NEOC: what changed
NEOC
Largest movements
- Receivables within one year -€113,216
down €113,216 (-46.6%), from €243,028 to €129,812
of which Trade receivables: -€98,210
- Stocks and contracts +€85,888
up €85,888 (+29.8%), from €288,373 to €374,262
- Cash -€71,899
down €71,899 (-56.3%), from €127,753 to €55,854
mainly Current portion of long-term debt (-€241,958) and Trade debts (-€124,618)
- Intangible fixed assets -€18,899
down €18,899 (-87.0%), from €21,732 to €2,834
- Current portion of long-term debt -€241,958
down €241,958 (-76.4%), from €316,596 to €74,638
- Short-term financial debts +€202,000
new in 2025: €202,000
- Trade debts -€124,618
down €124,618 (-50.9%), from €244,947 to €120,329
- Reserves +€53,925
up €53,925 (+66.8%), from €80,692 to €134,616
- Tax, wage and social debts +€47,044
up €47,044 (+103%), from €45,653 to €92,698
of which Taxes: +€43,428
- Gross operating margin +€56,532
up €56,532 (+29.4%), from €192,292 to €248,824
- Taxes +€32,980
new in 2025: €32,980
- Financial charges -€10,977
down €10,977 (-11.7%), from €93,742 to €82,765
- Other operating charges +€2,548
up €2,548 (+55.8%), from €4,569 to €7,117
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €757,177 | €632,993 | -€124,184 | -16.4% |
| Fixed assets | 21/28 | €98,022 | €73,065 | -€24,957 | -25.5% |
| Intangible fixed assets | 21 | €21,732 | €2,834 | -€18,899 | -87.0% |
| Tangible fixed assets | 22/27 | €76,290 | €70,232 | -€6,058 | -7.9% |
| Furniture and vehicles | 24 | €53,000 | €55,342 | +€2,342 | +4.4% |
| Leasing and similar rights | 25 | €23,290 | €14,890 | -€8,400 | -36.1% |
| Current assets | 29/58 | €659,155 | €559,928 | -€99,227 | -15.1% |
| Stocks and contracts in progress | 3 | €288,373 | €374,262 | +€85,888 | +29.8% |
| Stocks | 30/36 | €288,373 | €374,262 | +€85,888 | +29.8% |
| Amounts receivable within one year | 40/41 | €243,028 | €129,812 | -€113,216 | -46.6% |
| Trade receivables | 40 | €151,804 | €53,595 | -€98,210 | -64.7% |
| Other amounts receivable | 41 | €91,224 | €76,217 | -€15,006 | -16.5% |
| Cash at bank and in hand | 54/58 | €127,753 | €55,854 | -€71,899 | -56.3% |
| Total equity and liabilities | 10/49 | €757,177 | €632,993 | -€124,184 | -16.4% |
| Equity | 10/15 | €114,955 | €134,616 | +€19,661 | +17.1% |
| Reserves | 13 | €80,692 | €134,616 | +€53,925 | +66.8% |
| Distributable reserves | 133 | €80,692 | €134,616 | +€53,925 | +66.8% |
| Profit (loss) carried forward | 14 | €34,264 | - | -€34,264 | |
| Amounts payable | 17/49 | €642,222 | €498,377 | -€143,845 | -22.4% |
| Amounts payable after more than one year | 17 | €33,350 | €8,712 | -€24,638 | -73.9% |
| Financial debts | 170/4 | €33,350 | €8,712 | -€24,638 | -73.9% |
| Amounts payable within one year | 42/48 | €608,872 | €489,665 | -€119,207 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €316,596 | €74,638 | -€241,958 | -76.4% |
| Financial debts | 43 | - | €202,000 | +€202,000 | |
| Credit institutions | 430/8 | - | €202,000 | +€202,000 | |
| Trade debts | 44 | €244,947 | €120,329 | -€124,618 | -50.9% |
| Suppliers | 440/4 | €244,947 | €120,329 | -€124,618 | -50.9% |
| Taxes, remuneration and social security | 45 | €45,653 | €92,698 | +€47,044 | +103% |
| Taxes | 450/3 | €45,653 | €89,081 | +€43,428 | +95.1% |
| Remuneration and social security | 454/9 | - | €3,617 | +€3,617 | |
| Other amounts payable | 47/48 | €1,675 | - | -€1,675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,300 | €27,299 | -€1 | 0.0% |
| Other operating charges | 640/8 | €4,569 | €7,117 | +€2,548 | +55.8% |
| Gross operating margin | 9900 | €192,292 | €248,824 | +€56,532 | +29.4% |
| Operating profit (loss) | 9901 | €160,423 | €214,408 | +€53,985 | +33.7% |
| Financial income | 75/76B | €3,150 | €998 | -€2,151 | -68.3% |
| Recurring financial income | 75 | €3,150 | €998 | -€2,151 | -68.3% |
| Financial charges | 65/66B | €93,742 | €82,765 | -€10,977 | -11.7% |
| Recurring financial charges | 65 | €93,742 | €82,765 | -€10,977 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €69,831 | €132,641 | +€62,811 | +89.9% |
| Income taxes | 67/77 | - | €32,980 | +€32,980 | |
| Profit (loss) for the period | 9904 | €69,831 | €99,661 | +€29,831 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €69,831 | €99,661 | +€29,831 | +42.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.