NCV: 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.
NCV
Largest movements
- Cash +€483,475
up €483,475 (+4642.7%), from €10,414 to €493,889
mainly Investment in fixed assets (net) (+€286,679) and Net result for the year (+€212,911)
- Tangible fixed assets -€292,508
down €292,508 (-76.4%), from €383,071 to €90,563
of which Land and buildings: -€350,416
- Receivables within one year +€7,501
up €7,501 (+259.4%), from €2,892 to €10,393
of which Other amounts receivable: +€10,393
- Reserves +€212,689
up €212,689 (+5917.1%), from €3,594 to €216,283
- Other debts -€22,213
down €22,213 (-7.1%), from €313,186 to €290,973
- Debts after one year +€13,644
up €13,644 (+90.5%), from €15,070 to €28,714
- Trade debts -€7,124
down €7,124 (-94.7%), from €7,524 to €400
- Gross operating margin +€258,006
up €258,006 (+616.1%), from €41,880 to €299,885
- Taxes +€68,385
up €68,385 (+2644.9%), from €2,586 to €70,970
- Depreciation -€16,505
down €16,505 (-73.9%), from €22,335 to €5,829
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 | €396,858 | €597,233 | +€200,375 | +50.5% |
| Fixed assets | 21/28 | €383,071 | €90,563 | -€292,508 | -76.4% |
| Tangible fixed assets | 22/27 | €383,071 | €90,563 | -€292,508 | -76.4% |
| Land and buildings | 22 | €382,952 | €32,536 | -€350,416 | -91.5% |
| Plant, machinery and equipment | 23 | €119 | €0 | -€119 | -100.0% |
| Furniture and vehicles | 24 | - | €58,027 | +€58,027 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €13,787 | €506,670 | +€492,883 | +3575.0% |
| Amounts receivable within one year | 40/41 | €2,892 | €10,393 | +€7,501 | +259.4% |
| Trade receivables | 40 | €2,892 | €0 | -€2,892 | -100.0% |
| Other amounts receivable | 41 | - | €10,393 | +€10,393 | |
| Cash at bank and in hand | 54/58 | €10,414 | €493,889 | +€483,475 | +4642.7% |
| Deferred charges and accrued income | 490/1 | €481 | €2,389 | +€1,907 | +396.4% |
| Total equity and liabilities | 10/49 | €396,858 | €597,233 | +€200,375 | +50.5% |
| Equity | 10/15 | €39,317 | €252,228 | +€212,911 | +541.5% |
| Contributions | 10/11 | €35,945 | €35,945 | = | 0.0% |
| Reserves | 13 | €3,594 | €216,283 | +€212,689 | +5917.1% |
| Distributable reserves | 133 | €3,594 | €216,283 | +€212,689 | +5917.1% |
| Profit (loss) carried forward | 14 | -€222 | €0 | +€222 | |
| Amounts payable | 17/49 | €357,540 | €345,005 | -€12,535 | -3.5% |
| Amounts payable after more than one year | 17 | €15,070 | €28,714 | +€13,644 | +90.5% |
| Financial debts | 170/4 | €15,070 | €28,714 | +€13,644 | +90.5% |
| Amounts payable within one year | 42/48 | €342,471 | €316,291 | -€26,180 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €19,175 | €22,333 | +€3,157 | +16.5% |
| Trade debts | 44 | €7,524 | €400 | -€7,124 | -94.7% |
| Suppliers | 440/4 | €7,524 | €400 | -€7,124 | -94.7% |
| Taxes, remuneration and social security | 45 | €2,586 | €2,586 | = | 0.0% |
| Taxes | 450/3 | €2,586 | €2,586 | = | 0.0% |
| Other amounts payable | 47/48 | €313,186 | €290,973 | -€22,213 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,335 | €5,829 | -€16,505 | -73.9% |
| Other operating charges | 640/8 | €7,182 | €6,895 | -€287 | -4.0% |
| Gross operating margin | 9900 | €41,880 | €299,885 | +€258,006 | +616.1% |
| Operating profit (loss) | 9901 | €12,363 | €287,161 | +€274,798 | +2222.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,875 | €3,280 | +€406 | +14.1% |
| Recurring financial charges | 65 | €2,875 | €3,280 | +€406 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €9,488 | €283,881 | +€274,393 | +2891.9% |
| Income taxes | 67/77 | €2,586 | €70,970 | +€68,385 | +2644.9% |
| Profit (loss) for the period | 9904 | €6,903 | €212,911 | +€206,008 | +2984.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,903 | €212,911 | +€206,008 | +2984.5% |
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 30 September 2026 via checked.be.