NDL Invest: 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.
NDL Invest
Largest movements
- Current investments +€40,324
new in 2025: €40,324
- Cash -€4,041
down €4,041 (-12.2%), from €32,998 to €28,957
mainly Current investments (-€40,324) and Investment in fixed assets (net) (-€3,750)
- Financial fixed assets +€3,750
up €3,750 (+13.3%), from €28,239 to €31,989
- Receivables within one year +€3,219
up €3,219 (+51.4%), from €6,258 to €9,477
- Reserves +€38,045
up €38,045 (+80.1%), from €47,498 to €85,543
- Tax, wage and social debts +€4,636
up €4,636 (+23.3%), from €19,860 to €24,496
- Gross operating margin -€5,800
down €5,800 (-8.8%), from €65,817 to €60,017
- Taxes +€5,353
up €5,353 (+35.5%), from €15,089 to €20,442
- Financial income +€938
up €938 (+239%), from €393 to €1,332
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 | €68,605 | €111,538 | +€42,933 | +62.6% |
| Fixed assets | 21/28 | €28,958 | €32,343 | +€3,385 | +11.7% |
| Tangible fixed assets | 22/27 | €719 | €353 | -€365 | -50.8% |
| Plant, machinery and equipment | 23 | €719 | €353 | -€365 | -50.8% |
| Financial fixed assets | 28 | €28,239 | €31,989 | +€3,750 | +13.3% |
| Current assets | 29/58 | €39,647 | €79,195 | +€39,549 | +99.8% |
| Amounts receivable within one year | 40/41 | €6,258 | €9,477 | +€3,219 | +51.4% |
| Other amounts receivable | 41 | €6,258 | €9,477 | +€3,219 | +51.4% |
| Current investments | 50/53 | - | €40,324 | +€40,324 | |
| Cash at bank and in hand | 54/58 | €32,998 | €28,957 | -€4,041 | -12.2% |
| Deferred charges and accrued income | 490/1 | €391 | €438 | +€47 | +12.0% |
| Total equity and liabilities | 10/49 | €68,605 | €111,538 | +€42,933 | +62.6% |
| Equity | 10/15 | €48,498 | €86,543 | +€38,045 | +78.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €47,498 | €85,543 | +€38,045 | +80.1% |
| Distributable reserves | 133 | €47,498 | €85,543 | +€38,045 | +80.1% |
| Amounts payable | 17/49 | €20,107 | €24,995 | +€4,889 | +24.3% |
| Amounts payable within one year | 42/48 | €20,107 | €24,995 | +€4,889 | +24.3% |
| Trade debts | 44 | €247 | €500 | +€253 | +102% |
| Suppliers | 440/4 | €247 | €500 | +€253 | +102% |
| Taxes, remuneration and social security | 45 | €19,860 | €24,496 | +€4,636 | +23.3% |
| Taxes | 450/3 | €19,860 | €24,496 | +€4,636 | +23.3% |
| Remuneration, social security and pensions | 62 | €2,560 | €2,170 | -€390 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377 | €365 | -€12 | -3.2% |
| Other operating charges | 640/8 | €622 | €144 | -€478 | -76.8% |
| Gross operating margin | 9900 | €65,817 | €60,017 | -€5,800 | -8.8% |
| Operating profit (loss) | 9901 | €62,258 | €57,337 | -€4,920 | -7.9% |
| Financial income | 75/76B | €393 | €1,332 | +€938 | +239% |
| Recurring financial income | 75 | €393 | €1,332 | +€938 | +239% |
| Financial charges | 65/66B | €64 | €182 | +€118 | +186% |
| Recurring financial charges | 65 | €64 | €182 | +€118 | +186% |
| Profit (loss) for the period before taxes | 9903 | €62,587 | €58,487 | -€4,100 | -6.6% |
| Income taxes | 67/77 | €15,089 | €20,442 | +€5,353 | +35.5% |
| Profit (loss) for the period | 9904 | €47,498 | €38,045 | -€9,453 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,498 | €38,045 | -€9,453 | -19.9% |
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 26 October 2026 via checked.be.