NCO Concept: 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.
NCO Concept
Largest movements
- Financial fixed assets -€2.4m
no longer reported in 2025 (was €2.4m)
- Current investments +€2.2m
up €2.2m (+1117.3%), from €192,500 to €2.3m
- Tangible fixed assets -€673,974
down €673,974 (-15.1%), from €4.5m to €3.8m
of which Assets under construction and advance payments: -€1.5m
- Receivables within one year +€515,469
up €515,469 (+205.3%), from €251,121 to €766,590
of which Other amounts receivable: +€555,588
- Other debts -€518,757
no longer reported in 2025 (was €518,757)
- Reserves +€456,175
up €456,175 (+9.2%), from €5.0m to €5.4m
of which Distributable reserves: +€456,175
- Debts after one year -€282,204
down €282,204 (-16.4%), from €1.7m to €1.4m
- Financial income +€864,003
up €864,003 (+136.9%), from €631,323 to €1.5m
of which Non-recurring financial income: +€885,480
- Financial charges +€568,588
up €568,588 (+61.6%), from €923,400 to €1.5m
of which Non-recurring financial charges: +€599,235
- Gross operating margin +€414,108
up €414,108 (+115.7%), from €357,841 to €771,949
- Other operating charges +€79,238
up €79,238 (+977.8%), from €8,104 to €87,342
- Taxes +€48,594
up €48,594 (+236.6%), from €20,540 to €69,134
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 | €7,550,688 | €7,143,270 | -€407,418 | -5.4% |
| Fixed assets | 21/28 | €6,870,905 | €3,781,211 | -€3.1m | -45.0% |
| Tangible fixed assets | 22/27 | €4,455,185 | €3,781,211 | -€673,974 | -15.1% |
| Land and buildings | 22 | €2,891,853 | €3,748,000 | +€856,147 | +29.6% |
| Furniture and vehicles | 24 | €33,556 | €26,011 | -€7,545 | -22.5% |
| Other tangible fixed assets | 26 | €7,200 | €7,200 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,522,576 | - | -€1.5m | |
| Financial fixed assets | 28 | €2,415,720 | - | -€2.4m | |
| Current assets | 29/58 | €679,783 | €3,362,059 | +€2.7m | +394.6% |
| Stocks and contracts in progress | 3 | €147,188 | €147,188 | = | 0.0% |
| Stocks | 30/36 | €147,188 | €147,188 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €251,121 | €766,590 | +€515,469 | +205.3% |
| Trade receivables | 40 | €40,119 | - | -€40,119 | |
| Other amounts receivable | 41 | €211,002 | €766,590 | +€555,588 | +263.3% |
| Current investments | 50/53 | €192,500 | €2,343,381 | +€2.2m | +1117.3% |
| Cash at bank and in hand | 54/58 | €83,133 | €65,245 | -€17,887 | -21.5% |
| Deferred charges and accrued income | 490/1 | €5,842 | €39,655 | +€33,814 | +578.8% |
| Total equity and liabilities | 10/49 | €7,550,688 | €7,143,270 | -€407,418 | -5.4% |
| Equity | 10/15 | €5,064,732 | €5,520,907 | +€456,175 | +9.0% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €4,974,732 | €5,430,907 | +€456,175 | +9.2% |
| Tax-exempt reserves | 132 | €47,267 | €47,267 | = | 0.0% |
| Distributable reserves | 133 | €4,927,464 | €5,383,640 | +€456,175 | +9.3% |
| Amounts payable | 17/49 | €2,485,956 | €1,622,363 | -€863,593 | -34.7% |
| Amounts payable after more than one year | 17 | €1,722,247 | €1,440,043 | -€282,204 | -16.4% |
| Financial debts | 170/4 | €1,722,247 | €1,440,043 | -€282,204 | -16.4% |
| Amounts payable within one year | 42/48 | €667,087 | €116,110 | -€550,977 | -82.6% |
| Current portion of amounts payable after more than one year | 42 | €119,778 | €68,065 | -€51,713 | -43.2% |
| Trade debts | 44 | €2,385 | €7,709 | +€5,324 | +223.2% |
| Suppliers | 440/4 | €2,385 | €7,709 | +€5,324 | +223.2% |
| Taxes, remuneration and social security | 45 | €26,167 | €40,335 | +€14,169 | +54.1% |
| Taxes | 450/3 | €21,318 | €35,324 | +€14,006 | +65.7% |
| Remuneration and social security | 454/9 | €4,849 | €5,011 | +€162 | +3.4% |
| Other amounts payable | 47/48 | €518,757 | - | -€518,757 | |
| Accrued charges and deferred income | 492/3 | €96,622 | €66,211 | -€30,412 | -31.5% |
| Non-recurring operating income | 76A | - | €529,058 | +€529,058 | |
| Remuneration, social security and pensions | 62 | €37,686 | €39,163 | +€1,477 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,243 | €123,472 | +€230 | +0.2% |
| Other operating charges | 640/8 | €8,104 | €87,342 | +€79,238 | +977.8% |
| Gross operating margin | 9900 | €357,841 | €771,949 | +€414,108 | +115.7% |
| Operating profit (loss) | 9901 | €188,809 | €521,972 | +€333,163 | +176.5% |
| Financial income | 75/76B | €631,323 | €1,495,326 | +€864,003 | +136.9% |
| Recurring financial income | 75 | €631,323 | €609,846 | -€21,477 | -3.4% |
| Non-recurring financial income | 76B | - | €885,480 | +€885,480 | |
| Financial charges | 65/66B | €923,400 | €1,491,988 | +€568,588 | +61.6% |
| Recurring financial charges | 65 | €116,108 | €85,462 | -€30,646 | -26.4% |
| Non-recurring financial charges | 66B | €807,292 | €1,406,526 | +€599,235 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | -€103,268 | €525,309 | +€628,577 | |
| Income taxes | 67/77 | €20,540 | €69,134 | +€48,594 | +236.6% |
| Profit (loss) for the period | 9904 | -€123,808 | €456,175 | +€579,983 | |
| Profit (loss) for the period to be appropriated | 9905 | -€123,808 | €456,175 | +€579,983 |
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.