NCTE: 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.
NCTE
Largest movements
- Intangible fixed assets +€85,984
up €85,984 (+72.0%), from €119,452 to €205,436
- Tangible fixed assets +€26,003
up €26,003 (+19.2%), from €135,530 to €161,532
- Cash +€8,234
up €8,234 (+119%), from €6,936 to €15,171
mainly Other debts (+€48,389) and Trade debts (+€35,730)
- Other debts +€48,389
up €48,389 (+248%), from €19,505 to €67,894
- Trade debts +€35,730
up €35,730 (+108%), from €33,150 to €68,880
- Profit (loss) carried forward +€24,058
up €24,058, from -€2,141 to €21,917
- Tax, wage and social debts +€8,255
up €8,255 (+192%), from €4,308 to €12,563
- Current portion of long-term debt +€6,359
up €6,359 (+33.8%), from €18,805 to €25,164
- Gross operating margin +€49,493
up €49,493 (+311%), from €15,899 to €65,391
- Depreciation +€15,916
up €15,916 (+174%), from €9,139 to €25,055
- Taxes +€6,053
new in 2025: €6,053
- Financial charges +€2,958
up €2,958 (+40.7%), from €7,267 to €10,226
- Other operating charges -€1,633
down €1,633 (-100%), from €1,633 to €0
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 | €270,362 | €392,696 | +€122,334 | +45.2% |
| Fixed assets | 21/28 | €263,311 | €375,297 | +€111,987 | +42.5% |
| Intangible fixed assets | 21 | €119,452 | €205,436 | +€85,984 | +72.0% |
| Tangible fixed assets | 22/27 | €135,530 | €161,532 | +€26,003 | +19.2% |
| Plant, machinery and equipment | 23 | €135,530 | €161,532 | +€26,003 | +19.2% |
| Financial fixed assets | 28 | €8,329 | €8,329 | = | 0.0% |
| Current assets | 29/58 | €7,051 | €17,399 | +€10,347 | +147% |
| Stocks and contracts in progress | 3 | - | €2,228 | +€2,228 | |
| Stocks | 30/36 | - | €2,228 | +€2,228 | |
| Amounts receivable within one year | 40/41 | €115 | - | -€115 | |
| Trade receivables | 40 | €115 | - | -€115 | |
| Cash at bank and in hand | 54/58 | €6,936 | €15,171 | +€8,234 | +119% |
| Total equity and liabilities | 10/49 | €270,362 | €392,696 | +€122,334 | +45.2% |
| Equity | 10/15 | €32,859 | €56,917 | +€24,058 | +73.2% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,141 | €21,917 | +€24,058 | |
| Amounts payable | 17/49 | €237,502 | €335,779 | +€98,277 | +41.4% |
| Amounts payable after more than one year | 17 | €161,734 | €161,278 | -€456 | -0.3% |
| Financial debts | 170/4 | €161,734 | €161,278 | -€456 | -0.3% |
| Amounts payable within one year | 42/48 | €75,768 | €174,501 | +€98,732 | +130% |
| Current portion of amounts payable after more than one year | 42 | €18,805 | €25,164 | +€6,359 | +33.8% |
| Trade debts | 44 | €33,150 | €68,880 | +€35,730 | +108% |
| Suppliers | 440/4 | €33,150 | €68,880 | +€35,730 | +108% |
| Taxes, remuneration and social security | 45 | €4,308 | €12,563 | +€8,255 | +192% |
| Taxes | 450/3 | €4,308 | €12,563 | +€8,255 | +192% |
| Other amounts payable | 47/48 | €19,505 | €67,894 | +€48,389 | +248% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,139 | €25,055 | +€15,916 | +174% |
| Other operating charges | 640/8 | €1,633 | €0 | -€1,633 | -100% |
| Gross operating margin | 9900 | €15,899 | €65,391 | +€49,493 | +311% |
| Operating profit (loss) | 9901 | €5,127 | €40,336 | +€35,209 | +687% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,267 | €10,226 | +€2,958 | +40.7% |
| Recurring financial charges | 65 | €7,267 | €10,226 | +€2,958 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,141 | €30,110 | +€32,251 | |
| Income taxes | 67/77 | - | €6,053 | +€6,053 | |
| Profit (loss) for the period | 9904 | -€2,141 | €24,058 | +€26,198 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,141 | €24,058 | +€26,198 |
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.