NADOFIN: 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.
NADOFIN
Largest movements
- Receivables within one year +€57,315
up €57,315 (+65.0%), from €88,149 to €145,464
of which Other amounts receivable: +€55,008
- Current investments +€15,974
up €15,974 (+23.5%), from €68,103 to €84,077
- Cash -€10,231
down €10,231 (-19.4%), from €52,862 to €42,631
mainly Contributions, distributions and other (-€146,929) and Receivables within one year (-€57,315)
- Tax, wage and social debts +€23,259
up €23,259 (+91.4%), from €25,434 to €48,693
- Other debts +€17,310
up €17,310 (+7.8%), from €223,031 to €240,342
- Reserves +€16,292
up €16,292 (+3.7%), from €440,116 to €456,408
of which Distributable reserves: +€16,292
- Financial income +€29,185
up €29,185 (+28.8%), from €101,315 to €130,500
- Gross operating margin +€15,930
up €15,930 (+26.6%), from €59,867 to €75,796
- Financial charges +€1,226
up €1,226 (+18.9%), from €6,497 to €7,723
- Other operating charges +€975
up €975 (+127%), from €764 to €1,739
From the 2023 result to the 2024 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
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €962,471 | €1,020,490 | +€58,019 | +6.0% |
| Fixed assets | 21/28 | €548,496 | €547,945 | -€551 | -0.1% |
| Tangible fixed assets | 22/27 | €2,021 | €1,470 | -€551 | -27.3% |
| Plant, machinery and equipment | 23 | €2,021 | €1,470 | -€551 | -27.3% |
| Financial fixed assets | 28 | €546,475 | €546,475 | = | 0.0% |
| Current assets | 29/58 | €413,975 | €472,546 | +€58,571 | +14.1% |
| Amounts receivable after more than one year | 29 | €204,862 | €200,374 | -€4,487 | -2.2% |
| Other amounts receivable | 291 | €204,862 | €200,374 | -€4,487 | -2.2% |
| Amounts receivable within one year | 40/41 | €88,149 | €145,464 | +€57,315 | +65.0% |
| Trade receivables | 40 | €1,636 | €3,943 | +€2,307 | +141% |
| Other amounts receivable | 41 | €86,512 | €141,520 | +€55,008 | +63.6% |
| Current investments | 50/53 | €68,103 | €84,077 | +€15,974 | +23.5% |
| Cash at bank and in hand | 54/58 | €52,862 | €42,631 | -€10,231 | -19.4% |
| Total equity and liabilities | 10/49 | €962,471 | €1,020,490 | +€58,019 | +6.0% |
| Equity | 10/15 | €676,803 | €693,095 | +€16,292 | +2.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €440,116 | €456,408 | +€16,292 | +3.7% |
| Non-distributable reserves | 130/1 | €7,546 | €7,546 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,546 | €7,546 | = | 0.0% |
| Distributable reserves | 133 | €432,571 | €448,863 | +€16,292 | +3.8% |
| Profit (loss) carried forward | 14 | €230,487 | €230,487 | = | 0.0% |
| Amounts payable | 17/49 | €285,668 | €327,395 | +€41,727 | +14.6% |
| Amounts payable after more than one year | 17 | €17,907 | €9,699 | -€8,208 | -45.8% |
| Financial debts | 170/4 | €17,907 | €9,699 | -€8,208 | -45.8% |
| Amounts payable within one year | 42/48 | €258,185 | €298,146 | +€39,961 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €8,112 | €8,208 | +€96 | +1.2% |
| Trade debts | 44 | €1,608 | €904 | -€704 | -43.8% |
| Suppliers | 440/4 | €1,608 | €904 | -€704 | -43.8% |
| Taxes, remuneration and social security | 45 | €25,434 | €48,693 | +€23,259 | +91.4% |
| Taxes | 450/3 | €25,434 | €48,693 | +€23,259 | +91.4% |
| Other amounts payable | 47/48 | €223,031 | €240,342 | +€17,310 | +7.8% |
| Accrued charges and deferred income | 492/3 | €9,576 | €19,550 | +€9,974 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €551 | €551 | = | 0.0% |
| Other operating charges | 640/8 | €764 | €1,739 | +€975 | +127% |
| Gross operating margin | 9900 | €59,867 | €75,796 | +€15,930 | +26.6% |
| Operating profit (loss) | 9901 | €58,551 | €73,506 | +€14,955 | +25.5% |
| Financial income | 75/76B | €101,315 | €130,500 | +€29,185 | +28.8% |
| Recurring financial income | 75 | €101,315 | €130,500 | +€29,185 | +28.8% |
| Financial charges | 65/66B | €6,497 | €7,723 | +€1,226 | +18.9% |
| Recurring financial charges | 65 | €6,497 | €7,723 | +€1,226 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €153,369 | €196,283 | +€42,914 | +28.0% |
| Income taxes | 67/77 | €33,646 | €33,063 | -€583 | -1.7% |
| Profit (loss) for the period | 9904 | €119,723 | €163,221 | +€43,498 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €119,723 | €163,221 | +€43,498 | +36.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.