ND&M: 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&M
Largest movements
- Current investments -€5,687
down €5,687 (-10.6%), from €53,653 to €47,966
- Tangible fixed assets -€1,844
no longer reported in 2025 (was €1,844)
- Receivables within one year +€1,327
up €1,327 (+46.4%), from €2,858 to €4,184
of which Trade receivables: +€1,723
- Reserves -€52,381
no longer reported in 2025 (was €52,381)
- Other debts +€44,154
up €44,154 (+1,251%), from €3,529 to €47,683
- Accrued charges and deferred income +€2,250
new in 2025: €2,250
- Trade debts -€1,866
down €1,866 (-55.5%), from €3,360 to €1,494
- Tax, wage and social debts +€1,333
up €1,333 (+31.9%), from €4,185 to €5,518
- Depreciation -€1,083
down €1,083 (-37.0%), from €2,927 to €1,844
- Taxes +€862
up €862 (+6.3%), from €13,633 to €14,495
- Other operating charges +€858
up €858 (+63.9%), from €1,344 to €2,202
- Financial income +€810
up €810 (+112%), from €726 to €1,536
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 | €64,455 | €57,945 | -€6,510 | -10.1% |
| Fixed assets | 21/28 | €1,844 | - | -€1,844 | |
| Tangible fixed assets | 22/27 | €1,844 | - | -€1,844 | |
| Furniture and vehicles | 24 | €1,844 | - | -€1,844 | |
| Current assets | 29/58 | €62,612 | €57,945 | -€4,667 | -7.5% |
| Amounts receivable within one year | 40/41 | €2,858 | €4,184 | +€1,327 | +46.4% |
| Trade receivables | 40 | €2,461 | €4,184 | +€1,723 | +70.0% |
| Other amounts receivable | 41 | €396 | - | -€396 | |
| Current investments | 50/53 | €53,653 | €47,966 | -€5,687 | -10.6% |
| Cash at bank and in hand | 54/58 | €5,615 | €5,112 | -€503 | -9.0% |
| Deferred charges and accrued income | 490/1 | €486 | €683 | +€197 | +40.5% |
| Total equity and liabilities | 10/49 | €64,455 | €57,945 | -€6,510 | -10.1% |
| Equity | 10/15 | €53,381 | €1,000 | -€52,381 | -98.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,381 | - | -€52,381 | |
| Distributable reserves | 133 | €52,381 | - | -€52,381 | |
| Amounts payable | 17/49 | €11,074 | €56,945 | +€45,871 | +414% |
| Amounts payable within one year | 42/48 | €11,074 | €54,695 | +€43,621 | +394% |
| Trade debts | 44 | €3,360 | €1,494 | -€1,866 | -55.5% |
| Suppliers | 440/4 | €3,360 | €1,494 | -€1,866 | -55.5% |
| Taxes, remuneration and social security | 45 | €4,185 | €5,518 | +€1,333 | +31.9% |
| Taxes | 450/3 | €4,185 | €5,518 | +€1,333 | +31.9% |
| Other amounts payable | 47/48 | €3,529 | €47,683 | +€44,154 | +1,251% |
| Accrued charges and deferred income | 492/3 | - | €2,250 | +€2,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,927 | €1,844 | -€1,083 | -37.0% |
| Other operating charges | 640/8 | €1,344 | €2,202 | +€858 | +63.9% |
| Gross operating margin | 9900 | €48,707 | €48,376 | -€331 | -0.7% |
| Operating profit (loss) | 9901 | €44,436 | €44,330 | -€106 | -0.2% |
| Financial income | 75/76B | €726 | €1,536 | +€810 | +112% |
| Recurring financial income | 75 | €726 | €1,536 | +€810 | +112% |
| Financial charges | 65/66B | €575 | €405 | -€170 | -29.5% |
| Recurring financial charges | 65 | €575 | €405 | -€170 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €44,587 | €45,461 | +€874 | +2.0% |
| Income taxes | 67/77 | €13,633 | €14,495 | +€862 | +6.3% |
| Profit (loss) for the period | 9904 | €30,955 | €30,966 | +€11 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,955 | €30,966 | +€11 | 0.0% |
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 25 October 2026 via checked.be.