NOEL WOYAFFE: 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 WOYAFFE
Largest movements
- Cash +€40,973
up €40,973 (+125%), from €32,908 to €73,881
mainly Net result for the year (+€54,582) and Other debts (+€48,939)
- Receivables within one year +€16,117
up €16,117 (+42.3%), from €38,113 to €54,230
of which Trade receivables: +€16,100
- Tangible fixed assets +€4,380
up €4,380 (+33.9%), from €12,929 to €17,309
of which Other tangible fixed assets: +€8,114
- Other debts +€48,939
up €48,939 (+4,611%), from €1,061 to €50,000
- Tax, wage and social debts +€5,700
up €5,700 (+76.1%), from €7,487 to €13,187
- Profit (loss) carried forward +€4,582
up €4,582 (+6.1%), from €74,755 to €79,337
- Trade debts +€1,621
up €1,621 (+242%), from €669 to €2,290
- Gross operating margin +€15,088
up €15,088 (+23.5%), from €64,307 to €79,395
- Taxes +€1,662
up €1,662 (+11.5%), from €14,499 to €16,160
- Depreciation +€1,492
up €1,492 (+37.4%), from €3,986 to €5,478
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 | €86,473 | €147,714 | +€61,241 | +70.8% |
| Fixed assets | 21/28 | €12,929 | €17,309 | +€4,380 | +33.9% |
| Tangible fixed assets | 22/27 | €12,929 | €17,309 | +€4,380 | +33.9% |
| Plant, machinery and equipment | 23 | €4,819 | €3,045 | -€1,773 | -36.8% |
| Furniture and vehicles | 24 | €6,780 | €4,819 | -€1,960 | -28.9% |
| Other tangible fixed assets | 26 | €1,330 | €9,444 | +€8,114 | +610% |
| Current assets | 29/58 | €73,543 | €130,405 | +€56,861 | +77.3% |
| Amounts receivable within one year | 40/41 | €38,113 | €54,230 | +€16,117 | +42.3% |
| Trade receivables | 40 | €38,100 | €54,200 | +€16,100 | +42.3% |
| Other amounts receivable | 41 | €13 | €30 | +€17 | +138% |
| Cash at bank and in hand | 54/58 | €32,908 | €73,881 | +€40,973 | +125% |
| Deferred charges and accrued income | 490/1 | €2,523 | €2,293 | -€230 | -9.1% |
| Total equity and liabilities | 10/49 | €86,473 | €147,714 | +€61,241 | +70.8% |
| Equity | 10/15 | €77,255 | €81,837 | +€4,582 | +5.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,755 | €79,337 | +€4,582 | +6.1% |
| Amounts payable | 17/49 | €9,217 | €65,877 | +€56,660 | +615% |
| Amounts payable within one year | 42/48 | €9,217 | €65,477 | +€56,260 | +610% |
| Trade debts | 44 | €669 | €2,290 | +€1,621 | +242% |
| Suppliers | 440/4 | €669 | €2,290 | +€1,621 | +242% |
| Taxes, remuneration and social security | 45 | €7,487 | €13,187 | +€5,700 | +76.1% |
| Taxes | 450/3 | €7,487 | €13,187 | +€5,700 | +76.1% |
| Other amounts payable | 47/48 | €1,061 | €50,000 | +€48,939 | +4,611% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,986 | €5,478 | +€1,492 | +37.4% |
| Other operating charges | 640/8 | €39 | €563 | +€525 | +1,353% |
| Gross operating margin | 9900 | €64,307 | €79,395 | +€15,088 | +23.5% |
| Operating profit (loss) | 9901 | €60,282 | €73,353 | +€13,071 | +21.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,652 | €2,612 | -€41 | -1.5% |
| Recurring financial charges | 65 | €2,652 | €2,612 | -€41 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €57,630 | €70,742 | +€13,112 | +22.8% |
| Income taxes | 67/77 | €14,499 | €16,160 | +€1,662 | +11.5% |
| Profit (loss) for the period | 9904 | €43,131 | €54,582 | +€11,450 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,131 | €54,582 | +€11,450 | +26.5% |
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 23 October 2026 via checked.be.