NNCO: 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.
NNCO
Largest movements
- Receivables within one year +€898,920
up €898,920 (+183.0%), from €491,286 to €1.4m
of which Trade receivables: +€468,274
- Tangible fixed assets -€568,275
down €568,275 (-9.7%), from €5.9m to €5.3m
- Stocks and contracts -€374,238
no longer reported in 2025 (was €374,238)
- Cash +€136,759
up €136,759 (+64.5%), from €211,981 to €348,740
mainly Stocks and contracts (+€374,238) and Investment in fixed assets (net) (+€285,283)
- Trade debts +€278,200
up €278,200 (+67.3%), from €413,482 to €691,682
- Debts after one year -€277,538
down €277,538 (-5.4%), from €5.2m to €4.9m
- Tax, wage and social debts -€141,665
down €141,665 (-69.9%), from €202,806 to €61,141
of which Taxes: -€128,974
- Other debts +€90,046
up €90,046 (+154.9%), from €58,149 to €148,194
- Gross operating margin -€1.9m
down €1.9m, from €1.9m to -€83,231
- Financial income +€1.4m
up €1.4m (+35285.3%), from €4,034 to €1.4m
of which Non-recurring financial income: +€1.4m
- Other operating charges -€408,314
down €408,314 (-48.3%), from €844,698 to €436,384
- Staff costs -€192,663
down €192,663 (-38.3%), from €502,841 to €310,178
- Depreciation +€19,357
up €19,357 (+7.4%), from €260,605 to €279,962
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 | €6,947,629 | €7,043,823 | +€96,195 | +1.4% |
| Fixed assets | 21/28 | €5,870,124 | €5,304,878 | -€565,246 | -9.6% |
| Tangible fixed assets | 22/27 | €5,851,355 | €5,283,080 | -€568,275 | -9.7% |
| Land and buildings | 22 | €5,511,793 | €5,245,265 | -€266,527 | -4.8% |
| Plant, machinery and equipment | 23 | €40,357 | €10,040 | -€30,317 | -75.1% |
| Furniture and vehicles | 24 | €72,651 | €27,775 | -€44,877 | -61.8% |
| Other tangible fixed assets | 26 | €226,554 | - | -€226,554 | |
| Financial fixed assets | 28 | €18,769 | €21,798 | +€3,029 | +16.1% |
| Current assets | 29/58 | €1,077,505 | €1,738,946 | +€661,441 | +61.4% |
| Stocks and contracts in progress | 3 | €374,238 | - | -€374,238 | |
| Stocks | 30/36 | €374,238 | - | -€374,238 | |
| Amounts receivable within one year | 40/41 | €491,286 | €1,390,206 | +€898,920 | +183.0% |
| Trade receivables | 40 | €450,510 | €918,784 | +€468,274 | +103.9% |
| Other amounts receivable | 41 | €40,776 | €471,421 | +€430,646 | +1056.1% |
| Cash at bank and in hand | 54/58 | €211,981 | €348,740 | +€136,759 | +64.5% |
| Total equity and liabilities | 10/49 | €6,947,629 | €7,043,823 | +€96,195 | +1.4% |
| Equity | 10/15 | €880,000 | €974,656 | +€94,656 | +10.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €241,419 | €266,419 | +€25,000 | +10.4% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,000 | €27,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €164,419 | €189,419 | +€25,000 | +15.2% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €618,581 | €688,237 | +€69,656 | +11.3% |
| Amounts payable | 17/49 | €6,067,628 | €6,069,167 | +€1,539 | 0.0% |
| Amounts payable after more than one year | 17 | €5,151,236 | €4,873,698 | -€277,538 | -5.4% |
| Financial debts | 170/4 | €5,151,236 | €4,873,698 | -€277,538 | -5.4% |
| Amounts payable within one year | 42/48 | €916,392 | €1,195,469 | +€279,077 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €241,956 | €291,408 | +€49,452 | +20.4% |
| Trade debts | 44 | €413,482 | €691,682 | +€278,200 | +67.3% |
| Suppliers | 440/4 | €413,482 | €691,682 | +€278,200 | +67.3% |
| Advances received on contracts in progress | 46 | - | €3,044 | +€3,044 | |
| Taxes, remuneration and social security | 45 | €202,806 | €61,141 | -€141,665 | -69.9% |
| Taxes | 450/3 | €179,041 | €50,068 | -€128,974 | -72.0% |
| Remuneration and social security | 454/9 | €23,764 | €11,073 | -€12,691 | -53.4% |
| Other amounts payable | 47/48 | €58,149 | €148,194 | +€90,046 | +154.9% |
| Remuneration, social security and pensions | 62 | €502,841 | €310,178 | -€192,663 | -38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €260,605 | €279,962 | +€19,357 | +7.4% |
| Other operating charges | 640/8 | €844,698 | €436,384 | -€408,314 | -48.3% |
| Gross operating margin | 9900 | €1,852,709 | -€83,231 | -€1.9m | |
| Operating profit (loss) | 9901 | €244,565 | -€1,109,755 | -€1.4m | |
| Financial income | 75/76B | €4,034 | €1,427,299 | +€1.4m | +35285.3% |
| Recurring financial income | 75 | €4,034 | €792 | -€3,242 | -80.4% |
| Non-recurring financial income | 76B | - | €1,426,507 | +€1.4m | |
| Financial charges | 65/66B | €161,607 | €160,548 | -€1,059 | -0.7% |
| Recurring financial charges | 65 | €161,607 | €160,548 | -€1,059 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €86,991 | €156,996 | +€70,005 | +80.5% |
| Income taxes | 67/77 | €27,687 | €37,340 | +€9,652 | +34.9% |
| Profit (loss) for the period | 9904 | €59,304 | €119,656 | +€60,352 | +101.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,304 | €119,656 | +€60,352 | +101.8% |
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 5 October 2026 via checked.be.