NOIR: 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.
NOIR
Largest movements
- Receivables within one year -€113,485
down €113,485 (-61.7%), from €183,911 to €70,425
of which Trade receivables: -€113,718
- Stocks and contracts -€19,290
down €19,290 (-49.5%), from €39,000 to €19,710
- Tangible fixed assets -€10,339
down €10,339 (-9.1%), from €114,014 to €103,675
of which Land and buildings: -€9,501
- Profit (loss) carried forward -€84,867
down €84,867 (-329.8%), from -€25,730 to -€110,596
- Debts after one year -€35,755
down €35,755 (-34.8%), from €102,727 to €66,972
- Other debts -€31,023
down €31,023 (-53.6%), from €57,891 to €26,868
- Current portion of long-term debt +€24,170
up €24,170 (+323.7%), from €7,467 to €31,636
- Trade debts -€19,904
down €19,904 (-21.9%), from €91,022 to €71,118
- Gross operating margin -€31,444
down €31,444 (-68.9%), from €45,645 to €14,200
- Other operating charges +€11,765
up €11,765 (+1401.0%), from €840 to €12,605
- Taxes -€8,258
no longer reported in 2025 (was €8,258)
- Financial charges -€1,327
down €1,327 (-27.4%), from €4,836 to €3,508
- Depreciation -€1,262
down €1,262 (-10.9%), from €11,601 to €10,339
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 | €338,984 | €195,288 | -€143,696 | -42.4% |
| Fixed assets | 21/28 | €114,014 | €103,675 | -€10,339 | -9.1% |
| Tangible fixed assets | 22/27 | €114,014 | €103,675 | -€10,339 | -9.1% |
| Land and buildings | 22 | €113,176 | €103,675 | -€9,501 | -8.4% |
| Plant, machinery and equipment | 23 | €838 | - | -€838 | |
| Current assets | 29/58 | €224,970 | €91,613 | -€133,357 | -59.3% |
| Stocks and contracts in progress | 3 | €39,000 | €19,710 | -€19,290 | -49.5% |
| Stocks | 30/36 | €39,000 | €19,710 | -€19,290 | -49.5% |
| Amounts receivable within one year | 40/41 | €183,911 | €70,425 | -€113,485 | -61.7% |
| Trade receivables | 40 | €183,862 | €70,144 | -€113,718 | -61.8% |
| Other amounts receivable | 41 | €48 | €281 | +€233 | +481.0% |
| Cash at bank and in hand | 54/58 | €629 | - | -€629 | |
| Deferred charges and accrued income | 490/1 | €1,431 | €1,478 | +€47 | +3.3% |
| Total equity and liabilities | 10/49 | €338,984 | €195,288 | -€143,696 | -42.4% |
| Equity | 10/15 | €49,270 | -€35,596 | -€84,867 | |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,730 | -€110,596 | -€84,867 | -329.8% |
| Amounts payable | 17/49 | €289,713 | €230,884 | -€58,829 | -20.3% |
| Amounts payable after more than one year | 17 | €102,727 | €66,972 | -€35,755 | -34.8% |
| Financial debts | 170/4 | €102,727 | €66,972 | -€35,755 | -34.8% |
| Amounts payable within one year | 42/48 | €186,867 | €163,462 | -€23,405 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €7,467 | €31,636 | +€24,170 | +323.7% |
| Financial debts | 43 | - | €5,034 | +€5,034 | |
| Credit institutions | 430/8 | - | €5,034 | +€5,034 | |
| Trade debts | 44 | €91,022 | €71,118 | -€19,904 | -21.9% |
| Suppliers | 440/4 | €91,022 | €71,118 | -€19,904 | -21.9% |
| Taxes, remuneration and social security | 45 | €30,487 | €28,806 | -€1,681 | -5.5% |
| Taxes | 450/3 | €30,487 | €28,806 | -€1,681 | -5.5% |
| Other amounts payable | 47/48 | €57,891 | €26,868 | -€31,023 | -53.6% |
| Accrued charges and deferred income | 492/3 | €119 | €450 | +€331 | +277.4% |
| Non-recurring operating income | 76A | - | €3,949 | +€3,949 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,601 | €10,339 | -€1,262 | -10.9% |
| Other operating charges | 640/8 | €840 | €12,605 | +€11,765 | +1401.0% |
| Non-recurring operating charges | 66A | - | €72,615 | +€72,615 | |
| Gross operating margin | 9900 | €45,645 | €14,200 | -€31,444 | -68.9% |
| Operating profit (loss) | 9901 | €33,204 | -€81,358 | -€114,562 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,836 | €3,508 | -€1,327 | -27.4% |
| Recurring financial charges | 65 | €4,836 | €3,508 | -€1,327 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €28,369 | -€84,867 | -€113,235 | |
| Income taxes | 67/77 | €8,258 | - | -€8,258 | |
| Profit (loss) for the period | 9904 | €20,111 | -€84,867 | -€104,977 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,111 | -€84,867 | -€104,977 |
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 8 October 2026 via checked.be.