NDR: 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.
NDR
Largest movements
- Cash -€24,110
down €24,110 (-16.0%), from €150,630 to €126,520
mainly Contributions, distributions and other (-€100,000) and Tax, wage and social debts (-€32,993)
- Stocks and contracts +€12,348
new in 2025: €12,348
- Tangible fixed assets -€8,011
down €8,011 (-3.0%), from €269,627 to €261,616
of which Plant, machinery and equipment: -€8,432
- Other debts +€102,278
up €102,278 (+316.9%), from €32,276 to €134,554
- Contributions -€100,000
down €100,000 (-73.3%), from €136,500 to €36,500
- Tax, wage and social debts -€32,993
down €32,993 (-51.1%), from €64,625 to €31,632
of which Taxes: -€31,188
- Trade debts -€24,876
down €24,876 (-53.8%), from €46,261 to €21,385
- Reserves +€21,731
up €21,731 (+6.2%), from €350,239 to €371,970
of which Distributable reserves: +€21,731
- Gross operating margin -€49,547
down €49,547 (-21.2%), from €234,046 to €184,499
- Taxes -€22,502
down €22,502 (-64.2%), from €35,061 to €12,559
- Depreciation +€7,003
up €7,003 (+22.4%), from €31,231 to €38,234
- Financial charges +€5,521
up €5,521 (+249.8%), from €2,210 to €7,731
- Staff costs +€5,232
up €5,232 (+5.6%), from €92,793 to €98,025
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 | €629,901 | €602,133 | -€27,768 | -4.4% |
| Fixed assets | 21/28 | €269,627 | €261,616 | -€8,011 | -3.0% |
| Tangible fixed assets | 22/27 | €269,627 | €261,616 | -€8,011 | -3.0% |
| Land and buildings | 22 | €181,370 | €173,587 | -€7,783 | -4.3% |
| Plant, machinery and equipment | 23 | €23,653 | €15,221 | -€8,432 | -35.6% |
| Furniture and vehicles | 24 | €64,604 | €72,807 | +€8,203 | +12.7% |
| Current assets | 29/58 | €360,274 | €340,518 | -€19,756 | -5.5% |
| Stocks and contracts in progress | 3 | - | €12,348 | +€12,348 | |
| Stocks | 30/36 | - | €12,348 | +€12,348 | |
| Amounts receivable within one year | 40/41 | €110,474 | €106,727 | -€3,747 | -3.4% |
| Trade receivables | 40 | €74,971 | €75,509 | +€538 | +0.7% |
| Other amounts receivable | 41 | €35,503 | €31,218 | -€4,285 | -12.1% |
| Current investments | 50/53 | €90,841 | €90,841 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €150,630 | €126,520 | -€24,110 | -16.0% |
| Deferred charges and accrued income | 490/1 | €8,329 | €4,083 | -€4,246 | -51.0% |
| Total equity and liabilities | 10/49 | €629,901 | €602,133 | -€27,768 | -4.4% |
| Equity | 10/15 | €486,739 | €408,470 | -€78,269 | -16.1% |
| Contributions | 10/11 | €136,500 | €36,500 | -€100,000 | -73.3% |
| Reserves | 13 | €350,239 | €371,970 | +€21,731 | +6.2% |
| Tax-exempt reserves | 132 | €23,700 | €23,700 | = | 0.0% |
| Distributable reserves | 133 | €326,539 | €348,270 | +€21,731 | +6.7% |
| Amounts payable | 17/49 | €143,162 | €193,664 | +€50,502 | +35.3% |
| Amounts payable within one year | 42/48 | €143,162 | €187,571 | +€44,409 | +31.0% |
| Trade debts | 44 | €46,261 | €21,385 | -€24,876 | -53.8% |
| Suppliers | 440/4 | €46,261 | €21,385 | -€24,876 | -53.8% |
| Taxes, remuneration and social security | 45 | €64,625 | €31,632 | -€32,993 | -51.1% |
| Taxes | 450/3 | €50,960 | €19,772 | -€31,188 | -61.2% |
| Remuneration and social security | 454/9 | €13,665 | €11,861 | -€1,804 | -13.2% |
| Other amounts payable | 47/48 | €32,276 | €134,554 | +€102,278 | +316.9% |
| Accrued charges and deferred income | 492/3 | - | €6,092 | +€6,092 | |
| Remuneration, social security and pensions | 62 | €92,793 | €98,025 | +€5,232 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,231 | €38,234 | +€7,003 | +22.4% |
| Other operating charges | 640/8 | €4,921 | €9,657 | +€4,736 | +96.2% |
| Gross operating margin | 9900 | €234,046 | €184,499 | -€49,547 | -21.2% |
| Operating profit (loss) | 9901 | €105,101 | €38,583 | -€66,518 | -63.3% |
| Financial income | 75/76B | €2,868 | €3,438 | +€570 | +19.9% |
| Recurring financial income | 75 | €2,868 | €3,438 | +€570 | +19.9% |
| Financial charges | 65/66B | €2,210 | €7,731 | +€5,521 | +249.8% |
| Recurring financial charges | 65 | €2,210 | €7,731 | +€5,521 | +249.8% |
| Profit (loss) for the period before taxes | 9903 | €105,759 | €34,290 | -€71,469 | -67.6% |
| Income taxes | 67/77 | €35,061 | €12,559 | -€22,502 | -64.2% |
| Profit (loss) for the period | 9904 | €70,698 | €21,730 | -€48,968 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,698 | €21,730 | -€48,968 | -69.3% |
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 12 October 2026 via checked.be.