NOELAC: what changed
Two fiscal 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.
NOELAC
Largest movements
- Tangible fixed assets -€3,886
down €3,886 (-25.3%), from €15,330 to €11,445
of which Other tangible fixed assets: -€2,388
- Cash -€3,055
down €3,055 (-6.7%), from €45,770 to €42,716
mainly Contributions, distributions and other (-€59,235) and Deferred charges and accrued income (-€284)
- Receivables within one year -€1,255
down €1,255 (-44.3%), from €2,831 to €1,576
of which Other amounts receivable: -€954
- Reserves -€53,235
down €53,235 (-61.0%), from €87,258 to €34,024
- Other debts +€43,593
up €43,593 (+260.7%), from €16,722 to €60,315
- Trade debts +€1,890
up €1,890 (+129.1%), from €1,464 to €3,354
- Gross operating margin -€18,349
down €18,349 (-49.1%), from €37,383 to €19,034
- Taxes -€3,680
down €3,680 (-42.1%), from €8,736 to €5,056
- Other operating charges +€1,772
up €1,772 (+82.9%), from €2,137 to €3,909
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 | €118,604 | €110,693 | -€7,911 | -6.7% |
| Fixed assets | 21/28 | €16,380 | €12,495 | -€3,886 | -23.7% |
| Tangible fixed assets | 22/27 | €15,330 | €11,445 | -€3,886 | -25.3% |
| Plant, machinery and equipment | 23 | €1,623 | €681 | -€942 | -58.1% |
| Furniture and vehicles | 24 | €2,642 | €2,087 | -€555 | -21.0% |
| Other tangible fixed assets | 26 | €11,066 | €8,677 | -€2,388 | -21.6% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €102,224 | €98,198 | -€4,026 | -3.9% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,831 | €1,576 | -€1,255 | -44.3% |
| Trade receivables | 40 | €301 | €0 | -€301 | -100.0% |
| Other amounts receivable | 41 | €2,530 | €1,576 | -€954 | -37.7% |
| Cash at bank and in hand | 54/58 | €45,770 | €42,716 | -€3,055 | -6.7% |
| Deferred charges and accrued income | 490/1 | €8,623 | €8,906 | +€284 | +3.3% |
| Total equity and liabilities | 10/49 | €118,604 | €110,693 | -€7,911 | -6.7% |
| Equity | 10/15 | €99,658 | €46,424 | -€53,235 | -53.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €87,258 | €34,024 | -€53,235 | -61.0% |
| Distributable reserves | 133 | €87,258 | €34,024 | -€53,235 | -61.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,946 | €64,269 | +€45,323 | +239.2% |
| Amounts payable within one year | 42/48 | €18,946 | €64,269 | +€45,323 | +239.2% |
| Trade debts | 44 | €1,464 | €3,354 | +€1,890 | +129.1% |
| Suppliers | 440/4 | €1,464 | €3,354 | +€1,890 | +129.1% |
| Taxes, remuneration and social security | 45 | €760 | €600 | -€160 | -21.0% |
| Taxes | 450/3 | €760 | €600 | -€160 | -21.0% |
| Other amounts payable | 47/48 | €16,722 | €60,315 | +€43,593 | +260.7% |
| Non-recurring operating income | 76A | €8,328 | €0 | -€8,328 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,208 | €3,886 | -€322 | -7.7% |
| Other operating charges | 640/8 | €2,137 | €3,909 | +€1,772 | +82.9% |
| Gross operating margin | 9900 | €37,383 | €19,034 | -€18,349 | -49.1% |
| Operating profit (loss) | 9901 | €31,038 | €11,239 | -€19,799 | -63.8% |
| Financial income | 75/76B | €63 | €108 | +€45 | +72.4% |
| Recurring financial income | 75 | €63 | €108 | +€45 | +72.4% |
| Financial charges | 65/66B | €267 | €290 | +€24 | +8.9% |
| Recurring financial charges | 65 | €267 | €290 | +€24 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €30,834 | €11,057 | -€19,777 | -64.1% |
| Income taxes | 67/77 | €8,736 | €5,056 | -€3,680 | -42.1% |
| Profit (loss) for the period | 9904 | €22,098 | €6,000 | -€16,098 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,098 | €6,000 | -€16,098 | -72.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.