NDB Management: 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.
NDB Management
Largest movements
- Tangible fixed assets +€373,342
up €373,342 (+190.0%), from €196,454 to €569,796
of which Land and buildings: +€387,305
- Receivables within one year -€29,033
down €29,033 (-96.3%), from €30,133 to €1,100
of which Trade receivables: -€16,900
- Deferred charges and accrued income +€21,567
up €21,567 (+14836.8%), from €145 to €21,712
- Cash +€14,562
up €14,562 (+394.6%), from €3,690 to €18,252
mainly Debts after one year (+€323,549) and Accrued charges and deferred income (+€176,329)
- Debts after one year +€323,549
up €323,549 (+238.4%), from €135,695 to €459,244
- Accrued charges and deferred income +€176,329
new in 2025: €176,329
- Other debts -€107,580
down €107,580 (-99.1%), from €108,580 to €1,000
- Profit (loss) carried forward -€22,693
down €22,693 (-74.9%), from -€30,299 to -€52,992
- Current portion of long-term debt +€12,328
up €12,328 (+101.1%), from €12,191 to €24,518
- Gross operating margin -€21,140
down €21,140 (-68.6%), from €30,819 to €9,679
- Depreciation +€9,528
up €9,528 (+78.5%), from €12,130 to €21,658
- Financial charges +€2,319
up €2,319 (+33.3%), from €6,961 to €9,281
- Other operating charges +€782
up €782 (+201.9%), from €387 to €1,169
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 | €230,422 | €614,830 | +€384,408 | +166.8% |
| Fixed assets | 21/28 | €196,454 | €569,796 | +€373,342 | +190.0% |
| Tangible fixed assets | 22/27 | €196,454 | €569,796 | +€373,342 | +190.0% |
| Land and buildings | 22 | €140,165 | €527,470 | +€387,305 | +276.3% |
| Furniture and vehicles | 24 | €56,289 | €42,326 | -€13,963 | -24.8% |
| Current assets | 29/58 | €33,969 | €45,035 | +€11,066 | +32.6% |
| Amounts receivable within one year | 40/41 | €30,133 | €1,100 | -€29,033 | -96.3% |
| Trade receivables | 40 | €18,000 | €1,100 | -€16,900 | -93.9% |
| Other amounts receivable | 41 | €12,133 | - | -€12,133 | |
| Current investments | 50/53 | - | €3,970 | +€3,970 | |
| Cash at bank and in hand | 54/58 | €3,690 | €18,252 | +€14,562 | +394.6% |
| Deferred charges and accrued income | 490/1 | €145 | €21,712 | +€21,567 | +14836.8% |
| Total equity and liabilities | 10/49 | €230,422 | €614,830 | +€384,408 | +166.8% |
| Equity | 10/15 | -€26,299 | -€48,992 | -€22,693 | -86.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,299 | -€52,992 | -€22,693 | -74.9% |
| Amounts payable | 17/49 | €256,721 | €663,822 | +€407,101 | +158.6% |
| Amounts payable after more than one year | 17 | €135,695 | €459,244 | +€323,549 | +238.4% |
| Financial debts | 170/4 | €135,695 | €459,244 | +€323,549 | +238.4% |
| Amounts payable within one year | 42/48 | €121,026 | €28,249 | -€92,777 | -76.7% |
| Current portion of amounts payable after more than one year | 42 | €12,191 | €24,518 | +€12,328 | +101.1% |
| Trade debts | 44 | - | €694 | +€694 | |
| Suppliers | 440/4 | - | €694 | +€694 | |
| Taxes, remuneration and social security | 45 | €256 | €2,037 | +€1,781 | +696.2% |
| Taxes | 450/3 | €256 | €2,037 | +€1,781 | +696.2% |
| Other amounts payable | 47/48 | €108,580 | €1,000 | -€107,580 | -99.1% |
| Accrued charges and deferred income | 492/3 | - | €176,329 | +€176,329 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,130 | €21,658 | +€9,528 | +78.5% |
| Other operating charges | 640/8 | €387 | €1,169 | +€782 | +201.9% |
| Gross operating margin | 9900 | €30,819 | €9,679 | -€21,140 | -68.6% |
| Operating profit (loss) | 9901 | €18,302 | -€13,148 | -€31,450 | |
| Financial charges | 65/66B | €6,961 | €9,281 | +€2,319 | +33.3% |
| Recurring financial charges | 65 | €6,961 | €9,281 | +€2,319 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €11,340 | -€22,429 | -€33,769 | |
| Income taxes | 67/77 | €133 | €264 | +€131 | +99.1% |
| Profit (loss) for the period | 9904 | €11,208 | -€22,693 | -€33,901 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,208 | -€22,693 | -€33,901 |
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 7 October 2026 via checked.be.