NOTERMAN BRUNO: 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.
What changed
NOTERMAN BRUNO
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,412
2024 · -€48,830+€50,242
Equity
€518,940
2024 · €517,528+€1,412
Cash
€38,876
2024 · €34,627+€4,249
Balance sheet total
€1.8m
2024 · €1.8m+€5,174
Largest movements
Assets
- Stocks and contracts +€88,882
up €88,882 (+58.6%), from €151,794 to €240,677
of which Contracts in progress: +€89,800
- Tangible fixed assets -€57,059
down €57,059 (-4.3%), from €1.3m to €1.3m
- Receivables within one year -€21,337
down €21,337 (-9.7%), from €219,568 to €198,231
Equity and liabilities
- Other debts -€48,931
down €48,931 (-54.1%), from €90,453 to €41,522
- Trade debts +€44,155
up €44,155 (+16.3%), from €271,392 to €315,547
Income statement
- Gross operating margin +€55,259
up €55,259 (+46.7%), from €118,245 to €173,504
- Depreciation +€39,834
up €39,834 (+70.2%), from €56,771 to €96,604
- Staff costs -€34,257
down €34,257 (-93.5%), from €36,634 to €2,377
- Financial charges +€29,243
up €29,243 (+90.2%), from €32,416 to €61,659
- Other operating charges -€6,880
down €6,880 (-54.5%), from €12,623 to €5,742
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
-€48,830
Gross operating margin
+€55,259
Staff costs
+€34,257
Depreciation
-€39,834
Write-downs
+€3,005
Other operating charges
+€6,880
Other operating items
+€19,621
Financial income
-€270
Financial charges
-€29,243
Taxes
+€565
Result 2025
€1,412
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.
From operations
+€40,152
Investment
-€29,985
Financing
-€5,918
Cash 2024
€34,627
From operations (derived)
+€40,152
Net result for the year
+€1,412
Depreciation
+€96,604
Stocks and contracts
-€88,882
Receivables within one year
+€21,337
Trade debts
+€44,155
Tax, wage and social debts
+€14,457
Other debts
-€48,931
Investment (derived)
-€29,985
Investment in fixed assets (net)
-€29,985
Financing
-€5,918
Debts after one year
-€14,390
Current portion of long-term debt
+€626
Short-term financial debts
+€7,846
Cash 2025
€38,876
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,775,959 | €1,781,133 | +€5,174 | +0.3% |
| Fixed assets | 21/28 | €1,369,438 | €1,302,818 | -€66,620 | -4.9% |
| Intangible fixed assets | 21 | €28,331 | €18,770 | -€9,561 | -33.7% |
| Tangible fixed assets | 22/27 | €1,327,608 | €1,270,549 | -€57,059 | -4.3% |
| Land and buildings | 22 | €1,098,114 | €1,080,874 | -€17,240 | -1.6% |
| Plant, machinery and equipment | 23 | €20,066 | €8,279 | -€11,788 | -58.7% |
| Furniture and vehicles | 24 | €21,925 | €15,838 | -€6,087 | -27.8% |
| Leasing and similar rights | 25 | €119,642 | €100,579 | -€19,064 | -15.9% |
| Other tangible fixed assets | 26 | €67,860 | €64,979 | -€2,881 | -4.2% |
| Financial fixed assets | 28 | €13,500 | €13,500 | = | 0.0% |
| Current assets | 29/58 | €406,520 | €478,314 | +€71,794 | +17.7% |
| Stocks and contracts in progress | 3 | €151,794 | €240,677 | +€88,882 | +58.6% |
| Stocks | 30/36 | €109,594 | €108,677 | -€918 | -0.8% |
| Contracts in progress | 37 | €42,200 | €132,000 | +€89,800 | +212.8% |
| Amounts receivable within one year | 40/41 | €219,568 | €198,231 | -€21,337 | -9.7% |
| Trade receivables | 40 | €219,568 | €198,231 | -€21,337 | -9.7% |
| Cash at bank and in hand | 54/58 | €34,627 | €38,876 | +€4,249 | +12.3% |
| Deferred charges and accrued income | 490/1 | €531 | €531 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,775,959 | €1,781,133 | +€5,174 | +0.3% |
| Equity | 10/15 | €517,528 | €518,940 | +€1,412 | +0.3% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Revaluation surpluses | 12 | €579,492 | €579,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,965 | -€111,552 | +€1,412 | +1.3% |
| Amounts payable | 17/49 | €1,258,431 | €1,262,193 | +€3,762 | +0.3% |
| Amounts payable after more than one year | 17 | €84,546 | €70,156 | -€14,390 | -17.0% |
| Financial debts | 170/4 | €84,546 | €70,156 | -€14,390 | -17.0% |
| Amounts payable within one year | 42/48 | €1,173,885 | €1,192,037 | +€18,152 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €13,764 | €14,390 | +€626 | +4.5% |
| Financial debts | 43 | €765,000 | €772,846 | +€7,846 | +1.0% |
| Credit institutions | 430/8 | €765,000 | €772,846 | +€7,846 | +1.0% |
| Trade debts | 44 | €271,392 | €315,547 | +€44,155 | +16.3% |
| Suppliers | 440/4 | €271,392 | €315,547 | +€44,155 | +16.3% |
| Taxes, remuneration and social security | 45 | €33,276 | €47,733 | +€14,457 | +43.4% |
| Taxes | 450/3 | €32,249 | €47,733 | +€15,484 | +48.0% |
| Remuneration and social security | 454/9 | €1,028 | - | -€1,028 | |
| Other amounts payable | 47/48 | €90,453 | €41,522 | -€48,931 | -54.1% |
| Non-recurring operating income | 76A | €44,053 | €8,050 | -€36,003 | -81.7% |
| Remuneration, social security and pensions | 62 | €36,634 | €2,377 | -€34,257 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,771 | €96,604 | +€39,834 | +70.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,005 | - | -€3,005 | |
| Other operating charges | 640/8 | €12,623 | €5,742 | -€6,880 | -54.5% |
| Non-recurring operating charges | 66A | €25,191 | €5,569 | -€19,621 | -77.9% |
| Gross operating margin | 9900 | €118,245 | €173,504 | +€55,259 | +46.7% |
| Operating profit (loss) | 9901 | -€15,978 | €63,211 | +€79,189 | |
| Financial income | 75/76B | €316 | €46 | -€270 | -85.4% |
| Recurring financial income | 75 | €316 | €46 | -€270 | -85.4% |
| Financial charges | 65/66B | €32,416 | €61,659 | +€29,243 | +90.2% |
| Recurring financial charges | 65 | €32,416 | €61,659 | +€29,243 | +90.2% |
| Profit (loss) for the period before taxes | 9903 | -€48,078 | €1,599 | +€49,676 | |
| Income taxes | 67/77 | €752 | €186 | -€565 | -75.2% |
| Profit (loss) for the period | 9904 | -€48,830 | €1,412 | +€50,242 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,830 | €1,412 | +€50,242 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.