N.D.W.: what changed
What changed
N.D.W.
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€189,770
2024 · €446+€189,324
Equity
€1.5m
2024 · €1.3m+€189,770
Cash
€100,190
2024 · €601,775-€501,585
Balance sheet total
€4.5m
2024 · €4.3m+€210,809
Largest movements
Assets
- Receivables within one year +€546,775
up €546,775 (+35.3%), from €1.5m to €2.1m
of which Trade receivables: +€531,218
- Cash -€501,585
down €501,585 (-83.4%), from €601,775 to €100,190
mainly Receivables within one year (-€546,775) and Investment in fixed assets (net) (-€210,261)
- Tangible fixed assets +€68,350
up €68,350 (+13.7%), from €498,452 to €566,802
of which Plant, machinery and equipment: +€108,209
- Financial fixed assets +€63,532
up €63,532 (+5.8%), from €1.1m to €1.2m
Equity and liabilities
- Reserves +€189,770
up €189,770 (+15.1%), from €1.3m to €1.4m
- Debts after one year +€116,472
up €116,472 (+9.7%), from €1.2m to €1.3m
- Trade debts -€97,986
down €97,986 (-8.6%), from €1.1m to €1.0m
- Advances received +€79,856
up €79,856, from €0 to €79,856
- Short-term financial debts -€70,986
down €70,986 (-40.1%), from €177,192 to €106,206
Income statement
- Financial income -€379,369
down €379,369 (-88.3%), from €429,715 to €50,346
- Gross operating margin +€365,515
up €365,515 (+19.3%), from €1.9m to €2.3m
- Staff costs -€262,666
down €262,666 (-13.1%), from €2.0m to €1.7m
- Other operating charges +€112,223
up €112,223 (+206%), from €54,549 to €166,772
- Write-downs -€70,096
down €70,096, from €16,607 to -€53,489
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€446
Gross operating margin
+€365,515
Staff costs
+€262,666
Depreciation
+€41,656
Write-downs
+€70,096
Other operating charges
-€112,223
Other operating items
-€80,311
Financial income
-€379,369
Financial charges
+€20,346
Taxes
+€947
Result 2025
€189,770
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€326,876
Investment
-€210,261
Financing
+€35,552
Cash 2024
€601,775
From operations (derived)
-€326,876
Net result for the year
+€189,770
Depreciation
+€78,379
Stocks and contracts
+€11,259
Receivables within one year
-€546,775
Deferred charges and accrued income
-€44,996
Trade debts
-€97,986
Tax, wage and social debts
-€8,316
Advances received
+€79,856
Other debts
+€17,829
Accrued charges and deferred income
-€5,896
Investment (derived)
-€210,261
Investment in fixed assets (net)
-€210,261
Financing
+€35,552
Debts after one year
+€116,472
Current portion of long-term debt
-€9,933
Short-term financial debts
-€70,986
Cash 2025
€100,190
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,338,549 | €4,549,358 | +€210,809 | +4.9% |
| Fixed assets | 21/28 | €1,603,057 | €1,734,940 | +€131,882 | +8.2% |
| Tangible fixed assets | 22/27 | €498,452 | €566,802 | +€68,350 | +13.7% |
| Plant, machinery and equipment | 23 | €338,955 | €447,164 | +€108,209 | +31.9% |
| Furniture and vehicles | 24 | €67,293 | €42,888 | -€24,405 | -36.3% |
| Other tangible fixed assets | 26 | €92,203 | €76,749 | -€15,454 | -16.8% |
| Financial fixed assets | 28 | €1,104,606 | €1,168,138 | +€63,532 | +5.8% |
| Current assets | 29/58 | €2,735,491 | €2,814,418 | +€78,927 | +2.9% |
| Stocks and contracts in progress | 3 | €525,523 | €514,264 | -€11,259 | -2.1% |
| Stocks | 30/36 | €259,397 | €376,015 | +€116,618 | +45.0% |
