NCE EXPRESS: 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.
NCE EXPRESS
Largest movements
- Tangible fixed assets +€38,610
up €38,610 (+12.1%), from €318,913 to €357,523
of which Furniture and vehicles: +€52,727
- Cash +€23,546
up €23,546 (+35.1%), from €67,012 to €90,558
mainly Depreciation (+€111,170) and Trade debts (+€56,142)
- Receivables within one year +€13,847
up €13,847 (+4.9%), from €281,417 to €295,264
of which Trade receivables: +€9,253
- Trade debts +€56,142
up €56,142 (+34.1%), from €164,510 to €220,652
- Tax, wage and social debts -€22,670
down €22,670 (-22.8%), from €99,340 to €76,670
of which Remuneration and social security: -€12,189
- Reserves +€18,945
up €18,945 (+9.8%), from €192,495 to €211,439
- Short-term financial debts +€12,335
new in 2025: €12,335
- Debts after one year +€11,603
up €11,603 (+6.7%), from €172,528 to €184,131
- Gross operating margin +€81,828
up €81,828 (+11.6%), from €704,718 to €786,546
- Staff costs +€52,901
up €52,901 (+9.4%), from €559,886 to €612,788
- Depreciation +€17,382
up €17,382 (+18.5%), from €93,788 to €111,170
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 | €747,861 | €817,118 | +€69,257 | +9.3% |
| Fixed assets | 21/28 | €321,053 | €359,723 | +€38,670 | +12.0% |
| Tangible fixed assets | 22/27 | €318,913 | €357,523 | +€38,610 | +12.1% |
| Land and buildings | 22 | €123,386 | €111,491 | -€11,895 | -9.6% |
| Plant, machinery and equipment | 23 | €10,563 | €8,791 | -€1,772 | -16.8% |
| Furniture and vehicles | 24 | €183,388 | €236,115 | +€52,727 | +28.8% |
| Other tangible fixed assets | 26 | €1,577 | €1,127 | -€450 | -28.5% |
| Financial fixed assets | 28 | €2,140 | €2,200 | +€60 | +2.8% |
| Current assets | 29/58 | €426,808 | €457,395 | +€30,587 | +7.2% |
| Amounts receivable after more than one year | 29 | €31,000 | €26,000 | -€5,000 | -16.1% |
| Other amounts receivable | 291 | €31,000 | €26,000 | -€5,000 | -16.1% |
| Amounts receivable within one year | 40/41 | €281,417 | €295,264 | +€13,847 | +4.9% |
| Trade receivables | 40 | €271,167 | €280,420 | +€9,253 | +3.4% |
| Other amounts receivable | 41 | €10,250 | €14,844 | +€4,594 | +44.8% |
| Cash at bank and in hand | 54/58 | €67,012 | €90,558 | +€23,546 | +35.1% |
| Deferred charges and accrued income | 490/1 | €47,379 | €45,573 | -€1,806 | -3.8% |
| Total equity and liabilities | 10/49 | €747,861 | €817,118 | +€69,257 | +9.3% |
| Equity | 10/15 | €198,695 | €217,639 | +€18,945 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €192,495 | €211,439 | +€18,945 | +9.8% |
| Distributable reserves | 133 | €192,495 | €211,439 | +€18,945 | +9.8% |
| Amounts payable | 17/49 | €549,166 | €599,479 | +€50,312 | +9.2% |
| Amounts payable after more than one year | 17 | €172,528 | €184,131 | +€11,603 | +6.7% |
| Financial debts | 170/4 | €172,528 | €184,131 | +€11,603 | +6.7% |
| Amounts payable within one year | 42/48 | €376,638 | €412,068 | +€35,430 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €111,552 | €101,200 | -€10,352 | -9.3% |
| Financial debts | 43 | - | €12,335 | +€12,335 | |
| Credit institutions | 430/8 | - | €12,335 | +€12,335 | |
| Trade debts | 44 | €164,510 | €220,652 | +€56,142 | +34.1% |
| Suppliers | 440/4 | €164,510 | €220,652 | +€56,142 | +34.1% |
| Advances received on contracts in progress | 46 | €424 | €0 | -€424 | -100% |
| Taxes, remuneration and social security | 45 | €99,340 | €76,670 | -€22,670 | -22.8% |
| Taxes | 450/3 | €34,866 | €24,385 | -€10,482 | -30.1% |
| Remuneration and social security | 454/9 | €64,474 | €52,285 | -€12,189 | -18.9% |
| Other amounts payable | 47/48 | €813 | €1,211 | +€398 | +48.9% |
| Accrued charges and deferred income | 492/3 | - | €3,280 | +€3,280 | |
| Non-recurring operating income | 76A | €1,590 | €2,066 | +€476 | +29.9% |
| Remuneration, social security and pensions | 62 | €559,886 | €612,788 | +€52,901 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,788 | €111,170 | +€17,382 | +18.5% |
| Other operating charges | 640/8 | €24,076 | €18,742 | -€5,334 | -22.2% |
| Non-recurring operating charges | 66A | €3,231 | €0 | -€3,231 | -100% |
| Gross operating margin | 9900 | €704,718 | €786,546 | +€81,828 | +11.6% |
| Operating profit (loss) | 9901 | €23,737 | €43,847 | +€20,110 | +84.7% |
| Financial income | 75/76B | €460 | €633 | +€174 | +37.8% |
| Recurring financial income | 75 | €460 | €633 | +€174 | +37.8% |
| Financial charges | 65/66B | €16,521 | €16,743 | +€222 | +1.3% |
| Recurring financial charges | 65 | €16,521 | €16,743 | +€222 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €7,676 | €27,737 | +€20,061 | +261% |
| Income taxes | 67/77 | €2,585 | €8,792 | +€6,207 | +240% |
| Profit (loss) for the period | 9904 | €5,091 | €18,945 | +€13,854 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €5,091 | €18,945 | +€13,854 | +272% |
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.