NCF: 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.
NCF
Largest movements
- Cash -€28,659
down €28,659 (-54.6%), from €52,480 to €23,821
mainly Debts after one year (-€72,163) and Investment in fixed assets (net) (-€2,621)
- Debts after one year -€72,163
down €72,163 (-10.0%), from €718,766 to €646,603
of which Financial debts: -€72,163
- Accrued charges and deferred income +€20,000
up €20,000 (+33.3%), from €60,000 to €80,000
- Reserves +€19,548
up €19,548 (+10.4%), from €188,340 to €207,888
- Financial income -€60,000
no longer reported in 2025 (was €60,000)
- Gross operating margin -€8,278
down €8,278 (-13.2%), from €62,740 to €54,462
- Taxes -€3,436
down €3,436 (-30.6%), from €11,238 to €7,802
- Other operating charges -€1,090
down €1,090 (-88.3%), from €1,234 to €144
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 | €1,067,846 | €1,034,074 | -€33,772 | -3.2% |
| Fixed assets | 21/28 | €1,000,846 | €1,002,635 | +€1,789 | +0.2% |
| Tangible fixed assets | 22/27 | €846 | €2,635 | +€1,789 | +211.5% |
| Furniture and vehicles | 24 | €846 | €2,635 | +€1,789 | +211.5% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €67,000 | €31,439 | -€35,561 | -53.1% |
| Amounts receivable within one year | 40/41 | €14,520 | €7,618 | -€6,902 | -47.5% |
| Trade receivables | 40 | €14,520 | €5,420 | -€9,100 | -62.7% |
| Other amounts receivable | 41 | - | €2,198 | +€2,198 | |
| Cash at bank and in hand | 54/58 | €52,480 | €23,821 | -€28,659 | -54.6% |
| Total equity and liabilities | 10/49 | €1,067,846 | €1,034,074 | -€33,772 | -3.2% |
| Equity | 10/15 | €198,340 | €217,888 | +€19,548 | +9.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €188,340 | €207,888 | +€19,548 | +10.4% |
| Distributable reserves | 133 | €188,340 | €207,888 | +€19,548 | +10.4% |
| Amounts payable | 17/49 | €869,506 | €816,186 | -€53,320 | -6.1% |
| Amounts payable after more than one year | 17 | €718,766 | €646,603 | -€72,163 | -10.0% |
| Financial debts | 170/4 | €218,766 | €146,603 | -€72,163 | -33.0% |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,740 | €89,583 | -€1,157 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €71,413 | €72,162 | +€749 | +1.0% |
| Trade debts | 44 | €3,418 | €3,054 | -€364 | -10.6% |
| Suppliers | 440/4 | €3,418 | €3,054 | -€364 | -10.6% |
| Taxes, remuneration and social security | 45 | €11,172 | €9,210 | -€1,962 | -17.6% |
| Taxes | 450/3 | €8,422 | €6,460 | -€1,962 | -23.3% |
| Remuneration and social security | 454/9 | €2,750 | €2,750 | = | 0.0% |
| Other amounts payable | 47/48 | €4,737 | €5,157 | +€420 | +8.9% |
| Accrued charges and deferred income | 492/3 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €578 | €832 | +€254 | +43.9% |
| Other operating charges | 640/8 | €1,234 | €144 | -€1,090 | -88.3% |
| Gross operating margin | 9900 | €62,740 | €54,462 | -€8,278 | -13.2% |
| Operating profit (loss) | 9901 | €60,928 | €53,486 | -€7,442 | -12.2% |
| Financial income | 75/76B | €60,000 | - | -€60,000 | |
| Recurring financial income | 75 | €60,000 | - | -€60,000 | |
| Financial charges | 65/66B | €24,860 | €24,470 | -€390 | -1.6% |
| Recurring financial charges | 65 | €24,860 | €24,470 | -€390 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €96,068 | €29,016 | -€67,052 | -69.8% |
| Income taxes | 67/77 | €11,238 | €7,802 | -€3,436 | -30.6% |
| Profit (loss) for the period | 9904 | €84,830 | €21,214 | -€63,616 | -75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,830 | €21,214 | -€63,616 | -75.0% |
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 9 October 2026 via checked.be.