NOERDINGER: 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.
NOERDINGER
Largest movements
- Receivables within one year +€51,809
up €51,809 (+49.9%), from €103,788 to €155,597
of which Trade receivables: +€70,649
- Tangible fixed assets -€14,434
down €14,434 (-24.9%), from €58,008 to €43,574
of which Furniture and vehicles: -€8,826
- Cash -€5,966
down €5,966 (-11.0%), from €54,190 to €48,224
mainly Receivables within one year (-€51,809) and Current portion of long-term debt (-€6,862)
- Stocks and contracts -€3,747
down €3,747 (-4.9%), from €75,984 to €72,237
- Reserves +€15,000
up €15,000 (+38.4%), from €39,060 to €54,060
- Tax, wage and social debts +€10,755
up €10,755 (+261%), from €4,127 to €14,882
- Profit (loss) carried forward +€7,582
up €7,582 (+10.6%), from €71,857 to €79,439
- Current portion of long-term debt -€6,862
no longer reported in 2025 (was €6,862)
- Trade debts +€6,221
up €6,221 (+558%), from €1,115 to €7,336
- Gross operating margin +€23,972
up €23,972 (+62.4%), from €38,405 to €62,377
- Taxes +€8,591
up €8,591 (+140%), from €6,155 to €14,746
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 | €294,976 | €321,445 | +€26,469 | +9.0% |
| Fixed assets | 21/28 | €58,008 | €43,574 | -€14,434 | -24.9% |
| Tangible fixed assets | 22/27 | €58,008 | €43,574 | -€14,434 | -24.9% |
| Plant, machinery and equipment | 23 | €5,920 | €3,305 | -€2,615 | -44.2% |
| Furniture and vehicles | 24 | €34,753 | €25,927 | -€8,826 | -25.4% |
| Other tangible fixed assets | 26 | €17,335 | €14,342 | -€2,993 | -17.3% |
| Current assets | 29/58 | €236,968 | €277,871 | +€40,903 | +17.3% |
| Stocks and contracts in progress | 3 | €75,984 | €72,237 | -€3,747 | -4.9% |
| Stocks | 30/36 | €75,984 | €72,237 | -€3,747 | -4.9% |
| Amounts receivable within one year | 40/41 | €103,788 | €155,597 | +€51,809 | +49.9% |
| Trade receivables | 40 | €76,253 | €146,902 | +€70,649 | +92.7% |
| Other amounts receivable | 41 | €27,535 | €8,695 | -€18,840 | -68.4% |
| Cash at bank and in hand | 54/58 | €54,190 | €48,224 | -€5,966 | -11.0% |
| Deferred charges and accrued income | 490/1 | €3,006 | €1,813 | -€1,193 | -39.7% |
| Total equity and liabilities | 10/49 | €294,976 | €321,445 | +€26,469 | +9.0% |
| Equity | 10/15 | €129,517 | €152,099 | +€22,582 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,060 | €54,060 | +€15,000 | +38.4% |
| Distributable reserves | 133 | €39,060 | €54,060 | +€15,000 | +38.4% |
| Profit (loss) carried forward | 14 | €71,857 | €79,439 | +€7,582 | +10.6% |
| Amounts payable | 17/49 | €165,459 | €169,346 | +€3,887 | +2.3% |
| Amounts payable after more than one year | 17 | €24,975 | €24,975 | = | 0.0% |
| Financial debts | 170/4 | €23,385 | €23,385 | = | 0.0% |
| Advances received on contracts in progress | 176 | €1,590 | €1,590 | = | 0.0% |
| Amounts payable within one year | 42/48 | €138,313 | €143,473 | +€5,160 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €6,862 | - | -€6,862 | |
| Trade debts | 44 | €1,115 | €7,336 | +€6,221 | +558% |
| Suppliers | 440/4 | €1,115 | €7,336 | +€6,221 | +558% |
| Advances received on contracts in progress | 46 | €6,000 | - | -€6,000 | |
| Taxes, remuneration and social security | 45 | €4,127 | €14,882 | +€10,755 | +261% |
| Taxes | 450/3 | €4,127 | €14,882 | +€10,755 | +261% |
| Other amounts payable | 47/48 | €120,209 | €121,255 | +€1,046 | +0.9% |
| Accrued charges and deferred income | 492/3 | €2,171 | €898 | -€1,273 | -58.6% |
| Non-recurring operating income | 76A | €2,128 | - | -€2,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,807 | €14,434 | -€373 | -2.5% |
| Other operating charges | 640/8 | €1,459 | €1,614 | +€155 | +10.6% |
| Gross operating margin | 9900 | €38,405 | €62,377 | +€23,972 | +62.4% |
| Operating profit (loss) | 9901 | €22,139 | €46,329 | +€24,190 | +109% |
| Financial income | 75/76B | €3,331 | €3,404 | +€73 | +2.2% |
| Recurring financial income | 75 | €3,331 | €3,404 | +€73 | +2.2% |
| Financial charges | 65/66B | €12,210 | €12,405 | +€195 | +1.6% |
| Recurring financial charges | 65 | €12,210 | €12,405 | +€195 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €13,260 | €37,328 | +€24,068 | +182% |
| Income taxes | 67/77 | €6,155 | €14,746 | +€8,591 | +140% |
| Profit (loss) for the period | 9904 | €7,105 | €22,582 | +€15,477 | +218% |
| Profit (loss) for the period to be appropriated | 9905 | €7,105 | €22,582 | +€15,477 | +218% |
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 14 October 2026 via checked.be.