N.J.C.: 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.
What changed
N.J.C.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€120,052
2024 · €267,115-€147,063
Equity
€14.7m
2024 · €14.6m+€120,052
Cash
€113,092
2024 · €23,742+€89,351
Balance sheet total
€19.7m
2024 · €19.7m+€5,626
Largest movements
Assets
- Receivables within one year -€2.7m
down €2.7m (-95.5%), from €2.8m to €126,632
of which Other amounts receivable: -€2.2m
- Receivables after one year +€2.6m
new in 2025: €2.6m
Equity and liabilities
- Debts after one year +€4.7m
new in 2025: €4.7m
of which Financial debts: +€3.0m
- Short-term financial debts -€3.0m
down €3.0m (-99.8%), from €3.0m to €4,571
- Other debts -€1.8m
no longer reported in 2025 (was €1.8m)
Income statement
- Turnover -€548,298
down €548,298 (-59.4%), from €923,038 to €374,740
- Financial income +€294,703
up €294,703 (+748%), from €39,408 to €334,111
- Taxes -€61,633
down €61,633 (-61.4%), from €100,343 to €38,710
of which Taxes: -€58,208
- Services and other goods -€33,875
down €33,875 (-29.5%), from €114,906 to €81,031
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.
Result 2024
€267,115
Turnover
-€548,298
Other operating income
-€1,208
Services and other goods
+€33,875
Staff costs
-€1,861
Depreciation
+€6,784
Other operating charges
-€74
Other operating items
+€2,100
Financial income
+€294,703
Financial charges
+€5,282
Taxes
+€61,633
Result 2025
€120,052
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.6m
Investment
-€32,323
Financing
+€1.7m
Cash 2024
€23,742
From operations (derived)
-€1.6m
Net result for the year
+€120,052
Depreciation
+€53,551
Receivables after one year
-€2.6m
Receivables within one year
+€2.7m
Deferred charges and accrued income
+€1,545
Trade debts
+€45,149
Tax, wage and social debts
-€13,488
Other debts
-€1.8m
Investment (derived)
-€32,323
Investment in fixed assets (net)
-€32,390
Current investments
+€68
Financing
+€1.7m
Debts after one year
+€4.7m
Short-term financial debts
-€3.0m
Cash 2025
€113,092
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,650,259 | €19,655,885 | +€5,626 | 0.0% |
| Fixed assets | 21/28 | €16,823,661 | €16,802,501 | -€21,160 | -0.1% |
| Tangible fixed assets | 22/27 | €139,250 | €118,090 | -€21,160 | -15.2% |
| Furniture and vehicles | 24 | €137,184 | €116,024 | -€21,160 | -15.4% |
| Other tangible fixed assets | 26 | €2,066 | €2,066 | = | 0.0% |
| Financial fixed assets | 28 | €16,684,411 | €16,684,411 | = | 0.0% |
| Affiliated companies | 280/1 | €16,679,729 | €16,679,729 | = | 0.0% |
| Participating interests | 280 | €16,679,729 | €16,679,729 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,682 | €4,682 | = | 0.0% |
| Shares | 284 | €4,682 | €4,682 | = | 0.0% |
| Current assets | 29/58 | €2,826,598 | €2,853,384 | +€26,786 | +0.9% |
| Amounts receivable after more than one year | 29 | - | €2,611,024 | +€2.6m | |
| Other amounts receivable | 291 | - | €2,611,024 | +€2.6m | |
| Amounts receivable within one year | 40/41 | €2,798,608 | €126,632 | -€2.7m | -95.5% |
| Trade receivables | 40 | €524,160 | €81,589 | -€442,570 | -84.4% |
| Other amounts receivable | 41 | €2,274,448 | €45,043 | -€2.2m | -98.0% |
| Current investments | 50/53 | €89 | €21 | -€68 | -76.2% |
| Other investments | 51/53 | €89 | €21 | -€68 | -76.2% |
| Cash at bank and in hand | 54/58 | €23,742 | €113,092 | +€89,351 | +376% |
| Deferred charges and accrued income | 490/1 | €4,159 | €2,614 | -€1,545 | -37.2% |
| Total equity and liabilities | 10/49 | €19,650,259 | €19,655,885 | +€5,626 | 0.0% |
| Equity | 10/15 | €14,598,120 | €14,718,172 | +€120,052 | +0.8% |
