ND HOLDINGS: 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 HOLDINGS
Largest movements
- Receivables within one year -€189
no longer reported in 2025 (was €189)
- Cash -€62
no longer reported in 2025 (was €62)
mainly Other debts (-€8,362) and Trade debts (-€51)
- Tangible fixed assets -€32
no longer reported in 2025 (was €32)
- Other debts -€8,362
down €8,362 (-35.0%), from €23,866 to €15,504
- Profit (loss) carried forward +€6,496
up €6,496 (+24.4%), from -€26,674 to -€20,179
- Tax, wage and social debts +€1,675
new in 2025: €1,675
- Trade debts -€51
no longer reported in 2025 (was €51)
- Short-term financial debts -€41
no longer reported in 2025 (was €41)
- Gross operating margin +€8,921
up €8,921, from -€1,710 to €7,211
- Other operating charges -€419
down €419 (-47.6%), from €881 to €462
- Depreciation -€130
no longer reported in 2025 (was €130)
- Financial charges +€98
up €98 (+63.4%), from €154 to €252
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 | €283 | - | -€283 | |
| Fixed assets | 21/28 | €32 | - | -€32 | |
| Tangible fixed assets | 22/27 | €32 | - | -€32 | |
| Plant, machinery and equipment | 23 | €32 | - | -€32 | |
| Current assets | 29/58 | €251 | - | -€251 | |
| Amounts receivable within one year | 40/41 | €189 | - | -€189 | |
| Other amounts receivable | 41 | €189 | - | -€189 | |
| Cash at bank and in hand | 54/58 | €62 | - | -€62 | |
| Total equity and liabilities | 10/49 | €283 | - | -€283 | |
| Equity | 10/15 | -€23,674 | -€17,179 | +€6,496 | +27.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,674 | -€20,179 | +€6,496 | +24.4% |
| Amounts payable | 17/49 | €23,958 | €17,179 | -€6,779 | -28.3% |
| Amounts payable within one year | 42/48 | €23,958 | €17,179 | -€6,779 | -28.3% |
| Financial debts | 43 | €41 | - | -€41 | |
| Credit institutions | 430/8 | €41 | - | -€41 | |
| Trade debts | 44 | €51 | - | -€51 | |
| Suppliers | 440/4 | €51 | - | -€51 | |
| Taxes, remuneration and social security | 45 | - | €1,675 | +€1,675 | |
| Taxes | 450/3 | - | €1,675 | +€1,675 | |
| Other amounts payable | 47/48 | €23,866 | €15,504 | -€8,362 | -35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130 | - | -€130 | |
| Other operating charges | 640/8 | €881 | €462 | -€419 | -47.6% |
| Non-recurring operating charges | 66A | - | €4 | +€4 | |
| Gross operating margin | 9900 | -€1,710 | €7,211 | +€8,921 | |
| Operating profit (loss) | 9901 | -€2,721 | €6,745 | +€9,466 | |
| Financial income | 75/76B | €11 | €2 | -€9 | -81.0% |
| Recurring financial income | 75 | €11 | €2 | -€9 | -81.0% |
| Financial charges | 65/66B | €154 | €252 | +€98 | +63.4% |
| Recurring financial charges | 65 | €154 | €252 | +€98 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,864 | €6,496 | +€9,359 | |
| Profit (loss) for the period | 9904 | -€2,864 | €6,496 | +€9,359 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,864 | €6,496 | +€9,359 |
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 25 October 2026 via checked.be.