NOEL LAMBERT: 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 LAMBERT
Largest movements
- Intangible fixed assets -€22,000
down €22,000 (-23.1%), from €95,333 to €73,333
- Cash +€16,951
up €16,951 (+71.9%), from €23,579 to €40,530
mainly Net result for the year (+€87,622) and Depreciation (+€25,207)
- Receivables within one year +€15,325
up €15,325 (+6.3%), from €243,958 to €259,283
of which Other amounts receivable: +€60,124
- Profit (loss) carried forward +€55,622
up €55,622 (+552.7%), from €10,063 to €65,685
- Debts after one year -€43,069
down €43,069 (-19.1%), from €224,964 to €181,895
- Other debts +€9,689
up €9,689 (+55.3%), from €17,511 to €27,200
- Current portion of long-term debt -€9,677
down €9,677 (-18.3%), from €52,746 to €43,069
- Gross operating margin -€37,662
down €37,662 (-21.1%), from €178,862 to €141,200
- Taxes -€15,539
down €15,539 (-40.0%), from €38,806 to €23,267
- Financial charges +€4,716
up €4,716 (+398.6%), from €1,183 to €5,899
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.
Cash bridge derived
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 | €716,105 | €723,188 | +€7,083 | +1.0% |
| Fixed assets | 21/28 | €448,047 | €422,840 | -€25,207 | -5.6% |
| Intangible fixed assets | 21 | €95,333 | €73,333 | -€22,000 | -23.1% |
| Tangible fixed assets | 22/27 | €7,913 | €4,705 | -€3,207 | -40.5% |
| Furniture and vehicles | 24 | €6,706 | €3,734 | -€2,972 | -44.3% |
| Other tangible fixed assets | 26 | €1,206 | €971 | -€235 | -19.5% |
| Financial fixed assets | 28 | €344,801 | €344,801 | = | 0.0% |
| Current assets | 29/58 | €268,058 | €300,348 | +€32,290 | +12.0% |
| Amounts receivable within one year | 40/41 | €243,958 | €259,283 | +€15,325 | +6.3% |
| Trade receivables | 40 | €44,799 | - | -€44,799 | |
| Other amounts receivable | 41 | €199,159 | €259,283 | +€60,124 | +30.2% |
| Cash at bank and in hand | 54/58 | €23,579 | €40,530 | +€16,951 | +71.9% |
| Deferred charges and accrued income | 490/1 | €521 | €535 | +€14 | +2.7% |
| Total equity and liabilities | 10/49 | €716,105 | €723,188 | +€7,083 | +1.0% |
| Equity | 10/15 | €399,423 | €455,045 | +€55,622 | +13.9% |
| Contributions | 10/11 | €3,360 | €3,360 | = | 0.0% |
| Reserves | 13 | €386,000 | €386,000 | = | 0.0% |
| Distributable reserves | 133 | €386,000 | €386,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,063 | €65,685 | +€55,622 | +552.7% |
| Amounts payable | 17/49 | €316,682 | €268,143 | -€48,540 | -15.3% |
| Amounts payable after more than one year | 17 | €224,964 | €181,895 | -€43,069 | -19.1% |
| Financial debts | 170/4 | €224,964 | €181,895 | -€43,069 | -19.1% |
| Amounts payable within one year | 42/48 | €91,718 | €86,247 | -€5,471 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €52,746 | €43,069 | -€9,677 | -18.3% |
| Financial debts | 43 | €12 | - | -€12 | |
| Credit institutions | 430/8 | €12 | - | -€12 | |
| Trade debts | 44 | €4,693 | €1,275 | -€3,418 | -72.8% |
| Suppliers | 440/4 | €4,693 | €1,275 | -€3,418 | -72.8% |
| Taxes, remuneration and social security | 45 | €16,756 | €14,703 | -€2,053 | -12.3% |
| Taxes | 450/3 | €16,756 | €14,703 | -€2,053 | -12.3% |
| Other amounts payable | 47/48 | €17,511 | €27,200 | +€9,689 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,780 | €25,207 | -€572 | -2.2% |
| Gross operating margin | 9900 | €178,862 | €141,200 | -€37,662 | -21.1% |
| Operating profit (loss) | 9901 | €153,082 | €115,993 | -€37,090 | -24.2% |
| Financial income | 75/76B | €1 | €795 | +€794 | +158846.0% |
| Recurring financial income | 75 | €1 | €795 | +€794 | +158846.0% |
| Financial charges | 65/66B | €1,183 | €5,899 | +€4,716 | +398.6% |
| Recurring financial charges | 65 | €1,183 | €5,899 | +€4,716 | +398.6% |
| Profit (loss) for the period before taxes | 9903 | €151,900 | €110,889 | -€41,011 | -27.0% |
| Income taxes | 67/77 | €38,806 | €23,267 | -€15,539 | -40.0% |
| Profit (loss) for the period | 9904 | €113,094 | €87,622 | -€25,472 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €113,094 | €87,622 | -€25,472 | -22.5% |
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 12 October 2026 via checked.be.