NRC: 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.
NRC
Largest movements
- Tangible fixed assets +€795,258
up €795,258 (+61.8%), from €1.3m to €2.1m
of which Land and buildings: +€803,353
- Receivables within one year +€21,953
up €21,953 (+108.4%), from €20,248 to €42,201
- Debts after one year +€774,066
up €774,066 (+66.2%), from €1.2m to €1.9m
of which Financial debts: +€804,535
- Current portion of long-term debt +€69,505
up €69,505 (+125.6%), from €55,339 to €124,845
- Taxes -€46,208
down €46,208 (-99.7%), from €46,353 to €146
- Gross operating margin -€25,183
down €25,183 (-17.3%), from €145,521 to €120,338
- Financial charges +€12,027
up €12,027 (+34.1%), from €35,238 to €47,266
- Depreciation +€8,014
up €8,014 (+18.0%), from €44,436 to €52,449
- Other operating charges +€4,441
up €4,441 (+22.7%), from €19,566 to €24,006
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 | €1,317,744 | €2,160,016 | +€842,272 | +63.9% |
| Fixed assets | 21/28 | €1,287,146 | €2,082,404 | +€795,258 | +61.8% |
| Tangible fixed assets | 22/27 | €1,287,076 | €2,082,334 | +€795,258 | +61.8% |
| Land and buildings | 22 | €1,258,250 | €2,061,603 | +€803,353 | +63.8% |
| Plant, machinery and equipment | 23 | €463 | €332 | -€132 | -28.4% |
| Furniture and vehicles | 24 | €28,363 | €20,400 | -€7,963 | -28.1% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €30,598 | €77,612 | +€47,014 | +153.6% |
| Amounts receivable within one year | 40/41 | €20,248 | €42,201 | +€21,953 | +108.4% |
| Trade receivables | 40 | €20,248 | €42,201 | +€21,953 | +108.4% |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €6,313 | €11,333 | +€5,019 | +79.5% |
| Deferred charges and accrued income | 490/1 | €4,037 | €4,078 | +€41 | +1.0% |
| Total equity and liabilities | 10/49 | €1,317,744 | €2,160,016 | +€842,272 | +63.9% |
| Equity | 10/15 | €82,968 | €79,781 | -€3,187 | -3.8% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €9,936 | €9,936 | = | 0.0% |
| Distributable reserves | 133 | €9,936 | €9,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,125 | -€29,312 | -€3,187 | -12.2% |
| Amounts payable | 17/49 | €1,234,776 | €2,080,235 | +€845,459 | +68.5% |
| Amounts payable after more than one year | 17 | €1,169,853 | €1,943,919 | +€774,066 | +66.2% |
| Financial debts | 170/4 | €723,393 | €1,527,928 | +€804,535 | +111.2% |
| Other amounts payable | 178/9 | €446,460 | €415,992 | -€30,468 | -6.8% |
| Amounts payable within one year | 42/48 | €64,902 | €136,316 | +€71,414 | +110.0% |
| Current portion of amounts payable after more than one year | 42 | €55,339 | €124,845 | +€69,505 | +125.6% |
| Financial debts | 43 | €958 | €2,403 | +€1,444 | +150.7% |
| Credit institutions | 430/8 | €958 | €2,403 | +€1,444 | +150.7% |
| Trade debts | 44 | €2,201 | €4,128 | +€1,928 | +87.6% |
| Suppliers | 440/4 | €2,201 | €4,128 | +€1,928 | +87.6% |
| Taxes, remuneration and social security | 45 | €6,073 | €4,940 | -€1,133 | -18.7% |
| Taxes | 450/3 | €6,073 | €4,940 | -€1,133 | -18.7% |
| Other amounts payable | 47/48 | €330 | €0 | -€330 | -100.0% |
| Accrued charges and deferred income | 492/3 | €21 | €0 | -€21 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,436 | €52,449 | +€8,014 | +18.0% |
| Other operating charges | 640/8 | €19,566 | €24,006 | +€4,441 | +22.7% |
| Gross operating margin | 9900 | €145,521 | €120,338 | -€25,183 | -17.3% |
| Operating profit (loss) | 9901 | €81,520 | €43,883 | -€37,637 | -46.2% |
| Financial income | 75/76B | €0 | €342 | +€342 | +3417400.0% |
| Recurring financial income | 75 | €0 | €342 | +€342 | +3417400.0% |
| Financial charges | 65/66B | €35,238 | €47,266 | +€12,027 | +34.1% |
| Recurring financial charges | 65 | €35,238 | €47,266 | +€12,027 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €46,282 | -€3,041 | -€49,323 | |
| Income taxes | 67/77 | €46,353 | €146 | -€46,208 | -99.7% |
| Profit (loss) for the period | 9904 | -€72 | -€3,187 | -€3,115 | -4339.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€72 | -€3,187 | -€3,115 | -4339.2% |
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.