NOELLE: 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.
NOELLE
Largest movements
- Cash -€124,467
down €124,467 (-65.3%), from €190,547 to €66,080
mainly Stocks and contracts (-€83,096) and Receivables within one year (-€70,069)
- Stocks and contracts +€83,096
up €83,096 (+38.5%), from €215,705 to €298,802
- Receivables within one year +€70,069
up €70,069 (+214.2%), from €32,707 to €102,776
of which Trade receivables: +€35,121
- Intangible fixed assets -€32,850
down €32,850 (-11.4%), from €288,804 to €255,954
- Tangible fixed assets +€16,898
up €16,898 (+134.9%), from €12,525 to €29,423
of which Other tangible fixed assets: +€9,844
- Profit (loss) carried forward +€106,574
up €106,574 (+53.8%), from €198,174 to €304,748
- Tax, wage and social debts -€55,964
down €55,964 (-48.7%), from €115,002 to €59,038
of which Taxes: -€43,010
- Debts after one year -€52,551
down €52,551 (-17.6%), from €297,898 to €245,347
- Trade debts +€37,484
up €37,484 (+88.7%), from €42,268 to €79,752
- Other debts -€27,016
no longer reported in 2025 (was €27,016)
- Gross operating margin -€160,239
down €160,239 (-37.2%), from €431,017 to €270,777
- Taxes -€29,805
down €29,805 (-48.5%), from €61,455 to €31,650
- Other operating charges -€16,485
down €16,485 (-94.8%), from €17,398 to €913
- Staff costs -€15,385
down €15,385 (-16.0%), from €96,176 to €80,791
- Financial charges -€5,919
down €5,919 (-31.9%), from €18,533 to €12,614
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 | €741,115 | €753,035 | +€11,920 | +1.6% |
| Fixed assets | 21/28 | €301,329 | €285,377 | -€15,952 | -5.3% |
| Intangible fixed assets | 21 | €288,804 | €255,954 | -€32,850 | -11.4% |
| Tangible fixed assets | 22/27 | €12,525 | €29,423 | +€16,898 | +134.9% |
| Plant, machinery and equipment | 23 | €4,930 | €4,417 | -€512 | -10.4% |
| Furniture and vehicles | 24 | €5,509 | €13,074 | +€7,566 | +137.3% |
| Other tangible fixed assets | 26 | €2,087 | €11,931 | +€9,844 | +471.8% |
| Current assets | 29/58 | €439,786 | €467,658 | +€27,872 | +6.3% |
| Stocks and contracts in progress | 3 | €215,705 | €298,802 | +€83,096 | +38.5% |
| Stocks | 30/36 | €215,705 | €298,802 | +€83,096 | +38.5% |
| Amounts receivable within one year | 40/41 | €32,707 | €102,776 | +€70,069 | +214.2% |
| Trade receivables | 40 | €18,755 | €53,876 | +€35,121 | +187.3% |
| Other amounts receivable | 41 | €13,952 | €48,900 | +€34,948 | +250.5% |
| Cash at bank and in hand | 54/58 | €190,547 | €66,080 | -€124,467 | -65.3% |
| Deferred charges and accrued income | 490/1 | €827 | - | -€827 | |
| Total equity and liabilities | 10/49 | €741,115 | €753,035 | +€11,920 | +1.6% |
| Equity | 10/15 | €208,174 | €314,748 | +€106,574 | +51.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €198,174 | €304,748 | +€106,574 | +53.8% |
| Amounts payable | 17/49 | €532,941 | €438,287 | -€94,655 | -17.8% |
| Amounts payable after more than one year | 17 | €297,898 | €245,347 | -€52,551 | -17.6% |
| Financial debts | 170/4 | €297,898 | €245,347 | -€52,551 | -17.6% |
| Amounts payable within one year | 42/48 | €234,934 | €191,341 | -€43,593 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €50,648 | €52,551 | +€1,902 | +3.8% |
| Trade debts | 44 | €42,268 | €79,752 | +€37,484 | +88.7% |
| Suppliers | 440/4 | €42,268 | €79,752 | +€37,484 | +88.7% |
| Taxes, remuneration and social security | 45 | €115,002 | €59,038 | -€55,964 | -48.7% |
| Taxes | 450/3 | €92,180 | €49,170 | -€43,010 | -46.7% |
| Remuneration and social security | 454/9 | €22,822 | €9,869 | -€12,953 | -56.8% |
| Other amounts payable | 47/48 | €27,016 | - | -€27,016 | |
| Accrued charges and deferred income | 492/3 | €109 | €1,599 | +€1,489 | +1361.8% |
| Remuneration, social security and pensions | 62 | €96,176 | €80,791 | -€15,385 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,281 | €38,236 | -€1,044 | -2.7% |
| Other operating charges | 640/8 | €17,398 | €913 | -€16,485 | -94.8% |
| Gross operating margin | 9900 | €431,017 | €270,777 | -€160,239 | -37.2% |
| Operating profit (loss) | 9901 | €278,161 | €150,837 | -€127,324 | -45.8% |
| Financial income | 75/76B | €1 | €1 | +€1 | +108.9% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +108.9% |
| Financial charges | 65/66B | €18,533 | €12,614 | -€5,919 | -31.9% |
| Recurring financial charges | 65 | €18,533 | €12,614 | -€5,919 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €259,629 | €138,224 | -€121,405 | -46.8% |
| Income taxes | 67/77 | €61,455 | €31,650 | -€29,805 | -48.5% |
| Profit (loss) for the period | 9904 | €198,174 | €106,574 | -€91,600 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €198,174 | €106,574 | -€91,600 | -46.2% |
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 11 October 2026 via checked.be.