Netco-titres services: 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.
Netco-titres services
Largest movements
- Stocks and contracts +€149,610
up €149,610 (+68.2%), from €219,500 to €369,110
- Tangible fixed assets -€21,841
down €21,841 (-6.8%), from €322,684 to €300,842
of which Land and buildings: -€11,390
- Receivables within one year -€11,119
down €11,119 (-51.3%), from €21,656 to €10,537
of which Trade receivables: -€11,119
- Deferred charges and accrued income +€9,014
up €9,014 (+6.5%), from €137,876 to €146,890
- Short-term financial debts +€198,864
up €198,864 (+97.7%), from €203,603 to €402,468
of which Other loans: +€366,000
- Trade debts -€67,932
down €67,932 (-83.5%), from €81,347 to €13,415
- Profit (loss) carried forward -€29,195
down €29,195 (-74.9%), from €38,957 to €9,762
- Tax, wage and social debts +€28,711
up €28,711 (+17.2%), from €166,839 to €195,550
of which Remuneration and social security: +€45,809
- Debts after one year -€12,899
down €12,899 (-10.2%), from €126,558 to €113,658
- Staff costs +€133,697
up €133,697 (+15.7%), from €850,568 to €984,265
- Gross operating margin +€124,369
up €124,369 (+13.8%), from €898,246 to €1.0m
- Financial charges +€15,695
up €15,695 (+71.0%), from €22,092 to €37,787
of which Financial charges: +€15,669
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
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 | €707,202 | €832,050 | +€124,848 | +17.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €326,908 | €304,492 | -€22,416 | -6.9% |
| Intangible fixed assets | 21 | €1,725 | €1,150 | -€575 | -33.3% |
| Tangible fixed assets | 22/27 | €322,684 | €300,842 | -€21,841 | -6.8% |
| Land and buildings | 22 | €271,777 | €260,387 | -€11,390 | -4.2% |
| Plant, machinery and equipment | 23 | €14,666 | €10,690 | -€3,976 | -27.1% |
| Furniture and vehicles | 24 | €5,645 | €3,267 | -€2,378 | -42.1% |
| Other tangible fixed assets | 26 | €30,595 | €26,498 | -€4,097 | -13.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €380,294 | €527,558 | +€147,264 | +38.7% |
| Stocks and contracts in progress | 3 | €219,500 | €369,110 | +€149,610 | +68.2% |
| Stocks | 30/36 | €219,500 | €369,110 | +€149,610 | +68.2% |
| Amounts receivable within one year | 40/41 | €21,656 | €10,537 | -€11,119 | -51.3% |
| Trade receivables | 40 | €11,119 | - | -€11,119 | |
| Other amounts receivable | 41 | €10,537 | €10,537 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,262 | €1,021 | -€241 | -19.1% |
| Deferred charges and accrued income | 490/1 | €137,876 | €146,890 | +€9,014 | +6.5% |
| Total equity and liabilities | 10/49 | €707,202 | €832,050 | +€124,848 | +17.7% |
| Equity | 10/15 | €71,917 | €42,722 | -€29,195 | -40.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,360 | €14,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,957 | €9,762 | -€29,195 | -74.9% |
| Amounts payable | 17/49 | €635,285 | €789,328 | +€154,043 | +24.2% |
| Amounts payable after more than one year | 17 | €126,558 | €113,658 | -€12,899 | -10.2% |
| Financial debts | 170/4 | €126,558 | €113,658 | -€12,899 | -10.2% |
| Amounts payable within one year | 42/48 | €508,728 | €673,610 | +€164,883 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €39,551 | €37,701 | -€1,849 | -4.7% |
| Financial debts | 43 | €203,603 | €402,468 | +€198,864 | +97.7% |
| Credit institutions | 430/8 | €203,603 | €36,468 | -€167,136 | -82.1% |
| Other loans | 439 | €0 | €366,000 | +€366,000 | |
| Trade debts | 44 | €81,347 | €13,415 | -€67,932 | -83.5% |
| Suppliers | 440/4 | €81,347 | €13,415 | -€67,932 | -83.5% |
| Taxes, remuneration and social security | 45 | €166,839 | €195,550 | +€28,711 | +17.2% |
| Taxes | 450/3 | €23,936 | €6,839 | -€17,098 | -71.4% |
| Remuneration and social security | 454/9 | €142,903 | €188,712 | +€45,809 | +32.1% |
| Other amounts payable | 47/48 | €17,388 | €24,476 | +€7,088 | +40.8% |
| Accrued charges and deferred income | 492/3 | €0 | €2,060 | +€2,060 | |
| Remuneration, social security and pensions | 62 | €850,568 | €984,265 | +€133,697 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,358 | €23,981 | +€623 | +2.7% |
| Other operating charges | 640/8 | €4,877 | €5,485 | +€608 | +12.5% |
| Gross operating margin | 9900 | €898,246 | €1,022,615 | +€124,369 | +13.8% |
| Operating profit (loss) | 9901 | €19,444 | €8,885 | -€10,559 | -54.3% |
| Financial income | 75/76B | €47 | €58 | +€11 | +24.3% |
| Recurring financial income | 75 | €47 | €58 | +€11 | +24.3% |
| Financial charges | 65/66B | €22,092 | €37,787 | +€15,695 | +71.0% |
| Recurring financial charges | 65 | €21,912 | €37,581 | +€15,669 | +71.5% |
| Non-recurring financial charges | 66B | €180 | €206 | +€26 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,601 | -€28,844 | -€26,243 | -1,009% |
| Income taxes | 67/77 | €364 | €352 | -€12 | -3.4% |
| Profit (loss) for the period | 9904 | -€2,965 | -€29,195 | -€26,230 | -885% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,965 | -€29,195 | -€26,230 | -885% |
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 15 October 2026 via checked.be.