NDG: 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.
NDG
Largest movements
- Receivables within one year -€229,552
down €229,552 (-5.5%), from €4.2m to €3.9m
of which Other amounts receivable: -€229,552
- Cash +€103,950
up €103,950 (+700.2%), from €14,847 to €118,797
mainly Other debts (+€929,105) and Net result for the year (+€503,443)
- Reserves -€986,908
down €986,908 (-31.2%), from €3.2m to €2.2m
of which Distributable reserves: -€986,908
- Other debts +€929,105
up €929,105 (+73.5%), from €1.3m to €2.2m
- Debts after one year -€184,579
down €184,579 (-10.3%), from €1.8m to €1.6m
- Tax, wage and social debts +€93,366
up €93,366 (+82.7%), from €112,881 to €206,248
of which Taxes: +€93,366
- Financial income +€65,034
up €65,034 (+11.7%), from €555,021 to €620,056
- Gross operating margin +€21,847
up €21,847 (+40.3%), from €54,212 to €76,059
- Taxes +€8,312
up €8,312 (+19.8%), from €42,065 to €50,378
- Financial charges -€5,917
down €5,917 (-5.9%), from €100,830 to €94,913
of which Financial charges: -€3,817
- Depreciation +€895
up €895 (+2.2%), from €40,867 to €41,762
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.
Cash bridge derived
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 | €9,136,467 | €8,995,101 | -€141,366 | -1.5% |
| Fixed assets | 21/28 | €4,398,856 | €4,363,423 | -€35,433 | -0.8% |
| Tangible fixed assets | 22/27 | €829,221 | €793,788 | -€35,433 | -4.3% |
| Land and buildings | 22 | €816,753 | €779,371 | -€37,383 | -4.6% |
| Plant, machinery and equipment | 23 | €9 | €4,208 | +€4,199 | +47775.1% |
| Furniture and vehicles | 24 | €12,459 | €10,209 | -€2,250 | -18.1% |
| Financial fixed assets | 28 | €3,569,635 | €3,569,635 | = | 0.0% |
| Current assets | 29/58 | €4,737,611 | €4,631,678 | -€105,932 | -2.2% |
| Amounts receivable after more than one year | 29 | €525,000 | €525,000 | = | 0.0% |
| Other amounts receivable | 291 | €525,000 | €525,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,178,557 | €3,949,005 | -€229,552 | -5.5% |
| Trade receivables | 40 | €22,990 | €22,990 | = | 0.0% |
| Other amounts receivable | 41 | €4,155,567 | €3,926,015 | -€229,552 | -5.5% |
| Current investments | 50/53 | €19,207 | €34,876 | +€15,669 | +81.6% |
| Cash at bank and in hand | 54/58 | €14,847 | €118,797 | +€103,950 | +700.2% |
| Deferred charges and accrued income | 490/1 | - | €4,000 | +€4,000 | |
| Total equity and liabilities | 10/49 | €9,136,467 | €8,995,101 | -€141,366 | -1.5% |
| Equity | 10/15 | €5,777,562 | €4,790,654 | -€986,908 | -17.1% |
| Contributions | 10/11 | €2,178,300 | €2,178,300 | = | 0.0% |
| Revaluation surpluses | 12 | €435,700 | €435,700 | = | 0.0% |
| Reserves | 13 | €3,163,562 | €2,176,654 | -€986,908 | -31.2% |
| Non-distributable reserves | 130/1 | €217,830 | €217,830 | = | 0.0% |
| Reserves not available under the articles | 1311 | €217,830 | €217,830 | = | 0.0% |
| Distributable reserves | 133 | €2,945,732 | €1,958,824 | -€986,908 | -33.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,358,905 | €4,204,447 | +€845,542 | +25.2% |
| Amounts payable after more than one year | 17 | €1,797,082 | €1,612,504 | -€184,579 | -10.3% |
| Financial debts | 170/4 | €1,797,082 | €1,612,504 | -€184,579 | -10.3% |
| Amounts payable within one year | 42/48 | €1,561,822 | €2,591,943 | +€1.0m | +66.0% |
| Current portion of amounts payable after more than one year | 42 | €184,710 | €191,777 | +€7,067 | +3.8% |
| Trade debts | 44 | - | €583 | +€583 | |
| Suppliers | 440/4 | - | €583 | +€583 | |
| Taxes, remuneration and social security | 45 | €112,881 | €206,248 | +€93,366 | +82.7% |
| Taxes | 450/3 | €108,149 | €201,515 | +€93,366 | +86.3% |
| Remuneration and social security | 454/9 | €4,733 | €4,733 | = | 0.0% |
| Other amounts payable | 47/48 | €1,264,231 | €2,193,336 | +€929,105 | +73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,867 | €41,762 | +€895 | +2.2% |
| Other operating charges | 640/8 | €4,817 | €5,619 | +€802 | +16.6% |
| Gross operating margin | 9900 | €54,212 | €76,059 | +€21,847 | +40.3% |
| Operating profit (loss) | 9901 | €8,528 | €28,678 | +€20,150 | +236.3% |
| Financial income | 75/76B | €555,021 | €620,056 | +€65,034 | +11.7% |
| Recurring financial income | 75 | €555,021 | €620,056 | +€65,034 | +11.7% |
| Financial charges | 65/66B | €100,830 | €94,913 | -€5,917 | -5.9% |
| Recurring financial charges | 65 | €98,730 | €94,913 | -€3,817 | -3.9% |
| Non-recurring financial charges | 66B | €2,100 | €0 | -€2,100 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €462,719 | €553,820 | +€91,101 | +19.7% |
| Income taxes | 67/77 | €42,065 | €50,378 | +€8,312 | +19.8% |
| Profit (loss) for the period | 9904 | €420,654 | €503,443 | +€82,789 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €420,654 | €503,443 | +€82,789 | +19.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.