NDM IMMO: 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 IMMO
Largest movements
- Cash +€21,929
up €21,929 (+76.0%), from €28,866 to €50,794
mainly Net result for the year (+€47,796) and Depreciation (+€38,949)
- Receivables within one year +€18,705
up €18,705 (+1333.7%), from €1,403 to €20,107
- Debts after one year -€49,716
down €49,716 (-23.3%), from €213,502 to €163,786
of which Financial debts: -€49,566
- Profit (loss) carried forward +€47,796
up €47,796 (+17.6%), from €272,341 to €320,137
- Other debts +€29,311
up €29,311 (+44.3%), from €66,114 to €95,425
- Tax, wage and social debts +€23,628
up €23,628 (+331.6%), from €7,125 to €30,753
- Other operating charges -€15,270
down €15,270 (-51.9%), from €29,429 to €14,159
- Gross operating margin +€8,946
up €8,946 (+7.5%), from €119,217 to €128,163
- Taxes +€7,899
up €7,899 (+67.1%), from €11,769 to €19,667
- Depreciation +€2,632
up €2,632 (+7.2%), from €36,317 to €38,949
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 | €792,545 | €841,559 | +€49,014 | +6.2% |
| Fixed assets | 21/28 | €759,593 | €760,644 | +€1,051 | +0.1% |
| Intangible fixed assets | 21 | €667 | - | -€667 | |
| Tangible fixed assets | 22/27 | €758,926 | €760,644 | +€1,718 | +0.2% |
| Land and buildings | 22 | €756,582 | €758,739 | +€2,157 | +0.3% |
| Furniture and vehicles | 24 | €2,344 | €1,905 | -€439 | -18.7% |
| Current assets | 29/58 | €32,952 | €80,915 | +€47,962 | +145.5% |
| Amounts receivable within one year | 40/41 | €1,403 | €20,107 | +€18,705 | +1333.7% |
| Trade receivables | 40 | €1,403 | €20,107 | +€18,705 | +1333.7% |
| Cash at bank and in hand | 54/58 | €28,866 | €50,794 | +€21,929 | +76.0% |
| Deferred charges and accrued income | 490/1 | €2,684 | €10,013 | +€7,329 | +273.0% |
| Total equity and liabilities | 10/49 | €792,545 | €841,559 | +€49,014 | +6.2% |
| Equity | 10/15 | €446,991 | €494,787 | +€47,796 | +10.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €113,150 | €113,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €107,000 | €107,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,341 | €320,137 | +€47,796 | +17.6% |
| Amounts payable | 17/49 | €345,554 | €346,771 | +€1,217 | +0.4% |
| Amounts payable after more than one year | 17 | €213,502 | €163,786 | -€49,716 | -23.3% |
| Financial debts | 170/4 | €174,112 | €124,546 | -€49,566 | -28.5% |
| Other amounts payable | 178/9 | €39,390 | €39,240 | -€150 | -0.4% |
| Amounts payable within one year | 42/48 | €131,505 | €182,630 | +€51,124 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €58,240 | €53,606 | -€4,634 | -8.0% |
| Trade debts | 44 | €26 | €2,845 | +€2,820 | +10984.1% |
| Suppliers | 440/4 | €26 | €2,845 | +€2,820 | +10984.1% |
| Taxes, remuneration and social security | 45 | €7,125 | €30,753 | +€23,628 | +331.6% |
| Taxes | 450/3 | €7,125 | €30,753 | +€23,628 | +331.6% |
| Other amounts payable | 47/48 | €66,114 | €95,425 | +€29,311 | +44.3% |
| Accrued charges and deferred income | 492/3 | €547 | €356 | -€191 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,317 | €38,949 | +€2,632 | +7.2% |
| Other operating charges | 640/8 | €29,429 | €14,159 | -€15,270 | -51.9% |
| Gross operating margin | 9900 | €119,217 | €128,163 | +€8,946 | +7.5% |
| Operating profit (loss) | 9901 | €53,470 | €75,055 | +€21,585 | +40.4% |
| Financial income | 75/76B | €149 | €183 | +€34 | +22.8% |
| Recurring financial income | 75 | €149 | €183 | +€34 | +22.8% |
| Financial charges | 65/66B | €7,680 | €7,775 | +€95 | +1.2% |
| Recurring financial charges | 65 | €7,680 | €7,775 | +€95 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €45,940 | €67,463 | +€21,523 | +46.9% |
| Income taxes | 67/77 | €11,769 | €19,667 | +€7,899 | +67.1% |
| Profit (loss) for the period | 9904 | €34,171 | €47,796 | +€13,625 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,171 | €47,796 | +€13,625 | +39.9% |
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 2 October 2026 via checked.be.