N.D.I.: 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.
N.D.I.
Largest movements
- Receivables within one year +€90,222
up €90,222 (+132%), from €68,482 to €158,704
of which Trade receivables: +€96,540
- Cash -€15,880
no longer reported in 2025 (was €15,880)
mainly Receivables within one year (-€90,222) and Investment in fixed assets (net) (-€950)
- Trade debts +€46,058
up €46,058 (+79.9%), from €57,613 to €103,671
- Short-term financial debts +€8,125
new in 2025: €8,125
- Reserves +€6,260
up €6,260 (+8.0%), from €78,106 to €84,366
of which Distributable reserves: +€84,366
- Other debts +€6,193
up €6,193 (+50.1%), from €12,367 to €18,560
- Tax, wage and social debts +€2,898
up €2,898 (+797%), from €364 to €3,262
- Gross operating margin +€6,863
up €6,863 (+220%), from €3,123 to €9,986
- Taxes +€2,898
up €2,898 (+797%), from €364 to €3,262
- Financial income +€2,138
up €2,138 (+167,054%), from €1 to €2,140
- Financial charges +€327
up €327 (+31.2%), from €1,050 to €1,377
- Depreciation +€182
new in 2025: €182
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 | €167,334 | €239,583 | +€72,249 | +43.2% |
| Fixed assets | 21/28 | €1,313 | €2,080 | +€767 | +58.5% |
| Tangible fixed assets | 22/27 | €0 | €767 | +€767 | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €767 | +€767 | |
| Financial fixed assets | 28 | €1,313 | €1,313 | = | 0.0% |
| Current assets | 29/58 | €166,022 | €237,503 | +€71,482 | +43.1% |
| Amounts receivable after more than one year | 29 | €74,921 | €74,599 | -€323 | -0.4% |
| Trade receivables | 290 | €74,921 | €74,599 | -€323 | -0.4% |
| Stocks and contracts in progress | 3 | €4,116 | €3,648 | -€468 | -11.4% |
| Stocks | 30/36 | €4,116 | €3,648 | -€468 | -11.4% |
| Amounts receivable within one year | 40/41 | €68,482 | €158,704 | +€90,222 | +132% |
| Trade receivables | 40 | €60,398 | €156,938 | +€96,540 | +160% |
| Other amounts receivable | 41 | €8,085 | €1,766 | -€6,319 | -78.2% |
| Cash at bank and in hand | 54/58 | €15,880 | - | -€15,880 | |
| Deferred charges and accrued income | 490/1 | €2,621 | €552 | -€2,069 | -78.9% |
| Total equity and liabilities | 10/49 | €167,334 | €239,583 | +€72,249 | +43.2% |
| Equity | 10/15 | €96,706 | €102,966 | +€6,260 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,106 | €84,366 | +€6,260 | +8.0% |
| Non-distributable reserves | 130/1 | €78,106 | - | -€78,106 | |
| Financial assistance | 1313 | €78,106 | - | -€78,106 | |
| Distributable reserves | 133 | - | €84,366 | +€84,366 | |
| Amounts payable | 17/49 | €70,628 | €136,617 | +€65,989 | +93.4% |
| Amounts payable within one year | 42/48 | €70,343 | €133,617 | +€63,274 | +90.0% |
| Financial debts | 43 | - | €8,125 | +€8,125 | |
| Credit institutions | 430/8 | - | €8,125 | +€8,125 | |
| Trade debts | 44 | €57,613 | €103,671 | +€46,058 | +79.9% |
| Suppliers | 440/4 | €57,613 | €103,671 | +€46,058 | +79.9% |
| Taxes, remuneration and social security | 45 | €364 | €3,262 | +€2,898 | +797% |
| Taxes | 450/3 | €364 | €3,262 | +€2,898 | +797% |
| Other amounts payable | 47/48 | €12,367 | €18,560 | +€6,193 | +50.1% |
| Accrued charges and deferred income | 492/3 | €285 | €3,000 | +€2,715 | +953% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €182 | +€182 | |
| Other operating charges | 640/8 | €1,000 | €1,044 | +€44 | +4.4% |
| Gross operating margin | 9900 | €3,123 | €9,986 | +€6,863 | +220% |
| Operating profit (loss) | 9901 | €2,123 | €8,759 | +€6,636 | +313% |
| Financial income | 75/76B | €1 | €2,140 | +€2,138 | +167,054% |
| Recurring financial income | 75 | €1 | €2,140 | +€2,138 | +167,054% |
| Financial charges | 65/66B | €1,050 | €1,377 | +€327 | +31.2% |
| Recurring financial charges | 65 | €1,050 | €1,377 | +€327 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €1,074 | €9,522 | +€8,448 | +786% |
| Income taxes | 67/77 | €364 | €3,262 | +€2,898 | +797% |
| Profit (loss) for the period | 9904 | €710 | €6,260 | +€5,550 | +781% |
| Profit (loss) for the period to be appropriated | 9905 | €710 | €6,260 | +€5,550 | +781% |
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 20 October 2026 via checked.be.