NARCOM: 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.
NARCOM
Largest movements
- Stocks and contracts +€198,315
new in 2025: €198,315
- Cash -€23,220
down €23,220 (-94.0%), from €24,715 to €1,495
mainly Stocks and contracts (-€198,315) and Investment in fixed assets (net) (-€7,014)
- Receivables within one year -€13,837
down €13,837 (-39.0%), from €35,473 to €21,636
of which Other amounts receivable: -€11,626
- Debts after one year +€115,056
new in 2025: €115,056
- Trade debts +€27,289
up €27,289 (+80544.9%), from €34 to €27,323
- Other debts +€16,555
new in 2025: €16,555
- Profit (loss) carried forward +€4,065
up €4,065 (+9.7%), from €42,027 to €46,092
- Other operating charges +€2,611
up €2,611 (+342.4%), from €763 to €3,374
- Depreciation -€2,101
down €2,101 (-28.1%), from €7,471 to €5,370
- Financial charges +€1,924
up €1,924 (+211.4%), from €910 to €2,834
- Taxes -€406
down €406 (-24.5%), from €1,657 to €1,252
- Gross operating margin -€182
down €182 (-1.1%), from €17,073 to €16,891
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.
Cash bridge derived
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 | €71,129 | €235,154 | +€164,025 | +230.6% |
| Fixed assets | 21/28 | €9,176 | €10,819 | +€1,644 | +17.9% |
| Intangible fixed assets | 21 | €184 | €84 | -€100 | -54.3% |
| Tangible fixed assets | 22/27 | €7,417 | €9,160 | +€1,744 | +23.5% |
| Plant, machinery and equipment | 23 | €1,254 | €1,831 | +€577 | +46.0% |
| Furniture and vehicles | 24 | €3,029 | €7,329 | +€4,300 | +142.0% |
| Leasing and similar rights | 25 | €3,133 | - | -€3,133 | |
| Financial fixed assets | 28 | €1,575 | €1,575 | = | 0.0% |
| Current assets | 29/58 | €61,954 | €224,335 | +€162,381 | +262.1% |
| Stocks and contracts in progress | 3 | - | €198,315 | +€198,315 | |
| Stocks | 30/36 | - | €198,315 | +€198,315 | |
| Amounts receivable within one year | 40/41 | €35,473 | €21,636 | -€13,837 | -39.0% |
| Trade receivables | 40 | €12,261 | €10,050 | -€2,211 | -18.0% |
| Other amounts receivable | 41 | €23,212 | €11,586 | -€11,626 | -50.1% |
| Cash at bank and in hand | 54/58 | €24,715 | €1,495 | -€23,220 | -94.0% |
| Deferred charges and accrued income | 490/1 | €1,765 | €2,888 | +€1,123 | +63.6% |
| Total equity and liabilities | 10/49 | €71,129 | €235,154 | +€164,025 | +230.6% |
| Equity | 10/15 | €62,487 | €66,552 | +€4,065 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,027 | €46,092 | +€4,065 | +9.7% |
| Amounts payable | 17/49 | €8,642 | €168,602 | +€159,960 | +1851.0% |
| Amounts payable after more than one year | 17 | - | €115,056 | +€115,056 | |
| Financial debts | 170/4 | - | €115,056 | +€115,056 | |
| Amounts payable within one year | 42/48 | €8,642 | €53,546 | +€44,904 | +519.6% |
| Current portion of amounts payable after more than one year | 42 | €3,520 | €3,944 | +€424 | +12.1% |
| Trade debts | 44 | €34 | €27,323 | +€27,289 | +80544.9% |
| Suppliers | 440/4 | €34 | €27,323 | +€27,289 | +80544.9% |
| Taxes, remuneration and social security | 45 | €5,088 | €5,724 | +€636 | +12.5% |
| Taxes | 450/3 | €5,088 | €5,724 | +€636 | +12.5% |
| Other amounts payable | 47/48 | - | €16,555 | +€16,555 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,471 | €5,370 | -€2,101 | -28.1% |
| Other operating charges | 640/8 | €763 | €3,374 | +€2,611 | +342.4% |
| Gross operating margin | 9900 | €17,073 | €16,891 | -€182 | -1.1% |
| Operating profit (loss) | 9901 | €8,840 | €8,147 | -€693 | -7.8% |
| Financial income | 75/76B | €44 | €3 | -€41 | -92.3% |
| Recurring financial income | 75 | €44 | €3 | -€41 | -92.3% |
| Financial charges | 65/66B | €910 | €2,834 | +€1,924 | +211.4% |
| Recurring financial charges | 65 | €910 | €2,834 | +€1,924 | +211.4% |
| Profit (loss) for the period before taxes | 9903 | €7,974 | €5,317 | -€2,658 | -33.3% |
| Income taxes | 67/77 | €1,657 | €1,252 | -€406 | -24.5% |
| Profit (loss) for the period | 9904 | €6,317 | €4,065 | -€2,252 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,317 | €4,065 | -€2,252 | -35.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.