NCVET: 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.
NCVET
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€62,191
down €62,191 (-52.6%), from €118,309 to €56,119
mainly Current investments (-€100,000) and Contributions, distributions and other (-€49,160)
- Receivables within one year -€14,698
down €14,698 (-47.4%), from €31,024 to €16,326
of which Trade receivables: -€14,399
- Tangible fixed assets -€12,029
down €12,029 (-27.5%), from €43,694 to €31,665
- Other debts +€15,191
up €15,191 (+40.6%), from €37,416 to €52,607
- Trade debts -€4,484
down €4,484 (-97.4%), from €4,606 to €122
- Gross operating margin +€13,273
up €13,273 (+20.9%), from €63,632 to €76,905
- Taxes +€2,820
up €2,820 (+24.6%), from €11,483 to €14,303
- Depreciation -€1,846
down €1,846 (-12.4%), from €14,857 to €13,011
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 | €194,670 | €205,746 | +€11,076 | +5.7% |
| Fixed assets | 21/28 | €43,694 | €31,665 | -€12,029 | -27.5% |
| Tangible fixed assets | 22/27 | €43,694 | €31,665 | -€12,029 | -27.5% |
| Furniture and vehicles | 24 | €43,694 | €31,665 | -€12,029 | -27.5% |
| Current assets | 29/58 | €150,977 | €174,081 | +€23,105 | +15.3% |
| Amounts receivable within one year | 40/41 | €31,024 | €16,326 | -€14,698 | -47.4% |
| Trade receivables | 40 | €29,011 | €14,612 | -€14,399 | -49.6% |
| Other amounts receivable | 41 | €2,013 | €1,714 | -€299 | -14.9% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €118,309 | €56,119 | -€62,191 | -52.6% |
| Deferred charges and accrued income | 490/1 | €1,643 | €1,637 | -€7 | -0.4% |
| Total equity and liabilities | 10/49 | €194,670 | €205,746 | +€11,076 | +5.7% |
| Equity | 10/15 | €147,766 | €147,766 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €144,766 | €144,766 | = | 0.0% |
| Distributable reserves | 133 | €144,766 | €144,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,904 | €57,980 | +€11,076 | +23.6% |
| Amounts payable within one year | 42/48 | €46,904 | €57,980 | +€11,076 | +23.6% |
| Trade debts | 44 | €4,606 | €122 | -€4,484 | -97.4% |
| Suppliers | 440/4 | €4,606 | €122 | -€4,484 | -97.4% |
| Taxes, remuneration and social security | 45 | €4,882 | €5,251 | +€369 | +7.6% |
| Taxes | 450/3 | €2,902 | €5,251 | +€2,350 | +81.0% |
| Remuneration and social security | 454/9 | €1,980 | €0 | -€1,980 | -100.0% |
| Other amounts payable | 47/48 | €37,416 | €52,607 | +€15,191 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,857 | €13,011 | -€1,846 | -12.4% |
| Other operating charges | 640/8 | €467 | €480 | +€12 | +2.7% |
| Gross operating margin | 9900 | €63,632 | €76,905 | +€13,273 | +20.9% |
| Operating profit (loss) | 9901 | €48,307 | €63,414 | +€15,107 | +31.3% |
| Financial income | 75/76B | €0 | €177 | +€177 | +44237.5% |
| Recurring financial income | 75 | €0 | €177 | +€177 | +44237.5% |
| Financial charges | 65/66B | €64 | €129 | +€64 | +100.2% |
| Recurring financial charges | 65 | €64 | €129 | +€64 | +100.2% |
| Profit (loss) for the period before taxes | 9903 | €48,244 | €63,463 | +€15,219 | +31.5% |
| Income taxes | 67/77 | €11,483 | €14,303 | +€2,820 | +24.6% |
| Profit (loss) for the period | 9904 | €36,761 | €49,160 | +€12,399 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,761 | €49,160 | +€12,399 | +33.7% |
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 10 October 2026 via checked.be.