ND Management: what changed
Two fiscal 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 Management
Largest movements
- Tangible fixed assets -€213,619
down €213,619 (-92.9%), from €229,908 to €16,289
of which Land and buildings: -€209,407
- Receivables within one year +€74,073
up €74,073 (+289.1%), from €25,618 to €99,691
of which Other amounts receivable: +€70,609
- Other debts -€134,196
down €134,196 (-58.7%), from €228,703 to €94,507
- Debts after one year -€122,747
down €122,747 (-24.6%), from €498,769 to €376,022
- Reserves +€67,715
up €67,715 (+25.1%), from €269,272 to €336,986
of which Distributable reserves: +€67,715
- Provisions +€31,642
new in 2025: €31,642
- Tax, wage and social debts +€22,802
up €22,802 (+85.7%), from €26,596 to €49,398
of which Taxes: +€23,860
- Gross operating margin +€142,741
up €142,741 (+230.7%), from €61,866 to €204,607
- Financial income -€50,203
down €50,203 (-67.7%), from €74,203 to €24,000
- Depreciation -€19,817
down €19,817 (-80.2%), from €24,695 to €4,879
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 | €1,083,379 | €943,512 | -€139,867 | -12.9% |
| Fixed assets | 21/28 | €1,055,126 | €841,507 | -€213,619 | -20.2% |
| Intangible fixed assets | 21 | €8,900 | €8,900 | = | 0.0% |
| Tangible fixed assets | 22/27 | €229,908 | €16,289 | -€213,619 | -92.9% |
| Land and buildings | 22 | €222,084 | €12,677 | -€209,407 | -94.3% |
| Furniture and vehicles | 24 | €7,824 | €3,612 | -€4,212 | -53.8% |
| Financial fixed assets | 28 | €816,318 | €816,318 | = | 0.0% |
| Current assets | 29/58 | €28,253 | €102,005 | +€73,752 | +261.0% |
| Amounts receivable within one year | 40/41 | €25,618 | €99,691 | +€74,073 | +289.1% |
| Trade receivables | 40 | - | €3,463 | +€3,463 | |
| Other amounts receivable | 41 | €25,618 | €96,227 | +€70,609 | +275.6% |
| Cash at bank and in hand | 54/58 | €2,634 | €2,314 | -€320 | -12.2% |
| Total equity and liabilities | 10/49 | €1,083,379 | €943,512 | -€139,867 | -12.9% |
| Equity | 10/15 | €287,872 | €355,586 | +€67,715 | +23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €269,272 | €336,986 | +€67,715 | +25.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €267,412 | €335,126 | +€67,715 | +25.3% |
| Provisions and deferred taxes | 16 | - | €31,642 | +€31,642 | |
| Deferred taxes | 168 | - | €31,642 | +€31,642 | |
| Amounts payable | 17/49 | €795,507 | €556,284 | -€239,223 | -30.1% |
| Amounts payable after more than one year | 17 | €498,769 | €376,022 | -€122,747 | -24.6% |
| Financial debts | 170/4 | €498,769 | €376,022 | -€122,747 | -24.6% |
| Amounts payable within one year | 42/48 | €296,738 | €180,262 | -€116,476 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €18,493 | €13,724 | -€4,769 | -25.8% |
| Financial debts | 43 | €19,714 | €19,990 | +€276 | +1.4% |
| Credit institutions | 430/8 | €19,714 | €19,990 | +€276 | +1.4% |
| Trade debts | 44 | €3,232 | €2,643 | -€589 | -18.2% |
| Suppliers | 440/4 | €3,232 | €2,643 | -€589 | -18.2% |
| Taxes, remuneration and social security | 45 | €26,596 | €49,398 | +€22,802 | +85.7% |
| Taxes | 450/3 | €25,538 | €49,398 | +€23,860 | +93.4% |
| Remuneration and social security | 454/9 | €1,058 | - | -€1,058 | |
| Other amounts payable | 47/48 | €228,703 | €94,507 | -€134,196 | -58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,695 | €4,879 | -€19,817 | -80.2% |
| Other operating charges | 640/8 | €1,318 | €972 | -€346 | -26.2% |
| Gross operating margin | 9900 | €61,866 | €204,607 | +€142,741 | +230.7% |
| Operating profit (loss) | 9901 | €35,852 | €198,756 | +€162,903 | +454.4% |
| Financial income | 75/76B | €74,203 | €24,000 | -€50,203 | -67.7% |
| Recurring financial income | 75 | €74,203 | €24,000 | -€50,203 | -67.7% |
| Financial charges | 65/66B | €24,533 | €26,016 | +€1,483 | +6.0% |
| Recurring financial charges | 65 | €24,533 | €26,016 | +€1,483 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €85,522 | €196,739 | +€111,217 | +130.0% |
| Transfer to deferred taxes | 680 | - | €31,642 | +€31,642 | |
| Income taxes | 67/77 | €15,137 | €17,133 | +€1,996 | +13.2% |
| Profit (loss) for the period | 9904 | €70,385 | €147,965 | +€77,579 | +110.2% |
| Transfer to tax-exempt reserves | 689 | - | €94,925 | +€94,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,385 | €53,039 | -€17,346 | -24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.