NCSE: 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.
NCSE
Largest movements
- Cash +€17,074
up €17,074 (+1,272%), from €1,343 to €18,417
mainly Accrued charges and deferred income (+€38,983) and Depreciation (+€16,432)
- Tangible fixed assets -€10,888
down €10,888 (-8.0%), from €135,677 to €124,788
- Stocks and contracts +€2,700
up €2,700 (+42.2%), from €6,400 to €9,100
- Accrued charges and deferred income +€38,983
up €38,983 (+1,668%), from €2,337 to €41,319
- Short-term financial debts -€24,848
no longer reported in 2025 (was €24,848)
- Debts after one year -€9,484
down €9,484 (-19.2%), from €49,496 to €40,011
- Tax, wage and social debts +€6,002
up €6,002 (+105%), from €5,704 to €11,706
of which Taxes: +€5,549
- Trade debts +€3,556
up €3,556 (+313%), from €1,135 to €4,691
- Gross operating margin -€7,819
down €7,819 (-30.5%), from €25,674 to €17,856
- Financial charges -€1,965
down €1,965 (-44.0%), from €4,469 to €2,504
- Taxes -€1,488
no longer reported in 2025 (was €1,488)
- Staff costs +€1,179
new in 2025: €1,179
- Depreciation +€340
up €340 (+2.1%), from €16,092 to €16,432
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 | €153,363 | €164,013 | +€10,650 | +6.9% |
| Fixed assets | 21/28 | €135,677 | €124,788 | -€10,888 | -8.0% |
| Tangible fixed assets | 22/27 | €135,677 | €124,788 | -€10,888 | -8.0% |
| Land and buildings | 22 | €73,336 | €68,373 | -€4,963 | -6.8% |
| Plant, machinery and equipment | 23 | €5,406 | €3,852 | -€1,554 | -28.7% |
| Furniture and vehicles | 24 | €55,730 | €51,761 | -€3,970 | -7.1% |
| Other tangible fixed assets | 26 | €1,205 | €803 | -€402 | -33.3% |
| Current assets | 29/58 | €17,687 | €39,225 | +€21,538 | +122% |
| Stocks and contracts in progress | 3 | €6,400 | €9,100 | +€2,700 | +42.2% |
| Stocks | 30/36 | €6,400 | €9,100 | +€2,700 | +42.2% |
| Amounts receivable within one year | 40/41 | €7,796 | €9,025 | +€1,229 | +15.8% |
| Trade receivables | 40 | €7,796 | €1,582 | -€6,214 | -79.7% |
| Other amounts receivable | 41 | - | €7,443 | +€7,443 | |
| Cash at bank and in hand | 54/58 | €1,343 | €18,417 | +€17,074 | +1,272% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,683 | +€535 | +24.9% |
| Total equity and liabilities | 10/49 | €153,363 | €164,013 | +€10,650 | +6.9% |
| Equity | 10/15 | €59,122 | €56,801 | -€2,322 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,800 | €9,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,550 | €1,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,550 | €1,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,250 | €8,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,122 | €40,801 | -€2,322 | -5.4% |
| Amounts payable | 17/49 | €94,241 | €107,212 | +€12,971 | +13.8% |
| Amounts payable after more than one year | 17 | €49,496 | €40,011 | -€9,484 | -19.2% |
| Financial debts | 170/4 | €49,496 | €40,011 | -€9,484 | -19.2% |
| Amounts payable within one year | 42/48 | €42,409 | €25,882 | -€16,527 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €9,263 | €9,484 | +€222 | +2.4% |
| Financial debts | 43 | €24,848 | - | -€24,848 | |
| Credit institutions | 430/8 | €24,848 | - | -€24,848 | |
| Trade debts | 44 | €1,135 | €4,691 | +€3,556 | +313% |
| Suppliers | 440/4 | €1,135 | €4,691 | +€3,556 | +313% |
| Taxes, remuneration and social security | 45 | €5,704 | €11,706 | +€6,002 | +105% |
| Taxes | 450/3 | €4,104 | €9,653 | +€5,549 | +135% |
| Remuneration and social security | 454/9 | €1,600 | €2,053 | +€453 | +28.3% |
| Other amounts payable | 47/48 | €1,458 | - | -€1,458 | |
| Accrued charges and deferred income | 492/3 | €2,337 | €41,319 | +€38,983 | +1,668% |
| Non-recurring operating income | 76A | €2,827 | €10,869 | +€8,043 | +285% |
| Remuneration, social security and pensions | 62 | - | €1,179 | +€1,179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,092 | €16,432 | +€340 | +2.1% |
| Other operating charges | 640/8 | - | €62 | +€62 | |
| Gross operating margin | 9900 | €25,674 | €17,856 | -€7,819 | -30.5% |
| Operating profit (loss) | 9901 | €9,582 | €182 | -€9,400 | -98.1% |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.1% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.1% |
| Financial charges | 65/66B | €4,469 | €2,504 | -€1,965 | -44.0% |
| Recurring financial charges | 65 | €4,469 | €2,504 | -€1,965 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €5,118 | -€2,322 | -€7,440 | |
| Income taxes | 67/77 | €1,488 | - | -€1,488 | |
| Profit (loss) for the period | 9904 | €3,630 | -€2,322 | -€5,951 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,630 | -€2,322 | -€5,951 |
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 13 October 2026 via checked.be.