Notarena: 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.
Notarena
Largest movements
- Cash -€63,923
down €63,923 (-18.9%), from €338,532 to €274,609
mainly Contributions, distributions and other (-€513,425) and Current portion of long-term debt (-€43,327)
- Current investments -€50,000
down €50,000 (-90.8%), from €55,045 to €5,045
- Tangible fixed assets -€16,893
down €16,893 (-8.7%), from €195,021 to €178,128
of which Furniture and vehicles: -€9,479
- Reserves -€256,363
down €256,363 (-23.0%), from €1.1m to €857,506
of which Distributable reserves: -€256,363
- Other debts +€154,842
up €154,842 (+122.1%), from €126,835 to €281,677
- Tax, wage and social debts +€43,954
up €43,954 (+106.1%), from €41,432 to €85,386
of which Taxes: +€40,426
- Current portion of long-term debt -€43,327
down €43,327 (-63.4%), from €68,379 to €25,052
- Debts after one year -€23,133
down €23,133 (-49.8%), from €46,451 to €23,318
- Gross operating margin +€6,794
up €6,794 (+2.2%), from €309,198 to €315,992
- Financial income -€5,134
down €5,134 (-10.7%), from €48,007 to €42,873
of which Non-recurring financial income: -€4,389
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 | €1,426,586 | €1,295,747 | -€130,839 | -9.2% |
| Fixed assets | 21/28 | €947,021 | €930,128 | -€16,893 | -1.8% |
| Tangible fixed assets | 22/27 | €195,021 | €178,128 | -€16,893 | -8.7% |
| Land and buildings | 22 | €120,152 | €120,152 | = | 0.0% |
| Furniture and vehicles | 24 | €48,725 | €39,246 | -€9,479 | -19.5% |
| Other tangible fixed assets | 26 | €26,144 | €18,730 | -€7,414 | -28.4% |
| Financial fixed assets | 28 | €752,000 | €752,000 | = | 0.0% |
| Current assets | 29/58 | €479,565 | €365,619 | -€113,946 | -23.8% |
| Amounts receivable within one year | 40/41 | €83,743 | €83,609 | -€134 | -0.2% |
| Trade receivables | 40 | €182 | €182 | = | 0.0% |
| Other amounts receivable | 41 | €83,561 | €83,427 | -€134 | -0.2% |
| Current investments | 50/53 | €55,045 | €5,045 | -€50,000 | -90.8% |
| Cash at bank and in hand | 54/58 | €338,532 | €274,609 | -€63,923 | -18.9% |
| Deferred charges and accrued income | 490/1 | €2,244 | €2,355 | +€111 | +4.9% |
| Total equity and liabilities | 10/49 | €1,426,586 | €1,295,747 | -€130,839 | -9.2% |
| Equity | 10/15 | €1,132,469 | €876,106 | -€256,363 | -22.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,113,869 | €857,506 | -€256,363 | -23.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,112,009 | €855,646 | -€256,363 | -23.1% |
| Amounts payable | 17/49 | €294,117 | €419,641 | +€125,524 | +42.7% |
| Amounts payable after more than one year | 17 | €46,451 | €23,318 | -€23,133 | -49.8% |
| Financial debts | 170/4 | €46,451 | €23,318 | -€23,133 | -49.8% |
| Amounts payable within one year | 42/48 | €247,424 | €396,290 | +€148,866 | +60.2% |
| Current portion of amounts payable after more than one year | 42 | €68,379 | €25,052 | -€43,327 | -63.4% |
| Trade debts | 44 | €10,778 | €4,175 | -€6,603 | -61.3% |
| Suppliers | 440/4 | €10,778 | €4,175 | -€6,603 | -61.3% |
| Taxes, remuneration and social security | 45 | €41,432 | €85,386 | +€43,954 | +106.1% |
| Taxes | 450/3 | €41,432 | €81,858 | +€40,426 | +97.6% |
| Remuneration and social security | 454/9 | - | €3,528 | +€3,528 | |
| Other amounts payable | 47/48 | €126,835 | €281,677 | +€154,842 | +122.1% |
| Accrued charges and deferred income | 492/3 | €242 | €32 | -€209 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,044 | €22,385 | +€1,341 | +6.4% |
| Other operating charges | 640/8 | €1,935 | €2,219 | +€285 | +14.7% |
| Gross operating margin | 9900 | €309,198 | €315,992 | +€6,794 | +2.2% |
| Operating profit (loss) | 9901 | €286,220 | €291,388 | +€5,168 | +1.8% |
| Financial income | 75/76B | €48,007 | €42,873 | -€5,134 | -10.7% |
| Recurring financial income | 75 | €43,618 | €42,873 | -€745 | -1.7% |
| Non-recurring financial income | 76B | €4,389 | - | -€4,389 | |
| Financial charges | 65/66B | €2,470 | €1,880 | -€589 | -23.9% |
| Recurring financial charges | 65 | €2,470 | €1,880 | -€589 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €331,757 | €332,380 | +€624 | +0.2% |
| Income taxes | 67/77 | €75,394 | €75,318 | -€75 | -0.1% |
| Profit (loss) for the period | 9904 | €256,363 | €257,062 | +€699 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €256,363 | €257,062 | +€699 | +0.3% |
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.