Nofel: 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.
Nofel
Largest movements
- Current investments +€46,262
up €46,262 (+71.2%), from €65,008 to €111,270
- Cash +€7,416
up €7,416 (+94.4%), from €7,856 to €15,272
mainly Net result for the year (+€68,973) and Depreciation (+€3,271)
- Deferred charges and accrued income +€7,405
up €7,405 (+799.9%), from €926 to €8,330
- Receivables within one year +€6,431
up €6,431 (+18.5%), from €34,700 to €41,131
of which Trade receivables: +€5,961
- Profit (loss) carried forward +€68,973
up €68,973 (+73.6%), from €93,706 to €162,679
- Gross operating margin +€17,715
up €17,715 (+23.9%), from €74,240 to €91,955
- Taxes +€4,154
up €4,154 (+28.9%), from €14,376 to €18,530
- Depreciation -€2,119
down €2,119 (-39.3%), from €5,390 to €3,271
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 | €116,035 | €185,122 | +€69,087 | +59.5% |
| Fixed assets | 21/28 | €7,546 | €9,119 | +€1,573 | +20.8% |
| Tangible fixed assets | 22/27 | €7,546 | €9,119 | +€1,573 | +20.8% |
| Plant, machinery and equipment | 23 | €2,136 | €1,864 | -€272 | -12.7% |
| Furniture and vehicles | 24 | €5,410 | €7,255 | +€1,845 | +34.1% |
| Current assets | 29/58 | €108,489 | €176,003 | +€67,514 | +62.2% |
| Amounts receivable within one year | 40/41 | €34,700 | €41,131 | +€6,431 | +18.5% |
| Trade receivables | 40 | €34,700 | €40,661 | +€5,961 | +17.2% |
| Other amounts receivable | 41 | - | €470 | +€470 | |
| Current investments | 50/53 | €65,008 | €111,270 | +€46,262 | +71.2% |
| Cash at bank and in hand | 54/58 | €7,856 | €15,272 | +€7,416 | +94.4% |
| Deferred charges and accrued income | 490/1 | €926 | €8,330 | +€7,405 | +799.9% |
| Total equity and liabilities | 10/49 | €116,035 | €185,122 | +€69,087 | +59.5% |
| Equity | 10/15 | €98,706 | €167,679 | +€68,973 | +69.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,706 | €162,679 | +€68,973 | +73.6% |
| Amounts payable | 17/49 | €17,329 | €17,443 | +€114 | +0.7% |
| Amounts payable within one year | 42/48 | €17,329 | €17,443 | +€114 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €3,916 | €4,568 | +€652 | +16.6% |
| Financial debts | 43 | €1,055 | €496 | -€558 | -52.9% |
| Credit institutions | 430/8 | €1,055 | €496 | -€558 | -52.9% |
| Trade debts | 44 | €3,032 | €4,805 | +€1,773 | +58.5% |
| Suppliers | 440/4 | €3,032 | €4,805 | +€1,773 | +58.5% |
| Taxes, remuneration and social security | 45 | €9,297 | €7,544 | -€1,753 | -18.9% |
| Taxes | 450/3 | €9,297 | €7,544 | -€1,753 | -18.9% |
| Other amounts payable | 47/48 | €30 | €30 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,390 | €3,271 | -€2,119 | -39.3% |
| Other operating charges | 640/8 | €263 | €694 | +€431 | +164.1% |
| Non-recurring operating charges | 66A | - | €327 | +€327 | |
| Gross operating margin | 9900 | €74,240 | €91,955 | +€17,715 | +23.9% |
| Operating profit (loss) | 9901 | €68,588 | €87,663 | +€19,076 | +27.8% |
| Financial income | 75/76B | €8 | €112 | +€104 | +1334.0% |
| Recurring financial income | 75 | €8 | €112 | +€104 | +1334.0% |
| Financial charges | 65/66B | €1,040 | €273 | -€767 | -73.7% |
| Recurring financial charges | 65 | €1,040 | €273 | -€767 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €67,556 | €87,502 | +€19,947 | +29.5% |
| Income taxes | 67/77 | €14,376 | €18,530 | +€4,154 | +28.9% |
| Profit (loss) for the period | 9904 | €53,180 | €68,973 | +€15,793 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,180 | €68,973 | +€15,793 | +29.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.