NCI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 9% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €449,201 | €4,000 | €7,124 |
| Depreciation and write-downs of the year | €2,507 | €12,556 | €12,793 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,507 | €12,556 | €12,793 | ▲ 1.9% |
| Other operating charges640/8 | €324 | €2,342 | €2,634 | ▲ 12.5% |
| Gross operating margin9900 | -€10,695 | €44,365 | €47,500 | ▲ 7.1% |
| Operating profit (loss)9901 | -€13,526 | €29,468 | €32,073 | ▲ 8.8% |
| Financial income75/76B | - | - | €4 | - |
| Recurring financial income75 | - | - | €4 | - |
| Financial charges65/66B | €4,009 | €17,355 | €17,084 | ▼ 1.6% |
| Recurring financial charges65 | €4,009 | €17,355 | €17,084 | ▼ 1.6% |
| Profit (loss) for the period before taxes9903 | -€17,535 | €12,113 | €14,992 | ▲ 23.8% |
| Income taxes67/77 | - | - | €1,947 | - |
| Profit (loss) for the period9904 | -€17,535 | €12,113 | €13,046 | ▲ 7.7% |
| Profit (loss) for the period to be appropriated9905 | -€17,535 | €12,113 | €13,046 | ▲ 7.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €452,480 | €456,514 | €453,505 | ▼ 0.7% |
| Fixed assets21/28 | €446,694 | €438,138 | €432,469 | ▼ 1.3% |
| Tangible fixed assets22/27 | €446,694 | €438,138 | €432,469 | ▼ 1.3% |
| Land and buildings22 | €422,321 | €412,651 | €423,379 | ▲ 2.6% |
| Plant, machinery and equipment23 | - | - | €5,159 | - |
| Furniture and vehicles24 | - | - | €3,931 | - |
| Other tangible fixed assets26 | €24,373 | €25,487 | €0 | ▼ 100% |
| Current assets29/58 | €5,786 | €18,376 | €21,036 | ▲ 14.5% |
| Amounts receivable within one year40/41 | €2,433 | €3,430 | €289 | ▼ 91.6% |
| Trade receivables40 | €94 | €1,765 | €269 | ▼ 84.8% |
| Other amounts receivable41 | €2,340 | €1,664 | €20 | ▼ 98.8% |
| Cash at bank and in hand54/58 | €2,705 | €13,963 | €19,856 | ▲ 42.2% |
| Deferred charges and accrued income490/1 | €648 | €983 | €892 | ▼ 9.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €452,480 | €456,514 | €453,505 | ▼ 0.7% |
| Equity10/15 | €42,465 | €54,578 | €67,624 | ▲ 23.9% |
| Contributions10/11 | €60,000 | €60,000 | €60,000 | = |
| Profit (loss) carried forward14 | -€17,535 | -€5,422 | €7,624 | - |
| Amounts payable17/49 | €410,015 | €401,936 | €385,882 | ▼ 4.0% |
| Amounts payable after more than one year17 | €313,076 | €296,099 | €278,383 | ▼ 6.0% |
| Financial debts170/4 | €313,076 | €296,099 | €278,383 | ▼ 6.0% |
| Amounts payable within one year42/48 | €96,091 | €102,432 | €103,635 | ▲ 1.2% |
| Current portion of amounts payable after more than one year42 | €19,241 | €23,062 | €20,912 | ▼ 9.3% |
| Trade debts44 | €4 | €2,059 | €2,477 | ▲ 20.3% |
| Suppliers440/4 | €4 | €2,059 | €2,477 | ▲ 20.3% |
| Taxes, remuneration and social security45 | - | - | €488 | - |
| Taxes450/3 | - | - | €488 | - |
| Other amounts payable47/48 | €76,846 | €77,311 | €79,757 | ▲ 3.2% |
| Accrued charges and deferred income492/3 | €848 | €3,406 | €3,864 | ▲ 13.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,535 | €12,113 | €13,046 | ▲ 7.7% |
| + Depreciation and write-downs630 | €2,507 | €12,556 | €12,793 | ▲ 1.9% |
| Operating cash flow (approximation) | -€15,028 | €24,668 | €25,839 | ▲ 4.7% |
| Investment in fixed assets (approximation) | - | -€4,000 | -€7,124 | ▼ 78.1% |
| Change in cash | - | €11,258 | €5,893 | ▼ 47.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 896 companies had the same profile as NCI has now. Two years later, 98.1% were still going and 1.1% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NCI itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 896 companies, not a prediction for NCI. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.