NO2CO2: 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.
What changed
NO2CO2
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€319,469
2024 · €758,430-€438,961
Equity
€4.6m
2024 · €2.9m+€1.6m
Cash
€83,282
2024 · €56,428+€26,854
Balance sheet total
€9.5m
2024 · €5.0m+€4.6m
Largest movements
Assets
- Financial fixed assets +€4.5m
up €4.5m (+92.8%), from €4.9m to €9.4m
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+119%), from €1.6m to €3.4m
- Contributions +€1.3m
up €1.3m (+109%), from €1.2m to €2.5m
- Current portion of long-term debt +€572,014
up €572,014 (+135%), from €425,000 to €997,014
- Other debts +€498,300
new in 2025: €498,300
- Reserves +€319,469
up €319,469 (+18.2%), from €1.8m to €2.1m
Income statement
- Financial income -€300,000
down €300,000 (-41.4%), from €725,000 to €425,000
- Services and other goods +€237,899
new in 2025: €237,899
- Turnover +€212,550
new in 2025: €212,550
- Gross operating margin -€99,996
no longer reported in 2025 (was €99,996)
- Financial charges +€21,225
up €21,225 (+36.8%), from €57,705 to €78,930
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.
Result 2024
€758,430
Turnover
+€212,550
Services and other goods
-€237,899
Other operating charges
-€758
Other operating items
-€99,996
Financial income
-€300,000
Financial charges
-€21,225
Taxes
+€8,366
Result 2025
€319,469
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€819,951
Investment
-€4.5m
Financing
+€3.7m
Cash 2024
€56,428
From operations (derived)
+€819,951
Net result for the year
+€319,469
Receivables within one year
-€40,128
Trade debts
+€33,472
Smaller working-capital items
+€8,838
Other debts
+€498,300
Investment (derived)
-€4.5m
Investment in fixed assets (net)
-€4.5m
Financing
+€3.7m
Debts after one year
+€1.8m
Current portion of long-term debt
+€572,014
Contributions, distributions and other
+€1.3m
Cash 2025
€83,282
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,958,200 | €9,525,563 | +€4.6m | +92.1% |
| Fixed assets | 21/28 | €4,850,000 | €9,350,382 | +€4.5m | +92.8% |
| Financial fixed assets | 28 | €4,850,000 | €9,350,382 | +€4.5m | +92.8% |
| Affiliated companies | 280/1 | - | €9,350,382 | +€9.4m | |
| Participating interests | 280 | - | €9,350,382 | +€9.4m | |
| Current assets | 29/58 | €108,200 | €175,182 | +€66,982 | +61.9% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €51,772 | €91,900 | +€40,128 | +77.5% |
| Trade receivables | 40 | €51,728 | €85,853 | +€34,126 | +66.0% |
| Other amounts receivable | 41 | €44 | €6,047 | +€6,003 | +13,612% |
| Cash at bank and in hand | 54/58 | €56,428 | €83,282 | +€26,854 | +47.6% |
| Total equity and liabilities | 10/49 | €4,958,200 | €9,525,563 | +€4.6m | +92.1% |
| Equity | 10/15 | €2,949,191 | €4,564,983 | +€1.6m | +54.8% |
| Contributions | 10/11 | €1,190,000 | €2,486,323 | +€1.3m | +109% |
| Reserves | 13 | €1,759,191 | €2,078,660 | +€319,469 | +18.2% |
| Distributable reserves | 133 | €1,759,191 | €2,078,660 | +€319,469 | +18.2% |
| Amounts payable | 17/49 | €2,009,009 | €4,960,580 | +€3.0m | +147% |
| Amounts payable after more than one year | 17 | €1,550,000 | €3,388,947 | +€1.8m | +119% |
| Financial debts | 170/4 | €1,550,000 | €3,388,947 | +€1.8m | +119% |
| Credit institutions | 173 | - | €2,163,286 | +€2.2m | |
| Other loans | 174 | - | €1,225,661 | +€1.2m | |
| Amounts payable within one year | 42/48 | €459,009 | €1,562,993 | +€1.1m | +241% |
| Current portion of amounts payable after more than one year | 42 | €425,000 | €997,014 | +€572,014 | +135% |
| Trade debts | 44 | €19,470 | €52,942 | +€33,472 | +172% |
| Suppliers | 440/4 | €19,470 | €52,942 | +€33,472 | +172% |
| Taxes, remuneration and social security | 45 | €14,539 | €14,736 | +€197 | +1.4% |
| Taxes | 450/3 | €14,539 | €14,736 | +€197 | +1.4% |
| Other amounts payable | 47/48 | - | €498,300 | +€498,300 | |
| Accrued charges and deferred income | 492/3 | - | €8,641 | +€8,641 | |
| Operating income | 70/76A | - | €212,550 | +€212,550 | |
| Turnover | 70 | - | €212,550 | +€212,550 | |
| Operating charges | 60/66A | - | €239,151 | +€239,151 | |
| Services and other goods | 61 | - | €237,899 | +€237,899 | |
| Other operating charges | 640/8 | €494 | €1,252 | +€758 | +153% |
| Gross operating margin | 9900 | €99,996 | - | -€99,996 | |
| Operating profit (loss) | 9901 | €99,502 | -€26,601 | -€126,102 | |
| Financial income | 75/76B | €725,000 | €425,000 | -€300,000 | -41.4% |
| Recurring financial income | 75 | €725,000 | €425,000 | -€300,000 | -41.4% |
| Income from financial fixed assets | 750 | - | €425,000 | +€425,000 | |
| Financial charges | 65/66B | €57,705 | €78,930 | +€21,225 | +36.8% |
| Recurring financial charges | 65 | €57,705 | €78,930 | +€21,225 | +36.8% |
| Debt charges | 650 | - | €78,504 | +€78,504 | |
| Other financial charges | 652/9 | - | €426 | +€426 | |
| Profit (loss) for the period before taxes | 9903 | €766,797 | €319,469 | -€447,328 | -58.3% |
| Income taxes | 67/77 | €8,366 | €0 | -€8,366 | -100% |
| Taxes | 670/3 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €758,430 | €319,469 | -€438,961 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €758,430 | €319,469 | -€438,961 | -57.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.