NDC: 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.
NDC
Largest movements
- Receivables after one year +€358,970
up €358,970 (+26.5%), from €1.4m to €1.7m
- Receivables within one year -€101,062
down €101,062 (-72.3%), from €139,699 to €38,638
of which Other amounts receivable: -€106,251
- Current investments +€52,772
up €52,772 (+5.1%), from €1.0m to €1.1m
- Reserves +€250,000
up €250,000 (+10.4%), from €2.4m to €2.7m
of which Distributable reserves: +€250,000
- Tax, wage and social debts +€54,793
up €54,793 (+98.3%), from €55,731 to €110,524
of which Taxes: +€57,327
- Debts after one year -€30,400
down €30,400 (-79.9%), from €38,036 to €7,636
- Gross operating margin +€54,720
up €54,720 (+29.1%), from €187,893 to €242,613
- Taxes +€53,272
up €53,272 (+123%), from €43,420 to €96,692
- Financial income +€34,283
up €34,283 (+34.5%), from €99,249 to €133,532
- Financial charges -€16,504
down €16,504 (-70.6%), from €23,387 to €6,883
of which Non-recurring financial charges: -€16,260
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 | €2,574,493 | €2,859,103 | +€284,610 | +11.1% |
| Fixed assets | 21/28 | €27,807 | €21,645 | -€6,161 | -22.2% |
| Tangible fixed assets | 22/27 | €27,807 | €21,645 | -€6,161 | -22.2% |
| Plant, machinery and equipment | 23 | - | €177 | +€177 | |
| Furniture and vehicles | 24 | €816 | €207 | -€609 | -74.7% |
| Other tangible fixed assets | 26 | €26,991 | €21,262 | -€5,729 | -21.2% |
| Current assets | 29/58 | €2,546,687 | €2,837,458 | +€290,771 | +11.4% |
| Amounts receivable after more than one year | 29 | €1,354,673 | €1,713,642 | +€358,970 | +26.5% |
| Other amounts receivable | 291 | €1,354,673 | €1,713,642 | +€358,970 | +26.5% |
| Amounts receivable within one year | 40/41 | €139,699 | €38,638 | -€101,062 | -72.3% |
| Trade receivables | 40 | €18,150 | €23,339 | +€5,189 | +28.6% |
| Other amounts receivable | 41 | €121,549 | €15,299 | -€106,251 | -87.4% |
| Current investments | 50/53 | €1,030,081 | €1,082,853 | +€52,772 | +5.1% |
| Cash at bank and in hand | 54/58 | €22,234 | €2,325 | -€19,909 | -89.5% |
| Total equity and liabilities | 10/49 | €2,574,493 | €2,859,103 | +€284,610 | +11.1% |
| Equity | 10/15 | €2,439,944 | €2,705,644 | +€265,701 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,406,860 | €2,656,860 | +€250,000 | +10.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,405,000 | €2,655,000 | +€250,000 | +10.4% |
| Profit (loss) carried forward | 14 | €20,684 | €36,384 | +€15,701 | +75.9% |
| Amounts payable | 17/49 | €134,550 | €153,459 | +€18,909 | +14.1% |
| Amounts payable after more than one year | 17 | €38,036 | €7,636 | -€30,400 | -79.9% |
| Financial debts | 170/4 | €38,036 | €7,636 | -€30,400 | -79.9% |
| Amounts payable within one year | 42/48 | €96,514 | €145,823 | +€49,309 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €38,619 | €32,923 | -€5,696 | -14.7% |
| Trade debts | 44 | €2,164 | €2,376 | +€212 | +9.8% |
| Suppliers | 440/4 | €2,164 | €2,376 | +€212 | +9.8% |
| Taxes, remuneration and social security | 45 | €55,731 | €110,524 | +€54,793 | +98.3% |
| Taxes | 450/3 | €53,198 | €110,524 | +€57,327 | +108% |
| Remuneration and social security | 454/9 | €2,534 | - | -€2,534 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,730 | €6,470 | +€741 | +12.9% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €187,893 | €242,613 | +€54,720 | +29.1% |
| Operating profit (loss) | 9901 | €182,163 | €235,743 | +€53,580 | +29.4% |
| Financial income | 75/76B | €99,249 | €133,532 | +€34,283 | +34.5% |
| Recurring financial income | 75 | €99,249 | €133,532 | +€34,283 | +34.5% |
| Financial charges | 65/66B | €23,387 | €6,883 | -€16,504 | -70.6% |
| Recurring financial charges | 65 | €7,127 | €6,883 | -€244 | -3.4% |
| Non-recurring financial charges | 66B | €16,260 | - | -€16,260 | |
| Profit (loss) for the period before taxes | 9903 | €258,026 | €362,392 | +€104,367 | +40.4% |
| Income taxes | 67/77 | €43,420 | €96,692 | +€53,272 | +123% |
| Profit (loss) for the period | 9904 | €214,606 | €265,701 | +€51,094 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €214,606 | €265,701 | +€51,094 | +23.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.