STEPHANE NOE MANAGEMENT: 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 NOE MANAGEMENT
Largest movements
- Current investments +€15,000
up €15,000 (+3.9%), from €385,000 to €400,000
- Reserves +€74,838
up €74,838 (+19.0%), from €394,100 to €468,939
- Other debts -€58,860
down €58,860 (-100%), from €58,860 to €0
- Financial income -€155,838
down €155,838 (-72.4%), from €215,151 to €59,312
of which Financial income: -€208,077
- Taxes -€21,269
down €21,269 (-53.8%), from €39,520 to €18,250
- Financial charges +€18,727
up €18,727 (+41.2%), from €45,499 to €64,226
- Gross operating margin -€12,868
down €12,868 (-11.2%), from €115,298 to €102,430
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 | €492,857 | €508,610 | +€15,753 | +3.2% |
| Fixed assets | 21/28 | €4,000 | €0 | -€4,000 | -100% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €4,000 | €0 | -€4,000 | -100% |
| Current assets | 29/58 | €488,857 | €508,610 | +€19,753 | +4.0% |
| Amounts receivable within one year | 40/41 | €68,055 | €70,379 | +€2,324 | +3.4% |
| Other amounts receivable | 41 | €68,055 | €70,379 | +€2,324 | +3.4% |
| Current investments | 50/53 | €385,000 | €400,000 | +€15,000 | +3.9% |
| Cash at bank and in hand | 54/58 | €35,802 | €38,231 | +€2,429 | +6.8% |
| Total equity and liabilities | 10/49 | €492,857 | €508,610 | +€15,753 | +3.2% |
| Equity | 10/15 | €406,700 | €481,539 | +€74,838 | +18.4% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €394,100 | €468,939 | +€74,838 | +19.0% |
| Distributable reserves | 133 | €394,100 | €468,939 | +€74,838 | +19.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,156 | €27,071 | -€59,085 | -68.6% |
| Amounts payable within one year | 42/48 | €86,156 | €27,071 | -€59,085 | -68.6% |
| Trade debts | 44 | €2,826 | €2,602 | -€225 | -8.0% |
| Suppliers | 440/4 | €2,826 | €2,602 | -€225 | -8.0% |
| Taxes, remuneration and social security | 45 | €24,470 | €24,470 | = | 0.0% |
| Taxes | 450/3 | €24,470 | €24,470 | = | 0.0% |
| Other amounts payable | 47/48 | €58,860 | €0 | -€58,860 | -100% |
| Non-recurring operating income | 76A | - | €2,129 | +€2,129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €764 | €0 | -€764 | -100% |
| Other operating charges | 640/8 | €3,720 | €4,427 | +€708 | +19.0% |
| Gross operating margin | 9900 | €115,298 | €102,430 | -€12,868 | -11.2% |
| Operating profit (loss) | 9901 | €110,814 | €98,003 | -€12,812 | -11.6% |
| Financial income | 75/76B | €215,151 | €59,312 | -€155,838 | -72.4% |
| Recurring financial income | 75 | €212,989 | €4,912 | -€208,077 | -97.7% |
| Non-recurring financial income | 76B | €2,162 | €54,400 | +€52,238 | +2,417% |
| Financial charges | 65/66B | €45,499 | €64,226 | +€18,727 | +41.2% |
| Recurring financial charges | 65 | €45,499 | €64,226 | +€18,727 | +41.2% |
| Profit (loss) for the period before taxes | 9903 | €280,466 | €93,089 | -€187,377 | -66.8% |
| Income taxes | 67/77 | €39,520 | €18,250 | -€21,269 | -53.8% |
| Profit (loss) for the period | 9904 | €240,946 | €74,838 | -€166,108 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €240,946 | €74,838 | -€166,108 | -68.9% |
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 24 October 2026 via checked.be.