NOELIS: 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.
NOELIS
Largest movements
- Receivables within one year +€28,957
up €28,957 (+213%), from €13,600 to €42,556
of which Trade receivables: +€30,369
- Cash +€4,526
up €4,526 (+4.8%), from €94,873 to €99,399
mainly Net result for the year (+€27,615) and Advances received (+€14,594)
- Tangible fixed assets +€2,736
up €2,736 (+15.6%), from €17,541 to €20,277
of which Plant, machinery and equipment: +€3,913
- Reserves +€17,187
up €17,187 (+15.7%), from €109,563 to €126,750
- Advances received +€14,594
up €14,594 (+1,043%), from €1,399 to €15,993
- Profit (loss) carried forward +€8,186
up €8,186, from -€8,186 to €0
- Tax, wage and social debts -€5,057
down €5,057 (-51.6%), from €9,793 to €4,736
- Gross operating margin +€45,684
up €45,684 (+1,968%), from €2,322 to €48,006
- Taxes +€8,909
up €8,909 (+2,053%), from €434 to €9,343
- Depreciation +€1,006
up €1,006 (+19.5%), from €5,157 to €6,163
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 | €127,789 | €163,171 | +€35,382 | +27.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €17,541 | €20,277 | +€2,736 | +15.6% |
| Tangible fixed assets | 22/27 | €17,541 | €20,277 | +€2,736 | +15.6% |
| Plant, machinery and equipment | 23 | €475 | €4,388 | +€3,913 | +823% |
| Furniture and vehicles | 24 | €17,066 | €15,889 | -€1,177 | -6.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €110,248 | €142,894 | +€32,647 | +29.6% |
| Amounts receivable within one year | 40/41 | €13,600 | €42,556 | +€28,957 | +213% |
| Trade receivables | 40 | - | €30,369 | +€30,369 | |
| Other amounts receivable | 41 | €13,600 | €12,187 | -€1,412 | -10.4% |
| Cash at bank and in hand | 54/58 | €94,873 | €99,399 | +€4,526 | +4.8% |
| Deferred charges and accrued income | 490/1 | €1,775 | €939 | -€836 | -47.1% |
| Total equity and liabilities | 10/49 | €127,789 | €163,171 | +€35,382 | +27.7% |
| Equity | 10/15 | €113,777 | €139,150 | +€25,373 | +22.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €109,563 | €126,750 | +€17,187 | +15.7% |
| Distributable reserves | 133 | €109,563 | €126,750 | +€17,187 | +15.7% |
| Profit (loss) carried forward | 14 | -€8,186 | €0 | +€8,186 | |
| Amounts payable | 17/49 | €14,012 | €24,021 | +€10,009 | +71.4% |
| Amounts payable within one year | 42/48 | €14,012 | €23,693 | +€9,681 | +69.1% |
| Trade debts | 44 | €2,819 | €2,963 | +€144 | +5.1% |
| Suppliers | 440/4 | €2,819 | €2,963 | +€144 | +5.1% |
| Advances received on contracts in progress | 46 | €1,399 | €15,993 | +€14,594 | +1,043% |
| Taxes, remuneration and social security | 45 | €9,793 | €4,736 | -€5,057 | -51.6% |
| Taxes | 450/3 | €9,793 | €4,736 | -€5,057 | -51.6% |
| Accrued charges and deferred income | 492/3 | - | €328 | +€328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,157 | €6,163 | +€1,006 | +19.5% |
| Other operating charges | 640/8 | €1,287 | €1,666 | +€378 | +29.4% |
| Gross operating margin | 9900 | €2,322 | €48,006 | +€45,684 | +1,968% |
| Operating profit (loss) | 9901 | -€4,123 | €40,178 | +€44,301 | |
| Financial income | 75/76B | €1,103 | €969 | -€134 | -12.2% |
| Recurring financial income | 75 | €1,103 | €969 | -€134 | -12.2% |
| Financial charges | 65/66B | €4,092 | €4,189 | +€97 | +2.4% |
| Recurring financial charges | 65 | €4,092 | €4,189 | +€97 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,112 | €36,958 | +€44,070 | |
| Income taxes | 67/77 | €434 | €9,343 | +€8,909 | +2,053% |
| Profit (loss) for the period | 9904 | -€7,546 | €27,615 | +€35,161 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,546 | €27,615 | +€35,161 |
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 20 October 2026 via checked.be.