NOEST: what changed
NOEST
Largest movements
- Cash -€23,430
down €23,430 (-32.2%), from €72,762 to €49,332
mainly Contributions, distributions and other (-€60,824) and Receivables within one year (-€10,533)
- Tangible fixed assets -€11,193
down €11,193 (-8.6%), from €130,804 to €119,611
of which Land and buildings: -€6,237
- Receivables within one year +€10,533
up €10,533 (+93.7%), from €11,244 to €21,776
of which Trade receivables: +€7,626
- Deferred charges and accrued income +€2,359
new in 2025: €2,359
- Reserves -€28,130
down €28,130 (-100.0%), from €28,141 to €11
- Profit (loss) carried forward +€8,334
up €8,334 (+25.5%), from €32,694 to €41,028
- Other debts +€6,706
up €6,706 (+30.1%), from €22,303 to €29,009
- Debts after one year -€5,746
down €5,746 (-5.6%), from €102,122 to €96,376
- Tax, wage and social debts -€4,644
down €4,644 (-26.2%), from €17,755 to €13,111
of which Taxes: -€9,144
- Gross operating margin +€20,524
up €20,524 (+40.6%), from €50,521 to €71,045
- Taxes +€3,449
up €3,449 (+39.8%), from €8,667 to €12,116
- Other operating charges +€994
up €994 (+66.2%), from €1,501 to €2,494
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €214,810 | €193,079 | -€21,732 | -10.1% |
| Fixed assets | 21/28 | €130,804 | €119,611 | -€11,193 | -8.6% |
| Tangible fixed assets | 22/27 | €130,804 | €119,611 | -€11,193 | -8.6% |
| Land and buildings | 22 | €105,260 | €99,023 | -€6,237 | -5.9% |
| Plant, machinery and equipment | 23 | €914 | €695 | -€219 | -23.9% |
| Furniture and vehicles | 24 | €24,630 | €19,893 | -€4,738 | -19.2% |
| Current assets | 29/58 | €84,006 | €73,468 | -€10,538 | -12.5% |
| Amounts receivable within one year | 40/41 | €11,244 | €21,776 | +€10,533 | +93.7% |
| Trade receivables | 40 | €11,244 | €18,870 | +€7,626 | +67.8% |
| Other amounts receivable | 41 | - | €2,906 | +€2,906 | |
| Cash at bank and in hand | 54/58 | €72,762 | €49,332 | -€23,430 | -32.2% |
| Deferred charges and accrued income | 490/1 | - | €2,359 | +€2,359 | |
| Total equity and liabilities | 10/49 | €214,810 | €193,079 | -€21,732 | -10.1% |
| Equity | 10/15 | €63,834 | €44,038 | -€19,796 | -31.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,141 | €11 | -€28,130 | -100.0% |
| Distributable reserves | 133 | €28,141 | €11 | -€28,130 | -100.0% |
| Profit (loss) carried forward | 14 | €32,694 | €41,028 | +€8,334 | +25.5% |
| Amounts payable | 17/49 | €150,976 | €149,040 | -€1,935 | -1.3% |
| Amounts payable after more than one year | 17 | €102,122 | €96,376 | -€5,746 | -5.6% |
| Financial debts | 170/4 | €102,122 | €96,376 | -€5,746 | -5.6% |
| Amounts payable within one year | 42/48 | €48,854 | €52,664 | +€3,811 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €5,663 | €5,746 | +€83 | +1.5% |
| Trade debts | 44 | €3,096 | €4,798 | +€1,702 | +55.0% |
| Suppliers | 440/4 | €3,096 | €4,798 | +€1,702 | +55.0% |
| Advances received on contracts in progress | 46 | €36 | - | -€36 | |
| Taxes, remuneration and social security | 45 | €17,755 | €13,111 | -€4,644 | -26.2% |
| Taxes | 450/3 | €17,755 | €8,611 | -€9,144 | -51.5% |
| Remuneration and social security | 454/9 | - | €4,500 | +€4,500 | |
| Other amounts payable | 47/48 | €22,303 | €29,009 | +€6,706 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,527 | €13,806 | +€279 | +2.1% |
| Other operating charges | 640/8 | €1,501 | €2,494 | +€994 | +66.2% |
| Gross operating margin | 9900 | €50,521 | €71,045 | +€20,524 | +40.6% |
| Operating profit (loss) | 9901 | €35,494 | €54,745 | +€19,251 | +54.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €2,244 | €1,601 | -€643 | -28.6% |
| Recurring financial charges | 65 | €2,244 | €1,601 | -€643 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €33,251 | €53,144 | +€19,893 | +59.8% |
| Income taxes | 67/77 | €8,667 | €12,116 | +€3,449 | +39.8% |
| Profit (loss) for the period | 9904 | €24,584 | €41,028 | +€16,444 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,584 | €41,028 | +€16,444 | +66.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.