NADOR: 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.
NADOR
Largest movements
- Receivables within one year +€628,889
up €628,889 (+19.8%), from €3.2m to €3.8m
of which Other amounts receivable: +€540,691
- Cash +€381,890
up €381,890 (+299%), from €127,694 to €509,584
mainly Trade debts (+€764,005) and Net result for the year (+€327,269)
- Trade debts +€764,005
up €764,005 (+46.1%), from €1.7m to €2.4m
- Reserves +€253,646
up €253,646 (+31.8%), from €796,570 to €1.1m
of which Distributable reserves: +€253,646
- Short-term financial debts -€130,833
down €130,833 (-81.8%), from €160,000 to €29,167
- Accrued charges and deferred income +€130,542
up €130,542 (+127%), from €102,693 to €233,235
- Other debts -€75,204
down €75,204 (-13.8%), from €543,406 to €468,203
- Gross operating margin +€397,865
up €397,865 (+58.7%), from €677,949 to €1.1m
- Taxes +€117,434
up €117,434 (+246%), from €47,753 to €165,187
- Staff costs +€49,045
up €49,045 (+10.5%), from €466,760 to €515,804
- Depreciation +€25,850
up €25,850 (+104%), from €24,944 to €50,793
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,502,108 | €4,474,584 | +€972,475 | +27.8% |
| Fixed assets | 21/28 | €198,048 | €161,798 | -€36,250 | -18.3% |
| Intangible fixed assets | 21 | €18,000 | €13,500 | -€4,500 | -25.0% |
| Tangible fixed assets | 22/27 | €179,308 | €147,558 | -€31,750 | -17.7% |
| Plant, machinery and equipment | 23 | €37,324 | €39,835 | +€2,512 | +6.7% |
| Furniture and vehicles | 24 | €113,068 | €82,795 | -€30,273 | -26.8% |
| Other tangible fixed assets | 26 | €28,916 | €24,928 | -€3,989 | -13.8% |
| Financial fixed assets | 28 | €740 | €740 | = | 0.0% |
| Current assets | 29/58 | €3,304,061 | €4,312,785 | +€1.0m | +30.5% |
| Amounts receivable within one year | 40/41 | €3,172,100 | €3,800,989 | +€628,889 | +19.8% |
| Trade receivables | 40 | €291,445 | €379,644 | +€88,198 | +30.3% |
| Other amounts receivable | 41 | €2,880,655 | €3,421,345 | +€540,691 | +18.8% |
| Cash at bank and in hand | 54/58 | €127,694 | €509,584 | +€381,890 | +299% |
| Deferred charges and accrued income | 490/1 | €4,267 | €2,212 | -€2,054 | -48.2% |
| Total equity and liabilities | 10/49 | €3,502,108 | €4,474,584 | +€972,475 | +27.8% |
| Equity | 10/15 | €802,770 | €1,056,416 | +€253,646 | +31.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €796,570 | €1,050,216 | +€253,646 | +31.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €794,710 | €1,048,356 | +€253,646 | +31.9% |
| Amounts payable | 17/49 | €2,699,339 | €3,418,168 | +€718,829 | +26.6% |
| Amounts payable after more than one year | 17 | €82,592 | €52,519 | -€30,074 | -36.4% |
| Financial debts | 170/4 | €82,592 | €52,519 | -€30,074 | -36.4% |
| Amounts payable within one year | 42/48 | €2,514,054 | €3,132,415 | +€618,361 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €29,041 | €30,074 | +€1,033 | +3.6% |
| Financial debts | 43 | €160,000 | €29,167 | -€130,833 | -81.8% |
| Credit institutions | 430/8 | €160,000 | €29,167 | -€130,833 | -81.8% |
| Trade debts | 44 | €1,656,616 | €2,420,621 | +€764,005 | +46.1% |
| Suppliers | 440/4 | €1,656,616 | €2,420,621 | +€764,005 | +46.1% |
| Advances received on contracts in progress | 46 | €6,332 | €24,350 | +€18,017 | +285% |
| Taxes, remuneration and social security | 45 | €118,659 | €160,001 | +€41,342 | +34.8% |
| Taxes | 450/3 | €36,170 | €88,037 | +€51,868 | +143% |
| Remuneration and social security | 454/9 | €82,489 | €71,963 | -€10,525 | -12.8% |
| Other amounts payable | 47/48 | €543,406 | €468,203 | -€75,204 | -13.8% |
| Accrued charges and deferred income | 492/3 | €102,693 | €233,235 | +€130,542 | +127% |
| Remuneration, social security and pensions | 62 | €466,760 | €515,804 | +€49,045 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,944 | €50,793 | +€25,850 | +104% |
| Other operating charges | 640/8 | €5,727 | €7,938 | +€2,211 | +38.6% |
| Non-recurring operating charges | 66A | -€42 | €0 | +€42 | |
| Gross operating margin | 9900 | €677,949 | €1,075,814 | +€397,865 | +58.7% |
| Operating profit (loss) | 9901 | €180,561 | €501,278 | +€320,717 | +178% |
| Financial income | 75/76B | €19 | €1,743 | +€1,724 | +9,114% |
| Recurring financial income | 75 | €19 | €1,743 | +€1,724 | +9,114% |
| Financial charges | 65/66B | €8,625 | €10,565 | +€1,940 | +22.5% |
| Recurring financial charges | 65 | €8,625 | €10,565 | +€1,940 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €171,955 | €492,456 | +€320,501 | +186% |
| Income taxes | 67/77 | €47,753 | €165,187 | +€117,434 | +246% |
| Profit (loss) for the period | 9904 | €124,202 | €327,269 | +€203,067 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €124,202 | €327,269 | +€203,067 | +163% |
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 30 October 2026 via checked.be.