NOEL BAU: 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 BAU
Largest movements
- Cash +€53,655
up €53,655 (+724%), from €7,406 to €61,061
mainly Depreciation (+€39,278) and Receivables within one year (+€27,047)
- Tangible fixed assets -€29,548
down €29,548 (-9.3%), from €317,198 to €287,650
- Receivables within one year -€27,047
down €27,047 (-32.8%), from €82,526 to €55,480
- Debts after one year -€20,469
down €20,469 (-9.5%), from €216,376 to €195,907
- Profit (loss) carried forward +€7,255
up €7,255 (+9.2%), from €78,562 to €85,817
- Tax, wage and social debts +€6,864
up €6,864 (+271%), from €2,536 to €9,400
of which Remuneration and social security: +€3,970
- Trade debts +€4,197
up €4,197 (+27.2%), from €15,418 to €19,615
- Gross operating margin -€65,571
down €65,571 (-47.3%), from €138,499 to €72,928
- Staff costs -€50,644
down €50,644 (-70.2%), from €72,137 to €21,493
- Depreciation +€5,151
up €5,151 (+15.1%), from €34,127 to €39,278
- Other operating charges -€4,831
down €4,831 (-77.7%), from €6,220 to €1,389
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 | €410,575 | €408,460 | -€2,115 | -0.5% |
| Fixed assets | 21/28 | €317,198 | €287,650 | -€29,548 | -9.3% |
| Tangible fixed assets | 22/27 | €317,198 | €287,650 | -€29,548 | -9.3% |
| Land and buildings | 22 | €236,646 | €223,760 | -€12,886 | -5.4% |
| Plant, machinery and equipment | 23 | €23,581 | €14,147 | -€9,435 | -40.0% |
| Furniture and vehicles | 24 | €56,971 | €49,743 | -€7,228 | -12.7% |
| Current assets | 29/58 | €93,377 | €120,810 | +€27,433 | +29.4% |
| Amounts receivable within one year | 40/41 | €82,526 | €55,480 | -€27,047 | -32.8% |
| Trade receivables | 40 | €82,526 | €55,480 | -€27,047 | -32.8% |
| Cash at bank and in hand | 54/58 | €7,406 | €61,061 | +€53,655 | +724% |
| Deferred charges and accrued income | 490/1 | €3,445 | €4,270 | +€825 | +24.0% |
| Total equity and liabilities | 10/49 | €410,575 | €408,460 | -€2,115 | -0.5% |
| Equity | 10/15 | €104,342 | €111,247 | +€6,905 | +6.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Capital | 10 | €20,460 | €20,460 | = | 0.0% |
| Issued capital | 100 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,562 | €85,817 | +€7,255 | +9.2% |
| Investment grants | 15 | €5,320 | €4,970 | -€350 | -6.6% |
| Amounts payable | 17/49 | €306,233 | €297,213 | -€9,020 | -2.9% |
| Amounts payable after more than one year | 17 | €216,376 | €195,907 | -€20,469 | -9.5% |
| Financial debts | 170/4 | €216,376 | €195,907 | -€20,469 | -9.5% |
| Amounts payable within one year | 42/48 | €89,857 | €101,307 | +€11,449 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €20,009 | €20,469 | +€460 | +2.3% |
| Trade debts | 44 | €15,418 | €19,615 | +€4,197 | +27.2% |
| Suppliers | 440/4 | €15,418 | €19,615 | +€4,197 | +27.2% |
| Taxes, remuneration and social security | 45 | €2,536 | €9,400 | +€6,864 | +271% |
| Taxes | 450/3 | - | €2,895 | +€2,895 | |
| Remuneration and social security | 454/9 | €2,536 | €6,506 | +€3,970 | +157% |
| Other amounts payable | 47/48 | €51,895 | €51,822 | -€73 | -0.1% |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Remuneration, social security and pensions | 62 | €72,137 | €21,493 | -€50,644 | -70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,127 | €39,278 | +€5,151 | +15.1% |
| Other operating charges | 640/8 | €6,220 | €1,389 | -€4,831 | -77.7% |
| Gross operating margin | 9900 | €138,499 | €72,928 | -€65,571 | -47.3% |
| Operating profit (loss) | 9901 | €26,015 | €10,768 | -€15,247 | -58.6% |
| Financial income | 75/76B | €2,816 | €3,547 | +€731 | +25.9% |
| Recurring financial income | 75 | €2,816 | €3,547 | +€731 | +25.9% |
| Financial charges | 65/66B | €4,161 | €4,165 | +€4 | +0.1% |
| Recurring financial charges | 65 | €4,161 | €4,165 | +€4 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €24,671 | €10,150 | -€14,521 | -58.9% |
| Income taxes | 67/77 | €3,992 | €2,895 | -€1,097 | -27.5% |
| Profit (loss) for the period | 9904 | €20,679 | €7,255 | -€13,424 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,679 | €7,255 | -€13,424 | -64.9% |
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 27 October 2026 via checked.be.