ND MANAGEMENT: what changed
What changed
ND MANAGEMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€241,803
2024 · €195,982+€45,821
Equity
€640,162
2024 · €579,741+€60,421
Cash
€81,211
2024 · €77,815+€3,395
Balance sheet total
€952,323
2024 · €969,724-€17,401
Largest movements
Assets
- Tangible fixed assets -€18,866
down €18,866 (-3.0%), from €628,466 to €609,599
of which Land and buildings: -€22,062
Equity and liabilities
- Debts after one year -€106,995
down €106,995 (-47.7%), from €224,275 to €117,280
of which Financial debts: -€106,995
- Reserves +€60,421
up €60,421 (+10.4%), from €579,741 to €640,162
- Other debts +€37,190
up €37,190 (+32.1%), from €116,035 to €153,225
- Short-term financial debts -€15,015
down €15,015 (-49.6%), from €30,264 to €15,249
Income statement
- Financial income +€42,326
up €42,326 (+44.1%), from €96,008 to €138,333
- Taxes +€20,470
up €20,470 (+103%), from €19,849 to €40,319
- Depreciation -€13,673
down €13,673 (-30.0%), from €45,555 to €31,882
- Gross operating margin +€10,365
up €10,365 (+5.9%), from €175,043 to €185,408
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€195,982
Gross operating margin
+€10,365
Depreciation
+€13,673
Other operating charges
+€1,020
Financial income
+€42,326
Financial charges
-€1,093
Taxes
-€20,470
Result 2025
€241,803
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€319,819
Investment
-€13,031
Financing
-€303,392
Cash 2024
€77,815
From operations (derived)
+€319,819
Net result for the year
+€241,803
Depreciation
+€31,882
Receivables within one year
+€217
Deferred charges and accrued income
+€1,729
Trade debts
+€1,046
Tax, wage and social debts
+€5,952
Other debts
+€37,190
Investment (derived)
-€13,031
Investment in fixed assets (net)
-€13,031
Financing
-€303,392
Debts after one year
-€106,995
Short-term financial debts
-€15,015
Contributions, distributions and other
-€181,382
Cash 2025
€81,211
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €969,724 | €952,323 | -€17,401 | -1.8% |
| Fixed assets | 21/28 | €883,679 | €864,828 | -€18,851 | -2.1% |
| Tangible fixed assets | 22/27 | €628,466 | €609,599 | -€18,866 | -3.0% |
| Land and buildings | 22 | €612,919 | €590,857 | -€22,062 | -3.6% |
| Plant, machinery and equipment | 23 | €4,951 | €9,936 | +€4,986 | +101% |
| Furniture and vehicles | 24 | €10,596 | €8,806 | -€1,790 | -16.9% |
| Financial fixed assets | 28 | €255,213 | €255,228 | +€15 | 0.0% |
| Current assets | 29/58 | €86,045 | €87,495 | +€1,450 | +1.7% |
| Amounts receivable within one year | 40/41 | €2,217 | €2,000 | -€217 | -9.8% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 41 | €217 | - | -€217 | |
| Cash at bank and in hand | 54/58 | €77,815 | €81,211 | +€3,395 | +4.4% |
| Deferred charges and accrued income | 490/1 | €6,013 | €4,284 | -€1,729 | -28.7% |
| Total equity and liabilities | 10/49 | €969,724 | €952,323 | -€17,401 | -1.8% |
| Equity | 10/15 | €579,741 | €640,162 | +€60,421 | +10.4% |
| Reserves | 13 | €579,741 | €640,162 | +€60,421 | +10.4% |
| Distributable reserves | 133 | €579,741 | €640,162 | +€60,421 | +10.4% |
| Amounts payable | 17/49 | €389,982 | €312,160 | -€77,822 | -20.0% |
| Amounts payable after more than one year | 17 | €224,275 | €117,280 | -€106,995 | -47.7% |
| Financial debts | 170/4 | €217,875 | €110,880 | -€106,995 | -49.1% |
| Other amounts payable | 178/9 | €6,400 | €6,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €165,707 | €194,880 | +€29,173 | +17.6% |
| Financial debts | 43 | €30,264 | €15,249 | -€15,015 | -49.6% |
| Credit institutions | 430/8 | €30,264 | €15,249 | -€15,015 | -49.6% |
| Trade debts | 44 | - | €1,046 | +€1,046 | |
| Suppliers | 440/4 | - | €1,046 | +€1,046 | |
| Taxes, remuneration and social security | 45 | €19,408 | €25,360 | +€5,952 | +30.7% |
| Taxes | 450/3 | €19,408 | €25,360 | +€5,952 | +30.7% |
| Other amounts payable | 47/48 | €116,035 | €153,225 | +€37,190 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,555 | €31,882 | -€13,673 | -30.0% |
| Other operating charges | 640/8 | €2,233 | €1,213 | -€1,020 | -45.7% |
| Gross operating margin | 9900 | €175,043 | €185,408 | +€10,365 | +5.9% |
| Operating profit (loss) | 9901 | €127,255 | €152,313 | +€25,058 | +19.7% |
| Financial income | 75/76B | €96,008 | €138,333 | +€42,326 | +44.1% |
| Recurring financial income | 75 | €96,008 | €138,333 | +€42,326 | +44.1% |
| Financial charges | 65/66B | €7,431 | €8,523 | +€1,093 | +14.7% |
| Recurring financial charges | 65 | €7,431 | €8,523 | +€1,093 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €215,832 | €282,123 | +€66,291 | +30.7% |
| Income taxes | 67/77 | €19,849 | €40,319 | +€20,470 | +103% |
| Profit (loss) for the period | 9904 | €195,982 | €241,803 | +€45,821 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €195,982 | €241,803 | +€45,821 | +23.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.