Noel & 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.
Noel & Co
Largest movements
- Current investments -€74,000
no longer reported in 2025 (was €74,000)
- Cash +€69,749
up €69,749 (+258%), from €26,984 to €96,733
mainly Current investments (+€74,000) and Net result for the year (+€53,152)
- Tangible fixed assets +€44,548
up €44,548 (+12.1%), from €369,374 to €413,922
of which Furniture and vehicles: +€44,181
- Reserves +€53,150
up €53,150 (+31.3%), from €169,638 to €222,788
- Debts after one year -€18,583
down €18,583 (-11.2%), from €165,861 to €147,278
- Gross operating margin +€56,718
up €56,718 (+39.9%), from €142,153 to €198,871
- Taxes +€30,416
up €30,416 (+214%), from €14,182 to €44,598
- Staff costs +€25,045
up €25,045 (+68.7%), from €36,455 to €61,500
- Depreciation +€8,123
up €8,123 (+36.3%), from €22,399 to €30,522
- Other operating charges -€5,472
down €5,472 (-83.2%), from €6,580 to €1,108
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 | €479,490 | €522,197 | +€42,707 | +8.9% |
| Fixed assets | 21/28 | €369,599 | €414,147 | +€44,548 | +12.1% |
| Tangible fixed assets | 22/27 | €369,374 | €413,922 | +€44,548 | +12.1% |
| Plant, machinery and equipment | 23 | €12,345 | €12,712 | +€367 | +3.0% |
| Furniture and vehicles | 24 | €357,029 | €401,210 | +€44,181 | +12.4% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €109,891 | €108,050 | -€1,841 | -1.7% |
| Stocks and contracts in progress | 3 | €8,907 | €7,673 | -€1,234 | -13.9% |
| Stocks | 30/36 | €8,907 | €7,673 | -€1,234 | -13.9% |
| Amounts receivable within one year | 40/41 | - | €2,093 | +€2,093 | |
| Trade receivables | 40 | - | €1,836 | +€1,836 | |
| Other amounts receivable | 41 | - | €257 | +€257 | |
| Current investments | 50/53 | €74,000 | - | -€74,000 | |
| Cash at bank and in hand | 54/58 | €26,984 | €96,733 | +€69,749 | +258% |
| Deferred charges and accrued income | 490/1 | - | €1,551 | +€1,551 | |
| Total equity and liabilities | 10/49 | €479,490 | €522,197 | +€42,707 | +8.9% |
| Equity | 10/15 | €254,338 | €307,490 | +€53,152 | +20.9% |
| Contributions | 10/11 | €5,050 | €5,050 | = | 0.0% |
| Reserves | 13 | €169,638 | €222,788 | +€53,150 | +31.3% |
| Distributable reserves | 133 | €169,638 | €222,788 | +€53,150 | +31.3% |
| Profit (loss) carried forward | 14 | €79,650 | €79,652 | +€2 | 0.0% |
| Amounts payable | 17/49 | €225,152 | €214,707 | -€10,445 | -4.6% |
| Amounts payable after more than one year | 17 | €165,861 | €147,278 | -€18,583 | -11.2% |
| Financial debts | 170/4 | €165,861 | €147,278 | -€18,583 | -11.2% |
| Amounts payable within one year | 42/48 | €59,291 | €67,069 | +€7,778 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €19,998 | €20,458 | +€460 | +2.3% |
| Trade debts | 44 | €8,644 | €6,591 | -€2,053 | -23.8% |
| Suppliers | 440/4 | €8,644 | €6,591 | -€2,053 | -23.8% |
| Taxes, remuneration and social security | 45 | €11,422 | €16,561 | +€5,139 | +45.0% |
| Taxes | 450/3 | €3,503 | €7,734 | +€4,231 | +121% |
| Remuneration and social security | 454/9 | €7,919 | €8,827 | +€908 | +11.5% |
| Other amounts payable | 47/48 | €19,227 | €23,459 | +€4,232 | +22.0% |
| Accrued charges and deferred income | 492/3 | - | €360 | +€360 | |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €36,455 | €61,500 | +€25,045 | +68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,399 | €30,522 | +€8,123 | +36.3% |
| Other operating charges | 640/8 | €6,580 | €1,108 | -€5,472 | -83.2% |
| Gross operating margin | 9900 | €142,153 | €198,871 | +€56,718 | +39.9% |
| Operating profit (loss) | 9901 | €76,719 | €105,741 | +€29,022 | +37.8% |
| Financial income | 75/76B | - | €444 | +€444 | |
| Recurring financial income | 75 | - | €444 | +€444 | |
| Financial charges | 65/66B | €9,331 | €8,435 | -€896 | -9.6% |
| Recurring financial charges | 65 | €9,331 | €8,435 | -€896 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €67,388 | €97,750 | +€30,362 | +45.1% |
| Income taxes | 67/77 | €14,182 | €44,598 | +€30,416 | +214% |
| Profit (loss) for the period | 9904 | €53,206 | €53,152 | -€54 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,206 | €53,152 | -€54 | -0.1% |
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 14 October 2026 via checked.be.