NOTEBAERT: 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.
NOTEBAERT
Largest movements
- Cash +€57,915
up €57,915 (+10.4%), from €555,782 to €613,697
mainly Net result for the year (+€45,717) and Depreciation (+€9,862)
- Tangible fixed assets -€9,862
down €9,862 (-42.3%), from €23,313 to €13,451
of which Plant, machinery and equipment: -€8,942
- Reserves +€45,717
up €45,717 (+14.6%), from €312,211 to €357,928
- Turnover -€40,563
down €40,563 (-14.6%), from €277,908 to €237,345
- Purchases and services -€37,373
down €37,373 (-18.7%), from €199,762 to €162,389
- Gross operating margin -€3,190
down €3,190 (-4.1%), from €78,146 to €74,956
- Taxes +€2,989
up €2,989 (+16.0%), from €18,672 to €21,661
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 | €607,972 | €654,730 | +€46,758 | +7.7% |
| Fixed assets | 21/28 | €23,313 | €13,451 | -€9,862 | -42.3% |
| Tangible fixed assets | 22/27 | €23,313 | €13,451 | -€9,862 | -42.3% |
| Plant, machinery and equipment | 23 | €21,071 | €12,129 | -€8,942 | -42.4% |
| Furniture and vehicles | 24 | €2,242 | €1,322 | -€920 | -41.0% |
| Current assets | 29/58 | €584,659 | €641,279 | +€56,620 | +9.7% |
| Stocks and contracts in progress | 3 | €18,090 | €19,211 | +€1,121 | +6.2% |
| Stocks | 30/36 | €18,090 | €19,211 | +€1,121 | +6.2% |
| Amounts receivable within one year | 40/41 | €3,518 | €2,524 | -€994 | -28.3% |
| Trade receivables | 40 | €3,518 | €2,524 | -€994 | -28.3% |
| Cash at bank and in hand | 54/58 | €555,782 | €613,697 | +€57,915 | +10.4% |
| Deferred charges and accrued income | 490/1 | €7,269 | €5,847 | -€1,422 | -19.6% |
| Total equity and liabilities | 10/49 | €607,972 | €654,730 | +€46,758 | +7.7% |
| Equity | 10/15 | €596,097 | €641,814 | +€45,717 | +7.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €312,211 | €357,928 | +€45,717 | +14.6% |
| Distributable reserves | 133 | €312,211 | €357,928 | +€45,717 | +14.6% |
| Profit (loss) carried forward | 14 | €265,294 | €265,294 | = | 0.0% |
| Amounts payable | 17/49 | €11,875 | €12,916 | +€1,041 | +8.8% |
| Amounts payable within one year | 42/48 | €11,865 | €12,718 | +€853 | +7.2% |
| Trade debts | 44 | - | €864 | +€864 | |
| Suppliers | 440/4 | - | €864 | +€864 | |
| Other amounts payable | 47/48 | €11,865 | €11,854 | -€11 | -0.1% |
| Accrued charges and deferred income | 492/3 | €10 | €198 | +€188 | +1,880% |
| Turnover | 70 | €277,908 | €237,345 | -€40,563 | -14.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €199,762 | €162,389 | -€37,373 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,138 | €9,862 | -€2,276 | -18.8% |
| Other operating charges | 640/8 | €2,508 | €2,592 | +€84 | +3.3% |
| Gross operating margin | 9900 | €78,146 | €74,956 | -€3,190 | -4.1% |
| Operating profit (loss) | 9901 | €63,500 | €62,502 | -€998 | -1.6% |
| Financial income | 75/76B | €4,807 | €4,929 | +€122 | +2.5% |
| Recurring financial income | 75 | €4,807 | €4,929 | +€122 | +2.5% |
| Financial charges | 65/66B | €132 | €53 | -€79 | -59.8% |
| Recurring financial charges | 65 | €132 | €53 | -€79 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | €68,175 | €67,378 | -€797 | -1.2% |
| Income taxes | 67/77 | €18,672 | €21,661 | +€2,989 | +16.0% |
| Profit (loss) for the period | 9904 | €49,503 | €45,717 | -€3,786 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,503 | €45,717 | -€3,786 | -7.6% |
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 14 October 2026 via checked.be.