NOEN: 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.
NOEN
Largest movements
- Tangible fixed assets -€32,309
down €32,309 (-8.9%), from €361,451 to €329,141
of which Land and buildings: -€17,096
- Receivables within one year -€6,213
down €6,213 (-51.7%), from €12,018 to €5,805
of which Trade receivables: -€5,322
- Debts after one year -€25,418
down €25,418 (-9.2%), from €277,018 to €251,600
- Profit (loss) carried forward -€6,350
new in 2025: -€6,350
- Reserves -€6,066
down €6,066 (-100%), from €6,066 to €0
- Other debts -€6,063
down €6,063 (-10.4%), from €58,091 to €52,028
- Gross operating margin -€8,761
down €8,761 (-7.6%), from €115,696 to €106,935
- Staff costs +€6,411
up €6,411 (+10.1%), from €63,199 to €69,610
- Other operating charges -€1,752
down €1,752 (-36.6%), from €4,784 to €3,032
- Financial charges -€1,740
down €1,740 (-11.9%), from €14,642 to €12,902
of which Financial charges: -€1,491
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 | €406,572 | €361,695 | -€44,877 | -11.0% |
| Fixed assets | 21/28 | €372,855 | €339,046 | -€33,809 | -9.1% |
| Intangible fixed assets | 21 | €11,404 | €9,904 | -€1,500 | -13.2% |
| Tangible fixed assets | 22/27 | €361,451 | €329,141 | -€32,309 | -8.9% |
| Land and buildings | 22 | €321,031 | €303,935 | -€17,096 | -5.3% |
| Plant, machinery and equipment | 23 | €21,729 | €12,117 | -€9,612 | -44.2% |
| Furniture and vehicles | 24 | €18,690 | €13,089 | -€5,601 | -30.0% |
| Current assets | 29/58 | €33,717 | €22,649 | -€11,068 | -32.8% |
| Stocks and contracts in progress | 3 | €9,465 | €5,589 | -€3,876 | -40.9% |
| Stocks | 30/36 | €9,465 | €5,589 | -€3,876 | -40.9% |
| Amounts receivable within one year | 40/41 | €12,018 | €5,805 | -€6,213 | -51.7% |
| Trade receivables | 40 | €11,108 | €5,787 | -€5,322 | -47.9% |
| Other amounts receivable | 41 | €910 | €19 | -€891 | -97.9% |
| Cash at bank and in hand | 54/58 | €12,234 | €11,255 | -€979 | -8.0% |
| Total equity and liabilities | 10/49 | €406,572 | €361,695 | -€44,877 | -11.0% |
| Equity | 10/15 | €8,066 | -€4,350 | -€12,415 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €6,066 | €0 | -€6,066 | -100% |
| Distributable reserves | 133 | €6,066 | €0 | -€6,066 | -100% |
| Profit (loss) carried forward | 14 | - | -€6,350 | -€6,350 | |
| Amounts payable | 17/49 | €398,507 | €366,044 | -€32,462 | -8.1% |
| Amounts payable after more than one year | 17 | €277,018 | €251,600 | -€25,418 | -9.2% |
| Financial debts | 170/4 | €277,018 | €251,600 | -€25,418 | -9.2% |
| Amounts payable within one year | 42/48 | €119,971 | €112,926 | -€7,044 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €24,545 | €25,418 | +€873 | +3.6% |
| Trade debts | 44 | €22,938 | €23,081 | +€143 | +0.6% |
| Suppliers | 440/4 | €22,938 | €23,081 | +€143 | +0.6% |
| Taxes, remuneration and social security | 45 | €14,396 | €12,399 | -€1,997 | -13.9% |
| Taxes | 450/3 | €5,786 | €2,701 | -€3,085 | -53.3% |
| Remuneration and social security | 454/9 | €8,610 | €9,698 | +€1,088 | +12.6% |
| Other amounts payable | 47/48 | €58,091 | €52,028 | -€6,063 | -10.4% |
| Accrued charges and deferred income | 492/3 | €1,518 | €1,518 | +€0 | 0.0% |
| Non-recurring operating income | 76A | - | €2,250 | +€2,250 | |
| Remuneration, social security and pensions | 62 | €63,199 | €69,610 | +€6,411 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,470 | €33,809 | +€340 | +1.0% |
| Other operating charges | 640/8 | €4,784 | €3,032 | -€1,752 | -36.6% |
| Gross operating margin | 9900 | €115,696 | €106,935 | -€8,761 | -7.6% |
| Operating profit (loss) | 9901 | €14,243 | €483 | -€13,760 | -96.6% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €14,642 | €12,902 | -€1,740 | -11.9% |
| Recurring financial charges | 65 | €12,683 | €11,193 | -€1,491 | -11.8% |
| Non-recurring financial charges | 66B | €1,958 | €1,709 | -€249 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | -€398 | -€12,415 | -€12,017 | -3,018% |
| Income taxes | 67/77 | €560 | €0 | -€560 | -100% |
| Profit (loss) for the period | 9904 | -€958 | -€12,415 | -€11,457 | -1,196% |
| Profit (loss) for the period to be appropriated | 9905 | -€958 | -€12,415 | -€11,457 | -1,196% |
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 24 October 2026 via checked.be.