NDB MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€31,139
up €31,139 (+162.0%), from €19,227 to €50,366
of which Furniture and vehicles: +€32,001
- Receivables within one year +€7,763
up €7,763 (+27.8%), from €27,928 to €35,691
of which Other amounts receivable: +€6,553
- Cash -€5,092
down €5,092 (-54.4%), from €9,363 to €4,271
mainly Investment in fixed assets (net) (-€38,187) and Contributions, distributions and other (-€24,400)
- Deferred charges and accrued income -€3,734
down €3,734 (-78.7%), from €4,746 to €1,012
- Debts after one year +€15,038
up €15,038 (+173.7%), from €8,659 to €23,698
- Current portion of long-term debt +€10,456
up €10,456 (+232.1%), from €4,504 to €14,961
- Reserves -€7,957
down €7,957 (-6.4%), from €123,409 to €115,452
- Other debts +€6,400
up €6,400 (+35.6%), from €18,000 to €24,400
- Tax, wage and social debts +€4,050
up €4,050 (+47.1%), from €8,602 to €12,651
- Financial income -€15,165
down €15,165 (-98.0%), from €15,471 to €306
- Depreciation +€4,100
up €4,100 (+139.1%), from €2,948 to €7,047
- Gross operating margin -€3,583
down €3,583 (-7.9%), from €45,596 to €42,013
- Taxes +€2,346
up €2,346 (+19.4%), from €12,068 to €14,414
- Other operating charges +€990
up €990 (+86.6%), from €1,143 to €2,134
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 | €186,264 | €216,340 | +€30,076 | +16.1% |
| Fixed assets | 21/28 | €144,227 | €175,366 | +€31,139 | +21.6% |
| Tangible fixed assets | 22/27 | €19,227 | €50,366 | +€31,139 | +162.0% |
| Plant, machinery and equipment | 23 | €626 | €357 | -€269 | -43.0% |
| Furniture and vehicles | 24 | €14,570 | €46,571 | +€32,001 | +219.6% |
| Other tangible fixed assets | 26 | €4,031 | €3,439 | -€592 | -14.7% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €42,037 | €40,974 | -€1,063 | -2.5% |
| Amounts receivable within one year | 40/41 | €27,928 | €35,691 | +€7,763 | +27.8% |
| Trade receivables | 40 | €15,730 | €16,940 | +€1,210 | +7.7% |
| Other amounts receivable | 41 | €12,198 | €18,751 | +€6,553 | +53.7% |
| Cash at bank and in hand | 54/58 | €9,363 | €4,271 | -€5,092 | -54.4% |
| Deferred charges and accrued income | 490/1 | €4,746 | €1,012 | -€3,734 | -78.7% |
| Total equity and liabilities | 10/49 | €186,264 | €216,340 | +€30,076 | +16.1% |
| Equity | 10/15 | €143,409 | €135,452 | -€7,957 | -5.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €123,409 | €115,452 | -€7,957 | -6.4% |
| Distributable reserves | 133 | €123,409 | €115,452 | -€7,957 | -6.4% |
| Amounts payable | 17/49 | €42,855 | €80,888 | +€38,033 | +88.7% |
| Amounts payable after more than one year | 17 | €8,659 | €23,698 | +€15,038 | +173.7% |
| Financial debts | 170/4 | €8,659 | €23,698 | +€15,038 | +173.7% |
| Amounts payable within one year | 42/48 | €34,196 | €54,167 | +€19,972 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €4,504 | €14,961 | +€10,456 | +232.1% |
| Trade debts | 44 | €3,090 | €2,156 | -€934 | -30.2% |
| Suppliers | 440/4 | €3,090 | €2,156 | -€934 | -30.2% |
| Taxes, remuneration and social security | 45 | €8,602 | €12,651 | +€4,050 | +47.1% |
| Taxes | 450/3 | €8,602 | €12,651 | +€4,050 | +47.1% |
| Other amounts payable | 47/48 | €18,000 | €24,400 | +€6,400 | +35.6% |
| Accrued charges and deferred income | 492/3 | - | €3,023 | +€3,023 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,948 | €7,047 | +€4,100 | +139.1% |
| Other operating charges | 640/8 | €1,143 | €2,134 | +€990 | +86.6% |
| Gross operating margin | 9900 | €45,596 | €42,013 | -€3,583 | -7.9% |
| Operating profit (loss) | 9901 | €41,505 | €32,832 | -€8,673 | -20.9% |
| Financial income | 75/76B | €15,471 | €306 | -€15,165 | -98.0% |
| Recurring financial income | 75 | €15,471 | €306 | -€15,165 | -98.0% |
| Financial charges | 65/66B | €2,790 | €2,280 | -€510 | -18.3% |
| Recurring financial charges | 65 | €2,790 | €2,280 | -€510 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €54,185 | €30,857 | -€23,328 | -43.1% |
| Income taxes | 67/77 | €12,068 | €14,414 | +€2,346 | +19.4% |
| Profit (loss) for the period | 9904 | €42,118 | €16,443 | -€25,675 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,118 | €16,443 | -€25,675 | -61.0% |
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 10 October 2026 via checked.be.