NOELS: 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.
NOELS
Largest movements
- Cash -€7,191
down €7,191 (-98.5%), from €7,299 to €108
mainly Net result for the year (-€9,700) and Investment in fixed assets (net) (-€4,630)
- Receivables within one year -€4,078
down €4,078 (-8.0%), from €51,290 to €47,212
of which Trade receivables: -€3,448
- Tangible fixed assets +€3,875
up €3,875 (+1710.6%), from €227 to €4,102
- Stocks and contracts +€2,967
up €2,967 (+592.8%), from €501 to €3,468
- Profit (loss) carried forward -€9,700
new in 2025: -€9,700
- Trade debts +€3,826
up €3,826 (+824.2%), from €464 to €4,290
- Short-term financial debts +€981
new in 2025: €981
- Tax, wage and social debts +€709
up €709 (+39.5%), from €1,793 to €2,502
- Gross operating margin -€12,184
down €12,184, from €1,403 to -€10,781
- Taxes -€1,793
no longer reported in 2025 (was €1,793)
- Financial income +€350
up €350 (+15.3%), from €2,286 to €2,635
- Financial charges +€346
up €346 (+88.3%), from €392 to €738
- Depreciation +€189
up €189 (+33.3%), from €566 to €755
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 | €60,716 | €56,531 | -€4,185 | -6.9% |
| Fixed assets | 21/28 | €227 | €4,102 | +€3,875 | +1710.6% |
| Tangible fixed assets | 22/27 | €227 | €4,102 | +€3,875 | +1710.6% |
| Plant, machinery and equipment | 23 | €227 | €4,102 | +€3,875 | +1710.6% |
| Current assets | 29/58 | €60,490 | €52,429 | -€8,060 | -13.3% |
| Stocks and contracts in progress | 3 | €501 | €3,468 | +€2,967 | +592.8% |
| Contracts in progress | 37 | €501 | €3,468 | +€2,967 | +592.8% |
| Amounts receivable within one year | 40/41 | €51,290 | €47,212 | -€4,078 | -8.0% |
| Trade receivables | 40 | €8,933 | €5,485 | -€3,448 | -38.6% |
| Other amounts receivable | 41 | €42,357 | €41,727 | -€630 | -1.5% |
| Cash at bank and in hand | 54/58 | €7,299 | €108 | -€7,191 | -98.5% |
| Deferred charges and accrued income | 490/1 | €1,400 | €1,641 | +€241 | +17.2% |
| Total equity and liabilities | 10/49 | €60,716 | €56,531 | -€4,185 | -6.9% |
| Equity | 10/15 | €58,459 | €48,759 | -€9,700 | -16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,859 | €39,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,210 | €9,210 | = | 0.0% |
| Distributable reserves | 133 | €30,649 | €30,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,700 | -€9,700 | |
| Amounts payable | 17/49 | €2,257 | €7,772 | +€5,515 | +244.3% |
| Amounts payable within one year | 42/48 | €2,257 | €7,772 | +€5,515 | +244.3% |
| Financial debts | 43 | - | €981 | +€981 | |
| Credit institutions | 430/8 | - | €981 | +€981 | |
| Trade debts | 44 | €464 | €4,290 | +€3,826 | +824.2% |
| Suppliers | 440/4 | €464 | €4,290 | +€3,826 | +824.2% |
| Taxes, remuneration and social security | 45 | €1,793 | €2,502 | +€709 | +39.5% |
| Taxes | 450/3 | €1,793 | €2,502 | +€709 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €566 | €755 | +€189 | +33.3% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €1,403 | -€10,781 | -€12,184 | |
| Operating profit (loss) | 9901 | €774 | -€11,598 | -€12,372 | |
| Financial income | 75/76B | €2,286 | €2,635 | +€350 | +15.3% |
| Recurring financial income | 75 | €2,286 | €2,635 | +€350 | +15.3% |
| Financial charges | 65/66B | €392 | €738 | +€346 | +88.3% |
| Recurring financial charges | 65 | €392 | €738 | +€346 | +88.3% |
| Profit (loss) for the period before taxes | 9903 | €2,668 | -€9,700 | -€12,369 | |
| Income taxes | 67/77 | €1,793 | - | -€1,793 | |
| Profit (loss) for the period | 9904 | €875 | -€9,700 | -€10,576 | |
| Profit (loss) for the period to be appropriated | 9905 | €875 | -€9,700 | -€10,576 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.