NTC: 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.
NTC
Largest movements
- Receivables within one year -€36,435
down €36,435 (-19.8%), from €184,393 to €147,958
of which Trade receivables: -€60,110
- Cash -€36,315
no longer reported in 2025 (was €36,315)
mainly Trade debts (-€120,120) and Current investments (-€9,681)
- Current investments +€9,681
new in 2025: €9,681
- Deferred charges and accrued income -€6,736
no longer reported in 2025 (was €6,736)
- Tangible fixed assets -€2,520
down €2,520 (-57.0%), from €4,422 to €1,902
- Trade debts -€120,120
down €120,120 (-65.7%), from €182,828 to €62,708
- Profit (loss) carried forward +€38,145
up €38,145 (+200%), from €19,073 to €57,218
- Tax, wage and social debts +€9,643
up €9,643 (+217%), from €4,444 to €14,087
- Turnover +€414,854
up €414,854 (+39.8%), from €1.0m to €1.5m
- Purchases and services +€358,375
up €358,375 (+35.0%), from €1.0m to €1.4m
- Gross operating margin +€56,479
up €56,479 (+329%), from €17,180 to €73,659
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 | €231,867 | €159,542 | -€72,325 | -31.2% |
| Fixed assets | 21/28 | €4,422 | €1,902 | -€2,520 | -57.0% |
| Tangible fixed assets | 22/27 | €4,422 | €1,902 | -€2,520 | -57.0% |
| Furniture and vehicles | 24 | €4,422 | €1,902 | -€2,520 | -57.0% |
| Current assets | 29/58 | €227,445 | €157,639 | -€69,805 | -30.7% |
| Amounts receivable within one year | 40/41 | €184,393 | €147,958 | -€36,435 | -19.8% |
| Trade receivables | 40 | €155,706 | €95,596 | -€60,110 | -38.6% |
| Other amounts receivable | 41 | €28,687 | €52,362 | +€23,675 | +82.5% |
| Current investments | 50/53 | - | €9,681 | +€9,681 | |
| Cash at bank and in hand | 54/58 | €36,315 | - | -€36,315 | |
| Deferred charges and accrued income | 490/1 | €6,736 | - | -€6,736 | |
| Total equity and liabilities | 10/49 | €231,867 | €159,542 | -€72,325 | -31.2% |
| Equity | 10/15 | €44,595 | €82,739 | +€38,145 | +85.5% |
| Contributions | 10/11 | €14,093 | €14,093 | = | 0.0% |
| Reserves | 13 | €11,429 | €11,429 | = | 0.0% |
| Distributable reserves | 133 | €11,429 | €11,429 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,073 | €57,218 | +€38,145 | +200% |
| Amounts payable | 17/49 | €187,272 | €76,802 | -€110,470 | -59.0% |
| Amounts payable within one year | 42/48 | €187,272 | €76,802 | -€110,470 | -59.0% |
| Financial debts | 43 | - | €7 | +€7 | |
| Other loans | 439 | - | €7 | +€7 | |
| Trade debts | 44 | €182,828 | €62,708 | -€120,120 | -65.7% |
| Suppliers | 440/4 | €182,828 | €62,708 | -€120,120 | -65.7% |
| Taxes, remuneration and social security | 45 | €4,444 | €14,087 | +€9,643 | +217% |
| Taxes | 450/3 | €4,444 | €14,087 | +€9,643 | +217% |
| Turnover | 70 | €1,041,115 | €1,455,970 | +€414,854 | +39.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,023,936 | €1,382,311 | +€358,375 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,750 | €3,764 | -€1,986 | -34.5% |
| Other operating charges | 640/8 | €636 | €2,221 | +€1,585 | +249% |
| Gross operating margin | 9900 | €17,180 | €73,659 | +€56,479 | +329% |
| Operating profit (loss) | 9901 | €10,794 | €67,675 | +€56,881 | +527% |
| Financial income | 75/76B | €12,076 | €2,102 | -€9,973 | -82.6% |
| Recurring financial income | 75 | €1,078 | €702 | -€376 | -34.9% |
| Non-recurring financial income | 76B | €10,997 | €1,400 | -€9,597 | -87.3% |
| Financial charges | 65/66B | €12,585 | €17,546 | +€4,961 | +39.4% |
| Recurring financial charges | 65 | €12,585 | €16,896 | +€4,311 | +34.3% |
| Non-recurring financial charges | 66B | - | €650 | +€650 | |
| Profit (loss) for the period before taxes | 9903 | €10,285 | €52,231 | +€41,946 | +408% |
| Income taxes | 67/77 | €2,320 | €14,087 | +€11,767 | +507% |
| Profit (loss) for the period | 9904 | €7,965 | €38,145 | +€30,179 | +379% |
| Profit (loss) for the period to be appropriated | 9905 | €7,965 | €38,145 | +€30,179 | +379% |
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 28 October 2026 via checked.be.