Dr SERGE NDAM: 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.
Dr SERGE NDAM
Largest movements
- Receivables within one year +€57,183
up €57,183 (+20.7%), from €276,071 to €333,254
of which Other amounts receivable: +€52,073
- Current investments +€25,501
up €25,501 (+21.2%), from €120,055 to €145,556
- Cash -€13,129
down €13,129 (-16.4%), from €80,030 to €66,901
mainly Receivables within one year (-€57,183) and Contributions, distributions and other (-€50,000)
- Reserves +€66,275
up €66,275 (+15.3%), from €434,510 to €500,785
of which Distributable reserves: +€66,275
- Tax, wage and social debts +€9,665
up €9,665 (+69.7%), from €13,866 to €23,531
- Debts after one year -€8,516
down €8,516 (-23.8%), from €35,751 to €27,235
- Gross operating margin -€17,443
down €17,443 (-9.8%), from €177,167 to €159,724
- Financial income +€5,450
up €5,450 (+46.8%), from €11,640 to €17,090
- Taxes -€2,675
down €2,675 (-4.6%), from €57,835 to €55,160
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 | €555,589 | €623,300 | +€67,710 | +12.2% |
| Fixed assets | 21/28 | €79,433 | €77,589 | -€1,844 | -2.3% |
| Tangible fixed assets | 22/27 | €4,103 | €2,259 | -€1,844 | -44.9% |
| Furniture and vehicles | 24 | €718 | €273 | -€445 | -62.0% |
| Leasing and similar rights | 25 | €3,385 | €1,986 | -€1,399 | -41.3% |
| Financial fixed assets | 28 | €75,330 | €75,330 | = | 0.0% |
| Current assets | 29/58 | €476,156 | €545,710 | +€69,554 | +14.6% |
| Amounts receivable within one year | 40/41 | €276,071 | €333,254 | +€57,183 | +20.7% |
| Trade receivables | 40 | €78,305 | €83,415 | +€5,109 | +6.5% |
| Other amounts receivable | 41 | €197,766 | €249,839 | +€52,073 | +26.3% |
| Current investments | 50/53 | €120,055 | €145,556 | +€25,501 | +21.2% |
| Cash at bank and in hand | 54/58 | €80,030 | €66,901 | -€13,129 | -16.4% |
| Total equity and liabilities | 10/49 | €555,589 | €623,300 | +€67,710 | +12.2% |
| Equity | 10/15 | €471,694 | €537,969 | +€66,275 | +14.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €434,510 | €500,785 | +€66,275 | +15.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €432,650 | €498,925 | +€66,275 | +15.3% |
| Profit (loss) carried forward | 14 | €24,784 | €24,784 | +€0 | 0.0% |
| Amounts payable | 17/49 | €83,895 | €85,331 | +€1,435 | +1.7% |
| Amounts payable after more than one year | 17 | €35,751 | €27,235 | -€8,516 | -23.8% |
| Financial debts | 170/4 | €35,751 | €27,235 | -€8,516 | -23.8% |
| Amounts payable within one year | 42/48 | €48,145 | €58,096 | +€9,951 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €32,147 | €32,432 | +€285 | +0.9% |
| Trade debts | 44 | €2,132 | €2,134 | +€1 | +0.1% |
| Suppliers | 440/4 | €2,132 | €2,134 | +€1 | +0.1% |
| Taxes, remuneration and social security | 45 | €13,866 | €23,531 | +€9,665 | +69.7% |
| Taxes | 450/3 | €13,866 | €23,531 | +€9,665 | +69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,844 | €1,844 | = | 0.0% |
| Other operating charges | 640/8 | €1,532 | €681 | -€851 | -55.6% |
| Gross operating margin | 9900 | €177,167 | €159,724 | -€17,443 | -9.8% |
| Operating profit (loss) | 9901 | €173,792 | €157,200 | -€16,592 | -9.5% |
| Financial income | 75/76B | €11,640 | €17,090 | +€5,450 | +46.8% |
| Recurring financial income | 75 | €11,640 | €17,090 | +€5,450 | +46.8% |
| Financial charges | 65/66B | €1,794 | €2,855 | +€1,061 | +59.1% |
| Recurring financial charges | 65 | €1,794 | €2,855 | +€1,061 | +59.1% |
| Profit (loss) for the period before taxes | 9903 | €183,638 | €171,435 | -€12,203 | -6.6% |
| Income taxes | 67/77 | €57,835 | €55,160 | -€2,675 | -4.6% |
| Profit (loss) for the period | 9904 | €125,803 | €116,275 | -€9,528 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,803 | €116,275 | -€9,528 | -7.6% |
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 31 October 2026 via checked.be.