NDB-LAW: what changed
Two financial 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.
NDB-LAW
Largest movements
- Receivables within one year -€39,710
down €39,710 (-43.1%), from €92,217 to €52,508
of which Trade receivables: -€36,881
- Cash -€23,522
down €23,522 (-48.3%), from €48,719 to €25,197
mainly Trade debts (-€28,220) and Other debts (-€18,985)
- Tangible fixed assets +€3,558
up €3,558 (+41.9%), from €8,486 to €12,044
- Trade debts -€28,220
down €28,220 (-76.0%), from €37,129 to €8,909
- Other debts -€18,985
down €18,985 (-100%), from €18,985 to €0
- Debts after one year -€9,385
down €9,385 (-53.7%), from €17,466 to €8,081
- Profit (loss) carried forward -€2,340
down €2,340 (-4.2%), from €55,609 to €53,268
- Gross operating margin -€87,408
down €87,408 (-99.5%), from €87,823 to €415
- Taxes -€16,663
down €16,663 (-95.7%), from €17,415 to €752
- Write-downs -€4,243
down €4,243 (-85.5%), from €4,964 to €721
- Financial income +€2,919
up €2,919 (+234%), from €1,248 to €4,167
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.
Derived cash bridge
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 | €170,882 | €111,270 | -€59,611 | -34.9% |
| Fixed assets | 21/28 | €28,486 | €32,044 | +€3,558 | +12.5% |
| Tangible fixed assets | 22/27 | €8,486 | €12,044 | +€3,558 | +41.9% |
| Furniture and vehicles | 24 | €8,486 | €12,044 | +€3,558 | +41.9% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €142,396 | €79,226 | -€63,170 | -44.4% |
| Amounts receivable within one year | 40/41 | €92,217 | €52,508 | -€39,710 | -43.1% |
| Trade receivables | 40 | €84,048 | €47,167 | -€36,881 | -43.9% |
| Other amounts receivable | 41 | €8,170 | €5,341 | -€2,829 | -34.6% |
| Cash at bank and in hand | 54/58 | €48,719 | €25,197 | -€23,522 | -48.3% |
| Deferred charges and accrued income | 490/1 | €1,460 | €1,521 | +€62 | +4.2% |
| Total equity and liabilities | 10/49 | €170,882 | €111,270 | -€59,611 | -34.9% |
| Equity | 10/15 | €74,209 | €71,868 | -€2,340 | -3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,609 | €53,268 | -€2,340 | -4.2% |
| Amounts payable | 17/49 | €96,673 | €39,402 | -€57,271 | -59.2% |
| Amounts payable after more than one year | 17 | €17,466 | €8,081 | -€9,385 | -53.7% |
| Financial debts | 170/4 | €17,466 | €8,081 | -€9,385 | -53.7% |
| Amounts payable within one year | 42/48 | €79,207 | €31,321 | -€47,886 | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €9,056 | €9,385 | +€329 | +3.6% |
| Trade debts | 44 | €37,129 | €8,909 | -€28,220 | -76.0% |
| Suppliers | 440/4 | €37,129 | €8,909 | -€28,220 | -76.0% |
| Taxes, remuneration and social security | 45 | €14,036 | €13,026 | -€1,010 | -7.2% |
| Taxes | 450/3 | €14,036 | €13,026 | -€1,010 | -7.2% |
| Other amounts payable | 47/48 | €18,985 | €0 | -€18,985 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,937 | €2,743 | +€806 | +41.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,964 | €721 | -€4,243 | -85.5% |
| Other operating charges | 640/8 | €1,330 | €1,506 | +€176 | +13.2% |
| Gross operating margin | 9900 | €87,823 | €415 | -€87,408 | -99.5% |
| Operating profit (loss) | 9901 | €79,592 | -€4,556 | -€84,147 | |
| Financial income | 75/76B | €1,248 | €4,167 | +€2,919 | +234% |
| Recurring financial income | 75 | €1,248 | €4,167 | +€2,919 | +234% |
| Financial charges | 65/66B | €1,020 | €1,199 | +€179 | +17.5% |
| Recurring financial charges | 65 | €1,020 | €1,199 | +€179 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €79,819 | -€1,588 | -€81,407 | |
| Income taxes | 67/77 | €17,415 | €752 | -€16,663 | -95.7% |
| Profit (loss) for the period | 9904 | €62,404 | -€2,340 | -€64,744 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,404 | -€2,340 | -€64,744 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.