NOTAREUL: 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.
NOTAREUL
Largest movements
- Cash -€3.0m
down €3.0m (-92.4%), from €3.2m to €243,078
mainly Trade debts (-€3.1m) and Contributions, distributions and other (-€175,673)
- Intangible fixed assets -€84,200
down €84,200 (-16.7%), from €505,200 to €421,000
- Receivables within one year -€64,207
down €64,207 (-60.2%), from €106,738 to €42,531
of which Other amounts receivable: -€72,445
- Trade debts -€3.1m
down €3.1m (-99.1%), from €3.2m to €27,934
- Debts after one year -€137,632
down €137,632 (-14.2%), from €971,905 to €834,273
- Other debts +€127,993
up €127,993 (+40.5%), from €315,677 to €443,670
- Gross operating margin +€236,086
up €236,086 (+52.6%), from €448,599 to €684,685
- Taxes +€51,558
up €51,558 (+14779.7%), from €349 to €51,906
- Depreciation +€8,024
up €8,024 (+5.3%), from €151,332 to €159,356
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 | €4,666,258 | €1,529,571 | -€3.1m | -67.2% |
| Fixed assets | 21/28 | €1,362,005 | €1,243,963 | -€118,042 | -8.7% |
| Intangible fixed assets | 21 | €505,200 | €421,000 | -€84,200 | -16.7% |
| Tangible fixed assets | 22/27 | €856,805 | €822,963 | -€33,842 | -3.9% |
| Land and buildings | 22 | €799,086 | €778,886 | -€20,200 | -2.5% |
| Plant, machinery and equipment | 23 | €5,748 | €4,067 | -€1,680 | -29.2% |
| Furniture and vehicles | 24 | €51,972 | €40,010 | -€11,962 | -23.0% |
| Current assets | 29/58 | €3,304,253 | €285,609 | -€3.0m | -91.4% |
| Amounts receivable within one year | 40/41 | €106,738 | €42,531 | -€64,207 | -60.2% |
| Trade receivables | 40 | €6,155 | €14,393 | +€8,239 | +133.9% |
| Other amounts receivable | 41 | €100,583 | €28,138 | -€72,445 | -72.0% |
| Cash at bank and in hand | 54/58 | €3,197,516 | €243,078 | -€3.0m | -92.4% |
| Total equity and liabilities | 10/49 | €4,666,258 | €1,529,571 | -€3.1m | -67.2% |
| Equity | 10/15 | €6,994 | €10,000 | +€3,006 | +43.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,006 | - | +€3,006 | |
| Amounts payable | 17/49 | €4,659,264 | €1,519,571 | -€3.1m | -67.4% |
| Amounts payable after more than one year | 17 | €971,905 | €834,273 | -€137,632 | -14.2% |
| Financial debts | 170/4 | €971,905 | €834,273 | -€137,632 | -14.2% |
| Amounts payable within one year | 42/48 | €3,685,717 | €683,847 | -€3.0m | -81.4% |
| Current portion of amounts payable after more than one year | 42 | €137,632 | €137,632 | = | 0.0% |
| Trade debts | 44 | €3,154,905 | €27,934 | -€3.1m | -99.1% |
| Suppliers | 440/4 | €3,154,905 | €27,934 | -€3.1m | -99.1% |
| Taxes, remuneration and social security | 45 | €77,503 | €74,611 | -€2,892 | -3.7% |
| Taxes | 450/3 | €38,617 | €36,342 | -€2,275 | -5.9% |
| Remuneration and social security | 454/9 | €38,886 | €38,269 | -€617 | -1.6% |
| Other amounts payable | 47/48 | €315,677 | €443,670 | +€127,993 | +40.5% |
| Accrued charges and deferred income | 492/3 | €1,643 | €1,451 | -€192 | -11.7% |
| Remuneration, social security and pensions | 62 | €301,194 | €299,876 | -€1,318 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,332 | €159,356 | +€8,024 | +5.3% |
| Other operating charges | 640/8 | €2,252 | €4,263 | +€2,012 | +89.3% |
| Gross operating margin | 9900 | €448,599 | €684,685 | +€236,086 | +52.6% |
| Operating profit (loss) | 9901 | -€6,178 | €221,190 | +€227,368 | |
| Financial income | 75/76B | €10,496 | €16,127 | +€5,631 | +53.7% |
| Recurring financial income | 75 | €10,496 | €16,127 | +€5,631 | +53.7% |
| Financial charges | 65/66B | €6,975 | €6,731 | -€244 | -3.5% |
| Recurring financial charges | 65 | €6,975 | €6,731 | -€244 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,657 | €230,585 | +€233,243 | |
| Income taxes | 67/77 | €349 | €51,906 | +€51,558 | +14779.7% |
| Profit (loss) for the period | 9904 | -€3,006 | €178,679 | +€181,685 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,006 | €178,679 | +€181,685 |
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 4 October 2026 via checked.be.