NDMaxfac: 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.
NDMaxfac
Largest movements
- Cash +€298,671
up €298,671 (+113.6%), from €262,886 to €561,557
mainly Other debts (+€535,557) and Net result for the year (+€469,069)
- Receivables within one year +€22,257
up €22,257 (+17.7%), from €125,783 to €148,040
of which Other amounts receivable: +€21,037
- Tangible fixed assets +€15,249
up €15,249 (+5.3%), from €288,679 to €303,928
of which Land and buildings: +€38,026
- Other debts +€535,557
new in 2025: €535,557
- Reserves -€280,931
down €280,931 (-68.1%), from €412,824 to €131,893
of which Distributable reserves: -€280,931
- Tax, wage and social debts +€50,108
up €50,108 (+159.1%), from €31,502 to €81,610
- Debts after one year +€32,804
up €32,804 (+18.4%), from €177,803 to €210,606
- Gross operating margin +€190,318
up €190,318 (+31.3%), from €607,832 to €798,149
- Taxes +€63,094
up €63,094 (+52.1%), from €121,038 to €184,132
- Depreciation +€29,032
up €29,032 (+91.8%), from €31,642 to €60,674
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 | €677,348 | €1,020,930 | +€343,582 | +50.7% |
| Fixed assets | 21/28 | €288,679 | €303,928 | +€15,249 | +5.3% |
| Tangible fixed assets | 22/27 | €288,679 | €303,928 | +€15,249 | +5.3% |
| Land and buildings | 22 | €203,006 | €241,032 | +€38,026 | +18.7% |
| Plant, machinery and equipment | 23 | €2,337 | €6,984 | +€4,647 | +198.8% |
| Furniture and vehicles | 24 | €83,336 | €55,911 | -€27,424 | -32.9% |
| Current assets | 29/58 | €388,669 | €717,003 | +€328,333 | +84.5% |
| Amounts receivable within one year | 40/41 | €125,783 | €148,040 | +€22,257 | +17.7% |
| Trade receivables | 40 | - | €1,220 | +€1,220 | |
| Other amounts receivable | 41 | €125,783 | €146,820 | +€21,037 | +16.7% |
| Cash at bank and in hand | 54/58 | €262,886 | €561,557 | +€298,671 | +113.6% |
| Deferred charges and accrued income | 490/1 | - | €7,405 | +€7,405 | |
| Total equity and liabilities | 10/49 | €677,348 | €1,020,930 | +€343,582 | +50.7% |
| Equity | 10/15 | €417,824 | €136,893 | -€280,931 | -67.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €412,824 | €131,893 | -€280,931 | -68.1% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Other | 1319 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €412,324 | €131,393 | -€280,931 | -68.1% |
| Amounts payable | 17/49 | €259,525 | €884,037 | +€624,513 | +240.6% |
| Amounts payable after more than one year | 17 | €177,803 | €210,606 | +€32,804 | +18.4% |
| Financial debts | 170/4 | €177,803 | €210,606 | +€32,804 | +18.4% |
| Amounts payable within one year | 42/48 | €81,722 | €673,431 | +€591,709 | +724.1% |
| Current portion of amounts payable after more than one year | 42 | €47,326 | €54,993 | +€7,667 | +16.2% |
| Trade debts | 44 | €2,894 | €1,271 | -€1,623 | -56.1% |
| Suppliers | 440/4 | €2,894 | €1,271 | -€1,623 | -56.1% |
| Taxes, remuneration and social security | 45 | €31,502 | €81,610 | +€50,108 | +159.1% |
| Taxes | 450/3 | €31,502 | €81,610 | +€50,108 | +159.1% |
| Other amounts payable | 47/48 | - | €535,557 | +€535,557 | |
| Non-recurring operating income | 76A | - | €3,826 | +€3,826 | |
| Remuneration, social security and pensions | 62 | €43,613 | €46,620 | +€3,008 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,642 | €60,674 | +€29,032 | +91.8% |
| Other operating charges | 640/8 | €411 | €1,222 | +€812 | +197.7% |
| Non-recurring operating charges | 66A | - | €22,224 | +€22,224 | |
| Gross operating margin | 9900 | €607,832 | €798,149 | +€190,318 | +31.3% |
| Operating profit (loss) | 9901 | €532,167 | €667,408 | +€135,242 | +25.4% |
| Financial income | 75/76B | €1,550 | - | -€1,550 | |
| Recurring financial income | 75 | €1,550 | - | -€1,550 | |
| Financial charges | 65/66B | €6,684 | €14,207 | +€7,523 | +112.6% |
| Recurring financial charges | 65 | €6,684 | €14,207 | +€7,523 | +112.6% |
| Profit (loss) for the period before taxes | 9903 | €527,033 | €653,201 | +€126,168 | +23.9% |
| Income taxes | 67/77 | €121,038 | €184,132 | +€63,094 | +52.1% |
| Profit (loss) for the period | 9904 | €405,995 | €469,069 | +€63,074 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €405,995 | €469,069 | +€63,074 | +15.5% |
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 29 September 2026 via checked.be.