NDB Invest: what changed
What changed
NDB Invest
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€453,144
2024 · €830,906-€377,762
Equity
€1.6m
2024 · €1.1m+€453,144
Cash
€130,648
2024 · €240,901-€110,254
Balance sheet total
€5.7m
2024 · €5.2m+€485,714
Largest movements
Assets
- Tangible fixed assets +€541,317
up €541,317 (+381%), from €141,899 to €683,216
of which Land and buildings: +€527,975
- Cash -€110,254
down €110,254 (-45.8%), from €240,901 to €130,648
mainly Investment in fixed assets (net) (-€589,809) and Receivables after one year (-€100,000)
- Receivables after one year +€100,000
new in 2025: €100,000
- Financial fixed assets -€67,365
down €67,365 (-1.4%), from €4.8m to €4.7m
Equity and liabilities
- Reserves +€453,144
up €453,144 (+42.9%), from €1.1m to €1.5m
Income statement
- Financial income -€222,415
down €222,415 (-26.0%), from €855,050 to €632,635
of which Financial income: -€455,050
- Depreciation +€92,333
up €92,333 (+393%), from €23,524 to €115,857
- Financial charges +€51,211
up €51,211 (+51.7%), from €98,980 to €150,190
- Gross operating margin -€11,569
down €11,569 (-11.2%), from €103,671 to €92,103
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.
Result 2024
€830,906
Gross operating margin
-€11,569
Depreciation
-€92,333
Other operating charges
-€57
Financial income
-€222,415
Financial charges
-€51,211
Taxes
-€177
Result 2025
€453,144
lowers the result
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.
From operations
+€461,870
Investment
-€589,809
Financing
+€17,685
Cash 2024
€240,901
From operations (derived)
+€461,870
Net result for the year
+€453,144
Depreciation
+€115,857
Receivables after one year
-€100,000
Receivables within one year
-€22,323
Deferred charges and accrued income
+€307
Trade debts
+€9,874
Tax, wage and social debts
+€24,903
Other debts
-€19,891
Investment (derived)
-€589,809
Investment in fixed assets (net)
-€589,809
Financing
+€17,685
Debts after one year
-€14,559
Current portion of long-term debt
+€32,243
Cash 2025
€130,648
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,183,618 | €5,669,332 | +€485,714 | +9.4% |
| Fixed assets | 21/28 | €4,915,439 | €5,389,391 | +€473,952 | +9.6% |
| Tangible fixed assets | 22/27 | €141,899 | €683,216 | +€541,317 | +381% |
| Land and buildings | 22 | - | €527,975 | +€527,975 | |
| Plant, machinery and equipment | 23 | €561 | €865 | +€304 | +54.1% |
| Furniture and vehicles | 24 | €12,071 | €48,220 | +€36,149 | +299% |
| Leasing and similar rights | 25 | €101,493 | €71,930 | -€29,563 | -29.1% |
| Other tangible fixed assets | 26 | €27,774 | €34,226 | +€6,452 | +23.2% |
| Financial fixed assets | 28 | €4,773,540 | €4,706,174 | -€67,365 | -1.4% |
| Current assets | 29/58 | €268,179 | €279,941 | +€11,762 | +4.4% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Stocks and contracts in progress | 3 | €16,710 | €16,710 | = | 0.0% |
| Stocks | 30/36 | €16,710 | €16,710 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,224 | €29,546 | +€22,323 | +309% |
| Other amounts receivable | 41 | €7,224 | €29,546 | +€22,323 | +309% |
| Cash at bank and in hand | 54/58 | €240,901 | €130,648 | -€110,254 | -45.8% |
| Deferred charges and accrued income | 490/1 | €3,344 | €3,037 | -€307 | -9.2% |
| Total equity and liabilities | 10/49 | €5,183,618 | €5,669,332 | +€485,714 | +9.4% |
| Equity | 10/15 | €1,106,394 | €1,559,538 | +€453,144 | +41.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,056,394 | €1,509,538 | +€453,144 | +42.9% |
| Distributable reserves | 133 | €1,056,394 | €1,509,538 | +€453,144 | +42.9% |
| Amounts payable | 17/49 | €4,077,224 | €4,109,794 | +€32,570 | +0.8% |
| Amounts payable after more than one year | 17 | €2,827,828 | €2,813,270 | -€14,559 | -0.5% |
| Financial debts | 170/4 | €2,827,828 | €2,813,270 | -€14,559 | -0.5% |
| Amounts payable within one year | 42/48 | €1,249,396 | €1,296,524 | +€47,129 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €327,447 | €359,691 | +€32,243 | +9.8% |
| Trade debts | 44 | €8,648 | €18,522 | +€9,874 | +114% |
| Suppliers | 440/4 | €8,648 | €18,522 | +€9,874 | +114% |
| Taxes, remuneration and social security | 45 | €10,526 | €35,429 | +€24,903 | +237% |
| Taxes | 450/3 | €10,526 | €35,429 | +€24,903 | +237% |
| Other amounts payable | 47/48 | €902,774 | €882,883 | -€19,891 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,524 | €115,857 | +€92,333 | +393% |
| Other operating charges | 640/8 | €5,036 | €5,092 | +€57 | +1.1% |
| Gross operating margin | 9900 | €103,671 | €92,103 | -€11,569 | -11.2% |
| Operating profit (loss) | 9901 | €75,112 | -€28,846 | -€103,958 | |
| Financial income | 75/76B | €855,050 | €632,635 | -€222,415 | -26.0% |
| Recurring financial income | 75 | €855,050 | €400,000 | -€455,050 | -53.2% |
| Non-recurring financial income | 76B | - | €232,635 | +€232,635 | |
| Financial charges | 65/66B | €98,980 | €150,190 | +€51,211 | +51.7% |
| Recurring financial charges | 65 | €98,980 | €150,190 | +€51,211 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €831,182 | €453,598 | -€377,584 | -45.4% |
| Income taxes | 67/77 | €277 | €454 | +€177 | +64.1% |
| Profit (loss) for the period | 9904 | €830,906 | €453,144 | -€377,762 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €830,906 | €453,144 | -€377,762 | -45.5% |
Next steps
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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 4 November 2026 via checked.be.