NdM: 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.
NdM
Largest movements
- Receivables after one year -€266,163
down €266,163 (-81.0%), from €328,583 to €62,420
- Current investments +€49,851
new in 2025: €49,851
- Receivables within one year +€26,971
up €26,971 (+86.9%), from €31,037 to €58,008
of which Other amounts receivable: +€34,082
- Cash -€26,661
down €26,661 (-89.4%), from €29,817 to €3,156
mainly Contributions, distributions and other (-€293,800) and Current investments (-€49,851)
- Tangible fixed assets -€22,768
down €22,768 (-33.0%), from €68,923 to €46,156
of which Furniture and vehicles: -€21,403
- Reserves -€245,783
down €245,783 (-63.6%), from €386,527 to €140,744
of which Distributable reserves: -€245,783
- Tax, wage and social debts +€19,612
up €19,612 (+81.4%), from €24,105 to €43,717
of which Taxes: +€23,193
- Debts after one year -€11,458
no longer reported in 2025 (was €11,458)
- Trade debts -€6,429
down €6,429 (-46.0%), from €13,976 to €7,547
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Staff costs -€33,202
down €33,202 (-33.3%), from €99,812 to €66,610
- Taxes +€5,374
up €5,374 (+35.1%), from €15,292 to €20,666
- Gross operating margin -€3,935
down €3,935 (-2.5%), from €155,517 to €151,582
- Financial income +€2,421
up €2,421 (+33.2%), from €7,284 to €9,704
- Depreciation -€2,016
down €2,016 (-11.1%), from €18,114 to €16,098
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 | €461,688 | €222,066 | -€239,623 | -51.9% |
| Fixed assets | 21/28 | €68,923 | €46,156 | -€22,768 | -33.0% |
| Tangible fixed assets | 22/27 | €68,923 | €46,156 | -€22,768 | -33.0% |
| Plant, machinery and equipment | 23 | €489 | - | -€489 | |
| Furniture and vehicles | 24 | €51,087 | €29,684 | -€21,403 | -41.9% |
| Other tangible fixed assets | 26 | €17,347 | €16,472 | -€875 | -5.0% |
| Current assets | 29/58 | €392,765 | €175,910 | -€216,855 | -55.2% |
| Amounts receivable after more than one year | 29 | €328,583 | €62,420 | -€266,163 | -81.0% |
| Other amounts receivable | 291 | €328,583 | €62,420 | -€266,163 | -81.0% |
| Amounts receivable within one year | 40/41 | €31,037 | €58,008 | +€26,971 | +86.9% |
| Trade receivables | 40 | €23,828 | €16,718 | -€7,110 | -29.8% |
| Other amounts receivable | 41 | €7,209 | €41,290 | +€34,082 | +473% |
| Current investments | 50/53 | - | €49,851 | +€49,851 | |
| Cash at bank and in hand | 54/58 | €29,817 | €3,156 | -€26,661 | -89.4% |
| Deferred charges and accrued income | 490/1 | €3,328 | €2,475 | -€853 | -25.6% |
| Total equity and liabilities | 10/49 | €461,688 | €222,066 | -€239,623 | -51.9% |
| Equity | 10/15 | €398,927 | €159,344 | -€239,583 | -60.1% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €386,527 | €140,744 | -€245,783 | -63.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €384,667 | €138,884 | -€245,783 | -63.9% |
| Amounts payable | 17/49 | €62,761 | €62,722 | -€39 | -0.1% |
| Amounts payable after more than one year | 17 | €11,458 | - | -€11,458 | |
| Financial debts | 170/4 | €11,458 | - | -€11,458 | |
| Amounts payable within one year | 42/48 | €51,303 | €62,722 | +€11,418 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €13,222 | €11,458 | -€1,764 | -13.3% |
| Trade debts | 44 | €13,976 | €7,547 | -€6,429 | -46.0% |
| Suppliers | 440/4 | €13,976 | €7,547 | -€6,429 | -46.0% |
| Taxes, remuneration and social security | 45 | €24,105 | €43,717 | +€19,612 | +81.4% |
| Taxes | 450/3 | €12,775 | €35,968 | +€23,193 | +182% |
| Remuneration and social security | 454/9 | €11,331 | €7,749 | -€3,582 | -31.6% |
| Remuneration, social security and pensions | 62 | €99,812 | €66,610 | -€33,202 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,114 | €16,098 | -€2,016 | -11.1% |
| Other operating charges | 640/8 | €1,595 | €255 | -€1,339 | -84.0% |
| Gross operating margin | 9900 | €155,517 | €151,582 | -€3,935 | -2.5% |
| Operating profit (loss) | 9901 | €35,996 | €68,619 | +€32,623 | +90.6% |
| Financial income | 75/76B | €7,284 | €9,704 | +€2,421 | +33.2% |
| Recurring financial income | 75 | €7,284 | €9,704 | +€2,421 | +33.2% |
| Financial charges | 65/66B | €3,054 | €3,440 | +€387 | +12.7% |
| Recurring financial charges | 65 | €3,054 | €3,440 | +€387 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €40,227 | €74,883 | +€34,657 | +86.2% |
| Income taxes | 67/77 | €15,292 | €20,666 | +€5,374 | +35.1% |
| Profit (loss) for the period | 9904 | €24,934 | €54,217 | +€29,283 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €24,934 | €54,217 | +€29,283 | +117% |
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 16 October 2026 via checked.be.