Notasim: 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.
What changed
Notasim
NACE 85.599, Other education
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,453
2024 · €140,398-€45,945
Equity
€37,223
2024 · €258,770-€221,547
Cash
€46,454
2024 · €42,759+€3,695
Balance sheet total
€2.7m
2024 · €2.7m-€3,736
Largest movements
Assets
- Tangible fixed assets +€46,095
up €46,095 (+1.9%), from €2.5m to €2.5m
of which Land and buildings: +€66,846
- Current investments -€45,200
no longer reported in 2025 (was €45,200)
Equity and liabilities
- Other debts +€344,938
up €344,938 (+46.7%), from €738,359 to €1.1m
- Profit (loss) carried forward -€221,863
no longer reported in 2025 (was €221,863)
- Debts after one year -€134,306
down €134,306 (-8.6%), from €1.6m to €1.4m
Income statement
- Gross operating margin -€52,782
down €52,782 (-16.0%), from €330,202 to €277,421
- Taxes -€17,341
down €17,341 (-44.4%), from €39,021 to €21,680
- Depreciation +€10,558
up €10,558 (+8.8%), from €119,417 to €129,975
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
€140,398
Gross operating margin
-€52,782
Depreciation
-€10,558
Other operating charges
-€602
Financial income
+€1,022
Financial charges
-€366
Taxes
+€17,341
Result 2025
€94,453
raises the resultlowers the result
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.
From operations
+€583,322
Investment
-€130,870
Financing
-€448,757
Cash 2024
€42,759
From operations (derived)
+€583,322
Net result for the year
+€94,453
Depreciation
+€129,975
Receivables within one year
+€1,843
Deferred charges and accrued income
+€6,484
Trade debts
+€11,594
Tax, wage and social debts
-€4,088
Advances received
+€970
Other debts
+€344,938
Accrued charges and deferred income
-€2,846
Investment (derived)
-€130,870
Investment in fixed assets (net)
-€176,070
Current investments
+€45,200
Financing
-€448,757
Debts after one year
-€134,306
Current portion of long-term debt
+€1,549
Contributions, distributions and other
-€316,000
Cash 2025
€46,454
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,740,343 | €2,736,607 | -€3,736 | -0.1% |
| Fixed assets | 21/28 | €2,492,062 | €2,538,157 | +€46,095 | +1.8% |
| Tangible fixed assets | 22/27 | €2,489,612 | €2,535,707 | +€46,095 | +1.9% |
| Land and buildings | 22 | €2,330,518 | €2,397,363 | +€66,846 | +2.9% |
| Plant, machinery and equipment | 23 | €48,331 | €51,898 | +€3,567 | +7.4% |
| Furniture and vehicles | 24 | €55,881 | €37,478 | -€18,403 | -32.9% |
| Other tangible fixed assets | 26 | €54,882 | €46,026 | -€8,856 | -16.1% |
| Assets under construction and advance payments | 27 | - | €2,942 | +€2,942 | |
| Financial fixed assets | 28 | €2,450 | €2,450 | = | 0.0% |
| Current assets | 29/58 | €248,281 | €198,450 | -€49,831 | -20.1% |
| Amounts receivable within one year | 40/41 | €141,590 | €139,747 | -€1,843 | -1.3% |
| Trade receivables | 40 | €39,590 | €27,396 | -€12,194 | -30.8% |
| Other amounts receivable | 41 | €102,000 | €112,351 | +€10,351 | +10.1% |
| Current investments | 50/53 | €45,200 | - | -€45,200 | |
| Cash at bank and in hand | 54/58 | €42,759 | €46,454 | +€3,695 | +8.6% |
| Deferred charges and accrued income | 490/1 | €18,733 | €12,249 | -€6,484 | -34.6% |
| Total equity and liabilities | 10/49 | €2,740,343 | €2,736,607 | -€3,736 | -0.1% |
| Equity | 10/15 | €258,770 | €37,223 | -€221,547 | -85.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €16,907 | €17,223 | +€316 | +1.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,907 | €14,907 | = | 0.0% |
| Distributable reserves | 133 | - | €316 | +€316 | |
| Profit (loss) carried forward | 14 | €221,863 | - | -€221,863 | |
| Amounts payable | 17/49 | €2,481,573 | €2,699,384 | +€217,811 | +8.8% |
| Amounts payable after more than one year | 17 | €1,563,206 | €1,428,900 | -€134,306 | -8.6% |
| Financial debts | 170/4 | €1,563,206 | €1,428,900 | -€134,306 | -8.6% |
| Amounts payable within one year | 42/48 | €909,352 | €1,264,315 | +€354,963 | +39.0% |
| Current portion of amounts payable after more than one year | 42 | €132,757 | €134,306 | +€1,549 | +1.2% |
| Trade debts | 44 | €2,221 | €13,816 | +€11,594 | +522% |
| Suppliers | 440/4 | €2,221 | €13,816 | +€11,594 | +522% |
| Advances received on contracts in progress | 46 | €7,260 | €8,230 | +€970 | +13.4% |
| Taxes, remuneration and social security | 45 | €28,755 | €24,667 | -€4,088 | -14.2% |
| Taxes | 450/3 | €28,755 | €24,667 | -€4,088 | -14.2% |
| Other amounts payable | 47/48 | €738,359 | €1,083,296 | +€344,938 | +46.7% |
| Accrued charges and deferred income | 492/3 | €9,015 | €6,170 | -€2,846 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,417 | €129,975 | +€10,558 | +8.8% |
| Other operating charges | 640/8 | €15,738 | €16,340 | +€602 | +3.8% |
| Gross operating margin | 9900 | €330,202 | €277,421 | -€52,782 | -16.0% |
| Operating profit (loss) | 9901 | €195,048 | €131,106 | -€63,942 | -32.8% |
| Financial income | 75/76B | €102 | €1,124 | +€1,022 | +998% |
| Recurring financial income | 75 | €102 | €1,124 | +€1,022 | +998% |
| Financial charges | 65/66B | €15,731 | €16,097 | +€366 | +2.3% |
| Recurring financial charges | 65 | €15,731 | €16,097 | +€366 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €179,419 | €116,133 | -€63,286 | -35.3% |
| Income taxes | 67/77 | €39,021 | €21,680 | -€17,341 | -44.4% |
| Profit (loss) for the period | 9904 | €140,398 | €94,453 | -€45,945 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €140,398 | €94,453 | -€45,945 | -32.7% |
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 31 October 2026 via checked.be.