NC Finance: 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.
NC Finance
Largest movements
- Receivables within one year -€312,937
down €312,937 (-93.3%), from €335,328 to €22,390
- Cash +€253,917
up €253,917 (+335%), from €75,801 to €329,718
mainly Receivables within one year (+€312,937) and Investment in fixed assets (net) (+€61,782)
- Financial fixed assets -€87,057
down €87,057 (-99.7%), from €87,357 to €300
- Tangible fixed assets -€10,108
down €10,108 (-3.2%), from €313,312 to €303,204
of which Land and buildings: -€13,389
- Short-term financial debts -€141,759
down €141,759 (-94.4%), from €150,119 to €8,360
of which Other loans: -€123,059
- Debts after one year -€32,680
down €32,680 (-14.2%), from €229,418 to €196,738
- Other debts +€29,848
up €29,848 (+19,637%), from €152 to €30,000
- Trade debts -€13,698
down €13,698 (-67.6%), from €20,254 to €6,556
- Gross operating margin -€75,759
down €75,759 (-27.6%), from €274,481 to €198,722
- Staff costs +€51,967
up €51,967 (+120%), from €43,204 to €95,171
- Taxes -€31,235
down €31,235 (-74.9%), from €41,712 to €10,477
- Other operating charges +€3,876
up €3,876 (+22.7%), from €17,039 to €20,915
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 | €813,763 | €656,537 | -€157,226 | -19.3% |
| Fixed assets | 21/28 | €400,669 | €303,504 | -€97,165 | -24.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €313,312 | €303,204 | -€10,108 | -3.2% |
| Land and buildings | 22 | €242,690 | €229,302 | -€13,389 | -5.5% |
| Plant, machinery and equipment | 23 | €0 | €3,538 | +€3,538 | |
| Furniture and vehicles | 24 | €70,622 | €70,365 | -€257 | -0.4% |
| Financial fixed assets | 28 | €87,357 | €300 | -€87,057 | -99.7% |
| Current assets | 29/58 | €413,094 | €353,033 | -€60,061 | -14.5% |
| Amounts receivable within one year | 40/41 | €335,328 | €22,390 | -€312,937 | -93.3% |
| Other amounts receivable | 41 | €335,328 | €22,390 | -€312,937 | -93.3% |
| Cash at bank and in hand | 54/58 | €75,801 | €329,718 | +€253,917 | +335% |
| Deferred charges and accrued income | 490/1 | €1,965 | €924 | -€1,041 | -53.0% |
| Total equity and liabilities | 10/49 | €813,763 | €656,537 | -€157,226 | -19.3% |
| Equity | 10/15 | €331,171 | €333,482 | +€2,312 | +0.7% |
| Contributions | 10/11 | €19,018 | €19,018 | = | 0.0% |
| Reserves | 13 | €312,153 | €312,153 | = | 0.0% |
| Distributable reserves | 133 | €312,153 | €312,153 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,312 | +€2,312 | |
| Amounts payable | 17/49 | €482,592 | €323,054 | -€159,538 | -33.1% |
| Amounts payable after more than one year | 17 | €229,418 | €196,738 | -€32,680 | -14.2% |
| Financial debts | 170/4 | €229,418 | €196,738 | -€32,680 | -14.2% |
| Amounts payable within one year | 42/48 | €253,112 | €126,317 | -€126,795 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €65,852 | €59,697 | -€6,154 | -9.3% |
| Financial debts | 43 | €150,119 | €8,360 | -€141,759 | -94.4% |
| Credit institutions | 430/8 | €18,870 | €170 | -€18,700 | -99.1% |
| Other loans | 439 | €131,248 | €8,189 | -€123,059 | -93.8% |
| Trade debts | 44 | €20,254 | €6,556 | -€13,698 | -67.6% |
| Suppliers | 440/4 | €20,254 | €6,556 | -€13,698 | -67.6% |
| Taxes, remuneration and social security | 45 | €16,735 | €21,703 | +€4,968 | +29.7% |
| Taxes | 450/3 | €16,712 | €21,561 | +€4,849 | +29.0% |
| Remuneration and social security | 454/9 | €23 | €142 | +€119 | +512% |
| Other amounts payable | 47/48 | €152 | €30,000 | +€29,848 | +19,637% |
| Accrued charges and deferred income | 492/3 | €62 | - | -€62 | |
| Remuneration, social security and pensions | 62 | €43,204 | €95,171 | +€51,967 | +120% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,546 | €35,383 | +€836 | +2.4% |
| Other operating charges | 640/8 | €17,039 | €20,915 | +€3,876 | +22.7% |
| Gross operating margin | 9900 | €274,481 | €198,722 | -€75,759 | -27.6% |
| Operating profit (loss) | 9901 | €179,691 | €47,254 | -€132,438 | -73.7% |
| Financial income | 75/76B | - | €155 | +€155 | |
| Recurring financial income | 75 | - | €155 | +€155 | |
| Financial charges | 65/66B | €4,422 | €4,620 | +€198 | +4.5% |
| Recurring financial charges | 65 | €4,422 | €4,620 | +€198 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €175,269 | €42,788 | -€132,481 | -75.6% |
| Income taxes | 67/77 | €41,712 | €10,477 | -€31,235 | -74.9% |
| Profit (loss) for the period | 9904 | €133,557 | €32,312 | -€101,245 | -75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €133,557 | €32,312 | -€101,245 | -75.8% |
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 17 October 2026 via checked.be.