NDM MANAGEMENT: 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.
What changed
NDM MANAGEMENT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€362,826
2024 · €383,014-€20,188
Equity
€1.9m
2024 · €1.6m+€362,826
Cash
€24,963
2024 · €62,522-€37,559
Balance sheet total
€6.0m
2024 · €4.4m+€1.5m
Largest movements
Assets
- Current investments +€1.5m
new in 2025: €1.5m
- Stocks and contracts -€806,766
down €806,766 (-100%), from €806,766 to €0
- Financial fixed assets +€658,405
up €658,405 (+164%), from €401,659 to €1.1m
of which Companies linked by participating interests: +€700,000
- Receivables within one year +€219,949
up €219,949 (+8.0%), from €2.7m to €3.0m
of which Other amounts receivable: +€412,282
Equity and liabilities
- Trade debts +€755,553
up €755,553 (+28.7%), from €2.6m to €3.4m
- Other debts +€448,321
up €448,321 (+209%), from €214,681 to €663,002
- Reserves +€350,000
up €350,000 (+22.8%), from €1.5m to €1.9m
Income statement
- Services and other goods -€216,224
down €216,224 (-21.3%), from €1.0m to €797,990
- Turnover +€22,870
up €22,870 (+1.2%), from €1.9m to €1.9m
- Financial income +€22,474
up €22,474 (+50.1%), from €44,820 to €67,294
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.
Result 2024
€383,014
Turnover
+€22,870
Other operating income
+€317
Services and other goods
+€216,224
Staff costs
+€94
Depreciation
+€7,328
Other operating charges
+€1,841
Other operating items
-€298,678
Financial income
+€22,474
Financial charges
-€1,281
Taxes
+€8,624
Result 2025
€362,826
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.1m
Investment
-€2.2m
Financing
+€0
Cash 2024
€62,522
From operations (derived)
+€2.1m
Net result for the year
+€362,826
Depreciation
+€5,695
Receivables after one year
-€9,600
Stocks and contracts
+€806,766
Receivables within one year
-€219,949
Deferred charges and accrued income
-€10,115
Trade debts
+€755,553
Tax, wage and social debts
-€21,567
Other debts
+€448,321
Accrued charges and deferred income
+€2,916
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€658,405
Current investments
-€1.5m
Financing
+€0
Short-term financial debts
+€0
Cash 2025
€24,963
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,446,341 | €5,994,390 | +€1.5m | +34.8% |
| Fixed assets | 21/28 | €409,103 | €1,061,813 | +€652,710 | +160% |
| Tangible fixed assets | 22/27 | €7,444 | €1,749 | -€5,695 | -76.5% |
| Plant, machinery and equipment | 23 | €60 | €0 | -€60 | -100% |
| Furniture and vehicles | 24 | €7,384 | €1,749 | -€5,636 | -76.3% |
| Financial fixed assets | 28 | €401,659 | €1,060,064 | +€658,405 | +164% |
| Affiliated companies | 280/1 | €60,795 | €19,200 | -€41,595 | -68.4% |
| Participating interests | 280 | €60,795 | €19,200 | -€41,595 | -68.4% |
| Companies linked by participating interests | 282/3 | €340,864 | €1,040,864 | +€700,000 | +205% |
| Participating interests | 282 | €340,864 | €740,864 | +€400,000 | +117% |
| Amounts receivable | 283 | - | €300,000 | +€300,000 | |
| Current assets | 29/58 | €4,037,238 | €4,932,577 | +€895,339 | +22.2% |
| Amounts receivable after more than one year | 29 | €425,000 | €434,600 | +€9,600 | +2.3% |
| Other amounts receivable | 291 | €425,000 | €434,600 | +€9,600 | +2.3% |
| Stocks and contracts in progress | 3 | €806,766 | €0 | -€806,766 | -100% |
| Stocks | 30/36 | €806,766 | €0 | -€806,766 | -100% |
| Property held for sale | 35 | €806,766 | €0 | -€806,766 | -100% |
| Amounts receivable within one year | 40/41 | €2,740,916 | €2,960,865 | +€219,949 | +8.0% |
