NDF: 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.
NDF
Largest movements
- Cash +€37,450
up €37,450 (+282%), from €13,279 to €50,729
mainly Other debts (+€54,451) and Depreciation (+€7,188)
- Receivables within one year +€9,767
up €9,767 (+490%), from €1,993 to €11,760
of which Other amounts receivable: +€6,338
- Other debts +€54,451
new in 2025: €54,451
- Tax, wage and social debts -€13,139
down €13,139 (-96.4%), from €13,625 to €485
- Reserves +€7,003
up €7,003 (+140%), from €5,013 to €12,015
- Debts after one year -€4,135
no longer reported in 2025 (was €4,135)
- Trade debts +€3,809
up €3,809 (+405%), from €940 to €4,749
- Gross operating margin +€11,884
up €11,884 (+170%), from €7,008 to €18,892
- Taxes +€1,998
up €1,998 (+136%), from €1,466 to €3,464
- Depreciation +€478
up €478 (+7.1%), from €6,710 to €7,188
- Financial charges -€315
down €315 (-41.5%), from €757 to €443
- Financial income +€211
up €211 (+1,108%), from €19 to €230
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 | €33,473 | €80,836 | +€47,363 | +141% |
| Fixed assets | 21/28 | €16,551 | €16,543 | -€8 | 0.0% |
| Tangible fixed assets | 22/27 | €16,551 | €16,543 | -€8 | 0.0% |
| Furniture and vehicles | 24 | €11,727 | €12,247 | +€520 | +4.4% |
| Other tangible fixed assets | 26 | €4,824 | €4,296 | -€527 | -10.9% |
| Current assets | 29/58 | €16,922 | €64,293 | +€47,370 | +280% |
| Amounts receivable within one year | 40/41 | €1,993 | €11,760 | +€9,767 | +490% |
| Trade receivables | 40 | €732 | €4,162 | +€3,430 | +468% |
| Other amounts receivable | 41 | €1,261 | €7,598 | +€6,338 | +503% |
| Cash at bank and in hand | 54/58 | €13,279 | €50,729 | +€37,450 | +282% |
| Deferred charges and accrued income | 490/1 | €1,651 | €1,804 | +€153 | +9.3% |
| Total equity and liabilities | 10/49 | €33,473 | €80,836 | +€47,363 | +141% |
| Equity | 10/15 | €10,013 | €17,015 | +€7,003 | +69.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €5,013 | €12,015 | +€7,003 | +140% |
| Distributable reserves | 133 | €5,013 | €12,015 | +€7,003 | +140% |
| Amounts payable | 17/49 | €23,460 | €63,820 | +€40,360 | +172% |
| Amounts payable after more than one year | 17 | €4,135 | - | -€4,135 | |
| Financial debts | 170/4 | €4,135 | - | -€4,135 | |
| Amounts payable within one year | 42/48 | €19,325 | €63,820 | +€44,495 | +230% |
| Current portion of amounts payable after more than one year | 42 | €4,761 | €4,135 | -€626 | -13.1% |
| Trade debts | 44 | €940 | €4,749 | +€3,809 | +405% |
| Suppliers | 440/4 | €940 | €4,749 | +€3,809 | +405% |
| Taxes, remuneration and social security | 45 | €13,625 | €485 | -€13,139 | -96.4% |
| Taxes | 450/3 | €13,625 | €485 | -€13,139 | -96.4% |
| Other amounts payable | 47/48 | - | €54,451 | +€54,451 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,710 | €7,188 | +€478 | +7.1% |
| Other operating charges | 640/8 | €1,105 | €1,023 | -€82 | -7.4% |
| Gross operating margin | 9900 | €7,008 | €18,892 | +€11,884 | +170% |
| Operating profit (loss) | 9901 | -€807 | €10,680 | +€11,487 | |
| Financial income | 75/76B | €19 | €230 | +€211 | +1,108% |
| Recurring financial income | 75 | €19 | €230 | +€211 | +1,108% |
| Financial charges | 65/66B | €757 | €443 | -€315 | -41.5% |
| Recurring financial charges | 65 | €757 | €443 | -€315 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,545 | €10,467 | +€12,013 | |
| Income taxes | 67/77 | €1,466 | €3,464 | +€1,998 | +136% |
| Profit (loss) for the period | 9904 | -€3,012 | €7,003 | +€10,015 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,012 | €7,003 | +€10,015 |
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 28 October 2026 via checked.be.