NOUDIS: 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.
NOUDIS
Largest movements
- Receivables within one year -€563,133
down €563,133 (-68.7%), from €819,883 to €256,750
of which Trade receivables: -€621,524
- Cash +€381,309
up €381,309 (+39.3%), from €970,041 to €1.4m
mainly Receivables within one year (+€563,133) and Depreciation (+€333,682)
- Stocks and contracts +€108,332
up €108,332 (+17.0%), from €638,391 to €746,723
- Intangible fixed assets -€68,323
down €68,323 (-16.7%), from €409,457 to €341,135
- Trade debts -€474,657
down €474,657 (-25.4%), from €1.9m to €1.4m
- Current portion of long-term debt +€279,039
up €279,039 (+479.6%), from €58,178 to €337,218
- Debts after one year +€131,670
up €131,670 (+5.6%), from €2.4m to €2.5m
- Other debts -€94,116
down €94,116 (-94.1%), from €100,000 to €5,884
- Tax, wage and social debts +€63,911
up €63,911 (+53.5%), from €119,531 to €183,442
of which Remuneration and social security: +€49,793
- Gross operating margin +€439,858
up €439,858 (+23.9%), from €1.8m to €2.3m
- Staff costs +€271,651
up €271,651 (+19.3%), from €1.4m to €1.7m
- Depreciation +€221,511
up €221,511 (+197.5%), from €112,171 to €333,682
- Financial charges +€144,816
up €144,816 (+126.0%), from €114,942 to €259,758
of which Financial charges: +€83,605
- Financial income +€74,337
up €74,337 (+4871.9%), from €1,526 to €75,863
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 | €5,151,251 | €5,066,919 | -€84,333 | -1.6% |
| Formation expenses | 20 | €44,581 | €73,504 | +€28,923 | +64.9% |
| Fixed assets | 21/28 | €2,652,313 | €2,564,702 | -€87,611 | -3.3% |
| Intangible fixed assets | 21 | €409,457 | €341,135 | -€68,323 | -16.7% |
| Tangible fixed assets | 22/27 | €2,242,856 | €2,222,068 | -€20,788 | -0.9% |
| Land and buildings | 22 | €1,386,050 | €1,319,175 | -€66,875 | -4.8% |
| Plant, machinery and equipment | 23 | €856,806 | €867,189 | +€10,383 | +1.2% |
| Furniture and vehicles | 24 | - | €35,703 | +€35,703 | |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €2,454,357 | €2,428,713 | -€25,644 | -1.0% |
| Stocks and contracts in progress | 3 | €638,391 | €746,723 | +€108,332 | +17.0% |
| Stocks | 30/36 | €638,391 | €746,723 | +€108,332 | +17.0% |
| Amounts receivable within one year | 40/41 | €819,883 | €256,750 | -€563,133 | -68.7% |
| Trade receivables | 40 | €753,779 | €132,255 | -€621,524 | -82.5% |
| Other amounts receivable | 41 | €66,104 | €124,495 | +€58,391 | +88.3% |
| Cash at bank and in hand | 54/58 | €970,041 | €1,351,350 | +€381,309 | +39.3% |
| Deferred charges and accrued income | 490/1 | €26,042 | €73,890 | +€47,848 | +183.7% |
| Total equity and liabilities | 10/49 | €5,151,251 | €5,066,919 | -€84,333 | -1.6% |
| Equity | 10/15 | €253,840 | €261,017 | +€7,178 | +2.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €153,840 | €161,017 | +€7,178 | +4.7% |
| Non-distributable reserves | 130/1 | €36,921 | €36,921 | = | 0.0% |
| Legal reserve | 130 | €7,692 | €7,692 | = | 0.0% |
| Reserves not available under the articles | 1311 | €29,230 | €29,230 | = | 0.0% |
| Distributable reserves | 133 | €116,918 | €124,096 | +€7,178 | +6.1% |
| Amounts payable | 17/49 | €4,897,412 | €4,805,902 | -€91,510 | -1.9% |
| Amounts payable after more than one year | 17 | €2,359,838 | €2,491,509 | +€131,670 | +5.6% |
| Financial debts | 170/4 | €2,359,838 | €2,491,509 | +€131,670 | +5.6% |
| Amounts payable within one year | 42/48 | €2,533,246 | €2,307,423 | -€225,823 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €58,178 | €337,218 | +€279,039 | +479.6% |
| Financial debts | 43 | €383,575 | €383,575 | = | 0.0% |
| Other loans | 439 | €383,575 | €383,575 | = | 0.0% |
| Trade debts | 44 | €1,871,962 | €1,397,305 | -€474,657 | -25.4% |
| Suppliers | 440/4 | €1,871,962 | €1,397,305 | -€474,657 | -25.4% |
| Taxes, remuneration and social security | 45 | €119,531 | €183,442 | +€63,911 | +53.5% |
| Taxes | 450/3 | €247 | €14,365 | +€14,119 | +5721.6% |
| Remuneration and social security | 454/9 | €119,284 | €169,077 | +€49,793 | +41.7% |
| Other amounts payable | 47/48 | €100,000 | €5,884 | -€94,116 | -94.1% |
| Accrued charges and deferred income | 492/3 | €4,328 | €6,970 | +€2,642 | +61.1% |
| Non-recurring operating income | 76A | €1,076,911 | €115,191 | -€961,720 | -89.3% |
| Remuneration, social security and pensions | 62 | €1,409,416 | €1,681,067 | +€271,651 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,171 | €333,682 | +€221,511 | +197.5% |
| Other operating charges | 640/8 | €48,568 | €66,362 | +€17,794 | +36.6% |
| Non-recurring operating charges | 66A | €1,557 | €4,957 | +€3,400 | +218.4% |
| Gross operating margin | 9900 | €1,839,215 | €2,279,073 | +€439,858 | +23.9% |
| Operating profit (loss) | 9901 | €267,502 | €193,004 | -€74,498 | -27.8% |
| Financial income | 75/76B | €1,526 | €75,863 | +€74,337 | +4871.9% |
| Recurring financial income | 75 | €1,526 | €75,863 | +€74,337 | +4871.9% |
| Financial charges | 65/66B | €114,942 | €259,758 | +€144,816 | +126.0% |
| Recurring financial charges | 65 | €114,942 | €198,546 | +€83,605 | +72.7% |
| Non-recurring financial charges | 66B | - | €61,211 | +€61,211 | |
| Profit (loss) for the period before taxes | 9903 | €154,086 | €9,110 | -€144,976 | -94.1% |
| Income taxes | 67/77 | €247 | €1,932 | +€1,686 | +683.1% |
| Profit (loss) for the period | 9904 | €153,840 | €7,178 | -€146,662 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €153,840 | €7,178 | -€146,662 | -95.3% |
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 2 October 2026 via checked.be.