| Trade receivables | 40 | €1,578,824 | €1,386,491 | -€192,333 | -12.2% |
| Other amounts receivable | 41 | €1,162,091 | €1,574,374 | +€412,282 | +35.5% |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Other investments | 51/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €62,522 | €24,963 | -€37,559 | -60.1% |
| Deferred charges and accrued income | 490/1 | €2,035 | €12,149 | +€10,115 | +497% |
| Total equity and liabilities | 10/49 | €4,446,341 | €5,994,390 | +€1.5m | +34.8% |
| Equity | 10/15 | €1,552,463 | €1,915,289 | +€362,826 | +23.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,537,875 | €1,887,875 | +€350,000 | +22.8% |
| Distributable reserves | 133 | €1,537,875 | €1,887,875 | +€350,000 | +22.8% |
| Profit (loss) carried forward | 14 | €8,388 | €21,214 | +€12,826 | +153% |
| Amounts payable | 17/49 | €2,893,878 | €4,079,101 | +€1.2m | +41.0% |
| Amounts payable within one year | 42/48 | €2,878,024 | €4,060,332 | +€1.2m | +41.1% |
| Financial debts | 43 | - | €0 | +€0 | |
| Credit institutions | 430/8 | - | €0 | +€0 | |
| Trade debts | 44 | €2,636,935 | €3,392,488 | +€755,553 | +28.7% |
| Suppliers | 440/4 | €2,636,935 | €3,392,488 | +€755,553 | +28.7% |
| Taxes, remuneration and social security | 45 | €26,409 | €4,842 | -€21,567 | -81.7% |
| Taxes | 450/3 | €26,409 | €4,842 | -€21,567 | -81.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €214,681 | €663,002 | +€448,321 | +209% |
| Accrued charges and deferred income | 492/3 | €15,854 | €18,769 | +€2,916 | +18.4% |
| Operating income | 70/76A | €1,507,667 | €1,232,176 | -€275,491 | -18.3% |
| Turnover | 70 | €1,902,180 | €1,925,050 | +€22,870 | +1.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€403,383 | -€806,766 | -€403,383 | -100% |
| Other operating income | 74 | €8,870 | €9,187 | +€317 | +3.6% |
| Non-recurring operating income | 76A | - | €104,705 | +€104,705 | |
| Operating charges | 60/66A | €1,031,714 | €806,227 | -€225,486 | -21.9% |
| Purchases | 600/8 | €833,129 | €0 | -€833,129 | -100% |
| Change in stocks: decrease (increase) | 609 | -€833,129 | €0 | +€833,129 | |
| Services and other goods | 61 | €1,014,214 | €797,990 | -€216,224 | -21.3% |
| Remuneration, social security and pensions | 62 | €0 | -€94 | -€94 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,023 | €5,695 | -€7,328 | -56.3% |
| Other operating charges | 640/8 | €4,476 | €2,636 | -€1,841 | -41.1% |
| Operating profit (loss) | 9901 | €475,953 | €425,949 | -€50,004 | -10.5% |
| Financial income | 75/76B | €44,820 | €67,294 | +€22,474 | +50.1% |
| Recurring financial income | 75 | €44,820 | €67,294 | +€22,474 | +50.1% |
| Income from current assets | 751 | €38,329 | €67,031 | +€28,702 | +74.9% |
| Other financial income | 752/9 | €6,492 | €264 | -€6,228 | -95.9% |
| Financial charges | 65/66B | €6,244 | €7,525 | +€1,281 | +20.5% |
| Recurring financial charges | 65 | €6,244 | €7,525 | +€1,281 | +20.5% |
| Debt charges | 650 | €5,772 | €7,316 | +€1,544 | +26.8% |
| Other financial charges | 652/9 | €472 | €209 | -€263 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | €514,530 | €485,718 | -€28,812 | -5.6% |
| Income taxes | 67/77 | €131,516 | €122,892 | -€8,624 | -6.6% |
| Taxes | 670/3 | €131,516 | €122,892 | -€8,624 | -6.6% |
| Profit (loss) for the period | 9904 | €383,014 | €362,826 | -€20,188 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €383,014 | €362,826 | -€20,188 | -5.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.