NDM Group: 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.
NDM Group
Largest movements
- Cash -€119,172
down €119,172 (-92.8%), from €128,409 to €9,237
mainly Receivables within one year (-€112,116) and Trade debts (-€39,575)
- Receivables within one year +€112,116
up €112,116 (+75.6%), from €148,324 to €260,440
of which Trade receivables: +€102,075
- Advances received +€46,531
new in 2025: €46,531
- Trade debts -€39,575
down €39,575 (-46.7%), from €84,680 to €45,105
- Tax, wage and social debts -€25,382
down €25,382 (-92.9%), from €27,326 to €1,944
of which Taxes: -€20,025
- Profit (loss) carried forward -€19,048
down €19,048 (-13.0%), from €146,778 to €127,729
- Other debts +€18,843
up €18,843 (+81.6%), from €23,095 to €41,939
- Gross operating margin -€91,698
down €91,698 (-36.5%), from €251,188 to €159,491
- Staff costs -€24,108
down €24,108 (-17.0%), from €141,631 to €117,524
- Taxes -€13,047
down €13,047 (-60.4%), from €21,618 to €8,570
- Depreciation +€5,379
up €5,379 (+70.9%), from €7,589 to €12,968
- Other operating charges +€2,718
up €2,718 (+66.0%), from €4,120 to €6,838
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 | €314,878 | €306,202 | -€8,676 | -2.8% |
| Fixed assets | 21/28 | €28,145 | €26,525 | -€1,620 | -5.8% |
| Tangible fixed assets | 22/27 | €22,145 | €22,025 | -€120 | -0.5% |
| Plant, machinery and equipment | 23 | €4,484 | €3,284 | -€1,200 | -26.8% |
| Furniture and vehicles | 24 | €17,661 | €18,741 | +€1,080 | +6.1% |
| Financial fixed assets | 28 | €6,000 | €4,500 | -€1,500 | -25.0% |
| Current assets | 29/58 | €286,733 | €279,676 | -€7,057 | -2.5% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €148,324 | €260,440 | +€112,116 | +75.6% |
| Trade receivables | 40 | €145,254 | €247,329 | +€102,075 | +70.3% |
| Other amounts receivable | 41 | €3,070 | €13,111 | +€10,041 | +327.1% |
| Cash at bank and in hand | 54/58 | €128,409 | €9,237 | -€119,172 | -92.8% |
| Total equity and liabilities | 10/49 | €314,878 | €306,202 | -€8,676 | -2.8% |
| Equity | 10/15 | €150,778 | €131,729 | -€19,048 | -12.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,778 | €127,729 | -€19,048 | -13.0% |
| Amounts payable | 17/49 | €164,101 | €174,473 | +€10,372 | +6.3% |
| Amounts payable after more than one year | 17 | €29,000 | €35,317 | +€6,317 | +21.8% |
| Financial debts | 170/4 | €29,000 | €35,317 | +€6,317 | +21.8% |
| Amounts payable within one year | 42/48 | €135,101 | €137,883 | +€2,782 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | - | €2,365 | +€2,365 | |
| Trade debts | 44 | €84,680 | €45,105 | -€39,575 | -46.7% |
| Suppliers | 440/4 | €84,680 | €45,105 | -€39,575 | -46.7% |
| Advances received on contracts in progress | 46 | - | €46,531 | +€46,531 | |
| Taxes, remuneration and social security | 45 | €27,326 | €1,944 | -€25,382 | -92.9% |
| Taxes | 450/3 | €21,000 | €975 | -€20,025 | -95.4% |
| Remuneration and social security | 454/9 | €6,326 | €969 | -€5,357 | -84.7% |
| Other amounts payable | 47/48 | €23,095 | €41,939 | +€18,843 | +81.6% |
| Accrued charges and deferred income | 492/3 | - | €1,272 | +€1,272 | |
| Remuneration, social security and pensions | 62 | €141,631 | €117,524 | -€24,108 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,589 | €12,968 | +€5,379 | +70.9% |
| Other operating charges | 640/8 | €4,120 | €6,838 | +€2,718 | +66.0% |
| Gross operating margin | 9900 | €251,188 | €159,491 | -€91,698 | -36.5% |
| Operating profit (loss) | 9901 | €97,848 | €22,161 | -€75,687 | -77.4% |
| Financial income | 75/76B | €520 | €64 | -€456 | -87.7% |
| Recurring financial income | 75 | €520 | €64 | -€456 | -87.7% |
| Financial charges | 65/66B | €4,580 | €2,703 | -€1,876 | -41.0% |
| Recurring financial charges | 65 | €4,580 | €2,703 | -€1,876 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €93,788 | €19,522 | -€74,266 | -79.2% |
| Income taxes | 67/77 | €21,618 | €8,570 | -€13,047 | -60.4% |
| Profit (loss) for the period | 9904 | €72,171 | €10,952 | -€61,219 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,171 | €10,952 | -€61,219 | -84.8% |
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 4 October 2026 via checked.be.