NOEL & PARTNERS: 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 & PARTNERS
Largest movements
- Cash +€45,237
up €45,237 (+61.1%), from €74,034 to €119,271
mainly Depreciation (+€40,505) and Receivables within one year (+€18,942)
- Tangible fixed assets -€39,238
down €39,238 (-1.5%), from €2.6m to €2.6m
of which Land and buildings: -€24,450
- Debts after one year -€30,000
down €30,000 (-1.9%), from €1.6m to €1.6m
- Gross operating margin -€31,271
down €31,271 (-39.4%), from €79,460 to €48,189
- Financial charges +€1,023
up €1,023 (+343%), from €298 to €1,322
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 | €2,740,731 | €2,727,788 | -€12,943 | -0.5% |
| Fixed assets | 21/28 | €2,640,950 | €2,601,712 | -€39,238 | -1.5% |
| Tangible fixed assets | 22/27 | €2,640,950 | €2,601,712 | -€39,238 | -1.5% |
| Land and buildings | 22 | €2,592,293 | €2,567,843 | -€24,450 | -0.9% |
| Furniture and vehicles | 24 | €48,657 | €33,869 | -€14,788 | -30.4% |
| Current assets | 29/58 | €99,781 | €126,077 | +€26,295 | +26.4% |
| Amounts receivable within one year | 40/41 | €25,747 | €6,806 | -€18,942 | -73.6% |
| Trade receivables | 40 | €6,191 | €6,118 | -€73 | -1.2% |
| Other amounts receivable | 41 | €19,556 | €688 | -€18,869 | -96.5% |
| Cash at bank and in hand | 54/58 | €74,034 | €119,271 | +€45,237 | +61.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,740,731 | €2,727,788 | -€12,943 | -0.5% |
| Equity | 10/15 | €1,149,290 | €1,152,615 | +€3,324 | +0.3% |
| Contributions | 10/11 | €1,252,000 | €1,252,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,710 | -€99,385 | +€3,324 | +3.2% |
| Amounts payable | 17/49 | €1,591,441 | €1,575,174 | -€16,267 | -1.0% |
| Amounts payable after more than one year | 17 | €1,581,000 | €1,551,000 | -€30,000 | -1.9% |
| Financial debts | 170/4 | €1,581,000 | €1,551,000 | -€30,000 | -1.9% |
| Amounts payable within one year | 42/48 | €10,441 | €24,174 | +€13,733 | +132% |
| Trade debts | 44 | €4,629 | €5,940 | +€1,311 | +28.3% |
| Suppliers | 440/4 | €4,629 | €5,940 | +€1,311 | +28.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,812 | €18,233 | +€12,421 | +214% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,092 | €40,505 | +€414 | +1.0% |
| Other operating charges | 640/8 | €2,884 | €3,041 | +€157 | +5.5% |
| Gross operating margin | 9900 | €79,460 | €48,189 | -€31,271 | -39.4% |
| Operating profit (loss) | 9901 | €36,485 | €4,643 | -€31,842 | -87.3% |
| Financial income | 75/76B | €138 | €4 | -€134 | -97.1% |
| Recurring financial income | 75 | €138 | €4 | -€134 | -97.1% |
| Financial charges | 65/66B | €298 | €1,322 | +€1,023 | +343% |
| Recurring financial charges | 65 | €298 | €1,322 | +€1,023 | +343% |
| Profit (loss) for the period before taxes | 9903 | €36,324 | €3,326 | -€32,999 | -90.8% |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €36,324 | €3,324 | -€33,000 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,324 | €3,324 | -€33,000 | -90.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.