N.S.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.S.C.
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€114,368
2024 · €50,387+€63,981
Equity
€1.6m
2024 · €1.5m+€114,368
Cash
€10,754
2024 · €1,992+€8,762
Balance sheet total
€7.3m
2024 · €7.0m+€236,560
Largest movements
Assets
- Tangible fixed assets +€418,808
up €418,808 (+9.8%), from €4.3m to €4.7m
of which Land and buildings: +€449,156
- Receivables after one year -€217,500
down €217,500 (-9.7%), from €2.2m to €2.0m
Equity and liabilities
- Short-term financial debts +€436,000
new in 2025: €436,000
- Debts after one year -€277,201
down €277,201 (-6.1%), from €4.6m to €4.3m
- Profit (loss) carried forward +€114,368
up €114,368 (+8.9%), from €1.3m to €1.4m
- Other debts +€91,105
up €91,105 (+28.2%), from €322,979 to €414,084
- Trade debts -€89,569
down €89,569 (-50.9%), from €175,936 to €86,367
Income statement
- Gross operating margin +€294,009
up €294,009 (+85.8%), from €342,630 to €636,640
- Depreciation +€161,490
up €161,490 (+98.8%), from €163,377 to €324,867
- Financial charges +€59,837
up €59,837 (+33.0%), from €181,379 to €241,217
- Staff costs +€11,387
new in 2025: €11,387
- Other operating charges -€9,364
down €9,364 (-19.9%), from €47,031 to €37,667
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
€50,387
Gross operating margin
+€294,009
Staff costs
-€11,387
Depreciation
-€161,490
Other operating charges
+€9,364
Financial income
-€6,580
Financial charges
-€59,837
Taxes
-€98
Result 2025
€114,368
raises the resultlowers the result
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
+€606,782
Investment
-€743,675
Financing
+€145,655
Cash 2024
€1,992
From operations (derived)
+€606,782
Net result for the year
+€114,368
Depreciation
+€324,867
Receivables after one year
+€217,500
Stocks and contracts
-€8,057
Receivables within one year
-€17,969
Deferred charges and accrued income
-€464
Trade debts
-€89,569
Tax, wage and social debts
-€8,410
Other debts
+€91,105
Accrued charges and deferred income
-€16,589
Investment (derived)
-€743,675
Investment in fixed assets (net)
-€743,675
Financing
+€145,655
Debts after one year
-€277,201
Current portion of long-term debt
-€13,144
Short-term financial debts
+€436,000
Cash 2025
€10,754
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,036,459 | €7,273,020 | +€236,560 | +3.4% |
| Fixed assets | 21/28 | €4,489,593 | €4,908,400 | +€418,808 | +9.3% |
| Tangible fixed assets | 22/27 | €4,287,440 | €4,706,248 | +€418,808 | +9.8% |
| Land and buildings | 22 | €3,817,884 | €4,267,041 | +€449,156 | +11.8% |
| Plant, machinery and equipment | 23 | €469,556 | €437,767 | -€31,789 | -6.8% |
| Furniture and vehicles | 24 | - | €1,440 | +€1,440 | |
| Financial fixed assets | 28 | €202,153 | €202,153 | = | 0.0% |
| Current assets | 29/58 | €2,546,867 | €2,364,619 | -€182,247 | -7.2% |
| Amounts receivable after more than one year | 29 | €2,241,707 | €2,024,207 | -€217,500 | -9.7% |
| Trade receivables | 290 | €2,241,707 | €2,024,207 | -€217,500 | -9.7% |
| Stocks and contracts in progress | 3 | - | €8,057 | +€8,057 | |
| Stocks | 30/36 | - | €8,057 | +€8,057 | |
| Amounts receivable within one year | 40/41 | €300,928 | €318,896 | +€17,969 | +6.0% |
| Trade receivables | 40 | €62,512 | €75,338 | +€12,827 | +20.5% |
| Other amounts receivable | 41 | €238,416 | €243,558 | +€5,142 | +2.2% |
| Cash at bank and in hand | 54/58 | €1,992 | €10,754 | +€8,762 | +440% |
| Deferred charges and accrued income | 490/1 | €2,240 | €2,705 | +€464 | +20.7% |
| Total equity and liabilities | 10/49 | €7,036,459 | €7,273,020 | +€236,560 | +3.4% |
| Equity | 10/15 | €1,534,474 | €1,648,843 | +€114,368 | +7.5% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €22,500 | €22,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,500 | €22,500 | = | 0.0% |
| Legal reserve | 130 | €22,500 | €22,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,286,974 | €1,401,343 | +€114,368 | +8.9% |
| Amounts payable | 17/49 | €5,501,985 | €5,624,177 | +€122,192 | +2.2% |
| Amounts payable after more than one year | 17 | €4,574,004 | €4,296,803 | -€277,201 | -6.1% |
| Financial debts | 170/4 | €4,574,004 | €4,296,803 | -€277,201 | -6.1% |
| Amounts payable within one year | 42/48 | €909,611 | €1,325,593 | +€415,982 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €336,003 | €322,858 | -€13,144 | -3.9% |
| Financial debts | 43 | - | €436,000 | +€436,000 | |
| Credit institutions | 430/8 | - | €436,000 | +€436,000 | |
| Trade debts | 44 | €175,936 | €86,367 | -€89,569 | -50.9% |
| Suppliers | 440/4 | €175,936 | €86,367 | -€89,569 | -50.9% |
| Taxes, remuneration and social security | 45 | €74,694 | €66,284 | -€8,410 | -11.3% |
| Taxes | 450/3 | €65,268 | €57,286 | -€7,982 | -12.2% |
| Remuneration and social security | 454/9 | €9,426 | €8,998 | -€428 | -4.5% |
| Other amounts payable | 47/48 | €322,979 | €414,084 | +€91,105 | +28.2% |
| Accrued charges and deferred income | 492/3 | €18,369 | €1,780 | -€16,589 | -90.3% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Remuneration, social security and pensions | 62 | - | €11,387 | +€11,387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,377 | €324,867 | +€161,490 | +98.8% |
| Other operating charges | 640/8 | €47,031 | €37,667 | -€9,364 | -19.9% |
| Gross operating margin | 9900 | €342,630 | €636,640 | +€294,009 | +85.8% |
| Operating profit (loss) | 9901 | €132,223 | €262,719 | +€130,496 | +98.7% |
| Financial income | 75/76B | €99,732 | €93,152 | -€6,580 | -6.6% |
| Recurring financial income | 75 | €99,732 | €93,152 | -€6,580 | -6.6% |
| Financial charges | 65/66B | €181,379 | €241,217 | +€59,837 | +33.0% |
| Recurring financial charges | 65 | €181,379 | €241,217 | +€59,837 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €50,575 | €114,654 | +€64,079 | +127% |
| Income taxes | 67/77 | €188 | €286 | +€98 | +52.0% |
| Profit (loss) for the period | 9904 | €50,387 | €114,368 | +€63,981 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €50,387 | €114,368 | +€63,981 | +127% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.