NOTCO I: 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.
NOTCO I
Largest movements
- Current investments +€1.2m
up €1.2m (+85.5%), from €1.4m to €2.6m
- Cash +€599,133
up €599,133 (+33.5%), from €1.8m to €2.4m
mainly Other debts (+€1.5m) and Net result for the year (+€651,786)
- Receivables within one year +€117,937
up €117,937 (+226%), from €52,278 to €170,215
- Financial fixed assets +€98,000
up €98,000 (+6.0%), from €1.6m to €1.7m
- Other debts +€1.5m
up €1.5m (+535%), from €272,134 to €1.7m
- Reserves +€651,786
up €651,786 (+19.2%), from €3.4m to €4.0m
of which Distributable reserves: +€535,766
- Debts after one year -€82,000
down €82,000 (-8.3%), from €992,500 to €910,500
- Financial income +€146,745
up €146,745 (+198%), from €74,165 to €220,910
- Gross operating margin +€71,635
up €71,635 (+11.8%), from €608,206 to €679,842
- Taxes +€14,918
up €14,918 (+10.5%), from €142,294 to €157,212
- Financial charges -€7,574
down €7,574 (-7.9%), from €95,755 to €88,182
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 | €4,898,156 | €6,924,127 | +€2.0m | +41.4% |
| Fixed assets | 21/28 | €1,634,162 | €1,732,617 | +€98,455 | +6.0% |
| Tangible fixed assets | 22/27 | €3,719 | €4,174 | +€455 | +12.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,719 | €4,174 | +€455 | +12.2% |
| Financial fixed assets | 28 | €1,630,444 | €1,728,444 | +€98,000 | +6.0% |
| Current assets | 29/58 | €3,263,994 | €5,191,509 | +€1.9m | +59.1% |
| Amounts receivable within one year | 40/41 | €52,278 | €170,215 | +€117,937 | +226% |
| Other amounts receivable | 41 | €52,278 | €170,215 | +€117,937 | +226% |
| Current investments | 50/53 | €1,417,585 | €2,630,308 | +€1.2m | +85.5% |
| Cash at bank and in hand | 54/58 | €1,790,537 | €2,389,670 | +€599,133 | +33.5% |
| Deferred charges and accrued income | 490/1 | €3,594 | €1,317 | -€2,277 | -63.4% |
| Total equity and liabilities | 10/49 | €4,898,156 | €6,924,127 | +€2.0m | +41.4% |
| Equity | 10/15 | €3,407,335 | €4,059,121 | +€651,786 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,388,735 | €4,040,521 | +€651,786 | +19.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €547,300 | €665,180 | +€117,880 | +21.5% |
| Distributable reserves | 133 | €2,839,575 | €3,375,341 | +€535,766 | +18.9% |
| Amounts payable | 17/49 | €1,490,821 | €2,865,006 | +€1.4m | +92.2% |
| Amounts payable after more than one year | 17 | €992,500 | €910,500 | -€82,000 | -8.3% |
| Financial debts | 170/4 | €992,500 | €910,500 | -€82,000 | -8.3% |
| Amounts payable within one year | 42/48 | €434,466 | €1,895,567 | +€1.5m | +336% |
| Current portion of amounts payable after more than one year | 42 | €82,000 | €82,000 | = | 0.0% |
| Financial debts | 43 | €6 | €6 | = | 0.0% |
| Credit institutions | 430/8 | €6 | €6 | = | 0.0% |
| Trade debts | 44 | €1,353 | €2,120 | +€767 | +56.7% |
| Suppliers | 440/4 | €1,353 | €2,120 | +€767 | +56.7% |
| Taxes, remuneration and social security | 45 | €78,973 | €83,728 | +€4,755 | +6.0% |
| Taxes | 450/3 | €73,462 | €83,728 | +€10,266 | +14.0% |
| Remuneration and social security | 454/9 | €5,511 | €0 | -€5,511 | -100% |
| Other amounts payable | 47/48 | €272,134 | €1,727,712 | +€1.5m | +535% |
| Accrued charges and deferred income | 492/3 | €63,854 | €58,939 | -€4,916 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,782 | €1,797 | +€15 | +0.9% |
| Other operating charges | 640/8 | €1,659 | €1,774 | +€115 | +6.9% |
| Gross operating margin | 9900 | €608,206 | €679,842 | +€71,635 | +11.8% |
| Operating profit (loss) | 9901 | €604,765 | €676,270 | +€71,505 | +11.8% |
| Financial income | 75/76B | €74,165 | €220,910 | +€146,745 | +198% |
| Recurring financial income | 75 | €74,165 | €220,910 | +€146,745 | +198% |
| Financial charges | 65/66B | €95,755 | €88,182 | -€7,574 | -7.9% |
| Recurring financial charges | 65 | €95,755 | €88,182 | -€7,574 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €583,175 | €808,998 | +€225,823 | +38.7% |
| Income taxes | 67/77 | €142,294 | €157,212 | +€14,918 | +10.5% |
| Profit (loss) for the period | 9904 | €440,881 | €651,786 | +€210,905 | +47.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €92,620 | +€92,620 | |
| Transfer to tax-exempt reserves | 689 | €168,400 | €210,500 | +€42,100 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €272,481 | €533,906 | +€261,425 | +95.9% |
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 27 October 2026 via checked.be.