N T & D: 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.
What changed
N T & D
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€92,130
2024 · -€61,363-€30,767
Equity
€4.6m
2024 · €4.7m-€92,366
Cash
€247,104
2024 · €223,190+€23,914
Balance sheet total
€5.2m
2024 · €5.9m-€764,822
Largest movements
Assets
- Current investments -€796,976
down €796,976 (-23.7%), from €3.4m to €2.6m
- Stocks and contracts +€202,778
up €202,778 (+406%), from €49,892 to €252,670
- Tangible fixed assets -€173,138
down €173,138 (-7.8%), from €2.2m to €2.1m
of which Land and buildings: -€259,962
Equity and liabilities
- Other debts -€590,772
down €590,772 (-84.1%), from €702,579 to €111,807
- Reserves -€92,366
down €92,366 (-2.4%), from €3.9m to €3.8m
of which Distributable reserves: -€70,711
Income statement
- Gross operating margin -€52,925
down €52,925, from €35,856 to -€17,068
- Other operating charges -€23,457
down €23,457 (-62.2%), from €37,709 to €14,251
- Financial income +€22,820
up €22,820 (+18.1%), from €125,964 to €148,784
of which Financial income: +€22,820
- Depreciation -€21,225
down €21,225 (-13.6%), from €155,791 to €134,566
- Staff costs +€17,655
up €17,655 (+114%), from €15,455 to €33,109
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
-€61,363
Gross operating margin
-€52,925
Staff costs
-€17,655
Depreciation
+€21,225
Other operating charges
+€23,457
Financial income
+€22,820
Financial charges
+€3,767
Taxes
-€261
Deferred taxes and other
-€31,195
Result 2025
-€92,130
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€772,822
Investment
+€835,548
Financing
-€38,812
Cash 2024
€223,190
From operations (derived)
-€772,822
Net result for the year
-€92,130
Depreciation
+€134,566
Stocks and contracts
-€202,778
Receivables within one year
+€6,925
Deferred charges and accrued income
+€14,474
Provisions
-€5,414
Trade debts
-€28,400
Tax, wage and social debts
-€9,294
Other debts
-€590,772
Investment (derived)
+€835,548
Investment in fixed assets (net)
+€38,572
Current investments
+€796,976
Financing
-€38,812
Debts after one year
-€38,838
Current portion of long-term debt
+€263
Contributions, distributions and other
-€236
Cash 2025
€247,104
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,925,127 | €5,160,306 | -€764,822 | -12.9% |
| Fixed assets | 21/28 | €2,228,036 | €2,054,898 | -€173,138 | -7.8% |
| Tangible fixed assets | 22/27 | €2,228,036 | €2,054,898 | -€173,138 | -7.8% |
| Land and buildings | 22 | €1,602,560 | €1,342,598 | -€259,962 | -16.2% |
| Plant, machinery and equipment | 23 | €553,129 | €652,913 | +€99,784 | +18.0% |
| Furniture and vehicles | 24 | €72,347 | €59,387 | -€12,960 | -17.9% |
| Current assets | 29/58 | €3,697,091 | €3,105,408 | -€591,684 | -16.0% |
| Stocks and contracts in progress | 3 | €49,892 | €252,670 | +€202,778 | +406% |
| Stocks | 30/36 | €49,892 | €252,670 | +€202,778 | +406% |
| Amounts receivable within one year | 40/41 | €37,194 | €30,269 | -€6,925 | -18.6% |
| Trade receivables | 40 | €19,362 | €10,440 | -€8,922 | -46.1% |
| Other amounts receivable | 41 | €17,832 | €19,829 | +€1,997 | +11.2% |
| Current investments | 50/53 | €3,362,597 | €2,565,621 | -€796,976 | -23.7% |
| Cash at bank and in hand | 54/58 | €223,190 | €247,104 | +€23,914 | +10.7% |
| Deferred charges and accrued income | 490/1 | €24,218 | €9,744 | -€14,474 | -59.8% |
| Total equity and liabilities | 10/49 | €5,925,127 | €5,160,306 | -€764,822 | -12.9% |
| Equity | 10/15 | €4,741,730 | €4,649,364 | -€92,366 | -1.9% |
| Contributions | 10/11 | €838,000 | €838,000 | = | 0.0% |
| Capital | 10 | €819,000 | €819,000 | = | 0.0% |
| Issued capital | 100 | €819,000 | €819,000 | = | 0.0% |
| Contributions outside capital | 11 | €19,000 | €19,000 | = | 0.0% |
| Share premium | 1100/10 | €19,000 | €19,000 | = | 0.0% |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €3,903,730 | €3,811,364 | -€92,366 | -2.4% |
| Non-distributable reserves | 130/1 | €115,196 | €115,196 | = | 0.0% |
| Reserves not available under the articles | 1311 | €115,196 | €115,196 | = | 0.0% |
| Tax-exempt reserves | 132 | €581,232 | €559,577 | -€21,656 | -3.7% |
| Distributable reserves | 133 | €3,207,301 | €3,136,591 | -€70,711 | -2.2% |
| Provisions and deferred taxes | 16 | €145,308 | €139,894 | -€5,414 | -3.7% |
| Deferred taxes | 168 | €145,308 | €139,894 | -€5,414 | -3.7% |
| Amounts payable | 17/49 | €1,038,089 | €371,047 | -€667,041 | -64.3% |
| Amounts payable after more than one year | 17 | €241,140 | €202,303 | -€38,838 | -16.1% |
| Financial debts | 170/4 | €241,140 | €202,303 | -€38,838 | -16.1% |
| Amounts payable within one year | 42/48 | €796,949 | €168,745 | -€628,204 | -78.8% |
| Current portion of amounts payable after more than one year | 42 | €38,575 | €38,838 | +€263 | +0.7% |
| Trade debts | 44 | €38,463 | €10,062 | -€28,400 | -73.8% |
| Suppliers | 440/4 | €38,463 | €10,062 | -€28,400 | -73.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,331 | €8,038 | -€9,294 | -53.6% |
| Taxes | 450/3 | €6,625 | €3,476 | -€3,149 | -47.5% |
| Remuneration and social security | 454/9 | €10,707 | €4,562 | -€6,144 | -57.4% |
| Other amounts payable | 47/48 | €702,579 | €111,807 | -€590,772 | -84.1% |
| Non-recurring operating income | 76A | €111,500 | €5,676 | -€105,824 | -94.9% |
| Remuneration, social security and pensions | 62 | €15,455 | €33,109 | +€17,655 | +114% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,791 | €134,566 | -€21,225 | -13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €37,709 | €14,251 | -€23,457 | -62.2% |
| Gross operating margin | 9900 | €35,856 | -€17,068 | -€52,925 | |
| Operating profit (loss) | 9901 | -€173,098 | -€198,995 | -€25,897 | -15.0% |
| Financial income | 75/76B | €125,964 | €148,784 | +€22,820 | +18.1% |
| Recurring financial income | 75 | €125,964 | €148,784 | +€22,820 | +18.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €50,172 | €46,405 | -€3,767 | -7.5% |
| Recurring financial charges | 65 | €50,172 | €46,405 | -€3,767 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€97,306 | -€96,616 | +€689 | +0.7% |
| Transfer from deferred taxes | 780 | €36,845 | €5,650 | -€31,195 | -84.7% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €903 | €1,164 | +€261 | +28.9% |
| Profit (loss) for the period | 9904 | -€61,363 | -€92,130 | -€30,767 | -50.1% |
| Transfer from tax-exempt reserves | 789 | €147,382 | €21,420 | -€125,962 | -85.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €86,019 | -€70,711 | -€156,729 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.