N.D.T.: 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.
What changed
N.D.T.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€342,348
2024 · €521,703-€179,355
Equity
€15.1m
2024 · €14.7m+€342,348
Cash
€2.5m
2024 · €1.8m+€724,638
Balance sheet total
€16.2m
2024 · €16.1m+€126,151
Largest movements
Assets
- Cash +€724,638
up €724,638 (+40.8%), from €1.8m to €2.5m
mainly Depreciation (+€728,423) and Net result for the year (+€342,348)
- Tangible fixed assets -€597,071
down €597,071 (-4.2%), from €14.2m to €13.6m
of which Land and buildings: -€610,504
Equity and liabilities
- Profit (loss) carried forward +€342,348
up €342,348 (+65.3%), from €524,245 to €866,593
Income statement
- Provisions +€314,237
up €314,237 (+89.3%), from -€351,693 to -€37,456
- Gross operating margin +€102,357
up €102,357 (+7.8%), from €1.3m to €1.4m
- Taxes -€61,889
down €61,889 (-35.1%), from €176,089 to €114,200
- Other operating charges +€17,163
up €17,163 (+12.4%), from €138,753 to €155,916
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.
Result 2024
€521,703
Gross operating margin
+€102,357
Depreciation
-€11,685
Provisions
-€314,237
Other operating charges
-€17,163
Financial income
-€616
Financial charges
+€100
Taxes
+€61,889
Result 2025
€342,348
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.
From operations
+€981,028
Investment
-€131,352
Financing
-€125,038
Cash 2024
€1.8m
From operations (derived)
+€981,028
Net result for the year
+€342,348
Depreciation
+€728,423
Receivables within one year
+€2,931
Deferred charges and accrued income
-€1,515
Provisions
-€37,456
Trade debts
-€41,454
Tax, wage and social debts
-€7,345
Other debts
+€4,938
Accrued charges and deferred income
-€9,842
Investment (derived)
-€131,352
Investment in fixed assets (net)
-€131,352
Financing
-€125,038
Current portion of long-term debt
-€125,038
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,065,768 | €16,191,919 | +€126,151 | +0.8% |
| Fixed assets | 21/28 | €14,211,119 | €13,614,048 | -€597,071 | -4.2% |
| Tangible fixed assets | 22/27 | €14,211,119 | €13,614,048 | -€597,071 | -4.2% |
| Land and buildings | 22 | €14,170,898 | €13,560,394 | -€610,504 | -4.3% |
| Furniture and vehicles | 24 | €35,094 | €32,572 | -€2,522 | -7.2% |
| Assets under construction and advance payments | 27 | €5,126 | €21,082 | +€15,956 | +311.3% |
| Current assets | 29/58 | €1,854,650 | €2,577,871 | +€723,221 | +39.0% |
| Amounts receivable within one year | 40/41 | €52,636 | €49,705 | -€2,931 | -5.6% |
| Trade receivables | 40 | €17,182 | €29,244 | +€12,062 | +70.2% |
| Other amounts receivable | 41 | €35,455 | €20,462 | -€14,993 | -42.3% |
| Cash at bank and in hand | 54/58 | €1,778,206 | €2,502,844 | +€724,638 | +40.8% |
| Deferred charges and accrued income | 490/1 | €23,807 | €25,322 | +€1,515 | +6.4% |
| Total equity and liabilities | 10/49 | €16,065,768 | €16,191,919 | +€126,151 | +0.8% |
| Equity | 10/15 | €14,743,793 | €15,086,141 | +€342,348 | +2.3% |
| Contributions | 10/11 | €5,296,195 | €5,296,195 | = | 0.0% |
| Capital | 10 | €5,296,195 | €5,296,195 | = | 0.0% |
| Issued capital | 100 | €5,296,195 | €5,296,195 | = | 0.0% |
| Reserves | 13 | €8,923,353 | €8,923,353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €529,620 | €529,620 | = | 0.0% |
| Legal reserve | 130 | €529,620 | €529,620 | = | 0.0% |
| Distributable reserves | 133 | €8,393,733 | €8,393,733 | = | 0.0% |
| Profit (loss) carried forward | 14 | €524,245 | €866,593 | +€342,348 | +65.3% |
| Provisions and deferred taxes | 16 | €900,139 | €862,683 | -€37,456 | -4.2% |
| Provisions for liabilities and charges | 160/5 | €900,139 | €862,683 | -€37,456 | -4.2% |
| Other liabilities and charges | 164/5 | €900,139 | €862,683 | -€37,456 | -4.2% |
| Amounts payable | 17/49 | €421,836 | €243,095 | -€178,741 | -42.4% |
| Amounts payable within one year | 42/48 | €372,958 | €204,059 | -€168,899 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €125,038 | €0 | -€125,038 | -100.0% |
| Trade debts | 44 | €60,595 | €19,141 | -€41,454 | -68.4% |
| Suppliers | 440/4 | €60,595 | €19,141 | -€41,454 | -68.4% |
| Taxes, remuneration and social security | 45 | €116,758 | €109,413 | -€7,345 | -6.3% |
| Taxes | 450/3 | €116,758 | €109,413 | -€7,345 | -6.3% |
| Other amounts payable | 47/48 | €70,567 | €75,505 | +€4,938 | +7.0% |
| Accrued charges and deferred income | 492/3 | €48,878 | €39,036 | -€9,842 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €716,738 | €728,423 | +€11,685 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€351,693 | -€37,456 | +€314,237 | +89.3% |
| Other operating charges | 640/8 | €138,753 | €155,916 | +€17,163 | +12.4% |
| Gross operating margin | 9900 | €1,319,217 | €1,421,574 | +€102,357 | +7.8% |
| Operating profit (loss) | 9901 | €815,420 | €574,691 | -€240,728 | -29.5% |
| Financial income | 75/76B | €1,178 | €562 | -€616 | -52.3% |
| Recurring financial income | 75 | €1,178 | €562 | -€616 | -52.3% |
| Financial charges | 65/66B | €118,805 | €118,705 | -€100 | -0.1% |
| Recurring financial charges | 65 | €118,805 | €118,705 | -€100 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €697,792 | €456,548 | -€241,244 | -34.6% |
| Income taxes | 67/77 | €176,089 | €114,200 | -€61,889 | -35.1% |
| Profit (loss) for the period | 9904 | €521,703 | €342,348 | -€179,355 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €521,703 | €342,348 | -€179,355 | -34.4% |
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 3 October 2026 via checked.be.