NdB Projects: 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 Projects
Largest movements
- Cash +€60,027
up €60,027 (+168.9%), from €35,530 to €95,557
mainly Net result for the year (+€89,620) and Tax, wage and social debts (+€22,148)
- Profit (loss) carried forward +€89,620
up €89,620 (+111.5%), from €80,355 to €169,975
- Debts after one year -€46,886
down €46,886 (-16.2%), from €290,121 to €243,235
- Tax, wage and social debts +€22,148
up €22,148 (+102.4%), from €21,620 to €43,768
- Gross operating margin +€12,182
up €12,182 (+10.8%), from €113,273 to €125,454
- Taxes +€3,127
up €3,127 (+15.3%), from €20,391 to €23,518
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 | €440,069 | €506,453 | +€66,384 | +15.1% |
| Fixed assets | 21/28 | €392,030 | €398,274 | +€6,244 | +1.6% |
| Tangible fixed assets | 22/27 | €2,030 | €6,274 | +€4,244 | +209.1% |
| Land and buildings | 22 | €2,030 | €6,274 | +€4,244 | +209.1% |
| Financial fixed assets | 28 | €390,000 | €392,000 | +€2,000 | +0.5% |
| Current assets | 29/58 | €48,039 | €108,180 | +€60,140 | +125.2% |
| Amounts receivable within one year | 40/41 | €12,500 | €12,500 | = | 0.0% |
| Trade receivables | 40 | €12,500 | €12,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,530 | €95,557 | +€60,027 | +168.9% |
| Deferred charges and accrued income | 490/1 | €9 | €123 | +€114 | +1284.5% |
| Total equity and liabilities | 10/49 | €440,069 | €506,453 | +€66,384 | +15.1% |
| Equity | 10/15 | €82,855 | €172,475 | +€89,620 | +108.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,355 | €169,975 | +€89,620 | +111.5% |
| Amounts payable | 17/49 | €357,213 | €333,978 | -€23,236 | -6.5% |
| Amounts payable after more than one year | 17 | €290,121 | €243,235 | -€46,886 | -16.2% |
| Financial debts | 170/4 | €290,121 | €243,235 | -€46,886 | -16.2% |
| Amounts payable within one year | 42/48 | €67,093 | €90,743 | +€23,650 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €45,185 | €46,886 | +€1,701 | +3.8% |
| Trade debts | 44 | €88 | €89 | +€2 | +1.9% |
| Suppliers | 440/4 | €88 | €89 | +€2 | +1.9% |
| Taxes, remuneration and social security | 45 | €21,620 | €43,768 | +€22,148 | +102.4% |
| Taxes | 450/3 | €21,620 | €43,768 | +€22,148 | +102.4% |
| Other amounts payable | 47/48 | €200 | €0 | -€200 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,481 | €556 | -€925 | -62.5% |
| Other operating charges | 640/8 | €437 | €400 | -€38 | -8.6% |
| Gross operating margin | 9900 | €113,273 | €125,454 | +€12,182 | +10.8% |
| Operating profit (loss) | 9901 | €111,354 | €124,499 | +€13,145 | +11.8% |
| Financial income | 75/76B | - | €470 | +€470 | |
| Recurring financial income | 75 | - | €470 | +€470 | |
| Financial charges | 65/66B | €10,608 | €11,831 | +€1,224 | +11.5% |
| Recurring financial charges | 65 | €10,608 | €11,831 | +€1,224 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €100,746 | €113,138 | +€12,391 | +12.3% |
| Income taxes | 67/77 | €20,391 | €23,518 | +€3,127 | +15.3% |
| Profit (loss) for the period | 9904 | €80,355 | €89,620 | +€9,264 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €80,355 | €89,620 | +€9,264 | +11.5% |
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 8 October 2026 via checked.be.