NDC 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.
NDC Projects
Largest movements
- Cash -€9,827
down €9,827 (-90.3%), from €10,882 to €1,054
mainly Tax, wage and social debts (-€10,767) and Current portion of long-term debt (-€2,847)
- Receivables within one year -€1,685
down €1,685 (-7.6%), from €22,095 to €20,410
of which Other amounts receivable: -€1,685
- Tangible fixed assets -€1,631
down €1,631 (-12.8%), from €12,717 to €11,086
of which Plant, machinery and equipment: -€1,780
- Deferred charges and accrued income -€955
down €955 (-5.8%), from €16,399 to €15,445
- Tax, wage and social debts -€10,767
down €10,767 (-47.4%), from €22,725 to €11,958
- Current portion of long-term debt -€2,847
down €2,847 (-74.2%), from €3,838 to €990
- Short-term financial debts +€2,615
up €2,615 (+757.5%), from €345 to €2,960
- Trade debts -€1,963
down €1,963 (-28.9%), from €6,797 to €4,835
- Debts after one year -€990
no longer reported in 2026 (was €990)
- Gross operating margin -€12,756
down €12,756 (-45.0%), from €28,332 to €15,576
- Taxes -€3,924
down €3,924 (-45.6%), from €8,601 to €4,676
- Financial charges +€829
up €829 (+19.4%), from €4,279 to €5,108
- Depreciation +€590
up €590 (+16.5%), from €3,586 to €4,176
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,093 | €47,995 | -€14,098 | -22.7% |
| Fixed assets | 21/28 | €12,717 | €11,086 | -€1,631 | -12.8% |
| Tangible fixed assets | 22/27 | €12,717 | €11,086 | -€1,631 | -12.8% |
| Plant, machinery and equipment | 23 | €7,120 | €5,340 | -€1,780 | -25.0% |
| Furniture and vehicles | 24 | €2,828 | €3,716 | +€888 | +31.4% |
| Other tangible fixed assets | 26 | €2,769 | €2,030 | -€740 | -26.7% |
| Current assets | 29/58 | €49,376 | €36,909 | -€12,467 | -25.2% |
| Amounts receivable within one year | 40/41 | €22,095 | €20,410 | -€1,685 | -7.6% |
| Trade receivables | 40 | €15,125 | €15,125 | = | 0.0% |
| Other amounts receivable | 41 | €6,970 | €5,285 | -€1,685 | -24.2% |
| Cash at bank and in hand | 54/58 | €10,882 | €1,054 | -€9,827 | -90.3% |
| Deferred charges and accrued income | 490/1 | €16,399 | €15,445 | -€955 | -5.8% |
| Total equity and liabilities | 10/49 | €62,093 | €47,995 | -€14,098 | -22.7% |
| Equity | 10/15 | €25,897 | €25,751 | -€146 | -0.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €20,897 | €20,751 | -€146 | -0.7% |
| Tax-exempt reserves | 132 | €236 | - | -€236 | |
| Distributable reserves | 133 | €20,661 | €20,751 | +€90 | +0.4% |
| Amounts payable | 17/49 | €36,196 | €22,244 | -€13,952 | -38.5% |
| Amounts payable after more than one year | 17 | €990 | - | -€990 | |
| Financial debts | 170/4 | €990 | - | -€990 | |
| Amounts payable within one year | 42/48 | €33,706 | €20,744 | -€12,962 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €3,838 | €990 | -€2,847 | -74.2% |
| Financial debts | 43 | €345 | €2,960 | +€2,615 | +757.5% |
| Credit institutions | 430/8 | €345 | €2,960 | +€2,615 | +757.5% |
| Trade debts | 44 | €6,797 | €4,835 | -€1,963 | -28.9% |
| Suppliers | 440/4 | €6,797 | €4,835 | -€1,963 | -28.9% |
| Taxes, remuneration and social security | 45 | €22,725 | €11,958 | -€10,767 | -47.4% |
| Taxes | 450/3 | €22,725 | €11,958 | -€10,767 | -47.4% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,586 | €4,176 | +€590 | +16.5% |
| Other operating charges | 640/8 | €2,399 | €2,137 | -€261 | -10.9% |
| Gross operating margin | 9900 | €28,332 | €15,576 | -€12,756 | -45.0% |
| Operating profit (loss) | 9901 | €22,347 | €9,262 | -€13,085 | -58.6% |
| Financial income | 75/76B | €591 | €376 | -€215 | -36.3% |
| Recurring financial income | 75 | €591 | €376 | -€215 | -36.3% |
| Financial charges | 65/66B | €4,279 | €5,108 | +€829 | +19.4% |
| Recurring financial charges | 65 | €4,279 | €5,108 | +€829 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €18,659 | €4,531 | -€14,129 | -75.7% |
| Income taxes | 67/77 | €8,601 | €4,676 | -€3,924 | -45.6% |
| Profit (loss) for the period | 9904 | €10,059 | -€146 | -€10,205 | |
| Transfer from tax-exempt reserves | 789 | - | €236 | +€236 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,059 | €90 | -€9,969 | -99.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.