P.NOTERMAN: 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.
P.NOTERMAN
Largest movements
- Current investments +€195,000
up €195,000 (+43.8%), from €445,000 to €640,000
- Cash -€44,628
down €44,628 (-63.1%), from €70,673 to €26,045
mainly Current investments (-€195,000) and Debts after one year (-€16,988)
- Tangible fixed assets -€43,415
down €43,415 (-34.0%), from €127,769 to €84,354
of which Furniture and vehicles: -€36,916
- Reserves +€137,718
up €137,718 (+24.8%), from €555,633 to €693,350
- Debts after one year -€16,988
no longer reported in 2025 (was €16,988)
- Other debts -€11,737
down €11,737 (-85.4%), from €13,737 to €2,000
- Gross operating margin +€28,269
up €28,269 (+10.8%), from €260,824 to €289,093
- Taxes +€8,173
up €8,173 (+13.4%), from €60,822 to €68,995
- Depreciation +€3,346
up €3,346 (+8.4%), from €40,069 to €43,415
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 | €659,774 | €771,928 | +€112,154 | +17.0% |
| Fixed assets | 21/28 | €127,769 | €84,354 | -€43,415 | -34.0% |
| Tangible fixed assets | 22/27 | €127,769 | €84,354 | -€43,415 | -34.0% |
| Land and buildings | 22 | €3,814 | €2,543 | -€1,271 | -33.3% |
| Plant, machinery and equipment | 23 | €24,319 | €19,091 | -€5,228 | -21.5% |
| Furniture and vehicles | 24 | €90,436 | €53,521 | -€36,916 | -40.8% |
| Other tangible fixed assets | 26 | €9,200 | €9,200 | = | 0.0% |
| Current assets | 29/58 | €532,005 | €687,573 | +€155,568 | +29.2% |
| Amounts receivable within one year | 40/41 | €16,332 | €14,777 | -€1,555 | -9.5% |
| Other amounts receivable | 41 | €16,332 | €14,777 | -€1,555 | -9.5% |
| Current investments | 50/53 | €445,000 | €640,000 | +€195,000 | +43.8% |
| Cash at bank and in hand | 54/58 | €70,673 | €26,045 | -€44,628 | -63.1% |
| Deferred charges and accrued income | 490/1 | - | €6,751 | +€6,751 | |
| Total equity and liabilities | 10/49 | €659,774 | €771,928 | +€112,154 | +17.0% |
| Equity | 10/15 | €568,033 | €705,750 | +€137,718 | +24.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €555,633 | €693,350 | +€137,718 | +24.8% |
| Distributable reserves | 133 | €555,633 | €693,350 | +€137,718 | +24.8% |
| Amounts payable | 17/49 | €91,742 | €66,178 | -€25,564 | -27.9% |
| Amounts payable after more than one year | 17 | €16,988 | - | -€16,988 | |
| Financial debts | 170/4 | €16,988 | - | -€16,988 | |
| Amounts payable within one year | 42/48 | €74,754 | €66,178 | -€8,576 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €42,405 | €39,026 | -€3,378 | -8.0% |
| Trade debts | 44 | €1,957 | €6,766 | +€4,809 | +245.7% |
| Suppliers | 440/4 | €1,957 | €6,766 | +€4,809 | +245.7% |
| Taxes, remuneration and social security | 45 | €16,654 | €18,385 | +€1,731 | +10.4% |
| Taxes | 450/3 | €12,154 | €13,772 | +€1,618 | +13.3% |
| Remuneration and social security | 454/9 | €4,500 | €4,613 | +€113 | +2.5% |
| Other amounts payable | 47/48 | €13,737 | €2,000 | -€11,737 | -85.4% |
| Remuneration, social security and pensions | 62 | €33,008 | €32,090 | -€918 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,069 | €43,415 | +€3,346 | +8.4% |
| Other operating charges | 640/8 | €3,296 | €5,438 | +€2,142 | +65.0% |
| Gross operating margin | 9900 | €260,824 | €289,093 | +€28,269 | +10.8% |
| Operating profit (loss) | 9901 | €184,452 | €208,150 | +€23,699 | +12.8% |
| Financial charges | 65/66B | €2,091 | €1,438 | -€653 | -31.2% |
| Recurring financial charges | 65 | €2,091 | €1,438 | -€653 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €182,361 | €206,712 | +€24,351 | +13.4% |
| Income taxes | 67/77 | €60,822 | €68,995 | +€8,173 | +13.4% |
| Profit (loss) for the period | 9904 | €121,539 | €137,718 | +€16,178 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €121,539 | €137,718 | +€16,178 | +13.3% |
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 4 October 2026 via checked.be.