NOIRE: 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.
What changed
NOIRE
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €2.0m+€8,654
Equity
€389.7m
2024 · €387.7m+€2.0m
Cash
€257,618
2024 · €72,924+€184,694
Balance sheet total
€395.8m
2024 · €387.9m+€7.9m
Largest movements
Assets
- Receivables within one year +€8.0m
up €8.0m (+11367.6%), from €70,314 to €8.1m
of which Other amounts receivable: +€8.0m
Equity and liabilities
- Other debts +€6.0m
up €6.0m (+18328.5%), from €32,995 to €6.1m
Income statement
- Financial income +€82,494
up €82,494 (+4.1%), from €2.0m to €2.1m
- Financial charges +€43,797
up €43,797 (+142.9%), from €30,650 to €74,448
- Gross operating margin -€29,702
down €29,702 (-187.2%), from -€15,865 to -€45,567
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.
Result 2024
€2.0m
Gross operating margin
-€29,702
Depreciation
-€166
Other operating charges
-€174
Financial income
+€82,494
Financial charges
-€43,797
Result 2025
€2.0m
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.
From operations
-€50,263
Investment
+€234,957
Financing
€0
Cash 2024
€72,924
From operations (derived)
-€50,263
Net result for the year
+€2.0m
Depreciation
+€7,062
Receivables within one year
-€8.0m
Smaller working-capital items
-€17,460
Other debts
+€6.0m
Accrued charges and deferred income
-€65,364
Investment (derived)
+€234,957
Investment in fixed assets (net)
-€415,043
Current investments
+€650,000
Cash 2025
€257,618
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €387,869,260 | €395,802,403 | +€7.9m | +2.0% |
| Fixed assets | 21/28 | €387,073,527 | €387,481,509 | +€407,982 | +0.1% |
| Tangible fixed assets | 22/27 | €601,123 | €593,734 | -€7,388 | -1.2% |
| Land and buildings | 22 | €580,576 | €574,067 | -€6,509 | -1.1% |
| Assets under construction and advance payments | 27 | €20,547 | €19,667 | -€880 | -4.3% |
| Financial fixed assets | 28 | €386,472,404 | €386,887,774 | +€415,370 | +0.1% |
| Current assets | 29/58 | €795,733 | €8,320,894 | +€7.5m | +945.7% |
| Amounts receivable within one year | 40/41 | €70,314 | €8,063,269 | +€8.0m | +11367.6% |
| Trade receivables | 40 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 41 | €20,314 | €8,013,269 | +€8.0m | +39347.5% |
| Current investments | 50/53 | €650,000 | - | -€650,000 | |
| Cash at bank and in hand | 54/58 | €72,924 | €257,618 | +€184,694 | +253.3% |
| Deferred charges and accrued income | 490/1 | €2,496 | €7 | -€2,488 | -99.7% |
| Total equity and liabilities | 10/49 | €387,869,260 | €395,802,403 | +€7.9m | +2.0% |
| Equity | 10/15 | €387,749,442 | €389,720,425 | +€2.0m | +0.5% |
| Contributions | 10/11 | €341,577,379 | €341,577,379 | = | 0.0% |
| Capital | 10 | €243,900,000 | €243,900,000 | = | 0.0% |
| Issued capital | 100 | €243,900,000 | €243,900,000 | = | 0.0% |
| Outside capital | 11 | €97,677,379 | €97,677,379 | = | 0.0% |
| Share premium | 1100/10 | €97,677,379 | €97,677,379 | = | 0.0% |
| Reserves | 13 | €24,390,000 | €24,390,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,390,000 | €24,390,000 | = | 0.0% |
| Legal reserve | 130 | €24,390,000 | €24,390,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,782,063 | €23,753,047 | +€2.0m | +9.0% |
| Amounts payable | 17/49 | €119,818 | €6,081,977 | +€6.0m | +4976.0% |
| Amounts payable within one year | 42/48 | €54,454 | €6,081,977 | +€6.0m | +11069.0% |
| Trade debts | 44 | €21,459 | €1,511 | -€19,948 | -93.0% |
| Suppliers | 440/4 | €21,459 | €1,511 | -€19,948 | -93.0% |
| Other amounts payable | 47/48 | €32,995 | €6,080,466 | +€6.0m | +18328.5% |
| Accrued charges and deferred income | 492/3 | €65,364 | - | -€65,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,895 | €7,062 | +€166 | +2.4% |
| Other operating charges | 640/8 | €2,081 | €2,255 | +€174 | +8.4% |
| Gross operating margin | 9900 | -€15,865 | -€45,567 | -€29,702 | -187.2% |
| Operating profit (loss) | 9901 | -€24,841 | -€54,884 | -€30,043 | -120.9% |
| Financial income | 75/76B | €2,017,821 | €2,100,315 | +€82,494 | +4.1% |
| Recurring financial income | 75 | €2,017,821 | €2,100,315 | +€82,494 | +4.1% |
| Financial charges | 65/66B | €30,650 | €74,448 | +€43,797 | +142.9% |
| Recurring financial charges | 65 | €30,650 | €74,448 | +€43,797 | +142.9% |
| Profit (loss) for the period before taxes | 9903 | €1,962,329 | €1,970,983 | +€8,654 | +0.4% |
| Profit (loss) for the period | 9904 | €1,962,329 | €1,970,983 | +€8,654 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,962,329 | €1,970,983 | +€8,654 | +0.4% |
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 6 October 2026 via checked.be.