ND Strategy: 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 Strategy
Largest movements
- Receivables within one year -€38,288
down €38,288 (-84.5%), from €45,300 to €7,011
of which Other amounts receivable: -€22,821
- Tangible fixed assets -€7,681
down €7,681 (-5.6%), from €137,467 to €129,786
of which Land and buildings: -€7,533
- Deferred charges and accrued income +€7,028
up €7,028 (+753.2%), from €933 to €7,961
- Debts after one year -€27,120
no longer reported in 2025 (was €27,120)
- Current portion of long-term debt -€19,575
no longer reported in 2025 (was €19,575)
- Reserves +€8,971
up €8,971 (+11.0%), from €81,245 to €90,216
of which Distributable reserves: +€8,971
- Tax, wage and social debts -€4,102
down €4,102 (-66.7%), from €6,146 to €2,044
- Gross operating margin -€31,967
down €31,967 (-58.1%), from €54,996 to €23,028
- Taxes -€9,907
down €9,907 (-68.0%), from €14,569 to €4,662
- Financial charges -€1,305
down €1,305 (-46.8%), from €2,787 to €1,482
- Financial income -€628
down €628 (-69.1%), from €909 to €281
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 | €192,422 | €151,105 | -€41,317 | -21.5% |
| Fixed assets | 21/28 | €137,467 | €129,786 | -€7,681 | -5.6% |
| Tangible fixed assets | 22/27 | €137,467 | €129,786 | -€7,681 | -5.6% |
| Land and buildings | 22 | €137,172 | €129,639 | -€7,533 | -5.5% |
| Furniture and vehicles | 24 | €295 | €147 | -€147 | -50.0% |
| Current assets | 29/58 | €54,956 | €21,319 | -€33,637 | -61.2% |
| Amounts receivable within one year | 40/41 | €45,300 | €7,011 | -€38,288 | -84.5% |
| Trade receivables | 40 | €20,171 | €4,704 | -€15,467 | -76.7% |
| Other amounts receivable | 41 | €25,129 | €2,307 | -€22,821 | -90.8% |
| Current investments | 50/53 | €7,328 | €5,511 | -€1,817 | -24.8% |
| Cash at bank and in hand | 54/58 | €1,395 | €835 | -€560 | -40.1% |
| Deferred charges and accrued income | 490/1 | €933 | €7,961 | +€7,028 | +753.2% |
| Total equity and liabilities | 10/49 | €192,422 | €151,105 | -€41,317 | -21.5% |
| Equity | 10/15 | €135,439 | €144,411 | +€8,971 | +6.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €81,245 | €90,216 | +€8,971 | +11.0% |
| 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 | €79,385 | €88,356 | +€8,971 | +11.3% |
| Profit (loss) carried forward | 14 | €41,795 | €41,795 | = | 0.0% |
| Amounts payable | 17/49 | €56,983 | €6,694 | -€50,289 | -88.3% |
| Amounts payable after more than one year | 17 | €27,120 | - | -€27,120 | |
| Financial debts | 170/4 | €27,120 | - | -€27,120 | |
| Amounts payable within one year | 42/48 | €29,863 | €6,694 | -€23,169 | -77.6% |
| Current portion of amounts payable after more than one year | 42 | €19,575 | - | -€19,575 | |
| Trade debts | 44 | €4,143 | €4,651 | +€508 | +12.3% |
| Suppliers | 440/4 | €4,143 | €4,651 | +€508 | +12.3% |
| Taxes, remuneration and social security | 45 | €6,146 | €2,044 | -€4,102 | -66.7% |
| Taxes | 450/3 | €6,146 | €2,044 | -€4,102 | -66.7% |
| Non-recurring operating income | 76A | €5,960 | - | -€5,960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,210 | €7,681 | -€529 | -6.4% |
| Other operating charges | 640/8 | €808 | €513 | -€295 | -36.5% |
| Non-recurring operating charges | 66A | €49 | - | -€49 | |
| Gross operating margin | 9900 | €54,996 | €23,028 | -€31,967 | -58.1% |
| Operating profit (loss) | 9901 | €45,929 | €14,835 | -€31,094 | -67.7% |
| Financial income | 75/76B | €909 | €281 | -€628 | -69.1% |
| Recurring financial income | 75 | €909 | €281 | -€628 | -69.1% |
| Financial charges | 65/66B | €2,787 | €1,482 | -€1,305 | -46.8% |
| Recurring financial charges | 65 | €2,787 | €1,482 | -€1,305 | -46.8% |
| Profit (loss) for the period before taxes | 9903 | €44,050 | €13,634 | -€30,417 | -69.0% |
| Income taxes | 67/77 | €14,569 | €4,662 | -€9,907 | -68.0% |
| Profit (loss) for the period | 9904 | €29,481 | €8,971 | -€20,510 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,481 | €8,971 | -€20,510 | -69.6% |
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 5 October 2026 via checked.be.