NADE: 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.
NADE
Largest movements
- Receivables within one year +€24,409
up €24,409 (+225.5%), from €10,825 to €35,234
of which Other amounts receivable: +€23,709
- Cash -€5,573
down €5,573 (-56.7%), from €9,824 to €4,251
mainly Receivables within one year (-€24,409) and Short-term financial debts (-€11,290)
- Tangible fixed assets -€478
down €478 (-100.0%), from €478 to €0
- Profit (loss) carried forward +€38,213
up €38,213 (+25.1%), from -€152,180 to -€113,967
- Short-term financial debts -€11,290
down €11,290 (-17.6%), from €64,290 to €53,000
of which Other loans: -€11,290
- Debts after one year -€5,892
down €5,892 (-53.2%), from €11,077 to €5,185
- Trade debts -€2,630
down €2,630 (-47.4%), from €5,548 to €2,918
- Gross operating margin +€129,333
up €129,333, from -€85,755 to €43,579
- Financial charges -€2,147
down €2,147 (-54.6%), from €3,932 to €1,785
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 | €22,611 | €41,041 | +€18,430 | +81.5% |
| Fixed assets | 21/28 | €478 | €0 | -€478 | -100.0% |
| Tangible fixed assets | 22/27 | €478 | €0 | -€478 | -100.0% |
| Plant, machinery and equipment | 23 | €478 | €0 | -€478 | -100.0% |
| Current assets | 29/58 | €22,134 | €41,041 | +€18,908 | +85.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €10,825 | €35,234 | +€24,409 | +225.5% |
| Trade receivables | 40 | €2,339 | €3,039 | +€700 | +29.9% |
| Other amounts receivable | 41 | €8,486 | €32,195 | +€23,709 | +279.4% |
| Cash at bank and in hand | 54/58 | €9,824 | €4,251 | -€5,573 | -56.7% |
| Deferred charges and accrued income | 490/1 | €1,484 | €1,556 | +€73 | +4.9% |
| Total equity and liabilities | 10/49 | €22,611 | €41,041 | +€18,430 | +81.5% |
| Equity | 10/15 | -€73,508 | -€35,295 | +€38,213 | +52.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,072 | €60,072 | = | 0.0% |
| Distributable reserves | 133 | €60,072 | €60,072 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,180 | -€113,967 | +€38,213 | +25.1% |
| Amounts payable | 17/49 | €96,120 | €76,336 | -€19,783 | -20.6% |
| Amounts payable after more than one year | 17 | €11,077 | €5,185 | -€5,892 | -53.2% |
| Financial debts | 170/4 | €11,077 | €5,185 | -€5,892 | -53.2% |
| Amounts payable within one year | 42/48 | €85,043 | €71,152 | -€13,891 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €5,938 | €5,892 | -€46 | -0.8% |
| Financial debts | 43 | €64,290 | €53,000 | -€11,290 | -17.6% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €64,290 | €53,000 | -€11,290 | -17.6% |
| Trade debts | 44 | €5,548 | €2,918 | -€2,630 | -47.4% |
| Suppliers | 440/4 | €5,548 | €2,918 | -€2,630 | -47.4% |
| Taxes, remuneration and social security | 45 | €9,267 | €9,342 | +€75 | +0.8% |
| Taxes | 450/3 | €9,267 | €9,342 | +€75 | +0.8% |
| Non-recurring operating income | 76A | €50,000 | €0 | -€50,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €610 | €478 | -€132 | -21.7% |
| Other operating charges | 640/8 | €3,928 | €3,809 | -€119 | -3.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€85,755 | €43,579 | +€129,333 | |
| Operating profit (loss) | 9901 | -€90,293 | €39,292 | +€129,584 | |
| Financial income | 75/76B | €848 | €1,103 | +€256 | +30.2% |
| Recurring financial income | 75 | €848 | €1,103 | +€256 | +30.2% |
| Financial charges | 65/66B | €3,932 | €1,785 | -€2,147 | -54.6% |
| Recurring financial charges | 65 | €3,932 | €1,785 | -€2,147 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | -€93,377 | €38,610 | +€131,987 | |
| Income taxes | 67/77 | €387 | €397 | +€10 | +2.5% |
| Profit (loss) for the period | 9904 | -€93,764 | €38,213 | +€131,977 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,764 | €38,213 | +€131,977 |
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 7 October 2026 via checked.be.