Noël & Co: 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.
Noël & Co
Largest movements
- Cash -€58,942
down €58,942 (-51.4%), from €114,780 to €55,838
mainly Investment in fixed assets (net) (-€68,021) and Receivables within one year (-€13,085)
- Tangible fixed assets +€39,719
up €39,719 (+10.3%), from €384,050 to €423,769
of which Land and buildings: +€42,438
- Receivables within one year +€13,085
up €13,085 (+379%), from €3,457 to €16,541
of which Trade receivables: +€11,457
- Profit (loss) carried forward -€8,024
down €8,024 (-83.4%), from -€9,626 to -€17,650
- Gross operating margin -€5,606
down €5,606 (-18.8%), from €29,844 to €24,237
- Financial income +€682
up €682 (+21,194%), from €3 to €686
- Other operating charges -€623
down €623 (-7.7%), from €8,066 to €7,443
- Depreciation +€525
up €525 (+1.9%), from €27,776 to €28,302
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 | €510,374 | €503,864 | -€6,510 | -1.3% |
| Fixed assets | 21/28 | €384,099 | €423,819 | +€39,719 | +10.3% |
| Tangible fixed assets | 22/27 | €384,050 | €423,769 | +€39,719 | +10.3% |
| Land and buildings | 22 | €375,446 | €417,884 | +€42,438 | +11.3% |
| Plant, machinery and equipment | 23 | €5,686 | €3,745 | -€1,941 | -34.1% |
| Furniture and vehicles | 24 | €2,918 | €2,141 | -€778 | -26.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €126,275 | €80,045 | -€46,229 | -36.6% |
| Stocks and contracts in progress | 3 | €7,556 | €6,926 | -€631 | -8.3% |
| Stocks | 30/36 | €7,556 | €6,926 | -€631 | -8.3% |
| Amounts receivable within one year | 40/41 | €3,457 | €16,541 | +€13,085 | +379% |
| Trade receivables | 40 | €2,763 | €14,220 | +€11,457 | +415% |
| Other amounts receivable | 41 | €694 | €2,321 | +€1,627 | +234% |
| Cash at bank and in hand | 54/58 | €114,780 | €55,838 | -€58,942 | -51.4% |
| Deferred charges and accrued income | 490/1 | €482 | €740 | +€259 | +53.7% |
| Total equity and liabilities | 10/49 | €510,374 | €503,864 | -€6,510 | -1.3% |
| Equity | 10/15 | €200,693 | €189,383 | -€11,310 | -5.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €191,319 | €188,033 | -€3,286 | -1.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €189,460 | €186,174 | -€3,286 | -1.7% |
| Profit (loss) carried forward | 14 | -€9,626 | -€17,650 | -€8,024 | -83.4% |
| Amounts payable | 17/49 | €309,681 | €314,481 | +€4,800 | +1.5% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,681 | €14,354 | +€4,673 | +48.3% |
| Current portion of amounts payable after more than one year | 42 | €4,533 | €276 | -€4,257 | -93.9% |
| Trade debts | 44 | €3,762 | €8,052 | +€4,290 | +114% |
| Suppliers | 440/4 | €3,762 | €8,052 | +€4,290 | +114% |
| Taxes, remuneration and social security | 45 | €67 | €105 | +€37 | +55.5% |
| Taxes | 450/3 | €37 | €75 | +€37 | +100% |
| Remuneration and social security | 454/9 | €30 | €30 | = | 0.0% |
| Other amounts payable | 47/48 | €1,319 | €5,921 | +€4,603 | +349% |
| Accrued charges and deferred income | 492/3 | - | €127 | +€127 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,776 | €28,302 | +€525 | +1.9% |
| Other operating charges | 640/8 | €8,066 | €7,443 | -€623 | -7.7% |
| Gross operating margin | 9900 | €29,844 | €24,237 | -€5,606 | -18.8% |
| Operating profit (loss) | 9901 | -€5,999 | -€11,507 | -€5,508 | -91.8% |
| Financial income | 75/76B | €3 | €686 | +€682 | +21,194% |
| Recurring financial income | 75 | €3 | €686 | +€682 | +21,194% |
| Financial charges | 65/66B | €347 | €282 | -€65 | -18.7% |
| Recurring financial charges | 65 | €347 | €282 | -€65 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,343 | -€11,104 | -€4,761 | -75.1% |
| Income taxes | 67/77 | €0 | €204 | +€204 | +339,367% |
| Profit (loss) for the period | 9904 | -€6,343 | -€11,307 | -€4,965 | -78.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,343 | -€11,307 | -€4,965 | -78.3% |
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 15 October 2026 via checked.be.