NKCS: 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.
NKCS
Largest movements
- Financial fixed assets +€1.7m
up €1.7m (+114.7%), from €1.5m to €3.1m
- Cash -€1.1m
down €1.1m (-92.5%), from €1.2m to €90,560
mainly Short-term financial debts (-€1.5m) and Investment in fixed assets (net) (-€972,907)
- Receivables within one year +€844,126
up €844,126 (+172.3%), from €490,023 to €1.3m
of which Trade receivables: +€528,551
- Tangible fixed assets -€757,302
down €757,302 (-25.4%), from €3.0m to €2.2m
of which Land and buildings: -€762,868
- Stocks and contracts +€366,192
new in 2025: €366,192
- Debts after one year +€1.8m
up €1.8m (+111.0%), from €1.7m to €3.5m
of which Financial debts: +€1.7m
- Short-term financial debts -€1.5m
down €1.5m (-74.7%), from €2.0m to €516,889
- Trade debts +€334,145
up €334,145 (+51.5%), from €649,394 to €983,539
- Profit (loss) carried forward +€173,958
up €173,958 (+58.4%), from €298,112 to €472,070
- Other debts +€123,902
up €123,902 (+10.5%), from €1.2m to €1.3m
- Financial income +€347,392
up €347,392 (+20268.7%), from €1,714 to €349,106
- Gross operating margin -€326,742
down €326,742 (-72.9%), from €448,364 to €121,622
- Other operating charges +€68,512
up €68,512 (+912.3%), from €7,509 to €76,021
- Depreciation -€37,105
down €37,105 (-38.5%), from €96,453 to €59,348
- Taxes -€26,570
down €26,570 (-100.0%), from €26,570 to €0
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 | €6,146,651 | €7,149,008 | +€1.0m | +16.3% |
| Fixed assets | 21/28 | €4,442,456 | €5,356,016 | +€913,559 | +20.6% |
| Tangible fixed assets | 22/27 | €2,985,703 | €2,228,401 | -€757,302 | -25.4% |
| Land and buildings | 22 | €2,962,785 | €2,199,916 | -€762,868 | -25.7% |
| Furniture and vehicles | 24 | €18,785 | €12,534 | -€6,251 | -33.3% |
| Leasing and similar rights | 25 | - | €11,818 | +€11,818 | |
| Other tangible fixed assets | 26 | €4,134 | €4,134 | = | 0.0% |
| Financial fixed assets | 28 | €1,456,753 | €3,127,614 | +€1.7m | +114.7% |
| Current assets | 29/58 | €1,704,195 | €1,792,993 | +€88,797 | +5.2% |
| Stocks and contracts in progress | 3 | - | €366,192 | +€366,192 | |
| Stocks | 30/36 | - | €366,192 | +€366,192 | |
| Amounts receivable within one year | 40/41 | €490,023 | €1,334,150 | +€844,126 | +172.3% |
| Trade receivables | 40 | €135,755 | €664,306 | +€528,551 | +389.3% |
| Other amounts receivable | 41 | €354,269 | €669,844 | +€315,575 | +89.1% |
| Cash at bank and in hand | 54/58 | €1,213,852 | €90,560 | -€1.1m | -92.5% |
| Deferred charges and accrued income | 490/1 | €320 | €2,091 | +€1,771 | +553.9% |
| Total equity and liabilities | 10/49 | €6,146,651 | €7,149,008 | +€1.0m | +16.3% |
| Equity | 10/15 | €501,112 | €675,070 | +€173,958 | +34.7% |
| Contributions | 10/11 | €203,000 | €203,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,112 | €472,070 | +€173,958 | +58.4% |
| Amounts payable | 17/49 | €5,645,539 | €6,473,938 | +€828,399 | +14.7% |
| Amounts payable after more than one year | 17 | €1,658,072 | €3,498,022 | +€1.8m | +111.0% |
| Financial debts | 170/4 | €1,446,006 | €3,175,957 | +€1.7m | +119.6% |
| Other amounts payable | 178/9 | €212,066 | €322,066 | +€110,000 | +51.9% |
| Amounts payable within one year | 42/48 | €3,984,767 | €2,972,916 | -€1.0m | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €50,518 | €138,595 | +€88,077 | +174.3% |
| Financial debts | 43 | €2,044,333 | €516,889 | -€1.5m | -74.7% |
| Credit institutions | 430/8 | €2,044,333 | €516,889 | -€1.5m | -74.7% |
| Trade debts | 44 | €649,394 | €983,539 | +€334,145 | +51.5% |
| Suppliers | 440/4 | €649,394 | €983,539 | +€334,145 | +51.5% |
| Taxes, remuneration and social security | 45 | €64,003 | €33,471 | -€30,532 | -47.7% |
| Taxes | 450/3 | €64,003 | €33,471 | -€30,532 | -47.7% |
| Other amounts payable | 47/48 | €1,176,519 | €1,300,421 | +€123,902 | +10.5% |
| Accrued charges and deferred income | 492/3 | €2,700 | €3,000 | +€300 | +11.1% |
| Non-recurring operating income | 76A | - | €1,261 | +€1,261 | |
| Remuneration, social security and pensions | 62 | - | €355 | +€355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,453 | €59,348 | -€37,105 | -38.5% |
| Other operating charges | 640/8 | €7,509 | €76,021 | +€68,512 | +912.3% |
| Non-recurring operating charges | 66A | €475 | €3,160 | +€2,685 | +565.3% |
| Gross operating margin | 9900 | €448,364 | €121,622 | -€326,742 | -72.9% |
| Operating profit (loss) | 9901 | €343,927 | -€17,262 | -€361,188 | |
| Financial income | 75/76B | €1,714 | €349,106 | +€347,392 | +20268.7% |
| Recurring financial income | 75 | €1,714 | €349,106 | +€347,392 | +20268.7% |
| Financial charges | 65/66B | €165,100 | €157,887 | -€7,214 | -4.4% |
| Recurring financial charges | 65 | €165,100 | €157,887 | -€7,214 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €180,540 | €173,958 | -€6,583 | -3.6% |
| Income taxes | 67/77 | €26,570 | €0 | -€26,570 | -100.0% |
| Profit (loss) for the period | 9904 | €153,970 | €173,958 | +€19,987 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,970 | €173,958 | +€19,987 | +13.0% |
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 9 October 2026 via checked.be.