N-CO PROJECTS: what changed
Two fiscal 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-CO PROJECTS
Largest movements
- Cash +€11,182
up €11,182 (+53.6%), from €20,843 to €32,025
mainly Depreciation (+€7,969) and Net result for the year (+€3,843)
- Tangible fixed assets -€7,969
down €7,969 (-2.4%), from €333,778 to €325,809
- Profit (loss) carried forward +€3,843
up €3,843 (+50.9%), from -€7,555 to -€3,712
- Gross operating margin +€417
up €417 (+3.3%), from €12,626 to €13,043
- Other operating charges -€349
down €349 (-29.0%), from €1,203 to €854
- Financial charges +€258
up €258 (+217.0%), from €119 to €377
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.
Cash bridge derived
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 | €354,838 | €358,034 | +€3,196 | +0.9% |
| Fixed assets | 21/28 | €333,778 | €325,809 | -€7,969 | -2.4% |
| Tangible fixed assets | 22/27 | €333,778 | €325,809 | -€7,969 | -2.4% |
| Land and buildings | 22 | €333,778 | €325,809 | -€7,969 | -2.4% |
| Current assets | 29/58 | €21,060 | €32,225 | +€11,165 | +53.0% |
| Cash at bank and in hand | 54/58 | €20,843 | €32,025 | +€11,182 | +53.6% |
| Deferred charges and accrued income | 490/1 | €217 | €199 | -€17 | -8.0% |
| Total equity and liabilities | 10/49 | €354,838 | €358,034 | +€3,196 | +0.9% |
| Equity | 10/15 | -€1,555 | €2,288 | +€3,843 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,555 | -€3,712 | +€3,843 | +50.9% |
| Amounts payable | 17/49 | €356,393 | €355,746 | -€647 | -0.2% |
| Amounts payable within one year | 42/48 | €356,393 | €355,746 | -€647 | -0.2% |
| Trade debts | 44 | - | €130 | +€130 | |
| Suppliers | 440/4 | - | €130 | +€130 | |
| Taxes, remuneration and social security | 45 | €19 | €68 | +€49 | +254.4% |
| Taxes | 450/3 | €19 | €68 | +€49 | +254.4% |
| Other amounts payable | 47/48 | €356,374 | €355,548 | -€826 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,969 | €7,969 | = | 0.0% |
| Other operating charges | 640/8 | €1,203 | €854 | -€349 | -29.0% |
| Gross operating margin | 9900 | €12,626 | €13,043 | +€417 | +3.3% |
| Operating profit (loss) | 9901 | €3,454 | €4,220 | +€766 | +22.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €119 | €377 | +€258 | +217.0% |
| Recurring financial charges | 65 | €119 | €377 | +€258 | +217.0% |
| Profit (loss) for the period before taxes | 9903 | €3,335 | €3,843 | +€508 | +15.2% |
| Profit (loss) for the period | 9904 | €3,335 | €3,843 | +€508 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,335 | €3,843 | +€508 | +15.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.