NOELS POOLS: 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.
NOELS POOLS
Largest movements
- Cash +€54,720
up €54,720 (+46.6%), from €117,534 to €172,254
mainly Net result for the year (+€40,964) and Depreciation (+€30,005)
- Tangible fixed assets -€30,005
down €30,005 (-3.5%), from €848,082 to €818,077
of which Land and buildings: -€19,703
- Reserves +€40,964
up €40,964 (+14.3%), from €286,748 to €327,712
- Debts after one year -€21,929
down €21,929 (-3.9%), from €558,662 to €536,732
- Other debts +€15,400
up €15,400 (+14.3%), from €107,573 to €122,972
- Tax, wage and social debts -€14,035
down €14,035 (-84.6%), from €16,594 to €2,559
- Gross operating margin -€61,793
down €61,793 (-34.6%), from €178,752 to €116,959
- Taxes -€12,633
down €12,633 (-52.9%), from €23,861 to €11,228
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 | €1,025,149 | €1,051,453 | +€26,304 | +2.6% |
| Fixed assets | 21/28 | €848,082 | €818,077 | -€30,005 | -3.5% |
| Tangible fixed assets | 22/27 | €848,082 | €818,077 | -€30,005 | -3.5% |
| Land and buildings | 22 | €832,155 | €812,452 | -€19,703 | -2.4% |
| Plant, machinery and equipment | 23 | €13,229 | €4,822 | -€8,406 | -63.5% |
| Furniture and vehicles | 24 | €2,698 | €803 | -€1,895 | -70.3% |
| Current assets | 29/58 | €177,067 | €233,376 | +€56,309 | +31.8% |
| Stocks and contracts in progress | 3 | €33,373 | €38,350 | +€4,977 | +14.9% |
| Stocks | 30/36 | €33,373 | €38,350 | +€4,977 | +14.9% |
| Amounts receivable within one year | 40/41 | €26,159 | €22,771 | -€3,388 | -13.0% |
| Trade receivables | 40 | €16,867 | €7,861 | -€9,006 | -53.4% |
| Other amounts receivable | 41 | €9,292 | €14,910 | +€5,618 | +60.5% |
| Cash at bank and in hand | 54/58 | €117,534 | €172,254 | +€54,720 | +46.6% |
| Total equity and liabilities | 10/49 | €1,025,149 | €1,051,453 | +€26,304 | +2.6% |
| Equity | 10/15 | €296,748 | €337,712 | +€40,964 | +13.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €286,748 | €327,712 | +€40,964 | +14.3% |
| Distributable reserves | 133 | €286,748 | €327,712 | +€40,964 | +14.3% |
| Amounts payable | 17/49 | €728,401 | €713,741 | -€14,660 | -2.0% |
| Amounts payable after more than one year | 17 | €558,662 | €536,732 | -€21,929 | -3.9% |
| Financial debts | 170/4 | €558,662 | €536,732 | -€21,929 | -3.9% |
| Amounts payable within one year | 42/48 | €161,333 | €168,847 | +€7,514 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €21,100 | €21,929 | +€830 | +3.9% |
| Trade debts | 44 | €16,066 | €21,386 | +€5,320 | +33.1% |
| Suppliers | 440/4 | €16,066 | €21,386 | +€5,320 | +33.1% |
| Taxes, remuneration and social security | 45 | €16,594 | €2,559 | -€14,035 | -84.6% |
| Taxes | 450/3 | €16,594 | €2,559 | -€14,035 | -84.6% |
| Other amounts payable | 47/48 | €107,573 | €122,972 | +€15,400 | +14.3% |
| Accrued charges and deferred income | 492/3 | €8,406 | €8,161 | -€245 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,081 | €30,005 | -€1,076 | -3.5% |
| Other operating charges | 640/8 | €2,437 | €3,421 | +€984 | +40.4% |
| Non-recurring operating charges | 66A | €358 | €232 | -€126 | -35.2% |
| Gross operating margin | 9900 | €178,752 | €116,959 | -€61,793 | -34.6% |
| Operating profit (loss) | 9901 | €144,875 | €83,300 | -€61,575 | -42.5% |
| Financial income | 75/76B | €461 | €342 | -€119 | -25.9% |
| Recurring financial income | 75 | €461 | €342 | -€119 | -25.9% |
| Financial charges | 65/66B | €32,399 | €31,450 | -€949 | -2.9% |
| Recurring financial charges | 65 | €32,399 | €31,450 | -€949 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €112,938 | €52,193 | -€60,745 | -53.8% |
| Income taxes | 67/77 | €23,861 | €11,228 | -€12,633 | -52.9% |
| Profit (loss) for the period | 9904 | €89,077 | €40,964 | -€48,112 | -54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,077 | €40,964 | -€48,112 | -54.0% |
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 18 October 2026 via checked.be.