NENCO: 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.
NENCO
Largest movements
- Cash +€90,753
up €90,753 (+250.7%), from €36,202 to €126,955
mainly Net result for the year (+€84,885) and Depreciation (+€41,531)
- Receivables within one year -€11,504
down €11,504 (-39.0%), from €29,526 to €18,021
of which Trade receivables: -€14,881
- Reserves +€83,535
up €83,535 (+29643.5%), from €282 to €83,817
of which Distributable reserves: +€83,535
- Tax, wage and social debts +€40,788
up €40,788 (+33956.1%), from €120 to €40,908
- Debts after one year -€34,798
down €34,798 (-9.3%), from €372,329 to €337,531
- Trade debts -€11,926
down €11,926 (-68.9%), from €17,318 to €5,392
- Gross operating margin +€163,820
up €163,820 (+710.9%), from €23,045 to €186,865
- Taxes +€40,908
new in 2025: €40,908
- Depreciation +€22,639
up €22,639 (+119.8%), from €18,892 to €41,531
- Financial charges +€6,202
up €6,202 (+96.5%), from €6,424 to €12,626
- Other operating charges +€5,376
up €5,376 (+349.4%), from €1,539 to €6,915
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 | €1,047,639 | €1,125,270 | +€77,631 | +7.4% |
| Fixed assets | 21/28 | €981,015 | €979,398 | -€1,618 | -0.2% |
| Tangible fixed assets | 22/27 | €979,545 | €977,928 | -€1,618 | -0.2% |
| Land and buildings | 22 | €979,545 | €977,928 | -€1,618 | -0.2% |
| Financial fixed assets | 28 | €1,470 | €1,470 | = | 0.0% |
| Current assets | 29/58 | €66,623 | €145,872 | +€79,249 | +119.0% |
| Amounts receivable within one year | 40/41 | €29,526 | €18,021 | -€11,504 | -39.0% |
| Trade receivables | 40 | €20,226 | €5,345 | -€14,881 | -73.6% |
| Other amounts receivable | 41 | €9,300 | €12,677 | +€3,377 | +36.3% |
| Cash at bank and in hand | 54/58 | €36,202 | €126,955 | +€90,753 | +250.7% |
| Deferred charges and accrued income | 490/1 | €896 | €896 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,047,639 | €1,125,270 | +€77,631 | +7.4% |
| Equity | 10/15 | €5,549 | €90,435 | +€84,885 | +1529.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €282 | €83,817 | +€83,535 | +29643.5% |
| Non-distributable reserves | 130/1 | €282 | €282 | = | 0.0% |
| Reserves not available under the articles | 1311 | €282 | €282 | = | 0.0% |
| Distributable reserves | 133 | - | €83,535 | +€83,535 | |
| Profit (loss) carried forward | 14 | -€932 | €418 | +€1,350 | |
| Amounts payable | 17/49 | €1,042,089 | €1,034,835 | -€7,254 | -0.7% |
| Amounts payable after more than one year | 17 | €372,329 | €337,531 | -€34,798 | -9.3% |
| Financial debts | 170/4 | €372,329 | €337,531 | -€34,798 | -9.3% |
| Amounts payable within one year | 42/48 | €669,760 | €697,304 | +€27,544 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €33,834 | €34,798 | +€965 | +2.9% |
| Trade debts | 44 | €17,318 | €5,392 | -€11,926 | -68.9% |
| Suppliers | 440/4 | €17,318 | €5,392 | -€11,926 | -68.9% |
| Advances received on contracts in progress | 46 | €660 | - | -€660 | |
| Taxes, remuneration and social security | 45 | €120 | €40,908 | +€40,788 | +33956.1% |
| Taxes | 450/3 | €120 | €40,908 | +€40,788 | +33956.1% |
| Other amounts payable | 47/48 | €617,828 | €616,206 | -€1,622 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,892 | €41,531 | +€22,639 | +119.8% |
| Other operating charges | 640/8 | €1,539 | €6,915 | +€5,376 | +349.4% |
| Gross operating margin | 9900 | €23,045 | €186,865 | +€163,820 | +710.9% |
| Operating profit (loss) | 9901 | €2,615 | €138,420 | +€135,805 | +5194.0% |
| Financial charges | 65/66B | €6,424 | €12,626 | +€6,202 | +96.5% |
| Recurring financial charges | 65 | €6,424 | €12,626 | +€6,202 | +96.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,809 | €125,794 | +€129,603 | |
| Income taxes | 67/77 | - | €40,908 | +€40,908 | |
| Profit (loss) for the period | 9904 | -€3,809 | €84,885 | +€88,695 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,809 | €84,885 | +€88,695 |
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 4 October 2026 via checked.be.