NDR27: 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.
NDR27
Largest movements
- Cash +€155,752
up €155,752 (+83.8%), from €185,889 to €341,641
mainly Net result for the year (+€151,894) and Tax, wage and social debts (+€57,155)
- Receivables within one year +€47,108
up €47,108 (+338.4%), from €13,920 to €61,028
of which Trade receivables: +€32,068
- Stocks and contracts -€27,009
down €27,009 (-52.9%), from €51,025 to €24,016
- Reserves +€151,894
up €151,894 (+165.2%), from €91,927 to €243,821
- Tax, wage and social debts +€57,155
up €57,155 (+65.0%), from €87,906 to €145,061
of which Taxes: +€60,020
- Other debts -€42,910
down €42,910 (-100.0%), from €42,910 to €0
- Trade debts +€12,329
up €12,329 (+98.7%), from €12,491 to €24,821
- Gross operating margin +€102,704
up €102,704 (+55.0%), from €186,823 to €289,527
- Taxes +€37,716
up €37,716 (+120.6%), from €31,285 to €69,001
- Staff costs +€13,514
up €13,514 (+26.7%), from €50,657 to €64,170
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 | €253,835 | €432,302 | +€178,468 | +70.3% |
| Fixed assets | 21/28 | €2,422 | €5,201 | +€2,779 | +114.7% |
| Tangible fixed assets | 22/27 | €2,422 | €5,201 | +€2,779 | +114.7% |
| Furniture and vehicles | 24 | €2,422 | €5,201 | +€2,779 | +114.7% |
| Current assets | 29/58 | €251,413 | €427,101 | +€175,689 | +69.9% |
| Stocks and contracts in progress | 3 | €51,025 | €24,016 | -€27,009 | -52.9% |
| Stocks | 30/36 | €51,025 | €24,016 | -€27,009 | -52.9% |
| Amounts receivable within one year | 40/41 | €13,920 | €61,028 | +€47,108 | +338.4% |
| Trade receivables | 40 | €13,920 | €45,988 | +€32,068 | +230.4% |
| Other amounts receivable | 41 | - | €15,040 | +€15,040 | |
| Cash at bank and in hand | 54/58 | €185,889 | €341,641 | +€155,752 | +83.8% |
| Deferred charges and accrued income | 490/1 | €579 | €417 | -€162 | -28.0% |
| Total equity and liabilities | 10/49 | €253,835 | €432,302 | +€178,468 | +70.3% |
| Equity | 10/15 | €110,527 | €262,421 | +€151,894 | +137.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,927 | €243,821 | +€151,894 | +165.2% |
| Distributable reserves | 133 | €91,927 | €243,821 | +€151,894 | +165.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €143,308 | €169,882 | +€26,574 | +18.5% |
| Amounts payable within one year | 42/48 | €143,308 | €169,882 | +€26,574 | +18.5% |
| Trade debts | 44 | €12,491 | €24,821 | +€12,329 | +98.7% |
| Suppliers | 440/4 | €12,491 | €24,821 | +€12,329 | +98.7% |
| Taxes, remuneration and social security | 45 | €87,906 | €145,061 | +€57,155 | +65.0% |
| Taxes | 450/3 | €78,384 | €138,403 | +€60,020 | +76.6% |
| Remuneration and social security | 454/9 | €9,523 | €6,658 | -€2,865 | -30.1% |
| Other amounts payable | 47/48 | €42,910 | €0 | -€42,910 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €50,657 | €64,170 | +€13,514 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,333 | €2,666 | +€1,333 | +99.9% |
| Other operating charges | 640/8 | €830 | €1,033 | +€203 | +24.4% |
| Gross operating margin | 9900 | €186,823 | €289,527 | +€102,704 | +55.0% |
| Operating profit (loss) | 9901 | €134,002 | €221,658 | +€87,655 | +65.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €747 | €763 | +€16 | +2.1% |
| Recurring financial charges | 65 | €747 | €763 | +€16 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €133,256 | €220,895 | +€87,639 | +65.8% |
| Income taxes | 67/77 | €31,285 | €69,001 | +€37,716 | +120.6% |
| Profit (loss) for the period | 9904 | €101,971 | €151,894 | +€49,923 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,971 | €151,894 | +€49,923 | +49.0% |
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 5 October 2026 via checked.be.