NACR: 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.
NACR
Largest movements
- Stocks and contracts -€189,274
down €189,274 (-27.5%), from €688,892 to €499,618
- Tangible fixed assets -€16,609
down €16,609 (-5.6%), from €296,670 to €280,061
of which Land and buildings: -€13,754
- Debts after one year +€641,857
up €641,857 (+1,001%), from €64,118 to €705,975
of which Financial debts: +€643,117
- Current portion of long-term debt -€519,000
no longer reported in 2025 (was €519,000)
- Other debts -€276,909
no longer reported in 2025 (was €276,909)
- Profit (loss) carried forward -€42,833
down €42,833 (-36.1%), from -€118,541 to -€161,375
- Trade debts -€15,602
down €15,602 (-72.0%), from €21,682 to €6,080
- Gross operating margin -€40,504
down €40,504, from €30,079 to -€10,425
- Financial charges -€24,333
down €24,333 (-57.1%), from €42,621 to €18,288
- Depreciation +€2,405
up €2,405 (+16.9%), from €14,204 to €16,609
- Other operating charges +€2,009
up €2,009 (+116%), from €1,731 to €3,740
- Taxes +€443
up €443 (+135%), from €327 to €770
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
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 | €1,026,827 | €812,962 | -€213,865 | -20.8% |
| Fixed assets | 21/28 | €300,080 | €281,801 | -€18,279 | -6.1% |
| Tangible fixed assets | 22/27 | €296,670 | €280,061 | -€16,609 | -5.6% |
| Land and buildings | 22 | €288,554 | €274,800 | -€13,754 | -4.8% |
| Furniture and vehicles | 24 | €8,116 | €5,261 | -€2,855 | -35.2% |
| Financial fixed assets | 28 | €3,410 | €1,741 | -€1,670 | -49.0% |
| Current assets | 29/58 | €726,747 | €531,160 | -€195,586 | -26.9% |
| Stocks and contracts in progress | 3 | €688,892 | €499,618 | -€189,274 | -27.5% |
| Stocks | 30/36 | €688,892 | €499,618 | -€189,274 | -27.5% |
| Amounts receivable within one year | 40/41 | €32,305 | €26,089 | -€6,216 | -19.2% |
| Trade receivables | 40 | €16,694 | €7,984 | -€8,710 | -52.2% |
| Other amounts receivable | 41 | €15,611 | €18,105 | +€2,493 | +16.0% |
| Cash at bank and in hand | 54/58 | €5,550 | €5,454 | -€96 | -1.7% |
| Total equity and liabilities | 10/49 | €1,026,827 | €812,962 | -€213,865 | -20.8% |
| Equity | 10/15 | €104,852 | €56,768 | -€48,084 | -45.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €98,394 | €93,143 | -€5,251 | -5.3% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Legal reserve | 130 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €94,676 | €89,425 | -€5,251 | -5.5% |
| Profit (loss) carried forward | 14 | -€118,541 | -€161,375 | -€42,833 | -36.1% |
| Provisions and deferred taxes | 16 | €31,521 | €29,772 | -€1,748 | -5.5% |
| Deferred taxes | 168 | €31,521 | €29,772 | -€1,748 | -5.5% |
| Amounts payable | 17/49 | €890,453 | €726,421 | -€164,032 | -18.4% |
| Amounts payable after more than one year | 17 | €64,118 | €705,975 | +€641,857 | +1,001% |
| Financial debts | 170/4 | €60,618 | €703,735 | +€643,117 | +1,061% |
| Other amounts payable | 178/9 | €3,500 | €2,240 | -€1,260 | -36.0% |
| Amounts payable within one year | 42/48 | €825,948 | €13,607 | -€812,341 | -98.4% |
| Current portion of amounts payable after more than one year | 42 | €519,000 | - | -€519,000 | |
| Financial debts | 43 | €6,022 | €6,208 | +€186 | +3.1% |
| Credit institutions | 430/8 | €6,022 | €6,208 | +€186 | +3.1% |
| Trade debts | 44 | €21,682 | €6,080 | -€15,602 | -72.0% |
| Suppliers | 440/4 | €21,682 | €6,080 | -€15,602 | -72.0% |
| Taxes, remuneration and social security | 45 | €2,335 | €1,319 | -€1,016 | -43.5% |
| Taxes | 450/3 | €2,113 | €1,098 | -€1,016 | -48.1% |
| Remuneration and social security | 454/9 | €222 | €222 | = | 0.0% |
| Other amounts payable | 47/48 | €276,909 | - | -€276,909 | |
| Accrued charges and deferred income | 492/3 | €387 | €6,839 | +€6,452 | +1,666% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,204 | €16,609 | +€2,405 | +16.9% |
| Other operating charges | 640/8 | €1,731 | €3,740 | +€2,009 | +116% |
| Gross operating margin | 9900 | €30,079 | -€10,425 | -€40,504 | |
| Operating profit (loss) | 9901 | €14,144 | -€30,774 | -€44,918 | |
| Financial income | 75/76B | €141 | - | -€141 | |
| Recurring financial income | 75 | €141 | - | -€141 | |
| Financial charges | 65/66B | €42,621 | €18,288 | -€24,333 | -57.1% |
| Recurring financial charges | 65 | €42,621 | €18,288 | -€24,333 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,336 | -€49,062 | -€20,727 | -73.1% |
| Transfer from deferred taxes | 780 | €1,748 | €1,748 | = | 0.0% |
| Income taxes | 67/77 | €327 | €770 | +€443 | +135% |
| Profit (loss) for the period | 9904 | -€26,915 | -€48,084 | -€21,169 | -78.7% |
| Transfer from tax-exempt reserves | 789 | €5,251 | €5,251 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,664 | -€42,833 | -€21,169 | -97.7% |
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 23 October 2026 via checked.be.