NOTCO III: 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 III
Largest movements
- Cash +€1.3m
up €1.3m (+336%), from €383,009 to €1.7m
mainly Other debts (+€2.4m) and Net result for the year (+€668,075)
- Financial fixed assets +€98,000
up €98,000 (+6.0%), from €1.6m to €1.7m
- Other debts +€2.4m
up €2.4m (+397%), from €601,960 to €3.0m
- Reserves -€1.4m
down €1.4m (-98.7%), from €1.4m to €18,169
- Debts after one year +€258,833
up €258,833 (+58.9%), from €439,445 to €698,278
- Current portion of long-term debt +€120,000
up €120,000 (+79.4%), from €151,167 to €271,167
- Financial income +€160,094
up €160,094 (+4,013%), from €3,990 to €164,084
- Gross operating margin +€92,963
up €92,963 (+14.1%), from €661,600 to €754,563
- Taxes +€26,692
up €26,692 (+18.6%), from €143,717 to €170,409
- Financial charges -€18,283
down €18,283 (-32.2%), from €56,709 to €38,425
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 | €2,756,163 | €4,126,920 | +€1.4m | +49.7% |
| Fixed assets | 21/28 | €2,365,386 | €2,451,168 | +€85,782 | +3.6% |
| Tangible fixed assets | 22/27 | €726,204 | €713,986 | -€12,218 | -1.7% |
| Land and buildings | 22 | €709,805 | €677,951 | -€31,855 | -4.5% |
| Plant, machinery and equipment | 23 | €1,902 | €909 | -€993 | -52.2% |
| Furniture and vehicles | 24 | €12,744 | €12,668 | -€76 | -0.6% |
| Other tangible fixed assets | 26 | €1,752 | €22,457 | +€20,705 | +1,182% |
| Financial fixed assets | 28 | €1,639,183 | €1,737,183 | +€98,000 | +6.0% |
| Current assets | 29/58 | €390,777 | €1,675,752 | +€1.3m | +329% |
| Amounts receivable within one year | 40/41 | €4,070 | €1,469 | -€2,601 | -63.9% |
| Trade receivables | 40 | - | €1,469 | +€1,469 | |
| Other amounts receivable | 41 | €4,070 | - | -€4,070 | |
| Cash at bank and in hand | 54/58 | €383,009 | €1,671,317 | +€1.3m | +336% |
| Deferred charges and accrued income | 490/1 | €3,698 | €2,965 | -€733 | -19.8% |
| Total equity and liabilities | 10/49 | €2,756,163 | €4,126,920 | +€1.4m | +49.7% |
| Equity | 10/15 | €1,410,294 | €36,769 | -€1.4m | -97.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,391,694 | €18,169 | -€1.4m | -98.7% |
| Distributable reserves | 133 | €1,391,694 | €18,169 | -€1.4m | -98.7% |
| Amounts payable | 17/49 | €1,345,869 | €4,090,151 | +€2.7m | +204% |
| Amounts payable after more than one year | 17 | €439,445 | €698,278 | +€258,833 | +58.9% |
| Financial debts | 170/4 | €439,445 | €698,278 | +€258,833 | +58.9% |
| Amounts payable within one year | 42/48 | €872,195 | €3,372,966 | +€2.5m | +287% |
| Current portion of amounts payable after more than one year | 42 | €151,167 | €271,167 | +€120,000 | +79.4% |
| Financial debts | 43 | €25,595 | - | -€25,595 | |
| Other loans | 439 | €25,595 | - | -€25,595 | |
| Trade debts | 44 | €5,642 | €11,048 | +€5,406 | +95.8% |
| Suppliers | 440/4 | €5,642 | €11,048 | +€5,406 | +95.8% |
| Taxes, remuneration and social security | 45 | €87,831 | €100,356 | +€12,525 | +14.3% |
| Taxes | 450/3 | €87,831 | €100,356 | +€12,525 | +14.3% |
| Other amounts payable | 47/48 | €601,960 | €2,990,395 | +€2.4m | +397% |
| Accrued charges and deferred income | 492/3 | €34,230 | €18,907 | -€15,323 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,765 | €39,463 | +€698 | +1.8% |
| Other operating charges | 640/8 | €2,207 | €2,274 | +€67 | +3.0% |
| Gross operating margin | 9900 | €661,600 | €754,563 | +€92,963 | +14.1% |
| Operating profit (loss) | 9901 | €620,627 | €712,826 | +€92,198 | +14.9% |
| Financial income | 75/76B | €3,990 | €164,084 | +€160,094 | +4,013% |
| Recurring financial income | 75 | €3,990 | €164,084 | +€160,094 | +4,013% |
| Financial charges | 65/66B | €56,709 | €38,425 | -€18,283 | -32.2% |
| Recurring financial charges | 65 | €56,709 | €38,425 | -€18,283 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €567,908 | €838,484 | +€270,576 | +47.6% |
| Income taxes | 67/77 | €143,717 | €170,409 | +€26,692 | +18.6% |
| Profit (loss) for the period | 9904 | €424,191 | €668,075 | +€243,884 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €424,191 | €668,075 | +€243,884 | +57.5% |
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 15 October 2026 via checked.be.