NDC VASTGOED: 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.
What changed
NDC VASTGOED
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€256,368
2024 · -€92,030-€164,338
Equity
€314,841
2024 · €571,209-€256,368
Cash
€28,295
2024 · €36,696-€8,400
Balance sheet total
€6.0m
2024 · €6.4m-€467,940
Largest movements
Assets
- Tangible fixed assets -€678,746
down €678,746 (-33.1%), from €2.1m to €1.4m
of which Land and buildings: -€685,472
- Stocks and contracts +€190,193
up €190,193 (+4.5%), from €4.2m to €4.4m
Equity and liabilities
- Debts after one year -€797,527
down €797,527 (-15.3%), from €5.2m to €4.4m
of which Financial debts: -€1.3m
- Other debts +€610,603
up €610,603 (+147%), from €414,579 to €1.0m
- Profit (loss) carried forward -€256,368
down €256,368 (-424%), from -€60,448 to -€316,816
- Trade debts -€77,749
down €77,749 (-62.8%), from €123,766 to €46,017
Income statement
- Gross operating margin -€134,640
down €134,640 (-81.5%), from €165,297 to €30,657
- Depreciation +€41,424
up €41,424 (+1,006%), from €4,117 to €45,541
- Other operating charges -€13,850
down €13,850 (-51.3%), from €27,005 to €13,155
- Financial income -€2,922
down €2,922 (-40.6%), from €7,194 to €4,272
of which Financial income: -€5,421
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.
Result 2024
-€92,030
Gross operating margin
-€134,640
Staff costs
-€603
Depreciation
-€41,424
Other operating charges
+€13,850
Financial income
-€2,922
Financial charges
+€1,422
Taxes
-€20
Result 2025
-€256,368
raises the resultlowers the result
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.
From operations
+€159,583
Investment
+€633,205
Financing
-€801,188
Cash 2024
€36,696
From operations (derived)
+€159,583
Net result for the year
-€256,368
Depreciation
+€45,541
Stocks and contracts
-€190,193
Receivables within one year
-€26,094
Deferred charges and accrued income
-€2,919
Trade debts
-€77,749
Tax, wage and social debts
+€12,761
Other debts
+€610,603
Accrued charges and deferred income
+€44,000
Investment (derived)
+€633,205
Investment in fixed assets (net)
+€633,205
Financing
-€801,188
Debts after one year
-€797,527
Current portion of long-term debt
-€3,661
Cash 2025
€28,295
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,419,901 | €5,951,961 | -€467,940 | -7.3% |
| Fixed assets | 21/28 | €2,052,043 | €1,373,297 | -€678,746 | -33.1% |
| Tangible fixed assets | 22/27 | €2,051,668 | €1,372,922 | -€678,746 | -33.1% |
| Land and buildings | 22 | €2,044,516 | €1,359,044 | -€685,472 | -33.5% |
| Plant, machinery and equipment | 23 | €3,405 | €2,331 | -€1,074 | -31.5% |
| Furniture and vehicles | 24 | €3,747 | €11,548 | +€7,800 | +208% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €4,367,858 | €4,578,664 | +€210,806 | +4.8% |
| Stocks and contracts in progress | 3 | €4,208,078 | €4,398,271 | +€190,193 | +4.5% |
| Stocks | 30/36 | €4,208,078 | €4,398,271 | +€190,193 | +4.5% |
| Amounts receivable within one year | 40/41 | €123,085 | €149,179 | +€26,094 | +21.2% |
| Trade receivables | 40 | €113,467 | €58,757 | -€54,709 | -48.2% |
| Other amounts receivable | 41 | €9,618 | €90,421 | +€80,803 | +840% |
| Cash at bank and in hand | 54/58 | €36,696 | €28,295 | -€8,400 | -22.9% |
| Deferred charges and accrued income | 490/1 | - | €2,919 | +€2,919 | |
| Total equity and liabilities | 10/49 | €6,419,901 | €5,951,961 | -€467,940 | -7.3% |
| Equity | 10/15 | €571,209 | €314,841 | -€256,368 | -44.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €501,657 | €501,657 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €498,657 | €498,657 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,448 | -€316,816 | -€256,368 | -424% |
| Amounts payable | 17/49 | €5,848,692 | €5,637,120 | -€211,572 | -3.6% |
| Amounts payable after more than one year | 17 | €5,197,769 | €4,400,242 | -€797,527 | -15.3% |
| Financial debts | 170/4 | €5,197,769 | €3,850,242 | -€1.3m | -25.9% |
| Other amounts payable | 178/9 | - | €550,000 | +€550,000 | |
| Amounts payable within one year | 42/48 | €650,923 | €1,192,878 | +€541,955 | +83.3% |
| Current portion of amounts payable after more than one year | 42 | €87,315 | €83,655 | -€3,661 | -4.2% |
| Trade debts | 44 | €123,766 | €46,017 | -€77,749 | -62.8% |
| Suppliers | 440/4 | €123,766 | €46,017 | -€77,749 | -62.8% |
| Taxes, remuneration and social security | 45 | €25,263 | €38,024 | +€12,761 | +50.5% |
| Taxes | 450/3 | €12,089 | €36,516 | +€24,426 | +202% |
| Remuneration and social security | 454/9 | €13,173 | €1,509 | -€11,665 | -88.5% |
| Other amounts payable | 47/48 | €414,579 | €1,025,182 | +€610,603 | +147% |
| Accrued charges and deferred income | 492/3 | - | €44,000 | +€44,000 | |
| Non-recurring operating income | 76A | €84,907 | €89,066 | +€4,160 | +4.9% |
| Remuneration, social security and pensions | 62 | €24,040 | €24,643 | +€603 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,117 | €45,541 | +€41,424 | +1,006% |
| Other operating charges | 640/8 | €27,005 | €13,155 | -€13,850 | -51.3% |
| Gross operating margin | 9900 | €165,297 | €30,657 | -€134,640 | -81.5% |
| Operating profit (loss) | 9901 | €110,135 | -€52,682 | -€162,817 | |
| Financial income | 75/76B | €7,194 | €4,272 | -€2,922 | -40.6% |
| Recurring financial income | 75 | €7,194 | €1,773 | -€5,421 | -75.4% |
| Non-recurring financial income | 76B | - | €2,499 | +€2,499 | |
| Financial charges | 65/66B | €208,977 | €207,555 | -€1,422 | -0.7% |
| Recurring financial charges | 65 | €208,977 | €207,555 | -€1,422 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€91,648 | -€255,965 | -€164,318 | -179% |
| Income taxes | 67/77 | €382 | €402 | +€20 | +5.3% |
| Profit (loss) for the period | 9904 | -€92,030 | -€256,368 | -€164,338 | -179% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,030 | -€256,368 | -€164,338 | -179% |
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 23 October 2026 via checked.be.