STEPHANE NOBLUE: 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.
STEPHANE NOBLUE
Largest movements
- Cash -€315,714
down €315,714 (-74.9%), from €421,688 to €105,974
mainly Current investments (-€250,000) and Contributions, distributions and other (-€114,249)
- Current investments +€250,000
new in 2025: €250,000
- Receivables within one year -€11,168
down €11,168 (-16.8%), from €66,281 to €55,113
of which Other amounts receivable: -€14,429
- Tangible fixed assets +€6,723
up €6,723 (+90.3%), from €7,444 to €14,167
of which Furniture and vehicles: +€6,216
- Reserves -€114,249
down €114,249 (-24.9%), from €458,151 to €343,903
of which Distributable reserves: -€114,249
- Other debts +€66,444
up €66,444 (+139%), from €47,805 to €114,249
- Profit (loss) carried forward -€12,369
down €12,369 (-47.5%), from €26,065 to €13,696
- Tax, wage and social debts -€9,243
down €9,243 (-74.4%), from €12,418 to €3,175
- Financial income -€216,178
down €216,178 (-95.8%), from €225,554 to €9,377
- Taxes -€15,148
down €15,148 (-99.0%), from €15,294 to €146
- Gross operating margin +€13,314
up €13,314 (+43.3%), from -€30,721 to -€17,407
- Depreciation +€810
up €810 (+38.7%), from €2,095 to €2,905
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 | €557,773 | €488,489 | -€69,284 | -12.4% |
| Fixed assets | 21/28 | €7,444 | €14,167 | +€6,723 | +90.3% |
| Tangible fixed assets | 22/27 | €7,444 | €14,167 | +€6,723 | +90.3% |
| Furniture and vehicles | 24 | €1,266 | €7,483 | +€6,216 | +491% |
| Other tangible fixed assets | 26 | €6,177 | €6,684 | +€506 | +8.2% |
| Current assets | 29/58 | €550,329 | €474,322 | -€76,006 | -13.8% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,281 | €55,113 | -€11,168 | -16.8% |
| Trade receivables | 40 | - | €3,261 | +€3,261 | |
| Other amounts receivable | 41 | €66,281 | €51,852 | -€14,429 | -21.8% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €421,688 | €105,974 | -€315,714 | -74.9% |
| Deferred charges and accrued income | 490/1 | €2,360 | €3,235 | +€875 | +37.1% |
| Total equity and liabilities | 10/49 | €557,773 | €488,489 | -€69,284 | -12.4% |
| Equity | 10/15 | €496,617 | €369,999 | -€126,618 | -25.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €458,151 | €343,903 | -€114,249 | -24.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €456,291 | €342,043 | -€114,249 | -25.0% |
| Profit (loss) carried forward | 14 | €26,065 | €13,696 | -€12,369 | -47.5% |
| Amounts payable | 17/49 | €61,156 | €118,490 | +€57,334 | +93.8% |
| Amounts payable within one year | 42/48 | €61,156 | €118,490 | +€57,334 | +93.8% |
| Trade debts | 44 | €933 | €1,067 | +€134 | +14.3% |
| Suppliers | 440/4 | €933 | €1,067 | +€134 | +14.3% |
| Taxes, remuneration and social security | 45 | €12,418 | €3,175 | -€9,243 | -74.4% |
| Taxes | 450/3 | €12,418 | €3,175 | -€9,243 | -74.4% |
| Other amounts payable | 47/48 | €47,805 | €114,249 | +€66,444 | +139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,095 | €2,905 | +€810 | +38.7% |
| Other operating charges | 640/8 | €1,351 | €1,260 | -€91 | -6.8% |
| Gross operating margin | 9900 | -€30,721 | -€17,407 | +€13,314 | +43.3% |
| Operating profit (loss) | 9901 | -€34,167 | -€21,572 | +€12,595 | +36.9% |
| Financial income | 75/76B | €225,554 | €9,377 | -€216,178 | -95.8% |
| Recurring financial income | 75 | €225,554 | €9,377 | -€216,178 | -95.8% |
| Financial charges | 65/66B | €28 | €28 | -€0 | -0.5% |
| Recurring financial charges | 65 | €28 | €28 | -€0 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €191,359 | -€12,223 | -€203,583 | |
| Income taxes | 67/77 | €15,294 | €146 | -€15,148 | -99.0% |
| Profit (loss) for the period | 9904 | €176,065 | -€12,369 | -€188,435 | |
| Profit (loss) for the period to be appropriated | 9905 | €176,065 | -€12,369 | -€188,435 |
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 18 October 2026 via checked.be.