ndb.finance: what changed
ndb.finance
Largest movements
- Financial fixed assets +€2.2m
up €2.2m (+527%), from €421,754 to €2.6m
- Receivables within one year +€300,564
up €300,564 (+1,368%), from €21,976 to €322,540
of which Trade receivables: +€300,569
- Cash -€66,261
down €66,261 (-46.8%), from €141,522 to €75,261
mainly Investment in fixed assets (net) (-€2.2m) and Receivables within one year (-€300,564)
- Reserves +€1.4m
up €1.4m (+367%), from €391,944 to €1.8m
- Tax, wage and social debts +€587,408
up €587,408 (+472%), from €124,346 to €711,754
of which Taxes: +€592,640
- Trade debts +€325,474
up €325,474 (+481%), from €67,672 to €393,145
- Debts after one year +€65,325
new in 2025: €65,325
- Current portion of long-term debt +€38,811
new in 2025: €38,811
- Gross operating margin +€759,795
up €759,795 (+142%), from €534,447 to €1.3m
- Financial income +€635,883
up €635,883 (+79,342%), from €801 to €636,684
- Taxes +€348,415
up €348,415 (+266%), from €131,158 to €479,572
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €589,424 | €3,055,864 | +€2.5m | +418% |
| Fixed assets | 21/28 | €425,926 | €2,658,063 | +€2.2m | +524% |
| Tangible fixed assets | 22/27 | €4,172 | €14,398 | +€10,226 | +245% |
| Furniture and vehicles | 24 | €4,172 | €14,398 | +€10,226 | +245% |
| Financial fixed assets | 28 | €421,754 | €2,643,665 | +€2.2m | +527% |
| Current assets | 29/58 | €163,497 | €397,801 | +€234,303 | +143% |
| Amounts receivable within one year | 40/41 | €21,976 | €322,540 | +€300,564 | +1,368% |
| Trade receivables | 40 | €21,971 | €322,540 | +€300,569 | +1,368% |
| Other amounts receivable | 41 | €5 | €0 | -€5 | -100% |
| Cash at bank and in hand | 54/58 | €141,522 | €75,261 | -€66,261 | -46.8% |
| Total equity and liabilities | 10/49 | €589,424 | €3,055,864 | +€2.5m | +418% |
| Equity | 10/15 | €396,944 | €1,834,860 | +€1.4m | +362% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €391,944 | €1,829,860 | +€1.4m | +367% |
| Distributable reserves | 133 | €391,944 | €1,829,860 | +€1.4m | +367% |
| Amounts payable | 17/49 | €192,479 | €1,221,004 | +€1.0m | +534% |
| Amounts payable after more than one year | 17 | - | €65,325 | +€65,325 | |
| Financial debts | 170/4 | - | €65,325 | +€65,325 | |
| Amounts payable within one year | 42/48 | €192,479 | €1,150,079 | +€957,600 | +498% |
| Current portion of amounts payable after more than one year | 42 | - | €38,811 | +€38,811 | |
| Trade debts | 44 | €67,672 | €393,145 | +€325,474 | +481% |
| Suppliers | 440/4 | €67,672 | €393,145 | +€325,474 | +481% |
| Taxes, remuneration and social security | 45 | €124,346 | €711,754 | +€587,408 | +472% |
| Taxes | 450/3 | €119,114 | €711,754 | +€592,640 | +498% |
| Remuneration and social security | 454/9 | €5,232 | €0 | -€5,232 | -100% |
| Other amounts payable | 47/48 | €461 | €6,368 | +€5,907 | +1,280% |
| Accrued charges and deferred income | 492/3 | - | €5,600 | +€5,600 | |
| Non-recurring operating income | 76A | €557 | €0 | -€557 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125 | €3,831 | +€3,705 | +2,958% |
| Other operating charges | 640/8 | €168 | €182 | +€14 | +8.1% |
| Gross operating margin | 9900 | €534,447 | €1,294,242 | +€759,795 | +142% |
| Operating profit (loss) | 9901 | €534,154 | €1,290,230 | +€756,076 | +142% |
| Financial income | 75/76B | €801 | €636,684 | +€635,883 | +79,342% |
| Recurring financial income | 75 | €801 | €636,684 | +€635,883 | +79,342% |
| Financial charges | 65/66B | €11,853 | €9,426 | -€2,428 | -20.5% |
| Recurring financial charges | 65 | €11,853 | €9,426 | -€2,428 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €523,102 | €1,917,488 | +€1.4m | +267% |
| Income taxes | 67/77 | €131,158 | €479,572 | +€348,415 | +266% |
| Profit (loss) for the period | 9904 | €391,944 | €1,437,916 | +€1.0m | +267% |
| Profit (loss) for the period to be appropriated | 9905 | €391,944 | €1,437,916 | +€1.0m | +267% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.