ND: 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.
ND
Largest movements
- Cash -€107,663
down €107,663 (-60.2%), from €178,778 to €71,115
mainly Investment in fixed assets (net) (-€85,305) and Receivables within one year (-€32,689)
- Tangible fixed assets +€57,005
up €57,005 (+118.5%), from €48,117 to €105,122
of which Furniture and vehicles: +€61,598
- Receivables within one year +€32,689
up €32,689 (+295.1%), from €11,077 to €43,767
of which Other amounts receivable: +€41,071
- Deferred charges and accrued income -€2,733
down €2,733 (-89.6%), from €3,050 to €317
- Debts after one year -€21,714
down €21,714 (-100.0%), from €21,714 to €0
- Reserves +€8,684
up €8,684 (+4.2%), from €204,601 to €213,286
- Other debts -€5,405
down €5,405 (-100.0%), from €5,405 to €0
- Gross operating margin -€105,337
down €105,337 (-69.8%), from €150,932 to €45,594
- Taxes -€20,134
down €20,134 (-73.3%), from €27,468 to €7,333
- Depreciation +€10,801
up €10,801 (+61.7%), from €17,499 to €28,300
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 | €241,022 | €220,320 | -€20,702 | -8.6% |
| Fixed assets | 21/28 | €48,117 | €105,122 | +€57,005 | +118.5% |
| Tangible fixed assets | 22/27 | €48,117 | €105,122 | +€57,005 | +118.5% |
| Plant, machinery and equipment | 23 | €6,600 | €4,947 | -€1,653 | -25.0% |
| Furniture and vehicles | 24 | €34,186 | €95,784 | +€61,598 | +180.2% |
| Other tangible fixed assets | 26 | €7,331 | €4,391 | -€2,940 | -40.1% |
| Current assets | 29/58 | €192,906 | €115,199 | -€77,707 | -40.3% |
| Amounts receivable within one year | 40/41 | €11,077 | €43,767 | +€32,689 | +295.1% |
| Trade receivables | 40 | €8,545 | €163 | -€8,382 | -98.1% |
| Other amounts receivable | 41 | €2,532 | €43,604 | +€41,071 | +1621.9% |
| Cash at bank and in hand | 54/58 | €178,778 | €71,115 | -€107,663 | -60.2% |
| Deferred charges and accrued income | 490/1 | €3,050 | €317 | -€2,733 | -89.6% |
| Total equity and liabilities | 10/49 | €241,022 | €220,320 | -€20,702 | -8.6% |
| Equity | 10/15 | €208,601 | €217,286 | +€8,684 | +4.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €204,601 | €213,286 | +€8,684 | +4.2% |
| Distributable reserves | 133 | €204,601 | €213,286 | +€8,684 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,421 | €3,035 | -€29,386 | -90.6% |
| Amounts payable after more than one year | 17 | €21,714 | €0 | -€21,714 | -100.0% |
| Financial debts | 170/4 | €21,714 | €0 | -€21,714 | -100.0% |
| Amounts payable within one year | 42/48 | €10,707 | €3,035 | -€7,672 | -71.7% |
| Trade debts | 44 | €4,300 | €3,035 | -€1,266 | -29.4% |
| Suppliers | 440/4 | €4,300 | €3,035 | -€1,266 | -29.4% |
| Taxes, remuneration and social security | 45 | €1,002 | €0 | -€1,002 | -100.0% |
| Taxes | 450/3 | €1,002 | €0 | -€1,002 | -100.0% |
| Other amounts payable | 47/48 | €5,405 | €0 | -€5,405 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,499 | €28,300 | +€10,801 | +61.7% |
| Other operating charges | 640/8 | €719 | €1,191 | +€471 | +65.5% |
| Non-recurring operating charges | 66A | €4,688 | €0 | -€4,688 | -100.0% |
| Gross operating margin | 9900 | €150,932 | €45,594 | -€105,337 | -69.8% |
| Operating profit (loss) | 9901 | €128,025 | €16,103 | -€111,922 | -87.4% |
| Financial income | 75/76B | - | €98 | +€98 | |
| Recurring financial income | 75 | - | €98 | +€98 | |
| Financial charges | 65/66B | €218 | €183 | -€35 | -15.9% |
| Recurring financial charges | 65 | €218 | €183 | -€35 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €127,807 | €16,018 | -€111,790 | -87.5% |
| Income taxes | 67/77 | €27,468 | €7,333 | -€20,134 | -73.3% |
| Profit (loss) for the period | 9904 | €100,340 | €8,684 | -€91,655 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,340 | €8,684 | -€91,655 | -91.3% |
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 12 October 2026 via checked.be.