NDP: 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.
NDP
Largest movements
- Tangible fixed assets +€50,629
up €50,629 (+87.1%), from €58,159 to €108,789
of which Plant, machinery and equipment: +€57,844
- Cash -€25,684
down €25,684 (-92.9%), from €27,633 to €1,949
mainly Investment in fixed assets (net) (-€78,766) and Trade debts (-€6,026)
- Receivables within one year -€9,739
down €9,739 (-18.2%), from €53,383 to €43,644
of which Trade receivables: -€8,242
- Deferred charges and accrued income +€1,912
new in 2025: €1,912
- Debts after one year +€10,173
up €10,173 (+146%), from €6,947 to €17,120
- Short-term financial debts +€8,000
new in 2025: €8,000
- Tax, wage and social debts +€6,306
up €6,306 (+10,093%), from €62 to €6,369
of which Remuneration and social security: +€6,000
- Trade debts -€6,026
down €6,026 (-29.1%), from €20,698 to €14,672
- Reserves -€3,429
down €3,429 (-4.2%), from €81,018 to €77,589
- Depreciation +€15,918
up €15,918 (+130%), from €12,219 to €28,137
- Gross operating margin -€12,825
down €12,825 (-27.3%), from €47,056 to €34,231
- Taxes -€8,390
no longer reported in 2025 (was €8,390)
- Other operating charges +€3,712
up €3,712 (+90.7%), from €4,095 to €7,806
- Financial charges +€1,065
up €1,065 (+133%), from €798 to €1,863
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 | €140,603 | €157,489 | +€16,886 | +12.0% |
| Fixed assets | 21/28 | €58,159 | €108,789 | +€50,629 | +87.1% |
| Tangible fixed assets | 22/27 | €58,159 | €108,789 | +€50,629 | +87.1% |
| Plant, machinery and equipment | 23 | €24,177 | €82,020 | +€57,844 | +239% |
| Furniture and vehicles | 24 | €33,983 | €26,768 | -€7,214 | -21.2% |
| Current assets | 29/58 | €82,444 | €48,701 | -€33,743 | -40.9% |
| Stocks and contracts in progress | 3 | €1,428 | €1,196 | -€232 | -16.2% |
| Stocks | 30/36 | €1,428 | €1,196 | -€232 | -16.2% |
| Amounts receivable within one year | 40/41 | €53,383 | €43,644 | -€9,739 | -18.2% |
| Trade receivables | 40 | €33,956 | €25,714 | -€8,242 | -24.3% |
| Other amounts receivable | 41 | €19,427 | €17,930 | -€1,497 | -7.7% |
| Cash at bank and in hand | 54/58 | €27,633 | €1,949 | -€25,684 | -92.9% |
| Deferred charges and accrued income | 490/1 | - | €1,912 | +€1,912 | |
| Total equity and liabilities | 10/49 | €140,603 | €157,489 | +€16,886 | +12.0% |
| Equity | 10/15 | €99,618 | €96,189 | -€3,429 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,018 | €77,589 | -€3,429 | -4.2% |
| Distributable reserves | 133 | €81,018 | €77,589 | -€3,429 | -4.2% |
| Amounts payable | 17/49 | €40,986 | €61,300 | +€20,315 | +49.6% |
| Amounts payable after more than one year | 17 | €6,947 | €17,120 | +€10,173 | +146% |
| Financial debts | 170/4 | €6,947 | €17,120 | +€10,173 | +146% |
| Amounts payable within one year | 42/48 | €34,039 | €44,181 | +€10,142 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €7,103 | €10,417 | +€3,313 | +46.6% |
| Financial debts | 43 | - | €8,000 | +€8,000 | |
| Credit institutions | 430/8 | - | €8,000 | +€8,000 | |
| Trade debts | 44 | €20,698 | €14,672 | -€6,026 | -29.1% |
| Suppliers | 440/4 | €20,698 | €14,672 | -€6,026 | -29.1% |
| Taxes, remuneration and social security | 45 | €62 | €6,369 | +€6,306 | +10,093% |
| Taxes | 450/3 | €62 | €369 | +€306 | +490% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €6,175 | €4,724 | -€1,451 | -23.5% |
| Non-recurring operating income | 76A | - | €8,500 | +€8,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,219 | €28,137 | +€15,918 | +130% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €778 | +€778 | |
| Other operating charges | 640/8 | €4,095 | €7,806 | +€3,712 | +90.7% |
| Gross operating margin | 9900 | €47,056 | €34,231 | -€12,825 | -27.3% |
| Operating profit (loss) | 9901 | €30,742 | -€2,490 | -€33,232 | |
| Financial income | 75/76B | €1,186 | €925 | -€261 | -22.0% |
| Recurring financial income | 75 | €1,186 | €925 | -€261 | -22.0% |
| Financial charges | 65/66B | €798 | €1,863 | +€1,065 | +133% |
| Recurring financial charges | 65 | €798 | €1,863 | +€1,065 | +133% |
| Profit (loss) for the period before taxes | 9903 | €31,130 | -€3,429 | -€34,558 | |
| Income taxes | 67/77 | €8,390 | - | -€8,390 | |
| Profit (loss) for the period | 9904 | €22,739 | -€3,429 | -€26,168 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,739 | -€3,429 | -€26,168 |
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 13 October 2026 via checked.be.