NACOLOU: 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.
NACOLOU
Largest movements
- Tangible fixed assets -€292,915
down €292,915 (-97.1%), from €301,572 to €8,656
of which Leasing and similar rights: -€293,823
- Cash -€80,040
down €80,040 (-45.5%), from €175,730 to €95,690
mainly Other debts (-€588,452) and Debts after one year (-€113,990)
- Other debts -€588,452
down €588,452 (-80.5%), from €730,768 to €142,316
- Reserves +€398,510
up €398,510 (+114.0%), from €349,598 to €748,108
of which Distributable reserves: +€432,841
- Debts after one year -€113,990
no longer reported in 2026 (was €113,990)
- Financial income +€314,958
up €314,958 (+14374.4%), from €2,191 to €317,149
- Depreciation -€15,822
down €15,822 (-84.9%), from €18,635 to €2,813
- Provisions -€13,833
new in 2026: -€13,833
- Taxes +€11,852
up €11,852 (+13.1%), from €90,381 to €102,234
- Gross operating margin -€8,534
down €8,534 (-2.9%), from €298,030 to €289,497
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,084,089 | €3,726,759 | -€357,330 | -8.7% |
| Fixed assets | 21/28 | €3,536,302 | €3,243,387 | -€292,915 | -8.3% |
| Intangible fixed assets | 21 | €956,856 | €956,856 | = | 0.0% |
| Tangible fixed assets | 22/27 | €301,572 | €8,656 | -€292,915 | -97.1% |
| Furniture and vehicles | 24 | €7,749 | €8,656 | +€908 | +11.7% |
| Leasing and similar rights | 25 | €293,823 | - | -€293,823 | |
| Financial fixed assets | 28 | €2,277,874 | €2,277,874 | = | 0.0% |
| Current assets | 29/58 | €547,787 | €483,373 | -€64,414 | -11.8% |
| Amounts receivable within one year | 40/41 | €15,007 | €33,800 | +€18,793 | +125.2% |
| Trade receivables | 40 | - | €33,800 | +€33,800 | |
| Other amounts receivable | 41 | €15,007 | - | -€15,007 | |
| Current investments | 50/53 | €350,000 | €350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €175,730 | €95,690 | -€80,040 | -45.5% |
| Deferred charges and accrued income | 490/1 | €7,050 | €3,883 | -€3,167 | -44.9% |
| Total equity and liabilities | 10/49 | €4,084,089 | €3,726,759 | -€357,330 | -8.7% |
| Equity | 10/15 | €1,673,431 | €2,071,941 | +€398,510 | +23.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €349,598 | €748,108 | +€398,510 | +114.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,331 | - | -€34,331 | |
| Distributable reserves | 133 | €313,407 | €746,248 | +€432,841 | +138.1% |
| Profit (loss) carried forward | 14 | €1,317,632 | €1,317,632 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,388,309 | €1,374,476 | -€13,833 | -1.0% |
| Provisions for liabilities and charges | 160/5 | €1,388,309 | €1,374,476 | -€13,833 | -1.0% |
| Pensions and similar obligations | 160 | - | €1,374,476 | +€1.4m | |
| Other liabilities and charges | 164/5 | €1,388,309 | - | -€1.4m | |
| Amounts payable | 17/49 | €1,022,349 | €280,343 | -€742,007 | -72.6% |
| Amounts payable after more than one year | 17 | €113,990 | - | -€113,990 | |
| Financial debts | 170/4 | €113,990 | - | -€113,990 | |
| Amounts payable within one year | 42/48 | €908,359 | €280,343 | -€628,016 | -69.1% |
| Current portion of amounts payable after more than one year | 42 | €127,708 | €99,730 | -€27,978 | -21.9% |
| Trade debts | 44 | €33,202 | €92 | -€33,110 | -99.7% |
| Suppliers | 440/4 | €33,202 | €92 | -€33,110 | -99.7% |
| Taxes, remuneration and social security | 45 | €16,681 | €38,204 | +€21,523 | +129.0% |
| Taxes | 450/3 | €16,681 | €38,204 | +€21,523 | +129.0% |
| Other amounts payable | 47/48 | €730,768 | €142,316 | -€588,452 | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,635 | €2,813 | -€15,822 | -84.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€13,833 | -€13,833 | |
| Other operating charges | 640/8 | €4,419 | €8,194 | +€3,776 | +85.4% |
| Gross operating margin | 9900 | €298,030 | €289,497 | -€8,534 | -2.9% |
| Operating profit (loss) | 9901 | €274,976 | €292,322 | +€17,346 | +6.3% |
| Financial income | 75/76B | €2,191 | €317,149 | +€314,958 | +14374.4% |
| Recurring financial income | 75 | €2,191 | €317,149 | +€314,958 | +14374.4% |
| Financial charges | 65/66B | €114,676 | €108,728 | -€5,948 | -5.2% |
| Recurring financial charges | 65 | €114,676 | €108,728 | -€5,948 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €162,492 | €500,744 | +€338,252 | +208.2% |
| Transfer from deferred taxes | 780 | €96,799 | - | -€96,799 | |
| Income taxes | 67/77 | €90,381 | €102,234 | +€11,852 | +13.1% |
| Profit (loss) for the period | 9904 | €168,910 | €398,510 | +€229,601 | +135.9% |
| Profit (loss) for the period to be appropriated | 9905 | €168,910 | €398,510 | +€229,601 | +135.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.