N.D. TRADING: 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. TRADING
Largest movements
- Stocks and contracts -€16,601
down €16,601 (-42.8%), from €38,829 to €22,228
of which Stocks: -€17,861
- Tangible fixed assets -€6,553
no longer reported in 2025 (was €6,553)
- Cash -€3,689
down €3,689 (-34.2%), from €10,776 to €7,087
- Deferred charges and accrued income -€752
down €752 (-51.7%), from €1,454 to €702
- Profit (loss) carried forward -€42,168
down €42,168 (-738%), from -€5,715 to -€47,883
- Other debts +€13,151
up €13,151 (+55.2%), from €23,810 to €36,961
- Trade debts +€8,470
up €8,470 (+92.8%), from €9,127 to €17,597
- Short-term financial debts -€7,653
down €7,653 (-61.0%), from €12,548 to €4,895
- Tax, wage and social debts +€731
up €731 (+10.6%), from €6,913 to €7,644
of which Taxes: +€644
- Gross operating margin -€29,610
down €29,610, from €6,602 to -€23,008
- Staff costs +€1,249
up €1,249 (+34.1%), from €3,658 to €4,907
- Financial charges -€457
down €457 (-24.4%), from €1,873 to €1,416
- Other operating charges +€425
up €425 (+52.3%), from €812 to €1,237
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,137 | €32,669 | -€27,468 | -45.7% |
| Fixed assets | 21/28 | €6,753 | €200 | -€6,553 | -97.0% |
| Tangible fixed assets | 22/27 | €6,553 | - | -€6,553 | |
| Other tangible fixed assets | 26 | €6,553 | - | -€6,553 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €53,384 | €32,469 | -€20,915 | -39.2% |
| Stocks and contracts in progress | 3 | €38,829 | €22,228 | -€16,601 | -42.8% |
| Stocks | 30/36 | €38,829 | €20,968 | -€17,861 | -46.0% |
| Contracts in progress | 37 | - | €1,260 | +€1,260 | |
| Amounts receivable within one year | 40/41 | €2,325 | €2,452 | +€127 | +5.5% |
| Trade receivables | 40 | €1,745 | €1,655 | -€90 | -5.2% |
| Other amounts receivable | 41 | €580 | €797 | +€217 | +37.4% |
| Cash at bank and in hand | 54/58 | €10,776 | €7,087 | -€3,689 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,454 | €702 | -€752 | -51.7% |
| Total equity and liabilities | 10/49 | €60,137 | €32,669 | -€27,468 | -45.7% |
| Equity | 10/15 | €7,165 | -€35,003 | -€42,168 | |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Contributions outside capital | 11 | - | €11,200 | +€11,200 | |
| Share premium | 1100/10 | - | €11,200 | +€11,200 | |
| Reserves | 13 | €1,680 | €1,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €180 | €180 | = | 0.0% |
| Reserves not available under the articles | 1311 | €180 | €180 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,715 | -€47,883 | -€42,168 | -738% |
| Amounts payable | 17/49 | €52,972 | €67,672 | +€14,700 | +27.8% |
| Amounts payable within one year | 42/48 | €52,972 | €67,672 | +€14,700 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €574 | €575 | +€1 | +0.2% |
| Financial debts | 43 | €12,548 | €4,895 | -€7,653 | -61.0% |
| Credit institutions | 430/8 | €12,548 | €4,895 | -€7,653 | -61.0% |
| Trade debts | 44 | €9,127 | €17,597 | +€8,470 | +92.8% |
| Suppliers | 440/4 | €9,127 | €17,597 | +€8,470 | +92.8% |
| Taxes, remuneration and social security | 45 | €6,913 | €7,644 | +€731 | +10.6% |
| Taxes | 450/3 | €6,747 | €7,391 | +€644 | +9.5% |
| Remuneration and social security | 454/9 | €166 | €253 | +€87 | +52.4% |
| Other amounts payable | 47/48 | €23,810 | €36,961 | +€13,151 | +55.2% |
| Remuneration, social security and pensions | 62 | €3,658 | €4,907 | +€1,249 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,277 | €3,277 | = | 0.0% |
| Other operating charges | 640/8 | €812 | €1,237 | +€425 | +52.3% |
| Non-recurring operating charges | 66A | €40 | - | -€40 | |
| Gross operating margin | 9900 | €6,602 | -€23,008 | -€29,610 | |
| Operating profit (loss) | 9901 | -€1,185 | -€32,429 | -€31,244 | -2,637% |
| Financial income | 75/76B | €1 | €7 | +€6 | +600% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +600% |
| Financial charges | 65/66B | €1,873 | €1,416 | -€457 | -24.4% |
| Recurring financial charges | 65 | €1,873 | €1,416 | -€457 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,057 | -€33,838 | -€30,781 | -1,007% |
| Income taxes | 67/77 | €42 | €138 | +€96 | +229% |
| Profit (loss) for the period | 9904 | -€3,099 | -€33,976 | -€30,877 | -996% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,099 | -€33,976 | -€30,877 | -996% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.