NOTON: 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.
NOTON
Largest movements
- Cash +€429,327
up €429,327 (+121.1%), from €354,563 to €783,890
mainly Current investments (+€320,000) and Depreciation (+€151,720)
- Current investments -€320,000
no longer reported in 2025 (was €320,000)
- Tangible fixed assets +€112,545
up €112,545 (+23.3%), from €483,224 to €595,769
of which Plant, machinery and equipment: +€98,211
- Stocks and contracts -€107,980
down €107,980 (-25.0%), from €432,345 to €324,365
- Other debts +€38,809
up €38,809 (+11.5%), from €337,247 to €376,056
- Reserves +€35,005
up €35,005 (+2.9%), from €1.2m to €1.2m
of which Distributable reserves: +€35,005
- Gross operating margin -€29,057
down €29,057 (-8.0%), from €363,366 to €334,309
- Staff costs -€19,022
down €19,022 (-14.9%), from €127,338 to €108,316
- Depreciation +€10,543
up €10,543 (+7.5%), from €141,177 to €151,720
- Taxes -€10,015
down €10,015 (-35.1%), from €28,534 to €18,519
- Financial income -€9,579
down €9,579 (-55.3%), from €17,322 to €7,743
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 | €1,687,112 | €1,781,849 | +€94,737 | +5.6% |
| Fixed assets | 21/28 | €483,774 | €595,769 | +€111,995 | +23.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €483,224 | €595,769 | +€112,545 | +23.3% |
| Land and buildings | 22 | €113,106 | €146,790 | +€33,684 | +29.8% |
| Plant, machinery and equipment | 23 | €303,851 | €402,062 | +€98,211 | +32.3% |
| Furniture and vehicles | 24 | €66,268 | €46,917 | -€19,350 | -29.2% |
| Financial fixed assets | 28 | €550 | - | -€550 | |
| Current assets | 29/58 | €1,203,338 | €1,186,080 | -€17,258 | -1.4% |
| Stocks and contracts in progress | 3 | €432,345 | €324,365 | -€107,980 | -25.0% |
| Stocks | 30/36 | €432,345 | €324,365 | -€107,980 | -25.0% |
| Amounts receivable within one year | 40/41 | €83,539 | €73,980 | -€9,559 | -11.4% |
| Trade receivables | 40 | €52,194 | €51,129 | -€1,065 | -2.0% |
| Other amounts receivable | 41 | €31,344 | €22,851 | -€8,494 | -27.1% |
| Current investments | 50/53 | €320,000 | - | -€320,000 | |
| Cash at bank and in hand | 54/58 | €354,563 | €783,890 | +€429,327 | +121.1% |
| Deferred charges and accrued income | 490/1 | €12,891 | €3,845 | -€9,046 | -70.2% |
| Total equity and liabilities | 10/49 | €1,687,112 | €1,781,849 | +€94,737 | +5.6% |
| Equity | 10/15 | €1,251,332 | €1,286,336 | +€35,005 | +2.8% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €1,202,190 | €1,237,195 | +€35,005 | +2.9% |
| Tax-exempt reserves | 132 | €53,552 | €53,552 | = | 0.0% |
| Distributable reserves | 133 | €1,148,638 | €1,183,643 | +€35,005 | +3.0% |
| Profit (loss) carried forward | 14 | €42,933 | €42,933 | = | 0.0% |
| Amounts payable | 17/49 | €435,781 | €495,513 | +€59,732 | +13.7% |
| Amounts payable within one year | 42/48 | €434,262 | €487,222 | +€52,960 | +12.2% |
| Financial debts | 43 | - | €0 | +€0 | |
| Other loans | 439 | - | €0 | +€0 | |
| Trade debts | 44 | €17,625 | €23,248 | +€5,623 | +31.9% |
| Suppliers | 440/4 | €17,625 | €23,248 | +€5,623 | +31.9% |
| Advances received on contracts in progress | 46 | €3,549 | €15,089 | +€11,540 | +325.2% |
| Taxes, remuneration and social security | 45 | €75,841 | €72,829 | -€3,012 | -4.0% |
| Taxes | 450/3 | €55,949 | €49,983 | -€5,966 | -10.7% |
| Remuneration and social security | 454/9 | €19,892 | €22,846 | +€2,954 | +14.8% |
| Other amounts payable | 47/48 | €337,247 | €376,056 | +€38,809 | +11.5% |
| Accrued charges and deferred income | 492/3 | €1,518 | €8,291 | +€6,772 | +446.0% |
| Remuneration, social security and pensions | 62 | €127,338 | €108,316 | -€19,022 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,177 | €151,720 | +€10,543 | +7.5% |
| Other operating charges | 640/8 | €7,536 | €8,203 | +€668 | +8.9% |
| Gross operating margin | 9900 | €363,366 | €334,309 | -€29,057 | -8.0% |
| Operating profit (loss) | 9901 | €87,315 | €66,069 | -€21,246 | -24.3% |
| Financial income | 75/76B | €17,322 | €7,743 | -€9,579 | -55.3% |
| Recurring financial income | 75 | €17,322 | €7,743 | -€9,579 | -55.3% |
| Financial charges | 65/66B | €20,133 | €20,288 | +€155 | +0.8% |
| Recurring financial charges | 65 | €20,133 | €20,288 | +€155 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €84,504 | €53,523 | -€30,981 | -36.7% |
| Income taxes | 67/77 | €28,534 | €18,519 | -€10,015 | -35.1% |
| Profit (loss) for the period | 9904 | €55,971 | €35,005 | -€20,966 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,971 | €35,005 | -€20,966 | -37.5% |
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 8 October 2026 via checked.be.