ND VISION: 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 VISION
Largest movements
- Cash -€10,273
down €10,273 (-27.5%), from €37,315 to €27,042
mainly Stocks and contracts (-€5,821) and Debts after one year (-€4,554)
- Tangible fixed assets -€6,532
down €6,532 (-26.0%), from €25,105 to €18,573
- Stocks and contracts +€5,821
up €5,821 (+8.6%), from €67,307 to €73,128
of which Contracts in progress: +€10,199
- Intangible fixed assets -€5,275
down €5,275 (-50.2%), from €10,515 to €5,240
- Receivables within one year +€2,666
up €2,666 (+13.1%), from €20,354 to €23,020
- Debts after one year -€4,554
down €4,554 (-5.7%), from €79,944 to €75,390
of which Financial debts: -€4,454
- Current portion of long-term debt -€3,077
down €3,077 (-44.6%), from €6,901 to €3,824
- Purchases and services -€94,162
no longer reported in 2025 (was €94,162)
- Turnover -€89,615
no longer reported in 2025 (was €89,615)
- Gross operating margin +€13,879
up €13,879, from -€4,367 to €9,512
- Taxes -€3,236
down €3,236, from €225 to -€3,011
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 | €163,803 | €152,865 | -€10,938 | -6.7% |
| Fixed assets | 21/28 | €37,260 | €25,453 | -€11,807 | -31.7% |
| Intangible fixed assets | 21 | €10,515 | €5,240 | -€5,275 | -50.2% |
| Tangible fixed assets | 22/27 | €25,105 | €18,573 | -€6,532 | -26.0% |
| Furniture and vehicles | 24 | €25,105 | €18,573 | -€6,532 | -26.0% |
| Financial fixed assets | 28 | €1,640 | €1,640 | = | 0.0% |
| Current assets | 29/58 | €126,543 | €127,412 | +€869 | +0.7% |
| Stocks and contracts in progress | 3 | €67,307 | €73,128 | +€5,821 | +8.6% |
| Stocks | 30/36 | €67,307 | €62,929 | -€4,378 | -6.5% |
| Contracts in progress | 37 | - | €10,199 | +€10,199 | |
| Amounts receivable within one year | 40/41 | €20,354 | €23,020 | +€2,666 | +13.1% |
| Trade receivables | 40 | €20,354 | €23,020 | +€2,666 | +13.1% |
| Cash at bank and in hand | 54/58 | €37,315 | €27,042 | -€10,273 | -27.5% |
| Deferred charges and accrued income | 490/1 | €1,567 | €4,222 | +€2,655 | +169.4% |
| Total equity and liabilities | 10/49 | €163,803 | €152,865 | -€10,938 | -6.7% |
| Equity | 10/15 | €50,630 | €49,591 | -€1,039 | -2.1% |
| Contributions | 10/11 | €63,213 | €63,213 | = | 0.0% |
| Capital | 10 | €63,213 | €63,213 | = | 0.0% |
| Issued capital | 100 | €63,213 | €63,213 | = | 0.0% |
| Reserves | 13 | €54,953 | €54,953 | = | 0.0% |
| Distributable reserves | 133 | €54,953 | €54,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,536 | -€68,575 | -€1,039 | -1.5% |
| Amounts payable | 17/49 | €113,173 | €103,274 | -€9,899 | -8.7% |
| Amounts payable after more than one year | 17 | €79,944 | €75,390 | -€4,554 | -5.7% |
| Financial debts | 170/4 | €4,454 | - | -€4,454 | |
| Other amounts payable | 178/9 | €75,490 | €75,390 | -€100 | -0.1% |
| Amounts payable within one year | 42/48 | €33,229 | €27,884 | -€5,345 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €6,901 | €3,824 | -€3,077 | -44.6% |
| Trade debts | 44 | €3,041 | €2,011 | -€1,030 | -33.9% |
| Suppliers | 440/4 | €3,041 | €2,011 | -€1,030 | -33.9% |
| Taxes, remuneration and social security | 45 | €1,446 | €1,001 | -€445 | -30.8% |
| Taxes | 450/3 | €1,446 | €1,001 | -€445 | -30.8% |
| Other amounts payable | 47/48 | €21,841 | €21,048 | -€793 | -3.6% |
| Turnover | 70 | €89,615 | - | -€89,615 | |
| Goods, raw materials, services and sundry goods | 60/61 | €94,162 | - | -€94,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,553 | €11,806 | +€253 | +2.2% |
| Other operating charges | 640/8 | €832 | €1,589 | +€757 | +91.0% |
| Gross operating margin | 9900 | -€4,367 | €9,512 | +€13,879 | |
| Operating profit (loss) | 9901 | -€16,752 | -€3,883 | +€12,869 | +76.8% |
| Financial income | 75/76B | €325 | €264 | -€61 | -18.8% |
| Recurring financial income | 75 | €325 | €264 | -€61 | -18.8% |
| Financial charges | 65/66B | €913 | €431 | -€482 | -52.8% |
| Recurring financial charges | 65 | €913 | €431 | -€482 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | -€17,340 | -€4,050 | +€13,290 | +76.6% |
| Income taxes | 67/77 | €225 | -€3,011 | -€3,236 | |
| Profit (loss) for the period | 9904 | -€17,565 | -€1,039 | +€16,526 | +94.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,565 | -€1,039 | +€16,526 | +94.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.