ND-Co Management: 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-Co Management
Largest movements
- Cash +€37,556
up €37,556 (+58.3%), from €64,447 to €102,002
mainly Net result for the year (+€35,643) and Tax, wage and social debts (+€15,781)
- Deferred charges and accrued income +€11,602
up €11,602 (+850%), from €1,365 to €12,967
- Tangible fixed assets +€3,546
up €3,546 (+83.3%), from €4,259 to €7,805
of which Furniture and vehicles: +€3,805
- Reserves +€35,643
up €35,643 (+111%), from €32,235 to €67,878
- Tax, wage and social debts +€15,781
up €15,781 (+50.6%), from €31,162 to €46,942
- Gross operating margin +€12,544
up €12,544 (+28.7%), from €43,709 to €56,252
- Financial charges +€3,938
up €3,938 (+6,188%), from €64 to €4,001
- Taxes +€2,748
up €2,748 (+25.1%), from €10,956 to €13,704
- Depreciation +€1,862
up €1,862 (+503%), from €370 to €2,232
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 | €71,344 | €123,185 | +€51,841 | +72.7% |
| Fixed assets | 21/28 | €4,259 | €7,805 | +€3,546 | +83.3% |
| Tangible fixed assets | 22/27 | €4,259 | €7,805 | +€3,546 | +83.3% |
| Plant, machinery and equipment | 23 | €769 | €509 | -€259 | -33.7% |
| Furniture and vehicles | 24 | €3,490 | €7,295 | +€3,805 | +109% |
| Current assets | 29/58 | €67,085 | €115,380 | +€48,295 | +72.0% |
| Amounts receivable within one year | 40/41 | €1,273 | €411 | -€862 | -67.7% |
| Trade receivables | 40 | €1,273 | €0 | -€1,273 | -100% |
| Other amounts receivable | 41 | - | €411 | +€411 | |
| Cash at bank and in hand | 54/58 | €64,447 | €102,002 | +€37,556 | +58.3% |
| Deferred charges and accrued income | 490/1 | €1,365 | €12,967 | +€11,602 | +850% |
| Total equity and liabilities | 10/49 | €71,344 | €123,185 | +€51,841 | +72.7% |
| Equity | 10/15 | €39,735 | €75,378 | +€35,643 | +89.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €32,235 | €67,878 | +€35,643 | +111% |
| Distributable reserves | 133 | €32,235 | €67,878 | +€35,643 | +111% |
| Amounts payable | 17/49 | €31,608 | €47,807 | +€16,198 | +51.2% |
| Amounts payable within one year | 42/48 | €31,608 | €47,807 | +€16,198 | +51.2% |
| Trade debts | 44 | €446 | €864 | +€418 | +93.6% |
| Suppliers | 440/4 | €446 | €864 | +€418 | +93.6% |
| Taxes, remuneration and social security | 45 | €31,162 | €46,942 | +€15,781 | +50.6% |
| Taxes | 450/3 | €31,162 | €46,942 | +€15,781 | +50.6% |
| Other amounts payable | 47/48 | €0 | €0 | -€0 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370 | €2,232 | +€1,862 | +503% |
| Other operating charges | 640/8 | €147 | €683 | +€536 | +365% |
| Gross operating margin | 9900 | €43,709 | €56,252 | +€12,544 | +28.7% |
| Operating profit (loss) | 9901 | €43,191 | €53,337 | +€10,146 | +23.5% |
| Financial income | 75/76B | €64 | €11 | -€53 | -82.6% |
| Recurring financial income | 75 | €64 | €11 | -€53 | -82.6% |
| Financial charges | 65/66B | €64 | €4,001 | +€3,938 | +6,188% |
| Recurring financial charges | 65 | €64 | €4,001 | +€3,938 | +6,188% |
| Profit (loss) for the period before taxes | 9903 | €43,192 | €49,347 | +€6,155 | +14.3% |
| Income taxes | 67/77 | €10,956 | €13,704 | +€2,748 | +25.1% |
| Profit (loss) for the period | 9904 | €32,235 | €35,643 | +€3,408 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,235 | €35,643 | +€3,408 | +10.6% |
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 27 October 2026 via checked.be.