NOTAM: 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.
NOTAM
Largest movements
- Cash +€26,750
up €26,750 (+34.6%), from €77,326 to €104,076
mainly Net result for the year (+€28,339) and Investment in fixed assets (net) (+€4,072)
- Tangible fixed assets -€4,655
down €4,655 (-77.1%), from €6,036 to €1,381
- Receivables within one year +€4,484
up €4,484 (+2.5%), from €178,199 to €182,683
of which Trade receivables: +€2,311
- Reserves +€28,000
up €28,000 (+44.3%), from €63,225 to €91,225
of which Distributable reserves: +€29,859
- Write-downs -€26,124
no longer reported in 2025 (was €26,124)
- Gross operating margin -€12,259
down €12,259 (-20.5%), from €59,781 to €47,522
- Taxes +€4,192
up €4,192 (+38.9%), from €10,782 to €14,974
- Depreciation -€3,417
down €3,417 (-85.4%), from €4,000 to €583
- Financial charges +€2,131
up €2,131 (+167.5%), from €1,272 to €3,403
of which Non-recurring financial charges: +€2,553
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 | €261,611 | €288,190 | +€26,579 | +10.2% |
| Fixed assets | 21/28 | €6,086 | €1,431 | -€4,655 | -76.5% |
| Tangible fixed assets | 22/27 | €6,036 | €1,381 | -€4,655 | -77.1% |
| Furniture and vehicles | 24 | €6,036 | €1,381 | -€4,655 | -77.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €255,525 | €286,759 | +€31,234 | +12.2% |
| Amounts receivable within one year | 40/41 | €178,199 | €182,683 | +€4,484 | +2.5% |
| Trade receivables | 40 | €2,668 | €4,979 | +€2,311 | +86.6% |
| Other amounts receivable | 41 | €175,531 | €177,704 | +€2,173 | +1.2% |
| Cash at bank and in hand | 54/58 | €77,326 | €104,076 | +€26,750 | +34.6% |
| Total equity and liabilities | 10/49 | €261,611 | €288,190 | +€26,579 | +10.2% |
| Equity | 10/15 | €244,693 | €273,032 | +€28,339 | +11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €63,225 | €91,225 | +€28,000 | +44.3% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €61,366 | €91,225 | +€29,859 | +48.7% |
| Profit (loss) carried forward | 14 | €162,876 | €163,215 | +€339 | +0.2% |
| Amounts payable | 17/49 | €16,918 | €15,158 | -€1,760 | -10.4% |
| Amounts payable within one year | 42/48 | €16,918 | €15,158 | -€1,760 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | - | €1,167 | +€1,167 | |
| Trade debts | 44 | €2,685 | €2,668 | -€17 | -0.6% |
| Suppliers | 440/4 | €2,685 | €2,668 | -€17 | -0.6% |
| Advances received on contracts in progress | 46 | €250 | - | -€250 | |
| Taxes, remuneration and social security | 45 | €13,983 | €11,323 | -€2,660 | -19.0% |
| Taxes | 450/3 | €13,510 | €10,851 | -€2,659 | -19.7% |
| Remuneration and social security | 454/9 | €473 | €472 | -€1 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €583 | -€3,417 | -85.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,124 | - | -€26,124 | |
| Other operating charges | 640/8 | €678 | €373 | -€305 | -45.0% |
| Gross operating margin | 9900 | €59,781 | €47,522 | -€12,259 | -20.5% |
| Operating profit (loss) | 9901 | €28,979 | €46,566 | +€17,587 | +60.7% |
| Financial income | 75/76B | - | €150 | +€150 | |
| Recurring financial income | 75 | - | €150 | +€150 | |
| Financial charges | 65/66B | €1,272 | €3,403 | +€2,131 | +167.5% |
| Recurring financial charges | 65 | €753 | €331 | -€422 | -56.0% |
| Non-recurring financial charges | 66B | €519 | €3,072 | +€2,553 | +491.9% |
| Profit (loss) for the period before taxes | 9903 | €27,707 | €43,313 | +€15,606 | +56.3% |
| Income taxes | 67/77 | €10,782 | €14,974 | +€4,192 | +38.9% |
| Profit (loss) for the period | 9904 | €16,925 | €28,339 | +€11,414 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,925 | €28,339 | +€11,414 | +67.4% |
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 7 October 2026 via checked.be.