S. NOLF: 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.
S. NOLF
Largest movements
- Current investments +€55,433
up €55,433 (+54.0%), from €102,566 to €157,999
- Cash +€17,238
up €17,238 (+3.8%), from €454,595 to €471,833
mainly Net result for the year (+€184,000) and Depreciation (+€12,492)
- Tangible fixed assets -€11,954
down €11,954 (-19.9%), from €60,069 to €48,115
- Profit (loss) carried forward +€66,000
up €66,000 (+11.8%), from €557,900 to €623,900
- Gross operating margin +€13,652
up €13,652 (+5.8%), from €235,993 to €249,645
- Depreciation +€10,067
up €10,067 (+415%), from €2,425 to €12,492
- Taxes +€3,787
up €3,787 (+6.7%), from €56,671 to €60,458
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 | €623,925 | €687,042 | +€63,117 | +10.1% |
| Fixed assets | 21/28 | €60,319 | €48,365 | -€11,954 | -19.8% |
| Tangible fixed assets | 22/27 | €60,069 | €48,115 | -€11,954 | -19.9% |
| Furniture and vehicles | 24 | €60,069 | €48,115 | -€11,954 | -19.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €563,606 | €638,677 | +€75,071 | +13.3% |
| Amounts receivable within one year | 40/41 | €1,177 | €5,491 | +€4,314 | +367% |
| Other amounts receivable | 41 | €1,177 | €5,491 | +€4,314 | +367% |
| Current investments | 50/53 | €102,566 | €157,999 | +€55,433 | +54.0% |
| Cash at bank and in hand | 54/58 | €454,595 | €471,833 | +€17,238 | +3.8% |
| Deferred charges and accrued income | 490/1 | €5,268 | €3,354 | -€1,914 | -36.3% |
| Total equity and liabilities | 10/49 | €623,925 | €687,042 | +€63,117 | +10.1% |
| Equity | 10/15 | €578,360 | €644,360 | +€66,000 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €557,900 | €623,900 | +€66,000 | +11.8% |
| Amounts payable | 17/49 | €45,565 | €42,682 | -€2,883 | -6.3% |
| Amounts payable within one year | 42/48 | €45,565 | €42,682 | -€2,883 | -6.3% |
| Trade debts | 44 | €3,088 | €5,101 | +€2,013 | +65.2% |
| Suppliers | 440/4 | €3,088 | €5,101 | +€2,013 | +65.2% |
| Taxes, remuneration and social security | 45 | €42,477 | €37,581 | -€4,896 | -11.5% |
| Taxes | 450/3 | €39,829 | €34,895 | -€4,934 | -12.4% |
| Remuneration and social security | 454/9 | €2,648 | €2,686 | +€38 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,425 | €12,492 | +€10,067 | +415% |
| Other operating charges | 640/8 | €2,951 | €4,263 | +€1,312 | +44.5% |
| Gross operating margin | 9900 | €235,993 | €249,645 | +€13,652 | +5.8% |
| Operating profit (loss) | 9901 | €230,617 | €232,890 | +€2,273 | +1.0% |
| Financial income | 75/76B | €12,475 | €11,965 | -€510 | -4.1% |
| Recurring financial income | 75 | €12,475 | €11,965 | -€510 | -4.1% |
| Financial charges | 65/66B | €221 | €397 | +€176 | +79.6% |
| Recurring financial charges | 65 | €221 | €397 | +€176 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €242,871 | €244,458 | +€1,587 | +0.7% |
| Income taxes | 67/77 | €56,671 | €60,458 | +€3,787 | +6.7% |
| Profit (loss) for the period | 9904 | €186,200 | €184,000 | -€2,200 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €186,200 | €184,000 | -€2,200 | -1.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.