NDR Holdings: 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 Holdings
Largest movements
- Tangible fixed assets -€87,644
down €87,644 (-5.6%), from €1.6m to €1.5m
- Receivables within one year +€26,759
up €26,759 (+989%), from €2,706 to €29,465
of which Other amounts receivable: +€29,465
- Other debts +€636,146
new in 2025: €636,146
- Short-term financial debts -€567,627
no longer reported in 2025 (was €567,627)
- Debts after one year -€64,849
down €64,849 (-6.4%), from €1.0m to €952,226
of which Financial debts: -€73,669
- Profit (loss) carried forward -€63,605
down €63,605 (-71.8%), from -€88,582 to -€152,187
- Depreciation +€26,927
up €26,927 (+44.3%), from €60,717 to €87,644
- Financial charges -€13,136
down €13,136 (-25.9%), from €50,702 to €37,566
- Gross operating margin -€6,275
down €6,275 (-7.8%), from €80,707 to €74,432
- Taxes +€2,700
new in 2025: €2,700
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 | €1,562,265 | €1,502,756 | -€59,509 | -3.8% |
| Fixed assets | 21/28 | €1,559,398 | €1,471,754 | -€87,644 | -5.6% |
| Tangible fixed assets | 22/27 | €1,559,398 | €1,471,754 | -€87,644 | -5.6% |
| Land and buildings | 22 | €1,559,398 | €1,471,754 | -€87,644 | -5.6% |
| Current assets | 29/58 | €2,867 | €31,001 | +€28,134 | +981% |
| Amounts receivable within one year | 40/41 | €2,706 | €29,465 | +€26,759 | +989% |
| Trade receivables | 40 | €2,706 | - | -€2,706 | |
| Other amounts receivable | 41 | - | €29,465 | +€29,465 | |
| Cash at bank and in hand | 54/58 | €161 | €141 | -€20 | -12.2% |
| Deferred charges and accrued income | 490/1 | - | €1,395 | +€1,395 | |
| Total equity and liabilities | 10/49 | €1,562,265 | €1,502,756 | -€59,509 | -3.8% |
| Equity | 10/15 | -€83,582 | -€147,187 | -€63,605 | -76.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,582 | -€152,187 | -€63,605 | -71.8% |
| Amounts payable | 17/49 | €1,645,847 | €1,649,942 | +€4,095 | +0.2% |
| Amounts payable after more than one year | 17 | €1,017,076 | €952,226 | -€64,849 | -6.4% |
| Financial debts | 170/4 | €1,017,076 | €943,407 | -€73,669 | -7.2% |
| Other amounts payable | 178/9 | - | €8,820 | +€8,820 | |
| Amounts payable within one year | 42/48 | €623,040 | €697,716 | +€74,676 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €52,648 | €61,569 | +€8,922 | +16.9% |
| Financial debts | 43 | €567,627 | - | -€567,627 | |
| Other loans | 439 | €567,627 | - | -€567,627 | |
| Trade debts | 44 | €2,765 | - | -€2,765 | |
| Suppliers | 440/4 | €2,765 | - | -€2,765 | |
| Other amounts payable | 47/48 | - | €636,146 | +€636,146 | |
| Accrued charges and deferred income | 492/3 | €5,731 | - | -€5,731 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,717 | €87,644 | +€26,927 | +44.3% |
| Other operating charges | 640/8 | €9,955 | €10,442 | +€487 | +4.9% |
| Gross operating margin | 9900 | €80,707 | €74,432 | -€6,275 | -7.8% |
| Operating profit (loss) | 9901 | €10,035 | -€23,654 | -€33,689 | |
| Financial income | 75/76B | - | €315 | +€315 | |
| Recurring financial income | 75 | - | €315 | +€315 | |
| Financial charges | 65/66B | €50,702 | €37,566 | -€13,136 | -25.9% |
| Recurring financial charges | 65 | €50,702 | €37,566 | -€13,136 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€40,667 | -€60,905 | -€20,238 | -49.8% |
| Income taxes | 67/77 | - | €2,700 | +€2,700 | |
| Profit (loss) for the period | 9904 | -€40,667 | -€63,605 | -€22,938 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,667 | -€63,605 | -€22,938 | -56.4% |
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 26 October 2026 via checked.be.