Sven Noelants: 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.
Sven Noelants
Largest movements
- Cash +€31,622
up €31,622 (+94.3%), from €33,533 to €65,154
mainly Net result for the year (+€47,334) and Depreciation (+€8,375)
- Current investments +€20,670
up €20,670 (+7.0%), from €296,940 to €317,610
- Receivables within one year +€8,956
up €8,956 (+51.4%), from €17,407 to €26,363
of which Trade receivables: +€8,956
- Tangible fixed assets -€6,799
down €6,799 (-56.1%), from €12,128 to €5,328
of which Furniture and vehicles: -€6,554
- Reserves +€47,334
up €47,334 (+25.4%), from €186,679 to €234,013
- Tax, wage and social debts +€7,269
up €7,269 (+291%), from €2,494 to €9,763
- Gross operating margin +€4,807
up €4,807 (+7.0%), from €68,708 to €73,516
- Taxes +€4,492
up €4,492 (+22.0%), from €20,379 to €24,871
- Financial income +€2,651
up €2,651 (+29.7%), from €8,917 to €11,568
of which Financial income: +€2,651
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 | €360,220 | €414,812 | +€54,592 | +15.2% |
| Fixed assets | 21/28 | €12,128 | €5,328 | -€6,799 | -56.1% |
| Tangible fixed assets | 22/27 | €12,128 | €5,328 | -€6,799 | -56.1% |
| Plant, machinery and equipment | 23 | €1,996 | €1,751 | -€245 | -12.3% |
| Furniture and vehicles | 24 | €10,132 | €3,578 | -€6,554 | -64.7% |
| Current assets | 29/58 | €348,092 | €409,484 | +€61,391 | +17.6% |
| Amounts receivable within one year | 40/41 | €17,407 | €26,363 | +€8,956 | +51.4% |
| Trade receivables | 40 | €12,046 | €21,002 | +€8,956 | +74.3% |
| Other amounts receivable | 41 | €5,361 | €5,361 | = | 0.0% |
| Current investments | 50/53 | €296,940 | €317,610 | +€20,670 | +7.0% |
| Cash at bank and in hand | 54/58 | €33,533 | €65,154 | +€31,622 | +94.3% |
| Deferred charges and accrued income | 490/1 | €213 | €357 | +€144 | +67.6% |
| Total equity and liabilities | 10/49 | €360,220 | €414,812 | +€54,592 | +15.2% |
| Equity | 10/15 | €206,679 | €254,013 | +€47,334 | +22.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €186,679 | €234,013 | +€47,334 | +25.4% |
| Distributable reserves | 133 | €186,679 | €234,013 | +€47,334 | +25.4% |
| Amounts payable | 17/49 | €153,541 | €160,799 | +€7,257 | +4.7% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,623 | €9,880 | +€7,257 | +277% |
| Trade debts | 44 | €128 | €117 | -€11 | -8.8% |
| Suppliers | 440/4 | €128 | €117 | -€11 | -8.8% |
| Taxes, remuneration and social security | 45 | €2,494 | €9,763 | +€7,269 | +291% |
| Taxes | 450/3 | €2,494 | €9,763 | +€7,269 | +291% |
| Accrued charges and deferred income | 492/3 | €919 | €919 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,799 | €2,554 | -€245 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,420 | €8,375 | -€44 | -0.5% |
| Other operating charges | 640/8 | €118 | €200 | +€82 | +69.1% |
| Gross operating margin | 9900 | €68,708 | €73,516 | +€4,807 | +7.0% |
| Operating profit (loss) | 9901 | €57,372 | €62,387 | +€5,015 | +8.7% |
| Financial income | 75/76B | €8,917 | €11,568 | +€2,651 | +29.7% |
| Recurring financial income | 75 | €8,917 | €11,568 | +€2,651 | +29.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,007 | €1,749 | -€258 | -12.9% |
| Recurring financial charges | 65 | €2,007 | €1,749 | -€258 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €64,281 | €72,206 | +€7,924 | +12.3% |
| Income taxes | 67/77 | €20,379 | €24,871 | +€4,492 | +22.0% |
| Profit (loss) for the period | 9904 | €43,902 | €47,334 | +€3,432 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,902 | €47,334 | +€3,432 | +7.8% |
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 30 October 2026 via checked.be.