NOIR: 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.
NOIR
Largest movements
- Current investments +€200,535
up €200,535 (+110%), from €182,885 to €383,420
- Cash -€200,137
down €200,137 (-75.7%), from €264,514 to €64,377
mainly Current investments (-€200,535) and Receivables within one year (-€39,688)
- Receivables within one year +€39,688
up €39,688 (+60.8%), from €65,258 to €104,946
of which Trade receivables: +€39,688
- Reserves +€56,496
up €56,496 (+8.2%), from €688,132 to €744,627
of which Distributable reserves: +€70,304
- Financial income -€1.3m
down €1.3m (-99.6%), from €1.3m to €5,739
- Gross operating margin +€19,796
up €19,796 (+17.9%), from €110,629 to €130,425
- Financial charges -€19,439
down €19,439 (-61.0%), from €31,843 to €12,404
- Taxes +€10,843
up €10,843 (+44.6%), from €24,301 to €35,144
- Other operating charges +€3,474
up €3,474 (+144%), from €2,404 to €5,879
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 | €3,092,029 | €3,100,757 | +€8,728 | +0.3% |
| Fixed assets | 21/28 | €2,578,847 | €2,548,002 | -€30,845 | -1.2% |
| Tangible fixed assets | 22/27 | €955,005 | €924,160 | -€30,845 | -3.2% |
| Land and buildings | 22 | €946,545 | €918,934 | -€27,610 | -2.9% |
| Plant, machinery and equipment | 23 | €1,008 | €566 | -€442 | -43.9% |
| Furniture and vehicles | 24 | €7,452 | €4,660 | -€2,792 | -37.5% |
| Financial fixed assets | 28 | €1,623,842 | €1,623,842 | = | 0.0% |
| Current assets | 29/58 | €513,182 | €552,755 | +€39,573 | +7.7% |
| Amounts receivable within one year | 40/41 | €65,258 | €104,946 | +€39,688 | +60.8% |
| Trade receivables | 40 | €19,844 | €59,532 | +€39,688 | +200% |
| Other amounts receivable | 41 | €45,414 | €45,414 | = | 0.0% |
| Current investments | 50/53 | €182,885 | €383,420 | +€200,535 | +110% |
| Cash at bank and in hand | 54/58 | €264,514 | €64,377 | -€200,137 | -75.7% |
| Deferred charges and accrued income | 490/1 | €524 | €12 | -€512 | -97.8% |
| Total equity and liabilities | 10/49 | €3,092,029 | €3,100,757 | +€8,728 | +0.3% |
| Equity | 10/15 | €2,446,975 | €2,503,471 | +€56,496 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €688,132 | €744,627 | +€56,496 | +8.2% |
| Tax-exempt reserves | 132 | €411,584 | €397,775 | -€13,809 | -3.4% |
| Distributable reserves | 133 | €276,548 | €346,853 | +€70,304 | +25.4% |
| Profit (loss) carried forward | 14 | €1,740,243 | €1,740,243 | = | 0.0% |
| Provisions and deferred taxes | 16 | €137,195 | €132,592 | -€4,603 | -3.4% |
| Deferred taxes | 168 | €137,195 | €132,592 | -€4,603 | -3.4% |
| Amounts payable | 17/49 | €507,860 | €464,695 | -€43,165 | -8.5% |
| Amounts payable after more than one year | 17 | €425,186 | €397,667 | -€27,519 | -6.5% |
| Financial debts | 170/4 | €425,186 | €397,667 | -€27,519 | -6.5% |
| Amounts payable within one year | 42/48 | €80,265 | €65,058 | -€15,207 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €54,149 | €27,519 | -€26,631 | -49.2% |
| Trade debts | 44 | €313 | €850 | +€537 | +172% |
| Suppliers | 440/4 | €313 | €850 | +€537 | +172% |
| Taxes, remuneration and social security | 45 | €12,600 | €29,658 | +€17,057 | +135% |
| Taxes | 450/3 | €12,600 | €25,193 | +€12,593 | +99.9% |
| Remuneration and social security | 454/9 | - | €4,465 | +€4,465 | |
| Other amounts payable | 47/48 | €13,203 | €7,032 | -€6,171 | -46.7% |
| Accrued charges and deferred income | 492/3 | €2,409 | €1,970 | -€439 | -18.2% |
| Non-recurring operating income | 76A | - | €17,195 | +€17,195 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,622 | €30,845 | -€777 | -2.5% |
| Other operating charges | 640/8 | €2,404 | €5,879 | +€3,474 | +144% |
| Gross operating margin | 9900 | €110,629 | €130,425 | +€19,796 | +17.9% |
| Operating profit (loss) | 9901 | €76,602 | €93,701 | +€17,099 | +22.3% |
| Financial income | 75/76B | €1,309,942 | €5,739 | -€1.3m | -99.6% |
| Recurring financial income | 75 | €1,309,942 | €5,739 | -€1.3m | -99.6% |
| Financial charges | 65/66B | €31,843 | €12,404 | -€19,439 | -61.0% |
| Recurring financial charges | 65 | €31,843 | €12,404 | -€19,439 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €1,354,701 | €87,036 | -€1.3m | -93.6% |
| Transfer from deferred taxes | 780 | €4,603 | €4,603 | = | 0.0% |
| Income taxes | 67/77 | €24,301 | €35,144 | +€10,843 | +44.6% |
| Profit (loss) for the period | 9904 | €1,335,004 | €56,496 | -€1.3m | -95.8% |
| Transfer from tax-exempt reserves | 789 | €13,809 | €13,809 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,348,812 | €70,304 | -€1.3m | -94.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.