NCL IMMO: 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.
NCL IMMO
Largest movements
- Tangible fixed assets +€95,847
up €95,847 (+7.4%), from €1.3m to €1.4m
of which Plant, machinery and equipment: +€52,117
- Formation expenses +€41,330
new in 2025: €41,330
- Other debts -€128,630
down €128,630 (-60.4%), from €212,866 to €84,236
- Debts after one year +€85,075
up €85,075 (+9.9%), from €862,638 to €947,713
of which Financial debts: +€85,605
- Profit (loss) carried forward +€80,718
up €80,718 (+31.6%), from €255,486 to €336,203
- Contributions +€62,000
up €62,000 (+333.3%), from €18,600 to €80,600
- Current portion of long-term debt +€19,241
up €19,241 (+18.8%), from €102,088 to €121,329
- Gross operating margin +€29,339
up €29,339 (+27.1%), from €108,067 to €137,407
- Depreciation +€9,571
up €9,571 (+21.8%), from €43,889 to €53,460
- Financial charges +€7,717
up €7,717 (+69.0%), from €11,180 to €18,896
- Purchases and services +€5,013
up €5,013 (+15.0%), from €33,473 to €38,486
- Turnover +€4,614
up €4,614 (+3.3%), from €141,540 to €146,154
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,511,171 | €1,647,447 | +€136,276 | +9.0% |
| Formation expenses | 20 | - | €41,330 | +€41,330 | |
| Fixed assets | 21/28 | €1,506,068 | €1,601,914 | +€95,847 | +6.4% |
| Tangible fixed assets | 22/27 | €1,291,068 | €1,386,914 | +€95,847 | +7.4% |
| Land and buildings | 22 | €1,286,534 | €1,330,264 | +€43,730 | +3.4% |
| Plant, machinery and equipment | 23 | €4,534 | €56,651 | +€52,117 | +1149.6% |
| Financial fixed assets | 28 | €215,000 | €215,000 | = | 0.0% |
| Current assets | 29/58 | €5,104 | €4,204 | -€900 | -17.6% |
| Amounts receivable within one year | 40/41 | €5,104 | €4,204 | -€900 | -17.6% |
| Trade receivables | 40 | €5,097 | €4,197 | -€900 | -17.7% |
| Other amounts receivable | 41 | €6 | €6 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,511,171 | €1,647,447 | +€136,276 | +9.0% |
| Equity | 10/15 | €275,946 | €424,863 | +€148,918 | +54.0% |
| Contributions | 10/11 | €18,600 | €80,600 | +€62,000 | +333.3% |
| Reserves | 13 | €1,860 | €8,060 | +€6,200 | +333.3% |
| Non-distributable reserves | 130/1 | €1,860 | €8,060 | +€6,200 | +333.3% |
| Reserves not available under the articles | 1311 | €1,860 | €8,060 | +€6,200 | +333.3% |
| Profit (loss) carried forward | 14 | €255,486 | €336,203 | +€80,718 | +31.6% |
| Amounts payable | 17/49 | €1,235,226 | €1,222,584 | -€12,641 | -1.0% |
| Amounts payable after more than one year | 17 | €862,638 | €947,713 | +€85,075 | +9.9% |
| Financial debts | 170/4 | €825,308 | €910,913 | +€85,605 | +10.4% |
| Other amounts payable | 178/9 | €37,330 | €36,800 | -€530 | -1.4% |
| Amounts payable within one year | 42/48 | €372,587 | €274,871 | -€97,716 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €102,088 | €121,329 | +€19,241 | +18.8% |
| Trade debts | 44 | €40,021 | €55,496 | +€15,476 | +38.7% |
| Suppliers | 440/4 | €40,021 | €55,496 | +€15,476 | +38.7% |
| Taxes, remuneration and social security | 45 | €17,613 | €13,810 | -€3,803 | -21.6% |
| Taxes | 450/3 | €17,613 | €13,810 | -€3,803 | -21.6% |
| Other amounts payable | 47/48 | €212,866 | €84,236 | -€128,630 | -60.4% |
| Turnover | 70 | €141,540 | €146,154 | +€4,614 | +3.3% |
| Non-recurring operating income | 76A | - | €29,738 | +€29,738 | |
| Goods, raw materials, services and sundry goods | 60/61 | €33,473 | €38,486 | +€5,013 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,889 | €53,460 | +€9,571 | +21.8% |
| Other operating charges | 640/8 | €12,652 | €16,390 | +€3,738 | +29.5% |
| Gross operating margin | 9900 | €108,067 | €137,407 | +€29,339 | +27.1% |
| Operating profit (loss) | 9901 | €51,527 | €67,556 | +€16,029 | +31.1% |
| Financial charges | 65/66B | €11,180 | €18,896 | +€7,717 | +69.0% |
| Recurring financial charges | 65 | €11,180 | €18,896 | +€7,717 | +69.0% |
| Profit (loss) for the period before taxes | 9903 | €40,347 | €48,660 | +€8,313 | +20.6% |
| Income taxes | 67/77 | €18,225 | €14,168 | -€4,057 | -22.3% |
| Profit (loss) for the period | 9904 | €22,123 | €34,492 | +€12,370 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,123 | €34,492 | +€12,370 | +55.9% |
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 3 October 2026 via checked.be.