SIMON NOEL: 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.
SIMON NOEL
Largest movements
- Current investments +€356,125
up €356,125 (+2503.0%), from €14,228 to €370,353
- Cash -€289,069
down €289,069 (-71.6%), from €403,879 to €114,810
mainly Current investments (-€356,125) and Contributions, distributions and other (-€40,469)
- Stocks and contracts -€26,846
down €26,846 (-58.7%), from €45,757 to €18,912
- Tangible fixed assets -€7,334
down €7,334 (-51.2%), from €14,318 to €6,985
of which Land and buildings: -€3,923
- Other debts +€53,826
up €53,826 (+67.2%), from €80,072 to €133,898
- Profit (loss) carried forward -€40,000
down €40,000 (-29.6%), from €134,993 to €94,993
- Reserves +€22,886
up €22,886 (+8.3%), from €274,959 to €297,845
- Gross operating margin -€74,459
down €74,459 (-66.2%), from €112,479 to €38,020
- Taxes -€22,295
down €22,295 (-66.7%), from €33,446 to €11,152
- Financial income +€9,110
up €9,110 (+138.0%), from €6,602 to €15,713
- Financial charges +€3,540
up €3,540 (+98.9%), from €3,581 to €7,120
- Write-downs +€3,042
new in 2025: €3,042
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 | €521,669 | €554,839 | +€33,169 | +6.4% |
| Fixed assets | 21/28 | €14,318 | €6,985 | -€7,334 | -51.2% |
| Tangible fixed assets | 22/27 | €14,318 | €6,985 | -€7,334 | -51.2% |
| Land and buildings | 22 | €7,862 | €3,939 | -€3,923 | -49.9% |
| Furniture and vehicles | 24 | €6,457 | €3,046 | -€3,411 | -52.8% |
| Current assets | 29/58 | €507,351 | €547,854 | +€40,503 | +8.0% |
| Stocks and contracts in progress | 3 | €45,757 | €18,912 | -€26,846 | -58.7% |
| Stocks | 30/36 | €45,757 | €18,912 | -€26,846 | -58.7% |
| Amounts receivable within one year | 40/41 | €43,487 | €43,780 | +€293 | +0.7% |
| Trade receivables | 40 | €29,483 | €31,311 | +€1,828 | +6.2% |
| Other amounts receivable | 41 | €14,004 | €12,468 | -€1,536 | -11.0% |
| Current investments | 50/53 | €14,228 | €370,353 | +€356,125 | +2503.0% |
| Cash at bank and in hand | 54/58 | €403,879 | €114,810 | -€289,069 | -71.6% |
| Total equity and liabilities | 10/49 | €521,669 | €554,839 | +€33,169 | +6.4% |
| Equity | 10/15 | €430,892 | €413,309 | -€17,583 | -4.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €274,959 | €297,845 | +€22,886 | +8.3% |
| Distributable reserves | 133 | €274,959 | €297,845 | +€22,886 | +8.3% |
| Profit (loss) carried forward | 14 | €134,993 | €94,993 | -€40,000 | -29.6% |
| Investment grants | 15 | €940 | €471 | -€469 | -49.9% |
| Amounts payable | 17/49 | €90,777 | €141,530 | +€50,753 | +55.9% |
| Amounts payable after more than one year | 17 | €266 | €0 | -€266 | -100.0% |
| Financial debts | 170/4 | €266 | €0 | -€266 | -100.0% |
| Amounts payable within one year | 42/48 | €87,276 | €137,424 | +€50,148 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €2,918 | €266 | -€2,652 | -90.9% |
| Trade debts | 44 | €1,737 | €34 | -€1,703 | -98.1% |
| Suppliers | 440/4 | €1,737 | €34 | -€1,703 | -98.1% |
| Taxes, remuneration and social security | 45 | €2,550 | €3,226 | +€676 | +26.5% |
| Taxes | 450/3 | €2,550 | €3,226 | +€676 | +26.5% |
| Other amounts payable | 47/48 | €80,072 | €133,898 | +€53,826 | +67.2% |
| Accrued charges and deferred income | 492/3 | €3,235 | €4,105 | +€871 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,638 | €7,334 | -€1,304 | -15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,042 | +€3,042 | |
| Other operating charges | 640/8 | €2,808 | €2,199 | -€609 | -21.7% |
| Gross operating margin | 9900 | €112,479 | €38,020 | -€74,459 | -66.2% |
| Operating profit (loss) | 9901 | €101,034 | €25,445 | -€75,589 | -74.8% |
| Financial income | 75/76B | €6,602 | €15,713 | +€9,110 | +138.0% |
| Recurring financial income | 75 | €6,602 | €15,713 | +€9,110 | +138.0% |
| Financial charges | 65/66B | €3,581 | €7,120 | +€3,540 | +98.9% |
| Recurring financial charges | 65 | €3,581 | €7,120 | +€3,540 | +98.9% |
| Profit (loss) for the period before taxes | 9903 | €104,055 | €34,037 | -€70,018 | -67.3% |
| Income taxes | 67/77 | €33,446 | €11,152 | -€22,295 | -66.7% |
| Profit (loss) for the period | 9904 | €70,609 | €22,886 | -€47,724 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,609 | €22,886 | -€47,724 | -67.6% |
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 9 October 2026 via checked.be.