NOEL A.: 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 A.
Largest movements
- Receivables within one year +€9,197
up €9,197 (+29.1%), from €31,553 to €40,750
of which Trade receivables: +€7,804
- Cash +€8,663
up €8,663 (+61.8%), from €14,027 to €22,690
mainly Net result for the year (+€27,130) and Depreciation (+€1,272)
- Tangible fixed assets -€1,348
down €1,348 (-37.1%), from €3,630 to €2,282
of which Land and buildings: -€1,141
- Profit (loss) carried forward +€27,130
up €27,130 (+16.7%), from -€162,222 to -€135,092
- Tax, wage and social debts -€9,127
down €9,127 (-7.2%), from €126,517 to €117,390
of which Taxes: -€9,127
- Trade debts -€1,723
down €1,723 (-62.5%), from €2,759 to €1,035
- Gross operating margin -€5,137
down €5,137 (-14.4%), from €35,556 to €30,419
- Taxes -€4,708
down €4,708 (-84.8%), from €5,552 to €844
- Financial income +€536
up €536 (+595,767%), from €0 to €536
- Other operating charges -€359
down €359 (-18.3%), from €1,956 to €1,597
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 | €50,706 | €67,040 | +€16,334 | +32.2% |
| Fixed assets | 21/28 | €3,730 | €2,382 | -€1,348 | -36.2% |
| Tangible fixed assets | 22/27 | €3,630 | €2,282 | -€1,348 | -37.1% |
| Land and buildings | 22 | €3,422 | €2,282 | -€1,141 | -33.3% |
| Plant, machinery and equipment | 23 | €131 | €0 | -€131 | -100% |
| Furniture and vehicles | 24 | €76 | €0 | -€76 | -100% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €46,976 | €64,658 | +€17,683 | +37.6% |
| Amounts receivable within one year | 40/41 | €31,553 | €40,750 | +€9,197 | +29.1% |
| Trade receivables | 40 | €30,495 | €38,299 | +€7,804 | +25.6% |
| Other amounts receivable | 41 | €1,058 | €2,451 | +€1,393 | +132% |
| Cash at bank and in hand | 54/58 | €14,027 | €22,690 | +€8,663 | +61.8% |
| Deferred charges and accrued income | 490/1 | €1,396 | €1,218 | -€178 | -12.7% |
| Total equity and liabilities | 10/49 | €50,706 | €67,040 | +€16,334 | +32.2% |
| Equity | 10/15 | -€84,510 | -€57,380 | +€27,130 | +32.1% |
| Contributions | 10/11 | €8,059 | €8,059 | = | 0.0% |
| Reserves | 13 | €69,653 | €69,653 | = | 0.0% |
| Distributable reserves | 133 | €69,653 | €69,653 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€162,222 | -€135,092 | +€27,130 | +16.7% |
| Amounts payable | 17/49 | €135,215 | €124,420 | -€10,796 | -8.0% |
| Amounts payable within one year | 42/48 | €135,178 | €124,420 | -€10,758 | -8.0% |
| Trade debts | 44 | €2,759 | €1,035 | -€1,723 | -62.5% |
| Suppliers | 440/4 | €2,759 | €1,035 | -€1,723 | -62.5% |
| Taxes, remuneration and social security | 45 | €126,517 | €117,390 | -€9,127 | -7.2% |
| Taxes | 450/3 | €126,517 | €117,390 | -€9,127 | -7.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,902 | €5,994 | +€92 | +1.6% |
| Accrued charges and deferred income | 492/3 | €38 | €0 | -€38 | -100% |
| Non-recurring operating income | 76A | €2,255 | €0 | -€2,255 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,491 | €1,272 | -€219 | -14.7% |
| Other operating charges | 640/8 | €1,956 | €1,597 | -€359 | -18.3% |
| Gross operating margin | 9900 | €35,556 | €30,419 | -€5,137 | -14.4% |
| Operating profit (loss) | 9901 | €32,109 | €27,550 | -€4,559 | -14.2% |
| Financial income | 75/76B | €0 | €536 | +€536 | +595,767% |
| Recurring financial income | 75 | €0 | €536 | +€536 | +595,767% |
| Financial charges | 65/66B | €248 | €113 | -€136 | -54.7% |
| Recurring financial charges | 65 | €248 | €113 | -€136 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | €31,861 | €27,974 | -€3,888 | -12.2% |
| Income taxes | 67/77 | €5,552 | €844 | -€4,708 | -84.8% |
| Profit (loss) for the period | 9904 | €26,310 | €27,130 | +€820 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,310 | €27,130 | +€820 | +3.1% |
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 13 October 2026 via checked.be.