NOEL CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables after one year -€13,767
no longer reported in 2025 (was €13,767)
- Receivables within one year +€9,993
up €9,993 (+85.5%), from €11,694 to €21,687
- Tangible fixed assets -€9,517
down €9,517 (-83.9%), from €11,343 to €1,825
of which Furniture and vehicles: -€8,565
- Cash +€5,256
up €5,256 (+10.7%), from €49,010 to €54,266
mainly Net result for the year (+€22,164) and Receivables after one year (+€13,767)
- Deferred charges and accrued income +€1,898
up €1,898 (+431%), from €440 to €2,338
- Trade debts -€11,860
down €11,860 (-57.4%), from €20,660 to €8,800
- Tax, wage and social debts +€7,931
up €7,931 (+92.6%), from €8,566 to €16,498
of which Taxes: +€10,659
- Other debts -€2,373
down €2,373 (-9.5%), from €25,000 to €22,627
- Gross operating margin -€9,061
down €9,061 (-19.8%), from €45,736 to €36,675
- Taxes +€7,032
up €7,032 (+707%), from €995 to €8,027
- Financial charges +€1,673
up €1,673 (+1,646%), from €102 to €1,775
- Other operating charges +€1,201
up €1,201 (+129%), from €930 to €2,131
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 | €86,819 | €80,682 | -€6,137 | -7.1% |
| Fixed assets | 21/28 | €11,907 | €2,390 | -€9,517 | -79.9% |
| Tangible fixed assets | 22/27 | €11,343 | €1,825 | -€9,517 | -83.9% |
| Plant, machinery and equipment | 23 | €952 | - | -€952 | |
| Furniture and vehicles | 24 | €10,391 | €1,825 | -€8,565 | -82.4% |
| Financial fixed assets | 28 | €564 | €564 | = | 0.0% |
| Current assets | 29/58 | €74,912 | €78,292 | +€3,380 | +4.5% |
| Amounts receivable after more than one year | 29 | €13,767 | - | -€13,767 | |
| Trade receivables | 290 | €13,767 | - | -€13,767 | |
| Amounts receivable within one year | 40/41 | €11,694 | €21,687 | +€9,993 | +85.5% |
| Trade receivables | 40 | €11,694 | €21,687 | +€9,993 | +85.5% |
| Cash at bank and in hand | 54/58 | €49,010 | €54,266 | +€5,256 | +10.7% |
| Deferred charges and accrued income | 490/1 | €440 | €2,338 | +€1,898 | +431% |
| Total equity and liabilities | 10/49 | €86,819 | €80,682 | -€6,137 | -7.1% |
| Equity | 10/15 | €32,593 | €32,757 | +€164 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,993 | €14,157 | +€164 | +1.2% |
| Amounts payable | 17/49 | €54,226 | €47,925 | -€6,301 | -11.6% |
| Amounts payable within one year | 42/48 | €54,226 | €47,925 | -€6,301 | -11.6% |
| Trade debts | 44 | €20,660 | €8,800 | -€11,860 | -57.4% |
| Suppliers | 440/4 | €20,660 | €8,800 | -€11,860 | -57.4% |
| Taxes, remuneration and social security | 45 | €8,566 | €16,498 | +€7,931 | +92.6% |
| Taxes | 450/3 | €5,838 | €16,498 | +€10,659 | +183% |
| Remuneration and social security | 454/9 | €2,728 | - | -€2,728 | |
| Other amounts payable | 47/48 | €25,000 | €22,627 | -€2,373 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,697 | €2,938 | +€241 | +8.9% |
| Other operating charges | 640/8 | €930 | €2,131 | +€1,201 | +129% |
| Gross operating margin | 9900 | €45,736 | €36,675 | -€9,061 | -19.8% |
| Operating profit (loss) | 9901 | €42,109 | €31,605 | -€10,503 | -24.9% |
| Financial income | 75/76B | €720 | €360 | -€360 | -50.0% |
| Recurring financial income | 75 | €720 | €360 | -€360 | -50.0% |
| Financial charges | 65/66B | €102 | €1,775 | +€1,673 | +1,646% |
| Recurring financial charges | 65 | €102 | €1,775 | +€1,673 | +1,646% |
| Profit (loss) for the period before taxes | 9903 | €42,727 | €30,191 | -€12,536 | -29.3% |
| Income taxes | 67/77 | €995 | €8,027 | +€7,032 | +707% |
| Profit (loss) for the period | 9904 | €41,732 | €22,164 | -€19,568 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,732 | €22,164 | -€19,568 | -46.9% |
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 13 October 2026 via checked.be.