Nalcon: 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.
Nalcon
Largest movements
- Current investments +€363,917
up €363,917 (+256%), from €142,070 to €505,987
- Cash -€228,633
down €228,633 (-58.2%), from €392,998 to €164,365
mainly Current investments (-€363,917) and Receivables within one year (-€4,600)
- Tangible fixed assets -€8,052
down €8,052 (-20.6%), from €39,132 to €31,079
of which Furniture and vehicles: -€9,233
- Reserves +€134,693
up €134,693 (+24.2%), from €556,764 to €691,457
of which Distributable reserves: +€134,693
- Financial income +€26,613
up €26,613 (+217%), from €12,237 to €38,850
- Taxes +€7,130
up €7,130 (+13.1%), from €54,378 to €61,508
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 | €607,475 | €740,254 | +€132,779 | +21.9% |
| Fixed assets | 21/28 | €39,579 | €31,526 | -€8,052 | -20.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €39,132 | €31,079 | -€8,052 | -20.6% |
| Plant, machinery and equipment | 23 | - | €1,180 | +€1,180 | |
| Furniture and vehicles | 24 | €39,132 | €29,899 | -€9,233 | -23.6% |
| Financial fixed assets | 28 | €447 | €447 | = | 0.0% |
| Current assets | 29/58 | €567,897 | €708,728 | +€140,831 | +24.8% |
| Amounts receivable within one year | 40/41 | €31,766 | €36,366 | +€4,600 | +14.5% |
| Trade receivables | 40 | €31,766 | €36,366 | +€4,600 | +14.5% |
| Current investments | 50/53 | €142,070 | €505,987 | +€363,917 | +256% |
| Cash at bank and in hand | 54/58 | €392,998 | €164,365 | -€228,633 | -58.2% |
| Deferred charges and accrued income | 490/1 | €1,063 | €2,009 | +€946 | +89.1% |
| Total equity and liabilities | 10/49 | €607,475 | €740,254 | +€132,779 | +21.9% |
| Equity | 10/15 | €575,314 | €710,007 | +€134,693 | +23.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €556,764 | €691,457 | +€134,693 | +24.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €554,904 | €689,597 | +€134,693 | +24.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €32,162 | €30,247 | -€1,914 | -6.0% |
| Amounts payable within one year | 42/48 | €31,715 | €29,800 | -€1,914 | -6.0% |
| Financial debts | 43 | €197 | €450 | +€253 | +129% |
| Credit institutions | 430/8 | €197 | €0 | -€197 | -100% |
| Other loans | 439 | - | €450 | +€450 | |
| Trade debts | 44 | €1,082 | €446 | -€636 | -58.7% |
| Suppliers | 440/4 | €1,082 | €446 | -€636 | -58.7% |
| Taxes, remuneration and social security | 45 | €25,409 | €25,633 | +€223 | +0.9% |
| Taxes | 450/3 | €25,409 | €25,633 | +€223 | +0.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,026 | €3,271 | -€1,755 | -34.9% |
| Accrued charges and deferred income | 492/3 | €447 | €447 | = | 0.0% |
| Non-recurring operating income | 76A | €23,750 | €0 | -€23,750 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,365 | €9,564 | -€801 | -7.7% |
| Other operating charges | 640/8 | €749 | €783 | +€34 | +4.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €167,445 | €167,910 | +€465 | +0.3% |
| Operating profit (loss) | 9901 | €156,331 | €157,563 | +€1,232 | +0.8% |
| Financial income | 75/76B | €12,237 | €38,850 | +€26,613 | +217% |
| Recurring financial income | 75 | €12,237 | €38,850 | +€26,613 | +217% |
| Financial charges | 65/66B | €69 | €211 | +€142 | +204% |
| Recurring financial charges | 65 | €69 | €211 | +€142 | +204% |
| Profit (loss) for the period before taxes | 9903 | €168,498 | €196,202 | +€27,703 | +16.4% |
| Income taxes | 67/77 | €54,378 | €61,508 | +€7,130 | +13.1% |
| Profit (loss) for the period | 9904 | €114,120 | €134,693 | +€20,573 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,120 | €134,693 | +€20,573 | +18.0% |
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 17 October 2026 via checked.be.