NOYEN: 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.
NOYEN
Largest movements
- Receivables within one year +€89,150
up €89,150 (+8.0%), from €1.1m to €1.2m
of which Trade receivables: +€139,879
- Cash -€88,743
down €88,743 (-38.1%), from €233,099 to €144,356
mainly Short-term financial debts (-€285,125) and Investment in fixed assets (net) (-€236,255)
- Formation expenses -€73,668
down €73,668 (-30.5%), from €241,437 to €167,770
- Stocks and contracts +€68,335
up €68,335 (+16.0%), from €428,110 to €496,445
- Intangible fixed assets -€53,519
down €53,519 (-54.2%), from €98,738 to €45,219
- Short-term financial debts -€285,125
down €285,125 (-44.9%), from €634,521 to €349,396
- Reserves +€193,000
up €193,000 (+31.8%), from €606,000 to €799,000
of which Distributable reserves: +€193,000
- Trade debts +€134,750
up €134,750 (+13.1%), from €1.0m to €1.2m
- Debts after one year -€99,273
down €99,273 (-29.3%), from €338,677 to €239,404
- Tax, wage and social debts +€54,553
up €54,553 (+24.8%), from €220,282 to €274,834
of which Remuneration and social security: +€43,083
- Financial charges -€623,610
down €623,610 (-91.7%), from €680,032 to €56,422
of which Non-recurring financial charges: -€606,972
- Financial income -€160,542
down €160,542 (-96.9%), from €165,741 to €5,199
of which Non-recurring financial income: -€155,657
- Staff costs +€98,496
up €98,496 (+7.1%), from €1.4m to €1.5m
- Gross operating margin -€81,931
down €81,931 (-3.3%), from €2.5m to €2.4m
- Taxes +€72,133
up €72,133 (+165.3%), from €43,637 to €115,770
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 | €3,188,248 | €3,148,342 | -€39,907 | -1.3% |
| Formation expenses | 20 | €241,437 | €167,770 | -€73,668 | -30.5% |
| Fixed assets | 21/28 | €1,155,443 | €1,113,250 | -€42,193 | -3.7% |
| Intangible fixed assets | 21 | €98,738 | €45,219 | -€53,519 | -54.2% |
| Tangible fixed assets | 22/27 | €965,688 | €976,774 | +€11,086 | +1.1% |
| Plant, machinery and equipment | 23 | €714,900 | €632,416 | -€82,485 | -11.5% |
| Furniture and vehicles | 24 | - | €397 | +€397 | |
| Leasing and similar rights | 25 | €250,788 | €343,961 | +€93,174 | +37.2% |
| Financial fixed assets | 28 | €91,017 | €91,257 | +€240 | +0.3% |
| Current assets | 29/58 | €1,791,368 | €1,867,322 | +€75,954 | +4.2% |
| Stocks and contracts in progress | 3 | €428,110 | €496,445 | +€68,335 | +16.0% |
| Stocks | 30/36 | €428,110 | €496,445 | +€68,335 | +16.0% |
| Amounts receivable within one year | 40/41 | €1,118,520 | €1,207,670 | +€89,150 | +8.0% |
| Trade receivables | 40 | €846,248 | €986,127 | +€139,879 | +16.5% |
| Other amounts receivable | 41 | €272,272 | €221,543 | -€50,729 | -18.6% |
| Cash at bank and in hand | 54/58 | €233,099 | €144,356 | -€88,743 | -38.1% |
| Deferred charges and accrued income | 490/1 | €11,639 | €18,851 | +€7,212 | +62.0% |
| Total equity and liabilities | 10/49 | €3,188,248 | €3,148,342 | -€39,907 | -1.3% |
| Equity | 10/15 | €671,785 | €862,743 | +€190,958 | +28.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €606,000 | €799,000 | +€193,000 | +31.8% |
| Non-distributable reserves | 130/1 | €11,500 | €11,500 | = | 0.0% |
| Legal reserve | 130 | €11,500 | €11,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,776 | €39,776 | = | 0.0% |
| Distributable reserves | 133 | €554,724 | €747,724 | +€193,000 | +34.8% |
| Profit (loss) carried forward | 14 | €385 | €293 | -€92 | -23.9% |
| Investment grants | 15 | €3,900 | €1,950 | -€1,950 | -50.0% |
| Provisions and deferred taxes | 16 | €5,869 | €3,816 | -€2,053 | -35.0% |
| Provisions for liabilities and charges | 160/5 | €5,869 | €3,816 | -€2,053 | -35.0% |
| Pensions and similar obligations | 160 | €5,869 | €3,816 | -€2,053 | -35.0% |
| Amounts payable | 17/49 | €2,510,594 | €2,281,783 | -€228,812 | -9.1% |
| Amounts payable after more than one year | 17 | €338,677 | €239,404 | -€99,273 | -29.3% |
| Financial debts | 170/4 | €338,677 | €239,404 | -€99,273 | -29.3% |
| Amounts payable within one year | 42/48 | €2,162,722 | €2,019,958 | -€142,764 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €279,899 | €233,158 | -€46,741 | -16.7% |
| Financial debts | 43 | €634,521 | €349,396 | -€285,125 | -44.9% |
| Credit institutions | 430/8 | €634,521 | €349,396 | -€285,125 | -44.9% |
| Trade debts | 44 | €1,027,164 | €1,161,914 | +€134,750 | +13.1% |
| Suppliers | 440/4 | €1,027,164 | €1,161,914 | +€134,750 | +13.1% |
| Taxes, remuneration and social security | 45 | €220,282 | €274,834 | +€54,553 | +24.8% |
| Taxes | 450/3 | €27,778 | €39,249 | +€11,470 | +41.3% |
| Remuneration and social security | 454/9 | €192,503 | €235,586 | +€43,083 | +22.4% |
| Other amounts payable | 47/48 | €857 | €657 | -€200 | -23.3% |
| Accrued charges and deferred income | 492/3 | €9,195 | €22,421 | +€13,225 | +143.8% |
| Remuneration, social security and pensions | 62 | €1,386,016 | €1,484,511 | +€98,496 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,162 | €352,116 | -€1,046 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,919 | - | +€11,919 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,092 | -€2,053 | +€7,039 | +77.4% |
| Other operating charges | 640/8 | €22,638 | €29,786 | +€7,148 | +31.6% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €2,456,268 | €2,374,337 | -€81,931 | -3.3% |
| Operating profit (loss) | 9901 | €715,464 | €509,902 | -€205,562 | -28.7% |
| Financial income | 75/76B | €165,741 | €5,199 | -€160,542 | -96.9% |
| Recurring financial income | 75 | €10,084 | €5,199 | -€4,885 | -48.4% |
| Non-recurring financial income | 76B | €155,657 | - | -€155,657 | |
| Financial charges | 65/66B | €680,032 | €56,422 | -€623,610 | -91.7% |
| Recurring financial charges | 65 | €73,061 | €56,422 | -€16,638 | -22.8% |
| Non-recurring financial charges | 66B | €606,972 | - | -€606,972 | |
| Profit (loss) for the period before taxes | 9903 | €201,173 | €458,678 | +€257,506 | +128.0% |
| Transfer from deferred taxes | 780 | €838 | - | -€838 | |
| Income taxes | 67/77 | €43,637 | €115,770 | +€72,133 | +165.3% |
| Profit (loss) for the period | 9904 | €158,373 | €342,908 | +€184,535 | +116.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,373 | €342,908 | +€184,535 | +116.5% |
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 12 October 2026 via checked.be.