NTC: 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.
NTC
Largest movements
- Tangible fixed assets +€328,374
up €328,374 (+34.8%), from €944,112 to €1.3m
- Cash -€69,639
down €69,639 (-93.6%), from €74,388 to €4,749
mainly Investment in fixed assets (net) (-€364,463)
- Debts after one year +€165,581
up €165,581 (+26.0%), from €637,658 to €803,239
- Reserves +€51,815
up €51,815 (+81.6%), from €63,537 to €115,352
- Tax, wage and social debts +€21,070
up €21,070 (+88.4%), from €23,826 to €44,896
- Gross operating margin -€11,254
down €11,254 (-7.4%), from €152,142 to €140,887
- Taxes -€2,755
down €2,755 (-11.6%), from €23,826 to €21,070
- Depreciation +€2,230
up €2,230 (+6.6%), from €33,858 to €36,089
- Financial charges +€1,554
up €1,554 (+5.2%), from €29,959 to €31,513
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 | €1,018,500 | €1,277,235 | +€258,736 | +25.4% |
| Fixed assets | 21/28 | €944,112 | €1,272,486 | +€328,374 | +34.8% |
| Tangible fixed assets | 22/27 | €944,112 | €1,272,486 | +€328,374 | +34.8% |
| Land and buildings | 22 | €944,112 | €1,272,486 | +€328,374 | +34.8% |
| Current assets | 29/58 | €74,388 | €4,749 | -€69,639 | -93.6% |
| Cash at bank and in hand | 54/58 | €74,388 | €4,749 | -€69,639 | -93.6% |
| Total equity and liabilities | 10/49 | €1,018,500 | €1,277,235 | +€258,736 | +25.4% |
| Equity | 10/15 | €69,538 | €121,354 | +€51,816 | +74.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €63,537 | €115,352 | +€51,815 | +81.6% |
| Distributable reserves | 133 | €63,537 | €115,352 | +€51,815 | +81.6% |
| Profit (loss) carried forward | 14 | €1 | €2 | +€1 | +67.0% |
| Amounts payable | 17/49 | €948,962 | €1,155,882 | +€206,920 | +21.8% |
| Amounts payable after more than one year | 17 | €637,658 | €803,239 | +€165,581 | +26.0% |
| Financial debts | 170/4 | €637,658 | €803,239 | +€165,581 | +26.0% |
| Amounts payable within one year | 42/48 | €311,304 | €352,643 | +€41,339 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €45,342 | €55,611 | +€10,269 | +22.6% |
| Taxes, remuneration and social security | 45 | €23,826 | €44,896 | +€21,070 | +88.4% |
| Taxes | 450/3 | €23,826 | €44,896 | +€21,070 | +88.4% |
| Other amounts payable | 47/48 | €242,136 | €252,136 | +€10,000 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,858 | €36,089 | +€2,230 | +6.6% |
| Other operating charges | 640/8 | €961 | €400 | -€561 | -58.4% |
| Gross operating margin | 9900 | €152,142 | €140,887 | -€11,254 | -7.4% |
| Operating profit (loss) | 9901 | €117,323 | €104,399 | -€12,924 | -11.0% |
| Financial charges | 65/66B | €29,959 | €31,513 | +€1,554 | +5.2% |
| Recurring financial charges | 65 | €29,959 | €31,513 | +€1,554 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €87,364 | €72,886 | -€14,478 | -16.6% |
| Income taxes | 67/77 | €23,826 | €21,070 | -€2,755 | -11.6% |
| Profit (loss) for the period | 9904 | €63,538 | €51,816 | -€11,722 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,538 | €51,816 | -€11,722 | -18.4% |
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 1 October 2026 via checked.be.