182,669 | €255,230 | +€72,560 | +39.7% |
| Amounts receivable within one year | 40/41 | €2,609 | €38,523 | +€35,914 | +1,377% |
| Trade receivables | 40 | - | €38,096 | +€38,096 | |
| Other amounts receivable | 41 | €2,609 | €427 | -€2,182 | -83.6% |
| Cash at bank and in hand | 54/58 | €178,499 | €215,138 | +€36,639 | +20.5% |
| Deferred charges and accrued income | 490/1 | €1,562 | €1,569 | +€7 | +0.5% |
| Total equity and liabilities | 10/49 | €183,732 | €255,615 | +€71,882 | +39.1% |
| Equity | 10/15 | €175,502 | €213,376 | +€37,873 | +21.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €164,302 | €202,176 | +€37,873 | +23.1% |
| Distributable reserves | 133 | €164,302 | €202,176 | +€37,873 | +23.1% |
| Profit (loss) carried forward | 14 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable | 17/49 | €8,230 | €42,239 | +€34,009 | +413% |
| Amounts payable within one year | 42/48 | €8,230 | €42,239 | +€34,009 | +413% |
| Trade debts | 44 | €1,951 | €555 | -€1,396 | -71.5% |
| Suppliers | 440/4 | €1,951 | €555 | -€1,396 | -71.5% |
| Taxes, remuneration and social security | 45 | €5,696 | €16,489 | +€10,793 | +189% |
| Taxes | 450/3 | €5,696 | €16,489 | +€10,793 | +189% |
| Other amounts payable | 47/48 | €583 | €25,195 | +€24,612 | +4,221% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €678 | -€45 | -6.2% |
| Other operating charges | 640/8 | €3,066 | €1,824 | -€1,243 | -40.5% |
| Gross operating margin | 9900 | €71,774 | €91,425 | +€19,652 | +27.4% |
| Operating profit (loss) | 9901 | €67,985 | €88,924 | +€20,939 | +30.8% |
| Financial income | 75/76B | €355 | €265 | -€91 | -25.5% |
| Recurring financial income | 75 | €355 | €265 | -€91 | -25.5% |
| Financial charges | 65/66B | €618 | €716 | +€99 | +16.0% |
| Recurring financial charges | 65 | €618 | €716 | +€99 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €67,723 | €88,472 | +€20,749 | +30.6% |
| Income taxes | 67/77 | €19,796 | €25,203 | +€5,406 | +27.3% |
| Profit (loss) for the period | 9904 | €47,927 | €63,270 | +€15,343 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,927 | €63,270 | +€15,343 | +32.0% |
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 16 October 2026 via checked.be.