NDK: 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.
NDK
Largest movements
- Current investments +€141,291
up €141,291 (+52.8%), from €267,599 to €408,890
- Tangible fixed assets -€47,661
down €47,661 (-6.6%), from €720,143 to €672,482
of which Land and buildings: -€49,839
- Cash -€16,781
down €16,781 (-12.8%), from €131,491 to €114,710
mainly Current investments (-€141,291) and Debts after one year (-€98,550)
- Reserves +€211,317
up €211,317 (+28.5%), from €742,558 to €953,875
of which Distributable reserves: +€222,045
- Debts after one year -€98,550
down €98,550 (-32.8%), from €300,750 to €202,200
- Current portion of long-term debt -€33,128
down €33,128 (-91.3%), from €36,295 to €3,167
- Other debts -€19,041
down €19,041 (-50.3%), from €37,825 to €18,784
- Financial income +€76,353
up €76,353 (+1,368%), from €5,583 to €81,936
- Financial charges -€19,610
down €19,610 (-88.9%), from €22,070 to €2,460
- Gross operating margin -€15,015
down €15,015 (-5.5%), from €272,995 to €257,980
- Depreciation -€7,567
down €7,567 (-12.0%), from €63,020 to €55,454
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 | €1,175,634 | €1,238,730 | +€63,096 | +5.4% |
| Fixed assets | 21/28 | €723,643 | €674,482 | -€49,161 | -6.8% |
| Tangible fixed assets | 22/27 | €720,143 | €672,482 | -€47,661 | -6.6% |
| Land and buildings | 22 | €720,143 | €670,304 | -€49,839 | -6.9% |
| Furniture and vehicles | 24 | - | €2,178 | +€2,178 | |
| Financial fixed assets | 28 | €3,500 | €2,000 | -€1,500 | -42.9% |
| Current assets | 29/58 | €451,991 | €564,248 | +€112,257 | +24.8% |
| Amounts receivable within one year | 40/41 | €52,001 | €40,100 | -€11,901 | -22.9% |
| Trade receivables | 40 | €0 | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | €52,001 | €100 | -€51,901 | -99.8% |
| Current investments | 50/53 | €267,599 | €408,890 | +€141,291 | +52.8% |
| Cash at bank and in hand | 54/58 | €131,491 | €114,710 | -€16,781 | -12.8% |
| Deferred charges and accrued income | 490/1 | €900 | €548 | -€352 | -39.1% |
| Total equity and liabilities | 10/49 | €1,175,634 | €1,238,730 | +€63,096 | +5.4% |
| Equity | 10/15 | €748,758 | €960,075 | +€211,317 | +28.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €742,558 | €953,875 | +€211,317 | +28.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €48,228 | €37,500 | -€10,728 | -22.2% |
| Distributable reserves | 133 | €694,331 | €916,375 | +€222,045 | +32.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €17,576 | €14,000 | -€3,576 | -20.3% |
| Provisions for liabilities and charges | 160/5 | €14,000 | €14,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,000 | €14,000 | = | 0.0% |
| Deferred taxes | 168 | €3,576 | €0 | -€3,576 | -100% |
| Amounts payable | 17/49 | €409,300 | €264,655 | -€144,645 | -35.3% |
| Amounts payable after more than one year | 17 | €300,750 | €202,200 | -€98,550 | -32.8% |
| Financial debts | 170/4 | €300,750 | €202,200 | -€98,550 | -32.8% |
| Amounts payable within one year | 42/48 | €91,226 | €45,792 | -€45,434 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €36,295 | €3,167 | -€33,128 | -91.3% |
| Trade debts | 44 | €3,751 | €6,855 | +€3,104 | +82.7% |
| Suppliers | 440/4 | €3,751 | €6,855 | +€3,104 | +82.7% |
| Taxes, remuneration and social security | 45 | €13,354 | €16,985 | +€3,631 | +27.2% |
| Taxes | 450/3 | €13,354 | €16,985 | +€3,631 | +27.2% |
| Other amounts payable | 47/48 | €37,825 | €18,784 | -€19,041 | -50.3% |
| Accrued charges and deferred income | 492/3 | €17,325 | €16,664 | -€661 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,020 | €55,454 | -€7,567 | -12.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,398 | €7,378 | +€980 | +15.3% |
| Gross operating margin | 9900 | €272,995 | €257,980 | -€15,015 | -5.5% |
| Operating profit (loss) | 9901 | €203,576 | €195,148 | -€8,428 | -4.1% |
| Financial income | 75/76B | €5,583 | €81,936 | +€76,353 | +1,368% |
| Recurring financial income | 75 | €5,583 | €81,936 | +€76,353 | +1,368% |
| Financial charges | 65/66B | €22,070 | €2,460 | -€19,610 | -88.9% |
| Recurring financial charges | 65 | €22,070 | €2,460 | -€19,610 | -88.9% |
| Profit (loss) for the period before taxes | 9903 | €187,089 | €274,624 | +€87,535 | +46.8% |
| Transfer from deferred taxes | 780 | - | €3,576 | +€3,576 | |
| Income taxes | 67/77 | €67,116 | €66,883 | -€234 | -0.3% |
| Profit (loss) for the period | 9904 | €119,973 | €211,317 | +€91,344 | +76.1% |
| Transfer from tax-exempt reserves | 789 | - | €10,728 | +€10,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €119,973 | €222,045 | +€102,072 | +85.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.