ND'S Concept: 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'S Concept
Largest movements
- Cash -€37,240
down €37,240 (-58.6%), from €63,536 to €26,296
mainly Contributions, distributions and other (-€99,412) and Investment in fixed assets (net) (-€5,079)
- Tangible fixed assets -€14,565
down €14,565 (-28.5%), from €51,045 to €36,480
of which Plant, machinery and equipment: -€9,311
- Receivables within one year -€6,791
down €6,791 (-51.2%), from €13,261 to €6,470
of which Trade receivables: -€6,114
- Reserves -€86,698
down €86,698 (-79.4%), from €109,155 to €22,457
- Other debts +€26,500
up €26,500 (+662.5%), from €4,000 to €30,500
- Gross operating margin -€3,928
down €3,928 (-4.0%), from €97,727 to €93,799
- Staff costs +€3,364
up €3,364 (+8.5%), from €39,515 to €42,879
- Taxes -€3,154
down €3,154 (-35.4%), from €8,914 to €5,760
- Financial charges +€2,657
up €2,657 (+139.7%), from €1,902 to €4,559
- Depreciation +€2,015
up €2,015 (+11.4%), from €17,629 to €19,644
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 | €130,509 | €71,707 | -€58,802 | -45.1% |
| Fixed assets | 21/28 | €51,240 | €36,675 | -€14,565 | -28.4% |
| Tangible fixed assets | 22/27 | €51,045 | €36,480 | -€14,565 | -28.5% |
| Plant, machinery and equipment | 23 | €37,291 | €27,980 | -€9,311 | -25.0% |
| Furniture and vehicles | 24 | €13,754 | €8,500 | -€5,254 | -38.2% |
| Financial fixed assets | 28 | €195 | €195 | = | 0.0% |
| Current assets | 29/58 | €79,269 | €35,032 | -€44,237 | -55.8% |
| Amounts receivable within one year | 40/41 | €13,261 | €6,470 | -€6,791 | -51.2% |
| Trade receivables | 40 | €10,988 | €4,874 | -€6,114 | -55.6% |
| Other amounts receivable | 41 | €2,273 | €1,596 | -€677 | -29.8% |
| Cash at bank and in hand | 54/58 | €63,536 | €26,296 | -€37,240 | -58.6% |
| Deferred charges and accrued income | 490/1 | €2,472 | €2,266 | -€206 | -8.3% |
| Total equity and liabilities | 10/49 | €130,509 | €71,707 | -€58,802 | -45.1% |
| Equity | 10/15 | €119,155 | €32,457 | -€86,698 | -72.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €109,155 | €22,457 | -€86,698 | -79.4% |
| Distributable reserves | 133 | €109,155 | €22,457 | -€86,698 | -79.4% |
| Amounts payable | 17/49 | €11,354 | €39,250 | +€27,896 | +245.7% |
| Amounts payable within one year | 42/48 | €11,354 | €39,250 | +€27,896 | +245.7% |
| Trade debts | 44 | €667 | €1,336 | +€669 | +100.3% |
| Suppliers | 440/4 | €667 | €1,336 | +€669 | +100.3% |
| Taxes, remuneration and social security | 45 | €6,687 | €7,414 | +€727 | +10.9% |
| Taxes | 450/3 | €976 | €200 | -€776 | -79.5% |
| Remuneration and social security | 454/9 | €5,711 | €7,214 | +€1,503 | +26.3% |
| Other amounts payable | 47/48 | €4,000 | €30,500 | +€26,500 | +662.5% |
| Remuneration, social security and pensions | 62 | €39,515 | €42,879 | +€3,364 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,629 | €19,644 | +€2,015 | +11.4% |
| Other operating charges | 640/8 | €8,777 | €8,311 | -€466 | -5.3% |
| Non-recurring operating charges | 66A | €212 | - | -€212 | |
| Gross operating margin | 9900 | €97,727 | €93,799 | -€3,928 | -4.0% |
| Operating profit (loss) | 9901 | €31,594 | €22,965 | -€8,629 | -27.3% |
| Financial income | 75/76B | €62 | €68 | +€6 | +9.7% |
| Recurring financial income | 75 | €62 | €68 | +€6 | +9.7% |
| Financial charges | 65/66B | €1,902 | €4,559 | +€2,657 | +139.7% |
| Recurring financial charges | 65 | €1,902 | €4,559 | +€2,657 | +139.7% |
| Profit (loss) for the period before taxes | 9903 | €29,754 | €18,474 | -€11,280 | -37.9% |
| Income taxes | 67/77 | €8,914 | €5,760 | -€3,154 | -35.4% |
| Profit (loss) for the period | 9904 | €20,840 | €12,714 | -€8,126 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,840 | €12,714 | -€8,126 | -39.0% |
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 7 October 2026 via checked.be.