NDU CONSTRUCT: 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.
NDU CONSTRUCT
Largest movements
- Receivables within one year +€39,251
up €39,251 (+39.4%), from €99,598 to €138,849
of which Trade receivables: +€43,011
- Stocks and contracts +€26,368
up €26,368 (+882.7%), from €2,987 to €29,355
- Cash +€23,094
up €23,094 (+692.0%), from €3,337 to €26,431
mainly Trade debts (+€96,513) and Net result for the year (+€18,292)
- Deferred charges and accrued income +€20,478
up €20,478 (+468.8%), from €4,368 to €24,846
- Trade debts +€96,513
up €96,513 (+132.7%), from €72,739 to €169,252
- Reserves +€19,000
up €19,000 (+105.6%), from €18,000 to €37,000
- Tax, wage and social debts +€13,477
up €13,477 (+171.9%), from €7,841 to €21,318
of which Taxes: +€9,076
- Current portion of long-term debt -€9,494
down €9,494 (-85.3%), from €11,125 to €1,631
- Debts after one year -€7,003
no longer reported in 2025 (was €7,003)
- Gross operating margin +€18,151
up €18,151 (+18.6%), from €97,634 to €115,785
- Taxes +€4,318
up €4,318 (+77.7%), from €5,557 to €9,875
- Staff costs +€2,858
up €2,858 (+4.4%), from €64,606 to €67,463
- Financial charges +€2,228
up €2,228 (+106.7%), from €2,088 to €4,316
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 | €129,131 | €236,573 | +€107,441 | +83.2% |
| Fixed assets | 21/28 | €18,841 | €17,090 | -€1,751 | -9.3% |
| Tangible fixed assets | 22/27 | €18,841 | €17,090 | -€1,751 | -9.3% |
| Plant, machinery and equipment | 23 | €4,244 | €1,129 | -€3,116 | -73.4% |
| Furniture and vehicles | 24 | €8,383 | €15,962 | +€7,579 | +90.4% |
| Leasing and similar rights | 25 | €6,214 | - | -€6,214 | |
| Current assets | 29/58 | €110,290 | €219,482 | +€109,192 | +99.0% |
| Stocks and contracts in progress | 3 | €2,987 | €29,355 | +€26,368 | +882.7% |
| Stocks | 30/36 | €2,987 | €29,355 | +€26,368 | +882.7% |
| Amounts receivable within one year | 40/41 | €99,598 | €138,849 | +€39,251 | +39.4% |
| Trade receivables | 40 | €83,303 | €126,314 | +€43,011 | +51.6% |
| Other amounts receivable | 41 | €16,296 | €12,535 | -€3,760 | -23.1% |
| Cash at bank and in hand | 54/58 | €3,337 | €26,431 | +€23,094 | +692.0% |
| Deferred charges and accrued income | 490/1 | €4,368 | €24,846 | +€20,478 | +468.8% |
| Total equity and liabilities | 10/49 | €129,131 | €236,573 | +€107,441 | +83.2% |
| Equity | 10/15 | €23,825 | €42,117 | +€18,292 | +76.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €37,000 | +€19,000 | +105.6% |
| Distributable reserves | 133 | €18,000 | €37,000 | +€19,000 | +105.6% |
| Profit (loss) carried forward | 14 | €825 | €117 | -€708 | -85.9% |
| Amounts payable | 17/49 | €105,307 | €194,456 | +€89,149 | +84.7% |
| Amounts payable after more than one year | 17 | €7,003 | - | -€7,003 | |
| Financial debts | 170/4 | €7,003 | - | -€7,003 | |
| Amounts payable within one year | 42/48 | €96,043 | €192,201 | +€96,158 | +100.1% |
| Current portion of amounts payable after more than one year | 42 | €11,125 | €1,631 | -€9,494 | -85.3% |
| Trade debts | 44 | €72,739 | €169,252 | +€96,513 | +132.7% |
| Suppliers | 440/4 | €72,739 | €169,252 | +€96,513 | +132.7% |
| Taxes, remuneration and social security | 45 | €7,841 | €21,318 | +€13,477 | +171.9% |
| Taxes | 450/3 | €2,501 | €11,578 | +€9,076 | +362.9% |
| Remuneration and social security | 454/9 | €5,340 | €9,740 | +€4,401 | +82.4% |
| Other amounts payable | 47/48 | €4,338 | - | -€4,338 | |
| Accrued charges and deferred income | 492/3 | €2,261 | €2,255 | -€6 | -0.3% |
| Remuneration, social security and pensions | 62 | €64,606 | €67,463 | +€2,858 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,828 | €13,702 | -€1,126 | -7.6% |
| Other operating charges | 640/8 | €1,358 | €1,784 | +€427 | +31.4% |
| Non-recurring operating charges | 66A | - | €397 | +€397 | |
| