NDH: what changed
NDH
Largest movements
- Receivables within one year -€31,976
down €31,976 (-48.9%), from €65,356 to €33,380
of which Trade receivables: -€33,555
- Cash +€29,850
up €29,850 (+78.6%), from €37,985 to €67,835
mainly Receivables within one year (+€31,976) and Other debts (+€9,142)
- Deferred charges and accrued income +€1,778
up €1,778 (+3,772%), from €47 to €1,826
- Stocks and contracts -€1,484
down €1,484 (-100%), from €1,484 to €0
- Profit (loss) carried forward -€16,017
down €16,017 (-21.1%), from -€75,913 to -€91,930
- Other debts +€9,142
up €9,142 (+35.9%), from €25,443 to €34,585
- Trade debts +€4,554
up €4,554 (+103%), from €4,424 to €8,979
- Gross operating margin +€8,467
up €8,467 (+36.1%), from -€23,429 to -€14,962
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,161 | €103,148 | -€2,013 | -1.9% |
| Formation expenses | 20 | €289 | €107 | -€182 | -62.9% |
| Current assets | 29/58 | €104,872 | €103,040 | -€1,832 | -1.7% |
| Stocks and contracts in progress | 3 | €1,484 | €0 | -€1,484 | -100% |
| Stocks | 30/36 | €1,484 | €0 | -€1,484 | -100% |
| Amounts receivable within one year | 40/41 | €65,356 | €33,380 | -€31,976 | -48.9% |
| Trade receivables | 40 | €61,135 | €27,580 | -€33,555 | -54.9% |
| Other amounts receivable | 41 | €4,221 | €5,800 | +€1,579 | +37.4% |
| Cash at bank and in hand | 54/58 | €37,985 | €67,835 | +€29,850 | +78.6% |
| Deferred charges and accrued income | 490/1 | €47 | €1,826 | +€1,778 | +3,772% |
| Total equity and liabilities | 10/49 | €105,161 | €103,148 | -€2,013 | -1.9% |
| Equity | 10/15 | -€74,913 | -€90,930 | -€16,017 | -21.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€75,913 | -€91,930 | -€16,017 | -21.1% |
| Amounts payable | 17/49 | €180,074 | €194,078 | +€14,004 | +7.8% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,922 | €43,678 | +€13,757 | +46.0% |
| Trade debts | 44 | €4,424 | €8,979 | +€4,554 | +103% |
| Suppliers | 440/4 | €4,424 | €8,979 | +€4,554 | +103% |
| Taxes, remuneration and social security | 45 | €54 | €114 | +€60 | +110% |
| Taxes | 450/3 | €54 | €114 | +€60 | +110% |
| Other amounts payable | 47/48 | €25,443 | €34,585 | +€9,142 | +35.9% |
| Accrued charges and deferred income | 492/3 | €153 | €400 | +€247 | +162% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182 | €182 | = | 0.0% |
| Other operating charges | 640/8 | €549 | €566 | +€18 | +3.2% |
| Gross operating margin | 9900 | -€23,429 | -€14,962 | +€8,467 | +36.1% |
| Operating profit (loss) | 9901 | -€24,159 | -€15,710 | +€8,449 | +35.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €342 | €247 | -€95 | -27.8% |
| Recurring financial charges | 65 | €342 | €247 | -€95 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | -€24,502 | -€15,957 | +€8,544 | +34.9% |
| Income taxes | 67/77 | €54 | €60 | +€5 | +10.1% |
| Profit (loss) for the period | 9904 | -€24,556 | -€16,017 | +€8,539 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,556 | -€16,017 | +€8,539 | +34.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.