ND PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€78,687
up €78,687 (+41.8%), from €188,234 to €266,921
of which Trade receivables: +€74,175
- Cash -€33,088
down €33,088 (-60.9%), from €54,315 to €21,226
mainly Receivables within one year (-€78,687) and Investment in fixed assets (net) (-€37,256)
- Tangible fixed assets +€27,601
up €27,601 (+149.7%), from €18,438 to €46,039
of which Furniture and vehicles: +€20,223
- Stocks and contracts -€9,145
down €9,145 (-3.9%), from €234,906 to €225,762
- Reserves +€62,197
up €62,197 (+35.7%), from €174,237 to €236,434
- Tax, wage and social debts +€11,981
up €11,981 (+109.5%), from €10,942 to €22,923
- Debts after one year -€9,667
down €9,667 (-38.5%), from €25,133 to €15,466
- Gross operating margin +€14,152
up €14,152 (+17.1%), from €82,567 to €96,719
- Financial income -€8,140
down €8,140 (-23.5%), from €34,619 to €26,479
- Financial charges +€2,052
up €2,052 (+10.0%), from €20,463 to €22,515
- Depreciation +€1,627
up €1,627 (+30.6%), from €5,322 to €6,949
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 | €506,881 | €572,999 | +€66,118 | +13.0% |
| Fixed assets | 21/28 | €26,687 | €56,994 | +€30,307 | +113.6% |
| Intangible fixed assets | 21 | €8,249 | €10,955 | +€2,706 | +32.8% |
| Tangible fixed assets | 22/27 | €18,438 | €46,039 | +€27,601 | +149.7% |
| Land and buildings | 22 | €6,327 | €5,392 | -€935 | -14.8% |
| Plant, machinery and equipment | 23 | €6,301 | €11,434 | +€5,132 | +81.5% |
| Furniture and vehicles | 24 | €5,810 | €26,033 | +€20,223 | +348.1% |
| Other tangible fixed assets | 26 | - | €3,180 | +€3,180 | |
| Current assets | 29/58 | €480,194 | €516,005 | +€35,811 | +7.5% |
| Stocks and contracts in progress | 3 | €234,906 | €225,762 | -€9,145 | -3.9% |
| Stocks | 30/36 | €234,906 | €225,762 | -€9,145 | -3.9% |
| Amounts receivable within one year | 40/41 | €188,234 | €266,921 | +€78,687 | +41.8% |
| Trade receivables | 40 | €183,839 | €258,014 | +€74,175 | +40.3% |
| Other amounts receivable | 41 | €4,395 | €8,907 | +€4,512 | +102.7% |
| Cash at bank and in hand | 54/58 | €54,315 | €21,226 | -€33,088 | -60.9% |
| Deferred charges and accrued income | 490/1 | €2,739 | €2,096 | -€643 | -23.5% |
| Total equity and liabilities | 10/49 | €506,881 | €572,999 | +€66,118 | +13.0% |
| Equity | 10/15 | €179,237 | €241,434 | +€62,197 | +34.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €174,237 | €236,434 | +€62,197 | +35.7% |
| Distributable reserves | 133 | €174,237 | €236,434 | +€62,197 | +35.7% |
| Amounts payable | 17/49 | €327,644 | €331,565 | +€3,921 | +1.2% |
| Amounts payable after more than one year | 17 | €25,133 | €15,466 | -€9,667 | -38.5% |
| Financial debts | 170/4 | €25,133 | €15,466 | -€9,667 | -38.5% |
| Amounts payable within one year | 42/48 | €302,325 | €315,988 | +€13,663 | +4.5% |
| Financial debts | 43 | €136,952 | €136,038 | -€913 | -0.7% |
| Credit institutions | 430/8 | €136,952 | €136,038 | -€913 | -0.7% |
| Trade debts | 44 | €148,199 | €153,588 | +€5,389 | +3.6% |
| Suppliers | 440/4 | €148,199 | €153,588 | +€5,389 | +3.6% |
| Advances received on contracts in progress | 46 | €2,492 | - | -€2,492 | |
| Taxes, remuneration and social security | 45 | €10,942 | €22,923 | +€11,981 | +109.5% |
| Taxes | 450/3 | €10,942 | €22,923 | +€11,981 | +109.5% |
| Other amounts payable | 47/48 | €3,740 | €3,438 | -€302 | -8.1% |
| Accrued charges and deferred income | 492/3 | €186 | €111 | -€75 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,322 | €6,949 | +€1,627 | +30.6% |
| Other operating charges | 640/8 | €6,279 | €7,094 | +€814 | +13.0% |
| Gross operating margin | 9900 | €82,567 | €96,719 | +€14,152 | +17.1% |
| Operating profit (loss) | 9901 | €70,966 | €82,677 | +€11,711 | +16.5% |
| Financial income | 75/76B | €34,619 | €26,479 | -€8,140 | -23.5% |
| Recurring financial income | 75 | €34,619 | €26,479 | -€8,140 | -23.5% |
| Financial charges | 65/66B | €20,463 | €22,515 | +€2,052 | +10.0% |
| Recurring financial charges | 65 | €20,463 | €22,515 | +€2,052 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €85,121 | €86,640 | +€1,519 | +1.8% |
| Income taxes | 67/77 | €22,751 | €22,843 | +€92 | +0.4% |
| Profit (loss) for the period | 9904 | €62,370 | €63,797 | +€1,427 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,370 | €63,797 | +€1,427 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.