NOELEC: 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.
NOELEC
Largest movements
- Current investments -€302,900
down €302,900 (-48.0%), from €630,483 to €327,583
- Cash +€205,955
up €205,955 (+83.1%), from €247,790 to €453,745
mainly Current investments (+€302,900) and Net result for the year (+€50,628)
- Stocks and contracts +€19,561
up €19,561 (+139.0%), from €14,078 to €33,639
- Other debts -€134,960
down €134,960 (-74.8%), from €180,538 to €45,578
- Reserves +€50,628
up €50,628 (+7.6%), from €665,041 to €715,669
of which Distributable reserves: +€52,503
- Gross operating margin +€74,611
up €74,611, from -€6,420 to €68,191
- Taxes +€20,569
up €20,569 (+524.7%), from €3,920 to €24,489
- Financial income -€12,504
down €12,504 (-51.1%), from €24,477 to €11,973
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 | €938,257 | €852,746 | -€85,512 | -9.1% |
| Fixed assets | 21/28 | €4,835 | €3,836 | -€1,000 | -20.7% |
| Tangible fixed assets | 22/27 | €4,835 | €3,836 | -€1,000 | -20.7% |
| Land and buildings | 22 | €3,488 | €3,488 | = | 0.0% |
| Plant, machinery and equipment | 23 | €279 | €5 | -€273 | -98.0% |
| Furniture and vehicles | 24 | €1,069 | €342 | -€727 | -68.0% |
| Current assets | 29/58 | €933,422 | €848,910 | -€84,512 | -9.1% |
| Stocks and contracts in progress | 3 | €14,078 | €33,639 | +€19,561 | +139.0% |
| Stocks | 30/36 | €14,078 | €33,639 | +€19,561 | +139.0% |
| Amounts receivable within one year | 40/41 | €36,438 | €31,479 | -€4,959 | -13.6% |
| Trade receivables | 40 | €11,660 | €5,994 | -€5,666 | -48.6% |
| Other amounts receivable | 41 | €24,778 | €25,485 | +€707 | +2.9% |
| Current investments | 50/53 | €630,483 | €327,583 | -€302,900 | -48.0% |
| Cash at bank and in hand | 54/58 | €247,790 | €453,745 | +€205,955 | +83.1% |
| Deferred charges and accrued income | 490/1 | €4,634 | €2,465 | -€2,169 | -46.8% |
| Total equity and liabilities | 10/49 | €938,257 | €852,746 | -€85,512 | -9.1% |
| Equity | 10/15 | €747,058 | €797,686 | +€50,628 | +6.8% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €665,041 | €715,669 | +€50,628 | +7.6% |
| Non-distributable reserves | 130/1 | €1,875 | - | -€1,875 | |
| Reserves not available under the articles | 1311 | €1,875 | - | -€1,875 | |
| Distributable reserves | 133 | €663,166 | €715,669 | +€52,503 | +7.9% |
| Profit (loss) carried forward | 14 | €69,613 | €69,613 | = | 0.0% |
| Amounts payable | 17/49 | €191,199 | €55,059 | -€136,140 | -71.2% |
| Amounts payable within one year | 42/48 | €191,175 | €55,028 | -€136,147 | -71.2% |
| Trade debts | 44 | €5,040 | €3,084 | -€1,956 | -38.8% |
| Suppliers | 440/4 | €5,040 | €3,084 | -€1,956 | -38.8% |
| Taxes, remuneration and social security | 45 | €5,596 | €6,366 | +€769 | +13.7% |
| Taxes | 450/3 | €5,596 | €6,366 | +€769 | +13.7% |
| Other amounts payable | 47/48 | €180,538 | €45,578 | -€134,960 | -74.8% |
| Accrued charges and deferred income | 492/3 | €24 | €31 | +€7 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,114 | €1,000 | -€114 | -10.3% |
| Other operating charges | 640/8 | €3,181 | €3,488 | +€307 | +9.7% |
| Gross operating margin | 9900 | -€6,420 | €68,191 | +€74,611 | |
| Operating profit (loss) | 9901 | -€10,715 | €63,703 | +€74,418 | |
| Financial income | 75/76B | €24,477 | €11,973 | -€12,504 | -51.1% |
| Recurring financial income | 75 | €24,477 | €11,973 | -€12,504 | -51.1% |
| Financial charges | 65/66B | €537 | €559 | +€22 | +4.1% |
| Recurring financial charges | 65 | €537 | €559 | +€22 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €13,225 | €75,117 | +€61,891 | +468.0% |
| Income taxes | 67/77 | €3,920 | €24,489 | +€20,569 | +524.7% |
| Profit (loss) for the period | 9904 | €9,305 | €50,628 | +€41,323 | +444.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,305 | €50,628 | +€41,323 | +444.1% |
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 7 October 2026 via checked.be.