N.C.A.C.M.: 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.
N.C.A.C.M.
Largest movements
- Cash +€174,689
up €174,689 (+53.9%), from €324,330 to €499,019
mainly Net result for the year (+€65,169) and Deferred charges and accrued income (+€36,014)
- Tangible fixed assets -€45,147
down €45,147 (-9.9%), from €454,304 to €409,157
of which Land and buildings: -€44,567
- Deferred charges and accrued income -€36,014
down €36,014 (-93.5%), from €38,508 to €2,493
- Reserves +€65,061
up €65,061 (+62.0%), from €104,874 to €169,935
of which Distributable reserves: +€66,200
- Other debts +€21,140
up €21,140 (+5.7%), from €372,644 to €393,784
- Gross operating margin +€58,361
up €58,361 (+58.0%), from €100,698 to €159,059
- Taxes +€19,562
up €19,562 (+144%), from €13,621 to €33,183
- Financial charges -€1,864
down €1,864 (-6.6%), from €28,181 to €26,317
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 | €817,142 | €910,670 | +€93,527 | +11.4% |
| Fixed assets | 21/28 | €454,304 | €409,157 | -€45,147 | -9.9% |
| Tangible fixed assets | 22/27 | €454,304 | €409,157 | -€45,147 | -9.9% |
| Land and buildings | 22 | €452,772 | €408,205 | -€44,567 | -9.8% |
| Plant, machinery and equipment | 23 | €419 | €251 | -€168 | -40.1% |
| Furniture and vehicles | 24 | €1,114 | €701 | -€413 | -37.1% |
| Current assets | 29/58 | €362,838 | €501,512 | +€138,675 | +38.2% |
| Cash at bank and in hand | 54/58 | €324,330 | €499,019 | +€174,689 | +53.9% |
| Deferred charges and accrued income | 490/1 | €38,508 | €2,493 | -€36,014 | -93.5% |
| Total equity and liabilities | 10/49 | €817,142 | €910,670 | +€93,527 | +11.4% |
| Equity | 10/15 | €380,224 | €445,394 | +€65,169 | +17.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €104,874 | €169,935 | +€65,061 | +62.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,774 | €21,635 | -€1,139 | -5.0% |
| Distributable reserves | 133 | €57,100 | €123,300 | +€66,200 | +116% |
| Profit (loss) carried forward | 14 | €25,351 | €25,459 | +€108 | +0.4% |
| Provisions and deferred taxes | 16 | €11,727 | €11,141 | -€586 | -5.0% |
| Deferred taxes | 168 | €11,727 | €11,141 | -€586 | -5.0% |
| Amounts payable | 17/49 | €425,191 | €454,135 | +€28,944 | +6.8% |
| Amounts payable within one year | 42/48 | €425,191 | €453,185 | +€27,994 | +6.6% |
| Trade debts | 44 | €5,406 | €4,726 | -€680 | -12.6% |
| Suppliers | 440/4 | €5,406 | €4,726 | -€680 | -12.6% |
| Taxes, remuneration and social security | 45 | €47,141 | €54,675 | +€7,534 | +16.0% |
| Taxes | 450/3 | €47,141 | €54,675 | +€7,534 | +16.0% |
| Other amounts payable | 47/48 | €372,644 | €393,784 | +€21,140 | +5.7% |
| Accrued charges and deferred income | 492/3 | €0 | €950 | +€950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,959 | €27,247 | +€288 | +1.1% |
| Other operating charges | 640/8 | €7,495 | €7,729 | +€234 | +3.1% |
| Gross operating margin | 9900 | €100,698 | €159,059 | +€58,361 | +58.0% |
| Operating profit (loss) | 9901 | €66,245 | €124,083 | +€57,839 | +87.3% |
| Financial charges | 65/66B | €28,181 | €26,317 | -€1,864 | -6.6% |
| Recurring financial charges | 65 | €28,181 | €26,317 | -€1,864 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €38,064 | €97,766 | +€59,703 | +157% |
| Transfer from deferred taxes | 780 | €586 | €586 | = | 0.0% |
| Income taxes | 67/77 | €13,621 | €33,183 | +€19,562 | +144% |
| Profit (loss) for the period | 9904 | €25,029 | €65,169 | +€40,140 | +160% |
| Transfer from tax-exempt reserves | 789 | €1,139 | €1,139 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,168 | €66,308 | +€40,140 | +153% |
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 25 October 2026 via checked.be.