| Contracts in progress | 37 | €266,126 | €138,249 | -€127,877 | -48.1% |
| Amounts receivable within one year | 40/41 | €1,547,982 | €2,094,757 | +€546,775 | +35.3% |
| Trade receivables | 40 | €1,212,258 | €1,743,476 | +€531,218 | +43.8% |
| Other amounts receivable | 41 | €335,724 | €351,281 | +€15,557 | +4.6% |
| Cash at bank and in hand | 54/58 | €601,775 | €100,190 | -€501,585 | -83.4% |
| Deferred charges and accrued income | 490/1 | €60,211 | €105,207 | +€44,996 | +74.7% |
| Total equity and liabilities | 10/49 | €4,338,549 | €4,549,358 | +€210,809 | +4.9% |
| Equity | 10/15 | €1,278,644 | €1,468,414 | +€189,770 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,260,044 | €1,449,814 | +€189,770 | +15.1% |
| Distributable reserves | 133 | €1,260,044 | €1,449,814 | +€189,770 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,059,904 | €3,080,943 | +€21,039 | +0.7% |
| Amounts payable after more than one year | 17 | €1,197,155 | €1,313,626 | +€116,472 | +9.7% |
| Financial debts | 170/4 | €1,197,155 | €1,313,626 | +€116,472 | +9.7% |
| Amounts payable within one year | 42/48 | €1,828,918 | €1,739,382 | -€89,536 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €169,608 | €159,676 | -€9,933 | -5.9% |
| Financial debts | 43 | €177,192 | €106,206 | -€70,986 | -40.1% |
| Credit institutions | 430/8 | €177,192 | €106,206 | -€70,986 | -40.1% |
| Trade debts | 44 | €1,132,868 | €1,034,882 | -€97,986 | -8.6% |
| Suppliers | 440/4 | €1,132,868 | €1,034,882 | -€97,986 | -8.6% |
| Advances received on contracts in progress | 46 | €0 | €79,856 | +€79,856 | |
| Taxes, remuneration and social security | 45 | €227,901 | €219,584 | -€8,316 | -3.6% |
| Taxes | 450/3 | €42,658 | €72,559 | +€29,901 | +70.1% |
| Remuneration and social security | 454/9 | €185,243 | €147,025 | -€38,218 | -20.6% |
| Other amounts payable | 47/48 | €121,349 | €139,178 | +€17,829 | +14.7% |
| Accrued charges and deferred income | 492/3 | €33,832 | €27,935 | -€5,896 | -17.4% |
| Non-recurring operating income | 76A | €48,074 | €17,681 | -€30,393 | -63.2% |
| Remuneration, social security and pensions | 62 | €2,002,870 | €1,740,204 | -€262,666 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,036 | €78,379 | -€41,656 | -34.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,607 | -€53,489 | -€70,096 | |
| Other operating charges | 640/8 | €54,549 | €166,772 | +€112,223 | +206% |
| Non-recurring operating charges | 66A | €0 | €80,311 | +€80,311 | |
| Gross operating margin | 9900 | €1,889,131 | €2,254,646 | +€365,515 | +19.3% |
| Operating profit (loss) | 9901 | -€304,931 | €242,468 | +€547,400 | |
| Financial income | 75/76B | €429,715 | €50,346 | -€379,369 | -88.3% |
| Recurring financial income | 75 | €429,715 | €50,346 | -€379,369 | -88.3% |
| Financial charges | 65/66B | €121,625 | €101,278 | -€20,346 | -16.7% |
| Recurring financial charges | 65 | €121,625 | €101,278 | -€20,346 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €3,159 | €191,536 | +€188,377 | +5,962% |
| Income taxes | 67/77 | €2,713 | €1,766 | -€947 | -34.9% |
| Profit (loss) for the period | 9904 | €446 | €189,770 | +€189,324 | +42,454% |
| Profit (loss) for the period to be appropriated | 9905 | €446 | €189,770 | +€189,324 | +42,454% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.