NOTELAARS: 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.
NOTELAARS
Largest movements
- Tangible fixed assets +€6.6m
up €6.6m (+202.8%), from €3.2m to €9.8m
of which Land and buildings: +€9.8m
- Receivables within one year +€144,783
up €144,783 (+40.2%), from €360,291 to €505,074
of which Other amounts receivable: +€121,188
- Debts after one year +€6.8m
up €6.8m (+224.7%), from €3.0m to €9.8m
- Trade debts -€172,591
down €172,591 (-24.2%), from €713,169 to €540,578
- Gross operating margin -€31,266
down €31,266 (-85.7%), from -€36,484 to -€67,749
- Other operating charges +€19,884
up €19,884 (+942.1%), from €2,111 to €21,994
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 | €3,874,045 | €10,520,455 | +€6.6m | +171.6% |
| Fixed assets | 21/28 | €3,274,798 | €9,838,213 | +€6.6m | +200.4% |
| Tangible fixed assets | 22/27 | €3,237,044 | €9,800,459 | +€6.6m | +202.8% |
| Land and buildings | 22 | - | €9,800,459 | +€9.8m | |
| Assets under construction and advance payments | 27 | €3,237,044 | - | -€3.2m | |
| Financial fixed assets | 28 | €37,754 | €37,754 | = | 0.0% |
| Current assets | 29/58 | €599,247 | €682,242 | +€82,995 | +13.8% |
| Amounts receivable within one year | 40/41 | €360,291 | €505,074 | +€144,783 | +40.2% |
| Trade receivables | 40 | €36,739 | €60,334 | +€23,595 | +64.2% |
| Other amounts receivable | 41 | €323,552 | €444,740 | +€121,188 | +37.5% |
| Cash at bank and in hand | 54/58 | €221,424 | €164,529 | -€56,894 | -25.7% |
| Deferred charges and accrued income | 490/1 | €17,532 | €12,639 | -€4,893 | -27.9% |
| Total equity and liabilities | 10/49 | €3,874,045 | €10,520,455 | +€6.6m | +171.6% |
| Equity | 10/15 | €32,651 | -€56,752 | -€89,403 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,112 | €17,112 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,112 | €17,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,012 | -€113,415 | -€89,403 | -372.3% |
| Investment grants | 15 | €20,951 | €20,951 | = | 0.0% |
| Amounts payable | 17/49 | €3,841,394 | €10,577,207 | +€6.7m | +175.3% |
| Amounts payable after more than one year | 17 | €3,032,111 | €9,845,193 | +€6.8m | +224.7% |
| Financial debts | 170/4 | €3,032,111 | €9,845,193 | +€6.8m | +224.7% |
| Amounts payable within one year | 42/48 | €713,169 | €540,578 | -€172,591 | -24.2% |
| Trade debts | 44 | €713,169 | €540,578 | -€172,591 | -24.2% |
| Suppliers | 440/4 | €713,169 | €540,578 | -€172,591 | -24.2% |
| Accrued charges and deferred income | 492/3 | €96,114 | €191,436 | +€95,322 | +99.2% |
| Other operating charges | 640/8 | €2,111 | €21,994 | +€19,884 | +942.1% |
| Gross operating margin | 9900 | -€36,484 | -€67,749 | -€31,266 | -85.7% |
| Operating profit (loss) | 9901 | -€38,594 | -€89,744 | -€51,149 | -132.5% |
| Financial income | 75/76B | €555 | €619 | +€64 | +11.5% |
| Recurring financial income | 75 | €555 | €619 | +€64 | +11.5% |
| Financial charges | 65/66B | €158 | €278 | +€120 | +76.3% |
| Recurring financial charges | 65 | €158 | €278 | +€120 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | -€38,197 | -€89,403 | -€51,206 | -134.1% |
| Profit (loss) for the period | 9904 | -€38,197 | -€89,403 | -€51,206 | -134.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,197 | -€89,403 | -€51,206 | -134.1% |
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.