NCE: 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.
NCE
Largest movements
- Tangible fixed assets +€886,425
up €886,425 (+76.7%), from €1.2m to €2.0m
of which Land and buildings: +€899,732
- Cash +€36,126
up €36,126 (+26.4%), from €136,817 to €172,943
mainly Debts after one year (+€818,723) and Trade debts (+€50,978)
- Debts after one year +€818,723
up €818,723 (+127.5%), from €642,206 to €1.5m
- Trade debts +€50,978
up €50,978 (+313.9%), from €16,241 to €67,219
- Gross operating margin +€98,834
up €98,834, from -€8,644 to €90,189
- Depreciation -€31,273
down €31,273 (-44.3%), from €70,535 to €39,263
- Financial income -€23,650
no longer reported in 2025 (was €23,650)
- Financial charges +€12,224
up €12,224 (+40.7%), from €30,035 to €42,258
- Other operating charges -€8,816
down €8,816 (-69.7%), from €12,650 to €3,834
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 | €2,457,774 | €3,378,806 | +€921,032 | +37.5% |
| Fixed assets | 21/28 | €1,156,124 | €2,042,549 | +€886,425 | +76.7% |
| Tangible fixed assets | 22/27 | €1,156,124 | €2,042,549 | +€886,425 | +76.7% |
| Land and buildings | 22 | €1,064,917 | €1,964,650 | +€899,732 | +84.5% |
| Furniture and vehicles | 24 | €5,032 | €1,478 | -€3,554 | -70.6% |
| Other tangible fixed assets | 26 | €86,175 | €76,422 | -€9,753 | -11.3% |
| Current assets | 29/58 | €1,301,650 | €1,336,257 | +€34,607 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,124,288 | €1,129,490 | +€5,202 | +0.5% |
| Trade receivables | 40 | €24,200 | €29,490 | +€5,290 | +21.9% |
| Other amounts receivable | 41 | €1,100,088 | €1,100,000 | -€88 | 0.0% |
| Cash at bank and in hand | 54/58 | €136,817 | €172,943 | +€36,126 | +26.4% |
| Deferred charges and accrued income | 490/1 | €40,545 | €33,824 | -€6,721 | -16.6% |
| Total equity and liabilities | 10/49 | €2,457,774 | €3,378,806 | +€921,032 | +37.5% |
| Equity | 10/15 | €1,683,760 | €1,685,714 | +€1,954 | +0.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,674,143 | €1,675,700 | +€1,558 | +0.1% |
| Tax-exempt reserves | 132 | €301 | €301 | = | 0.0% |
| Distributable reserves | 133 | €1,673,841 | €1,675,399 | +€1,558 | +0.1% |
| Profit (loss) carried forward | 14 | €1,558 | €1,954 | +€396 | +25.4% |
| Amounts payable | 17/49 | €774,014 | €1,693,092 | +€919,078 | +118.7% |
| Amounts payable after more than one year | 17 | €642,206 | €1,460,929 | +€818,723 | +127.5% |
| Financial debts | 170/4 | €642,206 | €1,460,929 | +€818,723 | +127.5% |
| Amounts payable within one year | 42/48 | €127,474 | €227,830 | +€100,356 | +78.7% |
| Current portion of amounts payable after more than one year | 42 | €18,555 | €41,148 | +€22,593 | +121.8% |
| Trade debts | 44 | €16,241 | €67,219 | +€50,978 | +313.9% |
| Suppliers | 440/4 | €16,241 | €67,219 | +€50,978 | +313.9% |
| Taxes, remuneration and social security | 45 | €28,463 | €53,286 | +€24,823 | +87.2% |
| Taxes | 450/3 | €17,151 | €45,213 | +€28,061 | +163.6% |
| Remuneration and social security | 454/9 | €11,311 | €8,073 | -€3,238 | -28.6% |
| Other amounts payable | 47/48 | €64,216 | €66,177 | +€1,961 | +3.1% |
| Accrued charges and deferred income | 492/3 | €4,333 | €4,333 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,535 | €39,263 | -€31,273 | -44.3% |
| Other operating charges | 640/8 | €12,650 | €3,834 | -€8,816 | -69.7% |
| Gross operating margin | 9900 | -€8,644 | €90,189 | +€98,834 | |
| Operating profit (loss) | 9901 | -€91,830 | €47,093 | +€138,922 | |
| Financial income | 75/76B | €23,650 | - | -€23,650 | |
| Recurring financial income | 75 | €23,650 | - | -€23,650 | |
| Financial charges | 65/66B | €30,035 | €42,258 | +€12,224 | +40.7% |
| Recurring financial charges | 65 | €30,035 | €42,258 | +€12,224 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | -€98,215 | €4,834 | +€103,049 | |
| Transfer from deferred taxes | 780 | €20,089 | - | -€20,089 | |
| Income taxes | 67/77 | €671 | €2,881 | +€2,210 | +329.4% |
| Profit (loss) for the period | 9904 | -€78,797 | €1,954 | +€80,750 | |
| Transfer from tax-exempt reserves | 789 | €80,355 | - | -€80,355 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,558 | €1,954 | +€396 | +25.4% |
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 7 October 2026 via checked.be.