NALD: 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.
NALD
Largest movements
- Cash -€160,490
down €160,490 (-22.1%), from €725,880 to €565,390
mainly Contributions, distributions and other (-€339,454) and Current investments (-€122,592)
- Current investments +€122,592
up €122,592 (+46.2%), from €265,252 to €387,844
- Receivables within one year -€26,004
down €26,004 (-50.8%), from €51,224 to €25,220
of which Other amounts receivable: -€50,688
- Reserves -€86,787
down €86,787 (-11.0%), from €786,999 to €700,212
of which Distributable reserves: -€86,787
- Tax, wage and social debts +€60,299
up €60,299 (+1,618%), from €3,727 to €64,026
- Other debts -€52,105
down €52,105 (-18.2%), from €286,966 to €234,861
- Taxes +€14,933
up €14,933 (+17.9%), from €83,202 to €98,136
- Gross operating margin +€3,654
up €3,654 (+1.1%), from €325,290 to €328,944
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 | €1,097,493 | €1,018,989 | -€78,503 | -7.2% |
| Fixed assets | 21/28 | €45,646 | €35,349 | -€10,297 | -22.6% |
| Tangible fixed assets | 22/27 | €45,646 | €35,349 | -€10,297 | -22.6% |
| Furniture and vehicles | 24 | €36,996 | €27,910 | -€9,086 | -24.6% |
| Other tangible fixed assets | 26 | €8,650 | €7,439 | -€1,211 | -14.0% |
| Current assets | 29/58 | €1,051,847 | €983,640 | -€68,207 | -6.5% |
| Amounts receivable within one year | 40/41 | €51,224 | €25,220 | -€26,004 | -50.8% |
| Trade receivables | 40 | €250 | €24,934 | +€24,684 | +9,874% |
| Other amounts receivable | 41 | €50,974 | €286 | -€50,688 | -99.4% |
| Current investments | 50/53 | €265,252 | €387,844 | +€122,592 | +46.2% |
| Cash at bank and in hand | 54/58 | €725,880 | €565,390 | -€160,490 | -22.1% |
| Deferred charges and accrued income | 490/1 | €9,490 | €5,186 | -€4,304 | -45.4% |
| Total equity and liabilities | 10/49 | €1,097,493 | €1,018,989 | -€78,503 | -7.2% |
| Equity | 10/15 | €805,549 | €718,762 | -€86,787 | -10.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €786,999 | €700,212 | -€86,787 | -11.0% |
| 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 | €785,139 | €698,352 | -€86,787 | -11.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €291,944 | €300,227 | +€8,284 | +2.8% |
| Amounts payable within one year | 42/48 | €290,812 | €299,260 | +€8,448 | +2.9% |
| Trade debts | 44 | €119 | €374 | +€255 | +214% |
| Suppliers | 440/4 | €119 | €374 | +€255 | +214% |
| Taxes, remuneration and social security | 45 | €3,727 | €64,026 | +€60,299 | +1,618% |
| Taxes | 450/3 | €3,727 | €64,026 | +€60,299 | +1,618% |
| Other amounts payable | 47/48 | €286,966 | €234,861 | -€52,105 | -18.2% |
| Accrued charges and deferred income | 492/3 | €1,132 | €967 | -€165 | -14.5% |
| Non-recurring operating income | 76A | €11,224 | €0 | -€11,224 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,717 | €11,726 | +€1,009 | +9.4% |
| Other operating charges | 640/8 | €1,291 | €1,365 | +€74 | +5.7% |
| Gross operating margin | 9900 | €325,290 | €328,944 | +€3,654 | +1.1% |
| Operating profit (loss) | 9901 | €313,282 | €315,853 | +€2,571 | +0.8% |
| Financial income | 75/76B | €40,019 | €37,163 | -€2,855 | -7.1% |
| Recurring financial income | 75 | €40,019 | €37,163 | -€2,855 | -7.1% |
| Financial charges | 65/66B | €2,095 | €2,213 | +€118 | +5.6% |
| Recurring financial charges | 65 | €2,095 | €2,213 | +€118 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €351,206 | €350,803 | -€403 | -0.1% |
| Income taxes | 67/77 | €83,202 | €98,136 | +€14,933 | +17.9% |
| Profit (loss) for the period | 9904 | €268,003 | €252,667 | -€15,336 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €268,003 | €252,667 | -€15,336 | -5.7% |
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 18 October 2026 via checked.be.