NAD: 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.
NAD
Largest movements
- Tangible fixed assets +€135,142
up €135,142 (+27.1%), from €499,575 to €634,717
of which Land and buildings: +€145,856
- Receivables within one year -€9,616
down €9,616 (-90.3%), from €10,652 to €1,036
- Debts after one year +€124,962
up €124,962 (+31.8%), from €392,549 to €517,511
- Trade debts -€18,623
down €18,623 (-59.0%), from €31,555 to €12,932
- Tax, wage and social debts +€7,765
up €7,765 (+40.0%), from €19,406 to €27,171
of which Taxes: +€5,795
- Depreciation +€6,187
up €6,187 (+21.9%), from €28,306 to €34,493
- Gross operating margin +€6,090
up €6,090 (+4.4%), from €137,172 to €143,261
- Staff costs +€5,004
up €5,004 (+9.9%), from €50,382 to €55,387
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €569,630 | €691,242 | +€121,612 | +21.3% |
| Fixed assets | 21/28 | €502,275 | €637,417 | +€135,142 | +26.9% |
| Tangible fixed assets | 22/27 | €499,575 | €634,717 | +€135,142 | +27.1% |
| Land and buildings | 22 | €457,846 | €603,702 | +€145,856 | +31.9% |
| Plant, machinery and equipment | 23 | €16,018 | €11,283 | -€4,735 | -29.6% |
| Furniture and vehicles | 24 | €25,711 | €19,733 | -€5,978 | -23.3% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €67,355 | €53,825 | -€13,530 | -20.1% |
| Stocks and contracts in progress | 3 | €7,523 | €7,410 | -€113 | -1.5% |
| Stocks | 30/36 | €7,523 | €7,410 | -€113 | -1.5% |
| Amounts receivable within one year | 40/41 | €10,652 | €1,036 | -€9,616 | -90.3% |
| Other amounts receivable | 41 | €10,652 | €1,036 | -€9,616 | -90.3% |
| Cash at bank and in hand | 54/58 | €46,200 | €42,983 | -€3,218 | -7.0% |
| Deferred charges and accrued income | 490/1 | €2,980 | €2,397 | -€584 | -19.6% |
| Total equity and liabilities | 10/49 | €569,630 | €691,242 | +€121,612 | +21.3% |
| Equity | 10/15 | €101,221 | €106,214 | +€4,992 | +4.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €93,161 | €98,154 | +€4,992 | +5.4% |
| Distributable reserves | 133 | €93,161 | €98,154 | +€4,992 | +5.4% |
| Amounts payable | 17/49 | €468,409 | €585,029 | +€116,620 | +24.9% |
| Amounts payable after more than one year | 17 | €392,549 | €517,511 | +€124,962 | +31.8% |
| Financial debts | 170/4 | €392,549 | €517,511 | +€124,962 | +31.8% |
| Amounts payable within one year | 42/48 | €72,098 | €67,195 | -€4,903 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €19,326 | €25,672 | +€6,346 | +32.8% |
| Trade debts | 44 | €31,555 | €12,932 | -€18,623 | -59.0% |
| Suppliers | 440/4 | €31,555 | €12,932 | -€18,623 | -59.0% |
| Taxes, remuneration and social security | 45 | €19,406 | €27,171 | +€7,765 | +40.0% |
| Taxes | 450/3 | €10,972 | €16,767 | +€5,795 | +52.8% |
| Remuneration and social security | 454/9 | €8,434 | €10,404 | +€1,970 | +23.4% |
| Other amounts payable | 47/48 | €1,811 | €1,419 | -€391 | -21.6% |
| Accrued charges and deferred income | 492/3 | €3,762 | €323 | -€3,439 | -91.4% |
| Non-recurring operating income | 76A | - | €3,175 | +€3,175 | |
| Remuneration, social security and pensions | 62 | €50,382 | €55,387 | +€5,004 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,306 | €34,493 | +€6,187 | +21.9% |
| Other operating charges | 640/8 | €27,927 | €27,273 | -€654 | -2.3% |
| Gross operating margin | 9900 | €137,172 | €143,261 | +€6,090 | +4.4% |
| Operating profit (loss) | 9901 | €30,556 | €26,109 | -€4,447 | -14.6% |
| Financial income | 75/76B | €106 | €530 | +€424 | +400.4% |
| Recurring financial income | 75 | €106 | €530 | +€424 | +400.4% |
| Financial charges | 65/66B | €15,806 | €16,445 | +€639 | +4.0% |
| Recurring financial charges | 65 | €15,806 | €16,445 | +€639 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €14,856 | €10,194 | -€4,662 | -31.4% |
| Income taxes | 67/77 | €5,778 | €5,202 | -€576 | -10.0% |
| Profit (loss) for the period | 9904 | €9,078 | €4,992 | -€4,086 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,078 | €4,992 | -€4,086 | -45.0% |
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 11 October 2026 via checked.be.