Ndaku: 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.
Ndaku
Largest movements
- Receivables within one year +€16,743
up €16,743 (+38.7%), from €43,260 to €60,003
of which Trade receivables: +€17,043
- Tangible fixed assets +€8,042
up €8,042 (+62.2%), from €12,924 to €20,966
of which Plant, machinery and equipment: +€11,075
- Cash -€3,306
down €3,306 (-16.9%), from €19,589 to €16,283
mainly Receivables within one year (-€16,743) and Investment in fixed assets (net) (-€11,602)
- Deferred charges and accrued income +€2,782
up €2,782 (+36.5%), from €7,614 to €10,396
- Reserves +€34,583
up €34,583 (+62.3%), from €55,528 to €90,112
of which Distributable reserves: +€35,547
- Other debts -€4,626
down €4,626 (-44.3%), from €10,446 to €5,820
- Tax, wage and social debts -€2,580
down €2,580 (-33.2%), from €7,769 to €5,189
- Current portion of long-term debt -€2,574
down €2,574 (-60.4%), from €4,259 to €1,685
- Accrued charges and deferred income -€2,385
no longer reported in 2025 (was €2,385)
- Gross operating margin +€33,666
up €33,666 (+155.5%), from €21,643 to €55,309
- Taxes +€8,477
up €8,477 (+132.1%), from €6,420 to €14,897
- Staff costs +€580
up €580 (+31.4%), from €1,848 to €2,428
- Other operating charges +€558
up €558 (+55.5%), from €1,006 to €1,564
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 | €83,387 | €107,648 | +€24,261 | +29.1% |
| Fixed assets | 21/28 | €12,924 | €20,966 | +€8,042 | +62.2% |
| Tangible fixed assets | 22/27 | €12,924 | €20,966 | +€8,042 | +62.2% |
| Plant, machinery and equipment | 23 | - | €11,075 | +€11,075 | |
| Furniture and vehicles | 24 | €7,447 | €5,040 | -€2,407 | -32.3% |
| Other tangible fixed assets | 26 | €5,476 | €4,850 | -€626 | -11.4% |
| Current assets | 29/58 | €70,463 | €86,682 | +€16,219 | +23.0% |
| Amounts receivable within one year | 40/41 | €43,260 | €60,003 | +€16,743 | +38.7% |
| Trade receivables | 40 | - | €17,043 | +€17,043 | |
| Other amounts receivable | 41 | €43,260 | €42,959 | -€301 | -0.7% |
| Cash at bank and in hand | 54/58 | €19,589 | €16,283 | -€3,306 | -16.9% |
| Deferred charges and accrued income | 490/1 | €7,614 | €10,396 | +€2,782 | +36.5% |
| Total equity and liabilities | 10/49 | €83,387 | €107,648 | +€24,261 | +29.1% |
| Equity | 10/15 | €55,528 | €90,112 | +€34,583 | +62.3% |
| Reserves | 13 | €55,528 | €90,112 | +€34,583 | +62.3% |
| Non-distributable reserves | 130/1 | €963 | - | -€963 | |
| Reserves not available under the articles | 1311 | €963 | - | -€963 | |
| Distributable reserves | 133 | €54,565 | €90,112 | +€35,547 | +65.1% |
| Amounts payable | 17/49 | €27,858 | €17,536 | -€10,322 | -37.1% |
| Amounts payable within one year | 42/48 | €25,473 | €17,536 | -€7,937 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €4,259 | €1,685 | -€2,574 | -60.4% |
| Trade debts | 44 | €2,999 | €4,842 | +€1,843 | +61.4% |
| Suppliers | 440/4 | €2,999 | €4,842 | +€1,843 | +61.4% |
| Taxes, remuneration and social security | 45 | €7,769 | €5,189 | -€2,580 | -33.2% |
| Taxes | 450/3 | €7,769 | €5,189 | -€2,580 | -33.2% |
| Other amounts payable | 47/48 | €10,446 | €5,820 | -€4,626 | -44.3% |
| Accrued charges and deferred income | 492/3 | €2,385 | - | -€2,385 | |
| Remuneration, social security and pensions | 62 | €1,848 | €2,428 | +€580 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,033 | €3,560 | +€526 | +17.4% |
| Other operating charges | 640/8 | €1,006 | €1,564 | +€558 | +55.5% |
| Gross operating margin | 9900 | €21,643 | €55,309 | +€33,666 | +155.5% |
| Operating profit (loss) | 9901 | €15,756 | €47,758 | +€32,001 | +203.1% |
| Financial income | 75/76B | €2,309 | €2,178 | -€131 | -5.7% |
| Recurring financial income | 75 | €2,309 | €2,178 | -€131 | -5.7% |
| Financial charges | 65/66B | €584 | €455 | -€128 | -22.0% |
| Recurring financial charges | 65 | €584 | €455 | -€128 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €17,482 | €49,481 | +€31,999 | +183.0% |
| Income taxes | 67/77 | €6,420 | €14,897 | +€8,477 | +132.1% |
| Profit (loss) for the period | 9904 | €11,062 | €34,583 | +€23,522 | +212.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,062 | €34,583 | +€23,522 | +212.6% |
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.