NC3d: 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.
NC3d
Largest movements
- Tangible fixed assets +€200,064
up €200,064 (+129.1%), from €154,991 to €355,056
of which Land and buildings: +€202,824
- Receivables within one year -€34,623
down €34,623 (-80.5%), from €43,013 to €8,389
of which Trade receivables: -€32,460
- Cash -€16,202
down €16,202 (-32.6%), from €49,739 to €33,537
mainly Investment in fixed assets (net) (-€240,800) and Contributions, distributions and other (-€32,500)
- Current investments -€10,999
down €10,999 (-45.8%), from €23,998 to €12,999
- Debts after one year +€140,589
up €140,589 (+144.1%), from €97,560 to €238,149
- Reserves -€34,515
down €34,515 (-33.6%), from €102,675 to €68,161
- Other debts +€23,350
up €23,350 (+41.2%), from €56,684 to €80,034
- Current portion of long-term debt +€6,040
up €6,040 (+70.6%), from €8,554 to €14,593
- Depreciation +€30,902
up €30,902 (+314.2%), from €9,834 to €40,736
- Gross operating margin +€18,022
up €18,022 (+54.7%), from €32,927 to €50,950
- Financial charges +€6,048
up €6,048 (+154.8%), from €3,907 to €9,955
- Taxes -€4,116
down €4,116 (-94.5%), from €4,354 to €237
- Other operating charges +€1,385
up €1,385 (+122.4%), from €1,131 to €2,516
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 | €274,000 | €411,260 | +€137,261 | +50.1% |
| Fixed assets | 21/28 | €154,991 | €355,056 | +€200,064 | +129.1% |
| Tangible fixed assets | 22/27 | €154,991 | €355,056 | +€200,064 | +129.1% |
| Land and buildings | 22 | €148,284 | €351,109 | +€202,824 | +136.8% |
| Plant, machinery and equipment | 23 | €1,244 | €1,117 | -€126 | -10.2% |
| Furniture and vehicles | 24 | €5,463 | €2,829 | -€2,634 | -48.2% |
| Current assets | 29/58 | €119,008 | €56,205 | -€62,803 | -52.8% |
| Amounts receivable within one year | 40/41 | €43,013 | €8,389 | -€34,623 | -80.5% |
| Trade receivables | 40 | €39,984 | €7,524 | -€32,460 | -81.2% |
| Other amounts receivable | 41 | €3,029 | €865 | -€2,164 | -71.4% |
| Current investments | 50/53 | €23,998 | €12,999 | -€10,999 | -45.8% |
| Cash at bank and in hand | 54/58 | €49,739 | €33,537 | -€16,202 | -32.6% |
| Deferred charges and accrued income | 490/1 | €2,258 | €1,280 | -€978 | -43.3% |
| Total equity and liabilities | 10/49 | €274,000 | €411,260 | +€137,261 | +50.1% |
| Equity | 10/15 | €107,675 | €73,161 | -€34,515 | -32.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €102,675 | €68,161 | -€34,515 | -33.6% |
| Distributable reserves | 133 | €102,675 | €68,161 | -€34,515 | -33.6% |
| Amounts payable | 17/49 | €166,324 | €338,100 | +€171,776 | +103.3% |
| Amounts payable after more than one year | 17 | €97,560 | €238,149 | +€140,589 | +144.1% |
| Financial debts | 170/4 | €97,560 | €238,149 | +€140,589 | +144.1% |
| Amounts payable within one year | 42/48 | €68,764 | €99,951 | +€31,186 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €8,554 | €14,593 | +€6,040 | +70.6% |
| Trade debts | 44 | €1,885 | €788 | -€1,097 | -58.2% |
| Suppliers | 440/4 | €1,885 | €788 | -€1,097 | -58.2% |
| Taxes, remuneration and social security | 45 | €1,641 | €4,535 | +€2,893 | +176.3% |
| Taxes | 450/3 | €1,641 | €4,535 | +€2,893 | +176.3% |
| Other amounts payable | 47/48 | €56,684 | €80,034 | +€23,350 | +41.2% |
| Non-recurring operating income | 76A | - | €11,983 | +€11,983 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,834 | €40,736 | +€30,902 | +314.2% |
| Other operating charges | 640/8 | €1,131 | €2,516 | +€1,385 | +122.4% |
| Gross operating margin | 9900 | €32,927 | €50,950 | +€18,022 | +54.7% |
| Operating profit (loss) | 9901 | €21,962 | €7,697 | -€14,264 | -65.0% |
| Financial income | 75/76B | €112 | €480 | +€368 | +329.4% |
| Recurring financial income | 75 | €112 | €256 | +€145 | +129.3% |
| Non-recurring financial income | 76B | - | €224 | +€224 | |
| Financial charges | 65/66B | €3,907 | €9,955 | +€6,048 | +154.8% |
| Recurring financial charges | 65 | €3,907 | €9,955 | +€6,048 | +154.8% |
| Profit (loss) for the period before taxes | 9903 | €18,166 | -€1,777 | -€19,944 | |
| Income taxes | 67/77 | €4,354 | €237 | -€4,116 | -94.5% |
| Profit (loss) for the period | 9904 | €13,813 | -€2,015 | -€15,827 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,813 | -€2,015 | -€15,827 |
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 5 October 2026 via checked.be.