NACON: 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.
NACON
Largest movements
- Tangible fixed assets +€34,455
up €34,455 (+433%), from €7,962 to €42,417
of which Plant, machinery and equipment: +€25,999
- Intangible fixed assets -€32,955
no longer reported in 2025 (was €32,955)
- Receivables within one year -€16,661
down €16,661 (-24.1%), from €69,253 to €52,592
of which Trade receivables: -€16,866
- Stocks and contracts -€4,963
down €4,963 (-23.6%), from €21,033 to €16,069
- Trade debts +€55,437
up €55,437 (+43.0%), from €129,000 to €184,438
- Other debts -€52,373
down €52,373 (-48.9%), from €107,064 to €54,691
- Accrued charges and deferred income -€12,356
no longer reported in 2025 (was €12,356)
- Tax, wage and social debts -€10,802
down €10,802 (-24.3%), from €44,520 to €33,718
of which Remuneration and social security: -€24,282
- Staff costs -€88,890
down €88,890 (-44.6%), from €199,479 to €110,590
- Financial income +€70,732
new in 2025: €70,732
of which Financial income: +€70,732
- Gross operating margin -€64,675
down €64,675 (-46.2%), from €140,118 to €75,443
- Depreciation -€2,443
down €2,443 (-31.9%), from €7,667 to €5,225
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,204 | €111,078 | -€20,125 | -15.3% |
| Fixed assets | 21/28 | €40,918 | €42,417 | +€1,499 | +3.7% |
| Intangible fixed assets | 21 | €32,955 | - | -€32,955 | |
| Tangible fixed assets | 22/27 | €7,962 | €42,417 | +€34,455 | +433% |
| Plant, machinery and equipment | 23 | €6,490 | €32,488 | +€25,999 | +401% |
| Other tangible fixed assets | 26 | €1,473 | €9,928 | +€8,456 | +574% |
| Current assets | 29/58 | €90,286 | €68,662 | -€21,624 | -24.0% |
| Stocks and contracts in progress | 3 | €21,033 | €16,069 | -€4,963 | -23.6% |
| Stocks | 30/36 | €21,033 | €16,069 | -€4,963 | -23.6% |
| Amounts receivable within one year | 40/41 | €69,253 | €52,592 | -€16,661 | -24.1% |
| Trade receivables | 40 | €69,253 | €52,387 | -€16,866 | -24.4% |
| Other amounts receivable | 41 | - | €205 | +€205 | |
| Total equity and liabilities | 10/49 | €131,204 | €111,078 | -€20,125 | -15.3% |
| Equity | 10/15 | -€161,737 | -€161,768 | -€31 | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,287 | -€180,318 | -€31 | 0.0% |
| Amounts payable | 17/49 | €292,941 | €272,846 | -€20,094 | -6.9% |
| Amounts payable within one year | 42/48 | €280,584 | €272,846 | -€7,738 | -2.8% |
| Trade debts | 44 | €129,000 | €184,438 | +€55,437 | +43.0% |
| Suppliers | 440/4 | €129,000 | €184,438 | +€55,437 | +43.0% |
| Taxes, remuneration and social security | 45 | €44,520 | €33,718 | -€10,802 | -24.3% |
| Taxes | 450/3 | €1,418 | €14,897 | +€13,479 | +951% |
| Remuneration and social security | 454/9 | €43,103 | €18,821 | -€24,282 | -56.3% |
| Other amounts payable | 47/48 | €107,064 | €54,691 | -€52,373 | -48.9% |
| Accrued charges and deferred income | 492/3 | €12,356 | - | -€12,356 | |
| Non-recurring operating income | 76A | €2,360 | €16,000 | +€13,640 | +578% |
| Remuneration, social security and pensions | 62 | €199,479 | €110,590 | -€88,890 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,667 | €5,225 | -€2,443 | -31.9% |
| Other operating charges | 640/8 | €267 | €431 | +€164 | +61.6% |
| Non-recurring operating charges | 66A | - | €26,314 | +€26,314 | |
| Gross operating margin | 9900 | €140,118 | €75,443 | -€64,675 | -46.2% |
| Operating profit (loss) | 9901 | -€67,295 | -€67,116 | +€179 | +0.3% |
| Financial income | 75/76B | - | €70,732 | +€70,732 | |
| Recurring financial income | 75 | - | €70,732 | +€70,732 | |
| Non-recurring financial income | 76B | - | €70,732 | +€70,732 | |
| Financial charges | 65/66B | €3,394 | €3,602 | +€208 | +6.1% |
| Recurring financial charges | 65 | €3,394 | €3,602 | +€208 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€70,689 | €14 | +€70,703 | |
| Income taxes | 67/77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | -€70,689 | -€31 | +€70,658 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,689 | -€31 | +€70,658 | +100.0% |
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 13 October 2026 via checked.be.