NECON: 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.
NECON
Largest movements
- Intangible fixed assets -€56,800
down €56,800 (-16.5%), from €343,267 to €286,467
- Receivables within one year -€34,584
no longer reported in 2025 (was €34,584)
of which Trade receivables: -€29,519
- Tangible fixed assets +€20,556
up €20,556 (+5.0%), from €413,375 to €433,932
of which Furniture and vehicles: +€26,847
- Cash +€10,510
new in 2025: €10,510
mainly Depreciation (+€84,700) and Receivables within one year (+€34,584)
- Debts after one year -€37,110
down €37,110 (-7.4%), from €501,265 to €464,155
- Trade debts -€37,101
down €37,101 (-56.1%), from €66,085 to €28,984
- Current portion of long-term debt +€20,236
up €20,236 (+24.2%), from €83,636 to €103,872
- Short-term financial debts -€13,273
no longer reported in 2025 (was €13,273)
- Reserves +€9,840
up €9,840 (+6.3%), from €154,958 to €164,798
of which Distributable reserves: +€9,840
- Gross operating margin +€29,792
up €29,792 (+7.4%), from €402,476 to €432,268
- Depreciation +€18,121
up €18,121 (+27.2%), from €66,579 to €84,700
- Financial charges +€10,135
up €10,135 (+34.0%), from €29,788 to €39,923
- Other operating charges +€7,143
up €7,143 (+380%), from €1,881 to €9,024
- Staff costs +€5,745
up €5,745 (+2.1%), from €272,923 to €278,668
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 | €897,649 | €837,628 | -€60,021 | -6.7% |
| Fixed assets | 21/28 | €861,961 | €825,718 | -€36,244 | -4.2% |
| Intangible fixed assets | 21 | €343,267 | €286,467 | -€56,800 | -16.5% |
| Tangible fixed assets | 22/27 | €413,375 | €433,932 | +€20,556 | +5.0% |
| Land and buildings | 22 | €384,212 | €371,871 | -€12,341 | -3.2% |
| Furniture and vehicles | 24 | €22,640 | €49,487 | +€26,847 | +119% |
| Other tangible fixed assets | 26 | €6,523 | €12,574 | +€6,050 | +92.7% |
| Financial fixed assets | 28 | €105,319 | €105,319 | = | 0.0% |
| Current assets | 29/58 | €35,688 | €11,910 | -€23,777 | -66.6% |
| Amounts receivable within one year | 40/41 | €34,584 | - | -€34,584 | |
| Trade receivables | 40 | €29,519 | - | -€29,519 | |
| Other amounts receivable | 41 | €5,065 | - | -€5,065 | |
| Cash at bank and in hand | 54/58 | - | €10,510 | +€10,510 | |
| Deferred charges and accrued income | 490/1 | €1,104 | €1,401 | +€297 | +26.9% |
| Total equity and liabilities | 10/49 | €897,649 | €837,628 | -€60,021 | -6.7% |
| Equity | 10/15 | €171,084 | €180,923 | +€9,840 | +5.8% |
| Contributions | 10/11 | €16,126 | €16,126 | = | 0.0% |
| Capital | 10 | €16,126 | €16,126 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €2,466 | €2,466 | = | 0.0% |
| Reserves | 13 | €154,958 | €164,798 | +€9,840 | +6.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €153,099 | €162,939 | +€9,840 | +6.4% |
| Amounts payable | 17/49 | €726,565 | €656,704 | -€69,861 | -9.6% |
| Amounts payable after more than one year | 17 | €501,265 | €464,155 | -€37,110 | -7.4% |
| Financial debts | 170/4 | €501,265 | €464,155 | -€37,110 | -7.4% |
| Amounts payable within one year | 42/48 | €225,300 | €192,550 | -€32,750 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €83,636 | €103,872 | +€20,236 | +24.2% |
| Financial debts | 43 | €13,273 | - | -€13,273 | |
| Credit institutions | 430/8 | €13,273 | - | -€13,273 | |
| Trade debts | 44 | €66,085 | €28,984 | -€37,101 | -56.1% |
| Suppliers | 440/4 | €66,085 | €28,984 | -€37,101 | -56.1% |
| Taxes, remuneration and social security | 45 | €62,307 | €53,708 | -€8,599 | -13.8% |
| Taxes | 450/3 | €15,074 | €20,744 | +€5,670 | +37.6% |
| Remuneration and social security | 454/9 | €47,232 | €32,964 | -€14,269 | -30.2% |
| Other amounts payable | 47/48 | - | €5,985 | +€5,985 | |
| Remuneration, social security and pensions | 62 | €272,923 | €278,668 | +€5,745 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,579 | €84,700 | +€18,121 | +27.2% |
| Other operating charges | 640/8 | €1,881 | €9,024 | +€7,143 | +380% |
| Gross operating margin | 9900 | €402,476 | €432,268 | +€29,792 | +7.4% |
| Operating profit (loss) | 9901 | €61,092 | €59,875 | -€1,217 | -2.0% |
| Financial income | 75/76B | €377 | €558 | +€181 | +48.0% |
| Recurring financial income | 75 | €377 | €558 | +€181 | +48.0% |
| Financial charges | 65/66B | €29,788 | €39,923 | +€10,135 | +34.0% |
| Recurring financial charges | 65 | €29,788 | €39,923 | +€10,135 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €31,681 | €20,510 | -€11,171 | -35.3% |
| Income taxes | 67/77 | €14,837 | €10,670 | -€4,167 | -28.1% |
| Profit (loss) for the period | 9904 | €16,844 | €9,840 | -€7,004 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,844 | €9,840 | -€7,004 | -41.6% |
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.