Noland: 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.
Noland
Largest movements
- Receivables within one year +€20,534
up €20,534 (+25.7%), from €79,829 to €100,363
of which Trade receivables: +€23,524
- Cash +€10,024
up €10,024 (+494%), from €2,027 to €12,051
mainly Other debts (+€123,725) and Tax, wage and social debts (+€2,100)
- Tangible fixed assets -€1,561
down €1,561 (-25.3%), from €6,168 to €4,607
- Other debts +€123,725
up €123,725 (+165%), from €75,000 to €198,725
- Short-term financial debts -€98,538
no longer reported in 2025 (was €98,538)
- Tax, wage and social debts +€2,100
new in 2025: €2,100
- Profit (loss) carried forward +€1,709
up €1,709 (+1.6%), from -€108,090 to -€106,381
- Gross operating margin +€96,502
up €96,502, from -€88,902 to €7,600
- Financial charges -€6,825
down €6,825 (-70.7%), from €9,657 to €2,832
- Other operating charges -€6,472
down €6,472 (-81.2%), from €7,970 to €1,498
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 | €88,025 | €117,021 | +€28,996 | +32.9% |
| Fixed assets | 21/28 | €6,168 | €4,607 | -€1,561 | -25.3% |
| Tangible fixed assets | 22/27 | €6,168 | €4,607 | -€1,561 | -25.3% |
| Furniture and vehicles | 24 | €6,168 | €4,607 | -€1,561 | -25.3% |
| Current assets | 29/58 | €81,856 | €112,414 | +€30,557 | +37.3% |
| Amounts receivable within one year | 40/41 | €79,829 | €100,363 | +€20,534 | +25.7% |
| Trade receivables | 40 | €45,849 | €69,373 | +€23,524 | +51.3% |
| Other amounts receivable | 41 | €33,980 | €30,990 | -€2,990 | -8.8% |
| Cash at bank and in hand | 54/58 | €2,027 | €12,051 | +€10,024 | +494% |
| Total equity and liabilities | 10/49 | €88,025 | €117,021 | +€28,996 | +32.9% |
| Equity | 10/15 | -€85,513 | -€83,804 | +€1,709 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,377 | €16,377 | = | 0.0% |
| Distributable reserves | 133 | €16,377 | €16,377 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,090 | -€106,381 | +€1,709 | +1.6% |
| Amounts payable | 17/49 | €173,538 | €200,825 | +€27,287 | +15.7% |
| Amounts payable within one year | 42/48 | €173,538 | €200,825 | +€27,287 | +15.7% |
| Financial debts | 43 | €98,538 | - | -€98,538 | |
| Credit institutions | 430/8 | €98,538 | - | -€98,538 | |
| Taxes, remuneration and social security | 45 | - | €2,100 | +€2,100 | |
| Taxes | 450/3 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €75,000 | €198,725 | +€123,725 | +165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,561 | €1,561 | = | 0.0% |
| Other operating charges | 640/8 | €7,970 | €1,498 | -€6,472 | -81.2% |
| Gross operating margin | 9900 | -€88,902 | €7,600 | +€96,502 | |
| Operating profit (loss) | 9901 | -€98,433 | €4,541 | +€102,974 | |
| Financial charges | 65/66B | €9,657 | €2,832 | -€6,825 | -70.7% |
| Recurring financial charges | 65 | €9,657 | €2,832 | -€6,825 | -70.7% |
| Profit (loss) for the period before taxes | 9903 | -€108,090 | €1,709 | +€109,799 | |
| Profit (loss) for the period | 9904 | -€108,090 | €1,709 | +€109,799 | |
| Profit (loss) for the period to be appropriated | 9905 | -€108,090 | €1,709 | +€109,799 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.