ST NCLS: 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.
ST NCLS
Largest movements
- Receivables within one year -€60,703
down €60,703 (-24.1%), from €252,251 to €191,548
of which Trade receivables: -€65,039
- Tangible fixed assets -€33,993
down €33,993 (-9.7%), from €351,673 to €317,680
of which Land and buildings: -€31,411
- Other debts -€49,554
down €49,554 (-25.4%), from €194,891 to €145,337
- Trade debts -€15,806
down €15,806 (-38.9%), from €40,620 to €24,814
- Debts after one year -€13,174
down €13,174 (-5.7%), from €232,236 to €219,061
- Profit (loss) carried forward -€11,787
down €11,787 (-11.3%), from €104,026 to €92,239
- Financial income +€8,648
new in 2025: €8,648
- Gross operating margin +€7,427
up €7,427 (+34.4%), from €21,618 to €29,045
- Staff costs +€2,475
up €2,475 (+38.1%), from €6,498 to €8,973
- Other operating charges +€1,044
up €1,044 (+118.1%), from €884 to €1,928
- Depreciation -€693
down €693 (-2.0%), from €34,686 to €33,993
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 | €609,229 | €516,191 | -€93,038 | -15.3% |
| Fixed assets | 21/28 | €351,878 | €317,885 | -€33,993 | -9.7% |
| Tangible fixed assets | 22/27 | €351,673 | €317,680 | -€33,993 | -9.7% |
| Land and buildings | 22 | €347,679 | €316,269 | -€31,411 | -9.0% |
| Plant, machinery and equipment | 23 | €2,252 | €1,411 | -€841 | -37.3% |
| Furniture and vehicles | 24 | €1,741 | - | -€1,741 | |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €257,351 | €198,306 | -€59,045 | -22.9% |
| Amounts receivable within one year | 40/41 | €252,251 | €191,548 | -€60,703 | -24.1% |
| Trade receivables | 40 | €74,993 | €9,953 | -€65,039 | -86.7% |
| Other amounts receivable | 41 | €177,258 | €181,594 | +€4,336 | +2.4% |
| Cash at bank and in hand | 54/58 | €5,101 | €5,810 | +€709 | +13.9% |
| Deferred charges and accrued income | 490/1 | - | €949 | +€949 | |
| Total equity and liabilities | 10/49 | €609,229 | €516,191 | -€93,038 | -15.3% |
| Equity | 10/15 | €124,026 | €112,239 | -€11,787 | -9.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,026 | €92,239 | -€11,787 | -11.3% |
| Amounts payable | 17/49 | €485,203 | €403,952 | -€81,251 | -16.7% |
| Amounts payable after more than one year | 17 | €232,236 | €219,061 | -€13,174 | -5.7% |
| Financial debts | 170/4 | €232,236 | €219,061 | -€13,174 | -5.7% |
| Amounts payable within one year | 42/48 | €252,968 | €184,891 | -€68,077 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €13,864 | €14,111 | +€247 | +1.8% |
| Trade debts | 44 | €40,620 | €24,814 | -€15,806 | -38.9% |
| Suppliers | 440/4 | €40,620 | €24,814 | -€15,806 | -38.9% |
| Taxes, remuneration and social security | 45 | €3,592 | €629 | -€2,964 | -82.5% |
| Taxes | 450/3 | €3,052 | €60 | -€2,992 | -98.0% |
| Remuneration and social security | 454/9 | €540 | €569 | +€28 | +5.2% |
| Other amounts payable | 47/48 | €194,891 | €145,337 | -€49,554 | -25.4% |
| Remuneration, social security and pensions | 62 | €6,498 | €8,973 | +€2,475 | +38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,686 | €33,993 | -€693 | -2.0% |
| Other operating charges | 640/8 | €884 | €1,928 | +€1,044 | +118.1% |
| Gross operating margin | 9900 | €21,618 | €29,045 | +€7,427 | +34.4% |
| Operating profit (loss) | 9901 | -€20,450 | -€15,848 | +€4,601 | +22.5% |
| Financial income | 75/76B | - | €8,648 | +€8,648 | |
| Recurring financial income | 75 | - | €8,648 | +€8,648 | |
| Financial charges | 65/66B | €4,676 | €4,586 | -€90 | -1.9% |
| Recurring financial charges | 65 | €4,676 | €4,586 | -€90 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | -€25,126 | -€11,787 | +€13,339 | +53.1% |
| Profit (loss) for the period | 9904 | -€25,126 | -€11,787 | +€13,339 | +53.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,126 | -€11,787 | +€13,339 | +53.1% |
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 6 October 2026 via checked.be.