NOEL: 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.
NOEL
Largest movements
- Receivables within one year -€12,128
down €12,128 (-99.5%), from €12,188 to €60
of which Trade receivables: -€9,736
- Stocks and contracts +€5,349
new in 2025: €5,349
- Deferred charges and accrued income -€4,233
down €4,233 (-99.1%), from €4,270 to €37
- Cash -€736
down €736 (-53.5%), from €1,374 to €638
mainly Other debts (-€59,592) and Stocks and contracts (-€5,349)
- Other debts -€59,592
down €59,592 (-56.4%), from €105,597 to €46,005
- Profit (loss) carried forward +€22,627
up €22,627 (+19.7%), from -€114,860 to -€92,233
- Tax, wage and social debts +€15,013
new in 2025: €15,013
of which Taxes: +€8,784
- Trade debts +€10,203
up €10,203 (+91.3%), from €11,178 to €21,381
- Gross operating margin +€57,927
up €57,927, from -€12,302 to €45,625
- Staff costs +€21,953
new in 2025: €21,953
- Other operating charges -€2,022
down €2,022 (-82.6%), from €2,448 to €426
- Financial charges +€497
up €497 (+408.2%), from €122 to €619
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 | €22,201 | €10,452 | -€11,749 | -52.9% |
| Fixed assets | 21/28 | €4,368 | €4,368 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €4,368 | €4,368 | = | 0.0% |
| Current assets | 29/58 | €17,833 | €6,084 | -€11,749 | -65.9% |
| Stocks and contracts in progress | 3 | - | €5,349 | +€5,349 | |
| Stocks | 30/36 | - | €5,349 | +€5,349 | |
| Amounts receivable within one year | 40/41 | €12,188 | €60 | -€12,128 | -99.5% |
| Trade receivables | 40 | €9,736 | - | -€9,736 | |
| Other amounts receivable | 41 | €2,452 | €60 | -€2,392 | -97.6% |
| Cash at bank and in hand | 54/58 | €1,374 | €638 | -€736 | -53.5% |
| Deferred charges and accrued income | 490/1 | €4,270 | €37 | -€4,233 | -99.1% |
| Total equity and liabilities | 10/49 | €22,201 | €10,452 | -€11,749 | -52.9% |
| Equity | 10/15 | -€94,575 | -€71,948 | +€22,627 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,685 | €1,685 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,685 | €1,685 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,685 | €1,685 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,860 | -€92,233 | +€22,627 | +19.7% |
| Amounts payable | 17/49 | €116,776 | €82,400 | -€34,376 | -29.4% |
| Amounts payable within one year | 42/48 | €116,776 | €82,400 | -€34,376 | -29.4% |
| Trade debts | 44 | €11,178 | €21,381 | +€10,203 | +91.3% |
| Suppliers | 440/4 | €11,178 | €21,381 | +€10,203 | +91.3% |
| Taxes, remuneration and social security | 45 | - | €15,013 | +€15,013 | |
| Taxes | 450/3 | - | €8,784 | +€8,784 | |
| Remuneration and social security | 454/9 | - | €6,229 | +€6,229 | |
| Other amounts payable | 47/48 | €105,597 | €46,005 | -€59,592 | -56.4% |
| Remuneration, social security and pensions | 62 | - | €21,953 | +€21,953 | |
| Other operating charges | 640/8 | €2,448 | €426 | -€2,022 | -82.6% |
| Gross operating margin | 9900 | -€12,302 | €45,625 | +€57,927 | |
| Operating profit (loss) | 9901 | -€14,750 | €23,246 | +€37,996 | |
| Financial charges | 65/66B | €122 | €619 | +€497 | +408.2% |
| Recurring financial charges | 65 | €122 | €619 | +€497 | +408.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,872 | €22,627 | +€37,499 | |
| Profit (loss) for the period | 9904 | -€14,872 | €22,627 | +€37,499 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,872 | €22,627 | +€37,499 |
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 30 September 2026 via checked.be.