notélé: 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.
notélé
Largest movements
- Cash +€787,198
up €787,198 (+124.3%), from €633,106 to €1.4m
mainly Depreciation (+€508,073) and Current investments (+€440,000)
- Current investments -€440,000
no longer reported in 2025 (was €440,000)
- Tangible fixed assets -€283,085
down €283,085 (-23.2%), from €1.2m to €937,328
of which Furniture and vehicles: -€226,254
- Receivables within one year -€150,101
down €150,101 (-20.1%), from €747,958 to €597,858
of which Other amounts receivable: -€246,570
- Provisions +€265,541
up €265,541 (+33.4%), from €794,484 to €1.1m
- Debts after one year -€176,317
down €176,317 (-36.0%), from €489,726 to €313,409
- Debts within one year -€174,315
down €174,315 (-14.6%), from €1.2m to €1.0m
of which Trade debts: -€197,869
- Investment grants -€34,700
down €34,700 (-40.0%), from €86,750 to €52,050
- Gross operating margin +€282,631
up €282,631 (+6.9%), from €4.1m to €4.4m
- Staff costs +€95,444
up €95,444 (+2.8%), from €3.4m to €3.5m
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 | €3,142,398 | €3,039,248 | -€103,150 | -3.3% |
| Fixed assets | 21/28 | €1,302,308 | €1,007,803 | -€294,505 | -22.6% |
| Tangible fixed assets | 22/27 | €1,220,413 | €937,328 | -€283,085 | -23.2% |
| Plant, machinery and equipment | 23 | €687,145 | €630,314 | -€56,831 | -8.3% |
| Furniture and vehicles | 24 | €533,268 | €307,014 | -€226,254 | -42.4% |
| Financial fixed assets | 28 | €81,895 | €70,475 | -€11,420 | -13.9% |
| Current assets | 29/58 | €1,840,091 | €2,031,446 | +€191,355 | +10.4% |
| Amounts receivable within one year | 40/41 | €747,958 | €597,858 | -€150,101 | -20.1% |
| Trade receivables | 40 | €392,962 | €489,431 | +€96,470 | +24.5% |
| Other amounts receivable | 41 | €354,997 | €108,426 | -€246,570 | -69.5% |
| Current investments | 50/53 | €440,000 | - | -€440,000 | |
| Cash at bank and in hand | 54/58 | €633,106 | €1,420,304 | +€787,198 | +124.3% |
| Deferred charges and accrued income | 490/1 | €19,027 | €13,284 | -€5,743 | -30.2% |
| Total equity and liabilities | 10/49 | €3,142,398 | €3,039,248 | -€103,150 | -3.3% |
| Equity | 10/15 | €664,251 | €646,192 | -€18,059 | -2.7% |
| Contributions | 10/11 | €131,298 | €131,298 | = | 0.0% |
| Capital | 10 | €131,298 | €131,298 | = | 0.0% |
| Reserves | 13 | €301,411 | €301,411 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,791 | €161,432 | +€16,641 | +11.5% |
| Investment grants | 15 | €86,750 | €52,050 | -€34,700 | -40.0% |
| Provisions and deferred taxes | 16 | €794,484 | €1,060,025 | +€265,541 | +33.4% |
| Provisions for liabilities and charges | 160/5 | €794,484 | €1,060,025 | +€265,541 | +33.4% |
| Environmental obligations | 163 | €794,484 | €1,060,025 | +€265,541 | +33.4% |
| Amounts payable | 17/49 | €1,683,664 | €1,333,032 | -€350,632 | -20.8% |
| Amounts payable after more than one year | 17 | €489,726 | €313,409 | -€176,317 | -36.0% |
| Financial debts | 170/4 | €489,726 | €313,409 | -€176,317 | -36.0% |
| Amounts payable within one year | 42/48 | €1,193,938 | €1,019,623 | -€174,315 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €235,360 | €221,834 | -€13,526 | -5.7% |
| Trade debts | 44 | €590,376 | €392,507 | -€197,869 | -33.5% |
| Suppliers | 440/4 | €590,376 | €392,507 | -€197,869 | -33.5% |
| Taxes, remuneration and social security | 45 | €359,826 | €390,489 | +€30,662 | +8.5% |
| Taxes | 450/3 | €5,349 | €2,796 | -€2,553 | -47.7% |
| Remuneration and social security | 454/9 | €354,477 | €387,692 | +€33,215 | +9.4% |
| Remuneration, social security and pensions | 62 | €3,414,565 | €3,510,009 | +€95,444 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492,449 | €508,073 | +€15,624 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,403 | €3,099 | -€8,304 | -72.8% |
| Other operating charges | 640/8 | €31,871 | €35,059 | +€3,188 | +10.0% |
| Non-recurring operating charges | 66A | €7,674 | €14,339 | +€6,665 | +86.9% |
| Gross operating margin | 9900 | €4,082,272 | €4,364,903 | +€282,631 | +6.9% |
| Operating profit (loss) | 9901 | €9,826 | €28,783 | +€18,957 | +192.9% |
| Financial income | 75/76B | €22,282 | €11,159 | -€11,123 | -49.9% |
| Recurring financial income | 75 | €22,282 | €11,159 | -€11,123 | -49.9% |
| Financial charges | 65/66B | €18,849 | €23,300 | +€4,451 | +23.6% |
| Recurring financial charges | 65 | €18,849 | €23,300 | +€4,451 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €13,258 | €16,641 | +€3,383 | +25.5% |
| Profit (loss) for the period | 9904 | €13,258 | €16,641 | +€3,383 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,258 | €16,641 | +€3,383 | +25.5% |
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 11 October 2026 via checked.be.