NOTSCHAELE FRANCIS: 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.
NOTSCHAELE FRANCIS
Largest movements
- Tangible fixed assets +€65,556
up €65,556 (+242%), from €27,140 to €92,696
of which Plant, machinery and equipment: +€67,573
- Cash -€36,404
down €36,404 (-39.7%), from €91,652 to €55,248
mainly Investment in fixed assets (net) (-€89,019) and Contributions, distributions and other (-€53,000)
- Receivables within one year +€16,880
up €16,880 (+395%), from €4,279 to €21,159
of which Trade receivables: +€16,880
- Debts after one year +€65,767
up €65,767 (+475%), from €13,842 to €79,610
- Other debts -€23,677
down €23,677 (-98.7%), from €24,000 to €323
- Current portion of long-term debt +€4,610
up €4,610 (+77.6%), from €5,942 to €10,552
- Tax, wage and social debts +€4,473
up €4,473 (+19.6%), from €22,817 to €27,290
- Trade debts -€3,001
down €3,001 (-65.9%), from €4,553 to €1,551
- Depreciation +€15,452
up €15,452 (+193%), from €8,011 to €23,463
- Gross operating margin -€12,327
down €12,327 (-11.5%), from €107,488 to €95,161
- Taxes -€4,870
down €4,870 (-23.1%), from €21,116 to €16,246
- Other operating charges +€1,700
up €1,700 (+754%), from €226 to €1,926
- Financial charges +€1,451
up €1,451 (+90.0%), from €1,613 to €3,064
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 | €143,596 | €189,627 | +€46,032 | +32.1% |
| Fixed assets | 21/28 | €27,140 | €92,696 | +€65,556 | +242% |
| Tangible fixed assets | 22/27 | €27,140 | €92,696 | +€65,556 | +242% |
| Plant, machinery and equipment | 23 | €20,191 | €87,764 | +€67,573 | +335% |
| Furniture and vehicles | 24 | €1,812 | €585 | -€1,227 | -67.7% |
| Other tangible fixed assets | 26 | €5,137 | €4,347 | -€790 | -15.4% |
| Current assets | 29/58 | €116,456 | €96,931 | -€19,524 | -16.8% |
| Stocks and contracts in progress | 3 | €20,000 | €20,000 | = | 0.0% |
| Stocks | 30/36 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,279 | €21,159 | +€16,880 | +395% |
| Trade receivables | 40 | €4,079 | €20,959 | +€16,880 | +414% |
| Other amounts receivable | 41 | €200 | €200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,652 | €55,248 | -€36,404 | -39.7% |
| Deferred charges and accrued income | 490/1 | €525 | €525 | = | 0.0% |
| Total equity and liabilities | 10/49 | €143,596 | €189,627 | +€46,032 | +32.1% |
| Equity | 10/15 | €72,442 | €70,302 | -€2,140 | -3.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €53,491 | €50,991 | -€2,500 | -4.7% |
| Tax-exempt reserves | 132 | €491 | €491 | = | 0.0% |
| Distributable reserves | 133 | €53,000 | €50,500 | -€2,500 | -4.7% |
| Profit (loss) carried forward | 14 | €402 | €761 | +€360 | +89.5% |
| Amounts payable | 17/49 | €71,153 | €119,326 | +€48,172 | +67.7% |
| Amounts payable after more than one year | 17 | €13,842 | €79,610 | +€65,767 | +475% |
| Financial debts | 170/4 | €13,842 | €79,610 | +€65,767 | +475% |
| Amounts payable within one year | 42/48 | €57,311 | €39,716 | -€17,595 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €5,942 | €10,552 | +€4,610 | +77.6% |
| Trade debts | 44 | €4,553 | €1,551 | -€3,001 | -65.9% |
| Suppliers | 440/4 | €4,553 | €1,551 | -€3,001 | -65.9% |
| Taxes, remuneration and social security | 45 | €22,817 | €27,290 | +€4,473 | +19.6% |
| Taxes | 450/3 | €22,817 | €27,290 | +€4,473 | +19.6% |
| Other amounts payable | 47/48 | €24,000 | €323 | -€23,677 | -98.7% |
| Non-recurring operating income | 76A | €7,156 | €18,864 | +€11,708 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,011 | €23,463 | +€15,452 | +193% |
| Other operating charges | 640/8 | €226 | €1,926 | +€1,700 | +754% |
| Gross operating margin | 9900 | €107,488 | €95,161 | -€12,327 | -11.5% |
| Operating profit (loss) | 9901 | €99,252 | €69,773 | -€29,480 | -29.7% |
| Financial income | 75/76B | €4 | €397 | +€394 | +11,248% |
| Recurring financial income | 75 | €4 | €397 | +€394 | +11,248% |
| Financial charges | 65/66B | €1,613 | €3,064 | +€1,451 | +90.0% |
| Recurring financial charges | 65 | €1,613 | €3,064 | +€1,451 | +90.0% |
| Profit (loss) for the period before taxes | 9903 | €97,643 | €67,106 | -€30,537 | -31.3% |
| Income taxes | 67/77 | €21,116 | €16,246 | -€4,870 | -23.1% |
| Profit (loss) for the period | 9904 | €76,527 | €50,860 | -€25,667 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,527 | €50,860 | -€25,667 | -33.5% |
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 25 October 2026 via checked.be.