ND LOGISTICS: 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 LOGISTICS
Largest movements
- Receivables within one year +€199,008
up €199,008 (+115%), from €172,676 to €371,684
of which Trade receivables: +€167,641
- Cash +€15,069
up €15,069 (+95.9%), from €15,713 to €30,782
mainly Trade debts (+€106,912) and Tax, wage and social debts (+€70,623)
- Financial fixed assets +€5,500
up €5,500 (+8.7%), from €63,000 to €68,500
- Trade debts +€106,912
up €106,912 (+411%), from €26,035 to €132,947
- Tax, wage and social debts +€70,623
up €70,623 (+75.6%), from €93,367 to €163,990
of which Taxes: +€37,524
- Other debts +€42,500
new in 2025: €42,500
- Short-term financial debts +€35,000
new in 2025: €35,000
- Profit (loss) carried forward -€32,242
down €32,242 (-26.4%), from €121,987 to €89,744
- Purchases and services +€124,255
up €124,255 (+34.2%), from €363,465 to €487,720
- Staff costs +€87,736
up €87,736 (+30.5%), from €287,275 to €375,011
- Gross operating margin +€23,256
up €23,256 (+5.9%), from €392,281 to €415,537
- Taxes -€17,726
down €17,726 (-65.3%), from €27,140 to €9,415
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 | €251,388 | €474,181 | +€222,792 | +88.6% |
| Fixed assets | 21/28 | €63,000 | €71,715 | +€8,715 | +13.8% |
| Tangible fixed assets | 22/27 | - | €3,215 | +€3,215 | |
| Furniture and vehicles | 24 | - | €3,215 | +€3,215 | |
| Financial fixed assets | 28 | €63,000 | €68,500 | +€5,500 | +8.7% |
| Current assets | 29/58 | €188,388 | €402,465 | +€214,077 | +114% |
| Amounts receivable within one year | 40/41 | €172,676 | €371,684 | +€199,008 | +115% |
| Trade receivables | 40 | €89,334 | €256,974 | +€167,641 | +188% |
| Other amounts receivable | 41 | €83,342 | €114,709 | +€31,367 | +37.6% |
| Cash at bank and in hand | 54/58 | €15,713 | €30,782 | +€15,069 | +95.9% |
| Total equity and liabilities | 10/49 | €251,388 | €474,181 | +€222,792 | +88.6% |
| Equity | 10/15 | €131,987 | €99,744 | -€32,242 | -24.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | - | -€10,000 | |
| Other | 1109/19 | €10,000 | - | -€10,000 | |
| Profit (loss) carried forward | 14 | €121,987 | €89,744 | -€32,242 | -26.4% |
| Amounts payable | 17/49 | €119,401 | €374,436 | +€255,035 | +214% |
| Amounts payable within one year | 42/48 | €119,401 | €374,436 | +€255,035 | +214% |
| Financial debts | 43 | - | €35,000 | +€35,000 | |
| Credit institutions | 430/8 | - | €35,000 | +€35,000 | |
| Trade debts | 44 | €26,035 | €132,947 | +€106,912 | +411% |
| Suppliers | 440/4 | €26,035 | €132,947 | +€106,912 | +411% |
| Taxes, remuneration and social security | 45 | €93,367 | €163,990 | +€70,623 | +75.6% |
| Taxes | 450/3 | €70,824 | €108,348 | +€37,524 | +53.0% |
| Remuneration and social security | 454/9 | €22,542 | €55,641 | +€33,099 | +147% |
| Other amounts payable | 47/48 | - | €42,500 | +€42,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | €363,465 | €487,720 | +€124,255 | +34.2% |
| Remuneration, social security and pensions | 62 | €287,275 | €375,011 | +€87,736 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,585 | +€1,585 | |
| Other operating charges | 640/8 | €972 | €1,524 | +€552 | +56.8% |
| Non-recurring operating charges | 66A | €5,509 | €6,759 | +€1,250 | +22.7% |
| Gross operating margin | 9900 | €392,281 | €415,537 | +€23,256 | +5.9% |
| Operating profit (loss) | 9901 | €98,525 | €30,658 | -€67,867 | -68.9% |
| Financial income | 75/76B | €12 | €0 | -€12 | -99.8% |
| Recurring financial income | 75 | €12 | €0 | -€12 | -99.8% |
| Financial charges | 65/66B | €3,137 | €3,486 | +€349 | +11.1% |
| Recurring financial charges | 65 | €3,137 | €3,486 | +€349 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €95,401 | €27,172 | -€68,228 | -71.5% |
| Income taxes | 67/77 | €27,140 | €9,415 | -€17,726 | -65.3% |
| Profit (loss) for the period | 9904 | €68,260 | €17,758 | -€50,503 | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,260 | €17,758 | -€50,503 | -74.0% |
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 13 October 2026 via checked.be.