NOCA: 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.
NOCA
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€264,001
up €264,001 (+168%), from €157,196 to €421,197
mainly Current investments (+€350,000) and Depreciation (+€148,309)
- Receivables within one year +€246,660
up €246,660 (+397%), from €62,197 to €308,857
of which Other amounts receivable: +€243,507
- Reserves +€90,676
up €90,676 (+35.1%), from €258,608 to €349,284
- Debts after one year -€83,186
down €83,186 (-10.1%), from €822,018 to €738,832
of which Financial debts: -€68,849
- Other debts +€80,365
up €80,365 (+86.3%), from €93,127 to €173,492
- Tax, wage and social debts +€35,140
up €35,140 (+59.5%), from €59,093 to €94,233
of which Taxes: +€22,541
- Staff costs +€42,700
up €42,700 (+16.4%), from €259,954 to €302,655
- Gross operating margin +€35,057
up €35,057 (+6.1%), from €570,986 to €606,043
- Taxes +€15,621
up €15,621 (+226%), from €6,914 to €22,535
- Depreciation +€10,425
up €10,425 (+7.6%), from €137,884 to €148,309
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 | €1,705,611 | €1,837,563 | +€131,952 | +7.7% |
| Formation expenses | 20 | €30,770 | €20,048 | -€10,723 | -34.8% |
| Fixed assets | 21/28 | €677,681 | €677,248 | -€433 | -0.1% |
| Tangible fixed assets | 22/27 | €676,181 | €675,748 | -€433 | -0.1% |
| Plant, machinery and equipment | 23 | €446,859 | €435,185 | -€11,674 | -2.6% |
| Furniture and vehicles | 24 | €8,976 | €42,833 | +€33,857 | +377% |
| Other tangible fixed assets | 26 | €220,346 | €197,730 | -€22,616 | -10.3% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €997,160 | €1,140,268 | +€143,108 | +14.4% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Trade receivables | 290 | €250,000 | €250,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €173,336 | €156,796 | -€16,540 | -9.5% |
| Stocks | 30/36 | €173,336 | €156,796 | -€16,540 | -9.5% |
| Amounts receivable within one year | 40/41 | €62,197 | €308,857 | +€246,660 | +397% |
| Trade receivables | 40 | €47,047 | €50,200 | +€3,153 | +6.7% |
| Other amounts receivable | 41 | €15,150 | €258,657 | +€243,507 | +1,607% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €157,196 | €421,197 | +€264,001 | +168% |
| Deferred charges and accrued income | 490/1 | €4,431 | €3,418 | -€1,012 | -22.9% |
| Total equity and liabilities | 10/49 | €1,705,611 | €1,837,563 | +€131,952 | +7.7% |
| Equity | 10/15 | €558,608 | €649,284 | +€90,676 | +16.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €258,608 | €349,284 | +€90,676 | +35.1% |
| Distributable reserves | 133 | €258,608 | €349,284 | +€90,676 | +35.1% |
| Amounts payable | 17/49 | €1,147,002 | €1,188,279 | +€41,277 | +3.6% |
| Amounts payable after more than one year | 17 | €822,018 | €738,832 | -€83,186 | -10.1% |
| Financial debts | 170/4 | €533,240 | €464,392 | -€68,849 | -12.9% |
| Trade debts | 175 | €288,778 | €274,441 | -€14,337 | -5.0% |
| Amounts payable within one year | 42/48 | €324,272 | €449,259 | +€124,987 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €66,324 | €68,849 | +€2,524 | +3.8% |
| Trade debts | 44 | €105,728 | €112,685 | +€6,958 | +6.6% |
| Suppliers | 440/4 | €105,728 | €112,685 | +€6,958 | +6.6% |
| Taxes, remuneration and social security | 45 | €59,093 | €94,233 | +€35,140 | +59.5% |
| Taxes | 450/3 | €3,856 | €26,398 | +€22,541 | +585% |
| Remuneration and social security | 454/9 | €55,237 | €67,836 | +€12,599 | +22.8% |
| Other amounts payable | 47/48 | €93,127 | €173,492 | +€80,365 | +86.3% |
| Accrued charges and deferred income | 492/3 | €713 | €188 | -€525 | -73.7% |
| Remuneration, social security and pensions | 62 | €259,954 | €302,655 | +€42,700 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,884 | €148,309 | +€10,425 | +7.6% |
| Other operating charges | 640/8 | €2,875 | €3,757 | +€882 | +30.7% |
| Gross operating margin | 9900 | €570,986 | €606,043 | +€35,057 | +6.1% |
| Operating profit (loss) | 9901 | €170,273 | €151,324 | -€18,949 | -11.1% |
| Financial income | 75/76B | €7,718 | €2,456 | -€5,262 | -68.2% |
| Recurring financial income | 75 | €7,718 | €2,456 | -€5,262 | -68.2% |
| Financial charges | 65/66B | €43,262 | €40,569 | -€2,693 | -6.2% |
| Recurring financial charges | 65 | €43,262 | €40,569 | -€2,693 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €134,728 | €113,211 | -€21,518 | -16.0% |
| Income taxes | 67/77 | €6,914 | €22,535 | +€15,621 | +226% |
| Profit (loss) for the period | 9904 | €127,814 | €90,676 | -€37,139 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €127,814 | €90,676 | -€37,139 | -29.1% |
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 16 October 2026 via checked.be.