NCV MANAGEMENT: 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.
NCV MANAGEMENT
Largest movements
- Receivables within one year +€39,439
up €39,439 (+81.1%), from €48,631 to €88,070
of which Other amounts receivable: +€39,250
- Other debts +€25,000
new in 2025: €25,000
- Current portion of long-term debt +€16,000
new in 2025: €16,000
- Reserves +€15,174
new in 2025: €15,174
- Advances received -€8,500
no longer reported in 2025 (was €8,500)
- Tax, wage and social debts -€8,447
down €8,447 (-39.5%), from €21,410 to €12,963
- Gross operating margin +€13,760
up €13,760 (+43.7%), from €31,495 to €45,255
- Financial income +€1,726
up €1,726 (+99.9%), from €1,727 to €3,453
- Depreciation +€883
new in 2025: €883
- Financial charges -€723
down €723 (-33.0%), from €2,191 to €1,468
- Other operating charges -€691
down €691 (-81.1%), from €852 to €161
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
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 | €109,601 | €148,157 | +€38,556 | +35.2% |
| Fixed assets | 21/28 | €59,340 | €58,457 | -€883 | -1.5% |
| Tangible fixed assets | 22/27 | €59,340 | €58,457 | -€883 | -1.5% |
| Plant, machinery and equipment | 23 | €2,438 | €1,829 | -€609 | -25.0% |
| Furniture and vehicles | 24 | €1,902 | €1,628 | -€274 | -14.4% |
| Other tangible fixed assets | 26 | €55,000 | €55,000 | = | 0.0% |
| Current assets | 29/58 | €50,261 | €89,700 | +€39,439 | +78.5% |
| Amounts receivable within one year | 40/41 | €48,631 | €88,070 | +€39,439 | +81.1% |
| Trade receivables | 40 | - | €189 | +€189 | |
| Other amounts receivable | 41 | €48,631 | €87,881 | +€39,250 | +80.7% |
| Deferred charges and accrued income | 490/1 | €1,630 | €1,630 | = | 0.0% |
| Total equity and liabilities | 10/49 | €109,601 | €148,157 | +€38,556 | +35.2% |
| Equity | 10/15 | €69,460 | €84,634 | +€15,174 | +21.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €15,174 | +€15,174 | |
| Distributable reserves | 133 | - | €15,174 | +€15,174 | |
| Profit (loss) carried forward | 14 | €66,960 | €66,960 | = | 0.0% |
| Amounts payable | 17/49 | €40,141 | €63,523 | +€23,382 | +58.2% |
| Amounts payable within one year | 42/48 | €40,013 | €63,523 | +€23,510 | +58.8% |
| Current portion of amounts payable after more than one year | 42 | - | €16,000 | +€16,000 | |
| Financial debts | 43 | €6,418 | €5,131 | -€1,287 | -20.1% |
| Credit institutions | 430/8 | €6,418 | €5,131 | -€1,287 | -20.1% |
| Trade debts | 44 | €3,685 | €4,429 | +€744 | +20.2% |
| Suppliers | 440/4 | €3,685 | €4,429 | +€744 | +20.2% |
| Advances received on contracts in progress | 46 | €8,500 | - | -€8,500 | |
| Taxes, remuneration and social security | 45 | €21,410 | €12,963 | -€8,447 | -39.5% |
| Taxes | 450/3 | €21,410 | €12,963 | -€8,447 | -39.5% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €128 | - | -€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €883 | +€883 | |
| Other operating charges | 640/8 | €852 | €161 | -€691 | -81.1% |
| Gross operating margin | 9900 | €31,495 | €45,255 | +€13,760 | +43.7% |
| Operating profit (loss) | 9901 | €30,643 | €44,211 | +€13,568 | +44.3% |
| Financial income | 75/76B | €1,727 | €3,453 | +€1,726 | +99.9% |
| Recurring financial income | 75 | €1,727 | €3,453 | +€1,726 | +99.9% |
| Financial charges | 65/66B | €2,191 | €1,468 | -€723 | -33.0% |
| Recurring financial charges | 65 | €2,191 | €1,468 | -€723 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €30,179 | €46,196 | +€16,017 | +53.1% |
| Income taxes | 67/77 | €6,623 | €6,022 | -€601 | -9.1% |
| Profit (loss) for the period | 9904 | €23,556 | €40,174 | +€16,618 | +70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,556 | €40,174 | +€16,618 | +70.5% |
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 20 October 2026 via checked.be.