NDC Projects: 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 Projects
Largest movements
- Cash +€48,154
up €48,154 (+377%), from €12,760 to €60,914
mainly Other debts (+€49,423) and Receivables within one year (+€37,897)
- Receivables within one year -€37,897
down €37,897 (-78.1%), from €48,498 to €10,601
of which Trade receivables: -€40,237
- Tangible fixed assets +€14,338
up €14,338 (+21.6%), from €66,476 to €80,814
of which Leasing and similar rights: +€25,128
- Stocks and contracts -€5,628
down €5,628 (-48.7%), from €11,555 to €5,927
of which Stocks: -€5,628
- Deferred charges and accrued income +€4,501
new in 2025: €4,501
- Other debts +€49,423
up €49,423 (+1,120%), from €4,412 to €53,835
- Reserves -€27,509
down €27,509 (-56.7%), from €48,502 to €20,993
- Trade debts -€16,353
down €16,353 (-72.3%), from €22,622 to €6,269
- Debts after one year +€13,558
up €13,558 (+40.1%), from €33,818 to €47,376
- Tax, wage and social debts +€2,269
up €2,269 (+38.8%), from €5,843 to €8,112
of which Taxes: +€2,292
- Gross operating margin +€25,868
up €25,868 (+27.2%), from €95,088 to €120,956
- Taxes +€5,342
up €5,342 (+548%), from €976 to €6,318
- Depreciation -€2,952
down €2,952 (-12.7%), from €23,173 to €20,222
- Staff costs -€2,349
down €2,349 (-3.6%), from €65,303 to €62,954
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 | €140,190 | €163,658 | +€23,467 | +16.7% |
| Fixed assets | 21/28 | €67,377 | €81,715 | +€14,338 | +21.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €66,476 | €80,814 | +€14,338 | +21.6% |
| Plant, machinery and equipment | 23 | €28,415 | €19,497 | -€8,917 | -31.4% |
| Furniture and vehicles | 24 | €5,647 | €3,773 | -€1,873 | -33.2% |
| Leasing and similar rights | 25 | €32,415 | €57,544 | +€25,128 | +77.5% |
| Financial fixed assets | 28 | €901 | €901 | = | 0.0% |
| Current assets | 29/58 | €72,813 | €81,943 | +€9,129 | +12.5% |
| Stocks and contracts in progress | 3 | €11,555 | €5,927 | -€5,628 | -48.7% |
| Stocks | 30/36 | €11,555 | €5,927 | -€5,628 | -48.7% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €48,498 | €10,601 | -€37,897 | -78.1% |
| Trade receivables | 40 | €43,466 | €3,230 | -€40,237 | -92.6% |
| Other amounts receivable | 41 | €5,032 | €7,371 | +€2,339 | +46.5% |
| Cash at bank and in hand | 54/58 | €12,760 | €60,914 | +€48,154 | +377% |
| Deferred charges and accrued income | 490/1 | - | €4,501 | +€4,501 | |
| Total equity and liabilities | 10/49 | €140,190 | €163,658 | +€23,467 | +16.7% |
| Equity | 10/15 | €52,502 | €24,993 | -€27,509 | -52.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €48,502 | €20,993 | -€27,509 | -56.7% |
| Distributable reserves | 133 | €48,502 | €20,993 | -€27,509 | -56.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €87,688 | €138,665 | +€50,977 | +58.1% |
| Amounts payable after more than one year | 17 | €33,818 | €47,376 | +€13,558 | +40.1% |
| Financial debts | 170/4 | €33,818 | €47,376 | +€13,558 | +40.1% |
| Amounts payable within one year | 42/48 | €53,870 | €91,241 | +€37,371 | +69.4% |
| Current portion of amounts payable after more than one year | 42 | €20,993 | €23,025 | +€2,032 | +9.7% |
| Trade debts | 44 | €22,622 | €6,269 | -€16,353 | -72.3% |
| Suppliers | 440/4 | €22,622 | €6,269 | -€16,353 | -72.3% |
| Taxes, remuneration and social security | 45 | €5,843 | €8,112 | +€2,269 | +38.8% |
| Taxes | 450/3 | €2,026 | €4,318 | +€2,292 | +113% |
| Remuneration and social security | 454/9 | €3,817 | €3,794 | -€23 | -0.6% |
| Other amounts payable | 47/48 | €4,412 | €53,835 | +€49,423 | +1,120% |
| Accrued charges and deferred income | 492/3 | - | €47 | +€47 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €65,303 | €62,954 | -€2,349 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,173 | €20,222 | -€2,952 | -12.7% |
| Other operating charges | 640/8 | €1,472 | €1,655 | +€183 | +12.4% |
| Non-recurring operating charges | 66A | €0 | €7,009 | +€7,009 | |
| Gross operating margin | 9900 | €95,088 | €120,956 | +€25,868 | +27.2% |
| Operating profit (loss) | 9901 | €5,140 | €29,117 | +€23,976 | +466% |
| Financial income | 75/76B | €98 | €519 | +€421 | +430% |
| Recurring financial income | 75 | €98 | €519 | +€421 | +430% |
| Financial charges | 65/66B | €3,311 | €2,354 | -€957 | -28.9% |
| Recurring financial charges | 65 | €3,311 | €2,354 | -€957 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €1,927 | €27,282 | +€25,355 | +1,316% |
| Income taxes | 67/77 | €976 | €6,318 | +€5,342 | +548% |
| Profit (loss) for the period | 9904 | €952 | €20,964 | +€20,012 | +2,103% |
| Profit (loss) for the period to be appropriated | 9905 | €952 | €20,964 | +€20,012 | +2,103% |
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 17 October 2026 via checked.be.