NOCOVAL: 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.
NOCOVAL
Largest movements
- Tangible fixed assets -€15,508
down €15,508 (-15.0%), from €103,148 to €87,640
of which Furniture and vehicles: -€10,429
- Cash -€14,078
down €14,078 (-78.3%), from €17,981 to €3,903
mainly Contributions, distributions and other (-€24,000) and Other debts (-€17,332)
- Receivables within one year +€8,324
up €8,324 (+203.8%), from €4,085 to €12,409
of which Other amounts receivable: +€8,800
- Deferred charges and accrued income +€4,364
up €4,364 (+478.5%), from €912 to €5,276
- Other debts -€17,332
down €17,332 (-67.8%), from €25,552 to €8,220
- Profit (loss) carried forward -€13,583
down €13,583 (-19.7%), from €68,887 to €55,304
- Trade debts +€9,979
new in 2025: €9,979
- Tax, wage and social debts +€4,037
up €4,037 (+127.6%), from €3,163 to €7,200
of which Remuneration and social security: +€5,634
- Gross operating margin -€40,037
down €40,037 (-24.3%), from €164,502 to €124,465
- Staff costs +€25,186
up €25,186 (+43.0%), from €58,580 to €83,766
- Taxes -€14,964
down €14,964 (-66.5%), from €22,487 to €7,523
- Depreciation +€7,366
up €7,366 (+55.7%), from €13,213 to €20,579
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 | €126,126 | €109,228 | -€16,899 | -13.4% |
| Fixed assets | 21/28 | €103,148 | €87,640 | -€15,508 | -15.0% |
| Tangible fixed assets | 22/27 | €103,148 | €87,640 | -€15,508 | -15.0% |
| Land and buildings | 22 | €35,018 | €32,408 | -€2,610 | -7.5% |
| Plant, machinery and equipment | 23 | €19,159 | €16,689 | -€2,470 | -12.9% |
| Furniture and vehicles | 24 | €48,972 | €38,543 | -€10,429 | -21.3% |
| Current assets | 29/58 | €22,978 | €21,588 | -€1,390 | -6.1% |
| Amounts receivable within one year | 40/41 | €4,085 | €12,409 | +€8,324 | +203.8% |
| Trade receivables | 40 | €585 | €109 | -€476 | -81.4% |
| Other amounts receivable | 41 | €3,500 | €12,300 | +€8,800 | +251.4% |
| Cash at bank and in hand | 54/58 | €17,981 | €3,903 | -€14,078 | -78.3% |
| Deferred charges and accrued income | 490/1 | €912 | €5,276 | +€4,364 | +478.5% |
| Total equity and liabilities | 10/49 | €126,126 | €109,228 | -€16,899 | -13.4% |
| Equity | 10/15 | €97,411 | €83,828 | -€13,583 | -13.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €9,524 | €9,524 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,624 | €7,624 | = | 0.0% |
| Distributable reserves | 133 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,887 | €55,304 | -€13,583 | -19.7% |
| Amounts payable | 17/49 | €28,715 | €25,399 | -€3,316 | -11.5% |
| Amounts payable within one year | 42/48 | €28,715 | €25,399 | -€3,316 | -11.5% |
| Trade debts | 44 | - | €9,979 | +€9,979 | |
| Suppliers | 440/4 | - | €9,979 | +€9,979 | |
| Taxes, remuneration and social security | 45 | €3,163 | €7,200 | +€4,037 | +127.6% |
| Taxes | 450/3 | €1,597 | - | -€1,597 | |
| Remuneration and social security | 454/9 | €1,566 | €7,200 | +€5,634 | +359.9% |
| Other amounts payable | 47/48 | €25,552 | €8,220 | -€17,332 | -67.8% |
| Non-recurring operating income | 76A | - | €286 | +€286 | |
| Remuneration, social security and pensions | 62 | €58,580 | €83,766 | +€25,186 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,213 | €20,579 | +€7,366 | +55.7% |
| Other operating charges | 640/8 | €1,884 | €2,059 | +€174 | +9.2% |
| Non-recurring operating charges | 66A | €9,127 | - | -€9,127 | |
| Gross operating margin | 9900 | €164,502 | €124,465 | -€40,037 | -24.3% |
| Operating profit (loss) | 9901 | €81,697 | €18,061 | -€63,635 | -77.9% |
| Financial income | 75/76B | €31 | €50 | +€19 | +60.7% |
| Recurring financial income | 75 | €31 | €14 | -€17 | -54.6% |
| Non-recurring financial income | 76B | - | €36 | +€36 | |
| Financial charges | 65/66B | €640 | €171 | -€469 | -73.3% |
| Recurring financial charges | 65 | €161 | €163 | +€2 | +1.4% |
| Non-recurring financial charges | 66B | €479 | €8 | -€472 | -98.4% |
| Profit (loss) for the period before taxes | 9903 | €81,088 | €17,941 | -€63,147 | -77.9% |
| Income taxes | 67/77 | €22,487 | €7,523 | -€14,964 | -66.5% |
| Profit (loss) for the period | 9904 | €58,600 | €10,417 | -€48,183 | -82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,600 | €10,417 | -€48,183 | -82.2% |
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 3 October 2026 via checked.be.