NC-Group: 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-Group
Largest movements
- Receivables within one year +€186,311
up €186,311 (+246%), from €75,651 to €261,962
of which Trade receivables: +€174,649
- Receivables after one year +€22,210
up €22,210 (+91.3%), from €24,316 to €46,525
- Intangible fixed assets +€6,216
up €6,216 (+419%), from €1,485 to €7,701
- Debts after one year +€104,885
up €104,885 (+982%), from €10,685 to €115,571
- Reserves +€70,601
up €70,601 (+92.5%), from €76,309 to €146,910
- Current portion of long-term debt +€31,603
up €31,603 (+257%), from €12,314 to €43,917
- Tax, wage and social debts +€28,380
up €28,380 (+3,275%), from €867 to €29,246
- Trade debts -€16,965
down €16,965 (-15.4%), from €110,060 to €93,094
- Gross operating margin +€142,277
up €142,277 (+775%), from €18,353 to €160,630
- Taxes +€28,135
up €28,135 (+11,506%), from €245 to €28,380
- Staff costs +€19,161
new in 2025: €19,161
- Write-downs +€8,800
new in 2025: €8,800
- Financial charges +€4,704
up €4,704 (+134%), from €3,499 to €8,202
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 | €218,848 | €430,739 | +€211,891 | +96.8% |
| Fixed assets | 21/28 | €79,744 | €82,443 | +€2,698 | +3.4% |
| Intangible fixed assets | 21 | €1,485 | €7,701 | +€6,216 | +419% |
| Tangible fixed assets | 22/27 | €78,260 | €74,741 | -€3,518 | -4.5% |
| Land and buildings | 22 | €4,523 | €12,089 | +€7,566 | +167% |
| Plant, machinery and equipment | 23 | €36,478 | €32,091 | -€4,387 | -12.0% |
| Furniture and vehicles | 24 | €37,258 | €30,561 | -€6,697 | -18.0% |
| Current assets | 29/58 | €139,103 | €348,296 | +€209,193 | +150% |
| Amounts receivable after more than one year | 29 | €24,316 | €46,525 | +€22,210 | +91.3% |
| Other amounts receivable | 291 | €24,316 | €46,525 | +€22,210 | +91.3% |
| Amounts receivable within one year | 40/41 | €75,651 | €261,962 | +€186,311 | +246% |
| Trade receivables | 40 | €56,998 | €231,647 | +€174,649 | +306% |
| Other amounts receivable | 41 | €18,653 | €30,315 | +€11,661 | +62.5% |
| Current investments | 50/53 | €27,692 | €27,692 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,475 | €7,528 | +€52 | +0.7% |
| Deferred charges and accrued income | 490/1 | €3,969 | €4,589 | +€620 | +15.6% |
| Total equity and liabilities | 10/49 | €218,848 | €430,739 | +€211,891 | +96.8% |
| Equity | 10/15 | €78,309 | €148,910 | +€70,601 | +90.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,309 | €146,910 | +€70,601 | +92.5% |
| Distributable reserves | 133 | €76,309 | €146,910 | +€70,601 | +92.5% |
| Amounts payable | 17/49 | €140,539 | €281,828 | +€141,290 | +101% |
| Amounts payable after more than one year | 17 | €10,685 | €115,571 | +€104,885 | +982% |
| Financial debts | 170/4 | €10,685 | €115,571 | +€104,885 | +982% |
| Amounts payable within one year | 42/48 | €129,853 | €166,258 | +€36,405 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €12,314 | €43,917 | +€31,603 | +257% |
| Trade debts | 44 | €110,060 | €93,094 | -€16,965 | -15.4% |
| Suppliers | 440/4 | €110,060 | €93,094 | -€16,965 | -15.4% |
| Taxes, remuneration and social security | 45 | €867 | €29,246 | +€28,380 | +3,275% |
| Taxes | 450/3 | €867 | €29,246 | +€28,380 | +3,275% |
| Other amounts payable | 47/48 | €6,612 | - | -€6,612 | |
| Remuneration, social security and pensions | 62 | - | €19,161 | +€19,161 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,802 | €24,080 | +€2,278 | +10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,800 | +€8,800 | |
| Other operating charges | 640/8 | €491 | €2,068 | +€1,576 | +321% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €18,353 | €160,630 | +€142,277 | +775% |
| Operating profit (loss) | 9901 | -€3,941 | €106,521 | +€110,462 | |
| Financial income | 75/76B | €191 | €662 | +€471 | +246% |
| Recurring financial income | 75 | €191 | €662 | +€471 | +246% |
| Financial charges | 65/66B | €3,499 | €8,202 | +€4,704 | +134% |
| Recurring financial charges | 65 | €3,499 | €8,202 | +€4,704 | +134% |
| Profit (loss) for the period before taxes | 9903 | -€7,248 | €98,981 | +€106,229 | |
| Income taxes | 67/77 | €245 | €28,380 | +€28,135 | +11,506% |
| Profit (loss) for the period | 9904 | -€7,493 | €70,601 | +€78,094 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,493 | €70,601 | +€78,094 |
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 15 October 2026 via checked.be.