| Contributions | 10/11 | €365,000 | €365,000 | = | 0.0% |
| Capital | 10 | €365,000 | €365,000 | = | 0.0% |
| Issued capital | 100 | €365,000 | €365,000 | = | 0.0% |
| Reserves | 13 | €109,061 | €109,061 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,500 | €36,500 | = | 0.0% |
| Legal reserve | 130 | €36,500 | €36,500 | = | 0.0% |
| Distributable reserves | 133 | €72,561 | €72,561 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,124,060 | €14,244,112 | +€120,052 | +0.8% |
| Provisions and deferred taxes | 16 | €100,470 | €100,470 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,470 | €100,470 | = | 0.0% |
| Pensions and similar obligations | 160 | €100,470 | €100,470 | = | 0.0% |
| Amounts payable | 17/49 | €4,951,668 | €4,837,242 | -€114,426 | -2.3% |
| Amounts payable after more than one year | 17 | - | €4,669,676 | +€4.7m | |
| Financial debts | 170/4 | - | €3,000,000 | +€3.0m | |
| Other loans | 174 | - | €3,000,000 | +€3.0m | |
| Other amounts payable | 178/9 | - | €1,669,676 | +€1.7m | |
| Amounts payable within one year | 42/48 | €4,951,668 | €167,566 | -€4.8m | -96.6% |
| Financial debts | 43 | €3,000,000 | €4,571 | -€3.0m | -99.8% |
| Credit institutions | 430/8 | €3,000,000 | €4,571 | -€3.0m | -99.8% |
| Trade debts | 44 | €80,820 | €125,969 | +€45,149 | +55.9% |
| Suppliers | 440/4 | €80,820 | €125,969 | +€45,149 | +55.9% |
| Taxes, remuneration and social security | 45 | €50,514 | €37,026 | -€13,488 | -26.7% |
| Taxes | 450/3 | €20,480 | €6,424 | -€14,056 | -68.6% |
| Remuneration and social security | 454/9 | €30,034 | €30,602 | +€568 | +1.9% |
| Other amounts payable | 47/48 | €1,820,334 | - | -€1.8m | |
| Operating income | 70/76A | €932,448 | €385,042 | -€547,406 | -58.7% |
| Turnover | 70 | €923,038 | €374,740 | -€548,298 | -59.4% |
| Other operating income | 74 | €9,410 | €8,202 | -€1,208 | -12.8% |
| Non-recurring operating income | 76A | - | €2,100 | +€2,100 | |
| Operating charges | 60/66A | €441,885 | €403,160 | -€38,724 | -8.8% |
| Services and other goods | 61 | €114,906 | €81,031 | -€33,875 | -29.5% |
| Remuneration, social security and pensions | 62 | €264,234 | €266,095 | +€1,861 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,334 | €53,551 | -€6,784 | -11.2% |
| Other operating charges | 640/8 | €2,411 | €2,484 | +€74 | +3.1% |
| Operating profit (loss) | 9901 | €490,564 | -€18,118 | -€508,682 | |
| Financial income | 75/76B | €39,408 | €334,111 | +€294,703 | +748% |
| Recurring financial income | 75 | €39,408 | €334,111 | +€294,703 | +748% |
| Income from financial fixed assets | 750 | - | €293,836 | +€293,836 | |
| Income from current assets | 751 | €29,538 | €40,271 | +€10,732 | +36.3% |
| Other financial income | 752/9 | €9,870 | €5 | -€9,865 | -100.0% |
| Financial charges | 65/66B | €162,513 | €157,231 | -€5,282 | -3.3% |
| Recurring financial charges | 65 | €162,513 | €157,231 | -€5,282 | -3.3% |
| Debt charges | 650 | €158,906 | €153,461 | -€5,445 | -3.4% |
| Other financial charges | 652/9 | €3,608 | €3,771 | +€163 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €367,458 | €158,762 | -€208,696 | -56.8% |
| Income taxes | 67/77 | €100,343 | €38,710 | -€61,633 | -61.4% |
| Taxes | 670/3 | €100,343 | €42,135 | -€58,208 | -58.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,425 | +€3,425 | |
| Profit (loss) for the period | 9904 | €267,115 | €120,052 | -€147,063 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €267,115 | €120,052 | -€147,063 | -55.1% |
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 26 October 2026 via checked.be.