NOËL Olivier: 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 Olivier
Largest movements
- Receivables within one year -€17,195
down €17,195 (-54.8%), from €31,350 to €14,155
of which Other amounts receivable: -€17,190
- Intangible fixed assets -€3,000
down €3,000 (-13.8%), from €21,740 to €18,740
- Stocks and contracts -€2,143
down €2,143 (-12.1%), from €17,779 to €15,636
- Tangible fixed assets -€2,096
down €2,096 (-52.5%), from €3,991 to €1,895
of which Plant, machinery and equipment: -€1,850
- Profit (loss) carried forward -€18,658
down €18,658 (-377%), from -€4,950 to -€23,608
- Debts after one year -€7,139
down €7,139 (-23.8%), from €29,962 to €22,823
- Accrued charges and deferred income -€4,400
no longer reported in 2025 (was €4,400)
- Trade debts +€3,754
up €3,754 (+29.0%), from €12,953 to €16,707
- Short-term financial debts +€2,766
up €2,766 (+32.0%), from €8,656 to €11,422
- Gross operating margin -€22,769
down €22,769 (-49.7%), from €45,856 to €23,087
- Staff costs -€2,227
down €2,227 (-6.8%), from €32,874 to €30,647
- Depreciation -€754
down €754 (-12.9%), from €5,850 to €5,096
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 | €77,241 | €53,169 | -€24,072 | -31.2% |
| Fixed assets | 21/28 | €25,905 | €20,809 | -€5,096 | -19.7% |
| Intangible fixed assets | 21 | €21,740 | €18,740 | -€3,000 | -13.8% |
| Tangible fixed assets | 22/27 | €3,991 | €1,895 | -€2,096 | -52.5% |
| Plant, machinery and equipment | 23 | €3,745 | €1,895 | -€1,850 | -49.4% |
| Furniture and vehicles | 24 | €247 | - | -€247 | |
| Financial fixed assets | 28 | €174 | €174 | +€0 | +0.1% |
| Current assets | 29/58 | €51,336 | €32,360 | -€18,976 | -37.0% |
| Stocks and contracts in progress | 3 | €17,779 | €15,636 | -€2,143 | -12.1% |
| Stocks | 30/36 | €17,779 | €15,636 | -€2,143 | -12.1% |
| Amounts receivable within one year | 40/41 | €31,350 | €14,155 | -€17,195 | -54.8% |
| Trade receivables | 40 | €847 | €843 | -€4 | -0.5% |
| Other amounts receivable | 41 | €30,502 | €13,312 | -€17,190 | -56.4% |
| Cash at bank and in hand | 54/58 | €1,480 | €1,877 | +€397 | +26.8% |
| Deferred charges and accrued income | 490/1 | €727 | €692 | -€35 | -4.8% |
| Total equity and liabilities | 10/49 | €77,241 | €53,169 | -€24,072 | -31.2% |
| Equity | 10/15 | €2,976 | -€15,683 | -€18,659 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €6,925 | €6,925 | -€0 | 0.0% |
| Distributable reserves | 133 | €6,925 | €6,925 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€4,950 | -€23,608 | -€18,658 | -377% |
| Amounts payable | 17/49 | €74,265 | €68,852 | -€5,413 | -7.3% |
| Amounts payable after more than one year | 17 | €29,962 | €22,823 | -€7,139 | -23.8% |
| Financial debts | 170/4 | €29,962 | €22,823 | -€7,139 | -23.8% |
| Amounts payable within one year | 42/48 | €39,903 | €46,029 | +€6,126 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €6,816 | €7,140 | +€324 | +4.8% |
| Financial debts | 43 | €8,656 | €11,422 | +€2,766 | +32.0% |
| Credit institutions | 430/8 | €8,656 | €11,422 | +€2,766 | +32.0% |
| Trade debts | 44 | €12,953 | €16,707 | +€3,754 | +29.0% |
| Suppliers | 440/4 | €12,953 | €16,707 | +€3,754 | +29.0% |
| Taxes, remuneration and social security | 45 | €11,478 | €10,760 | -€718 | -6.3% |
| Taxes | 450/3 | €835 | €0 | -€835 | -100% |
| Remuneration and social security | 454/9 | €10,644 | €10,760 | +€116 | +1.1% |
| Accrued charges and deferred income | 492/3 | €4,400 | - | -€4,400 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €32,874 | €30,647 | -€2,227 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,850 | €5,096 | -€754 | -12.9% |
| Other operating charges | 640/8 | €1,061 | €848 | -€213 | -20.1% |
| Gross operating margin | 9900 | €45,856 | €23,087 | -€22,769 | -49.7% |
| Operating profit (loss) | 9901 | €6,071 | -€13,504 | -€19,575 | |
| Financial income | 75/76B | €10 | €2 | -€8 | -79.6% |
| Recurring financial income | 75 | €10 | €2 | -€8 | -79.6% |
| Financial charges | 65/66B | €4,866 | €5,156 | +€290 | +6.0% |
| Recurring financial charges | 65 | €4,866 | €5,156 | +€290 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €1,216 | -€18,658 | -€19,874 | |
| Income taxes | 67/77 | -€5 | - | +€5 | |
| Profit (loss) for the period | 9904 | €1,221 | -€18,658 | -€19,879 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,221 | -€18,658 | -€19,879 |
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 29 October 2026 via checked.be.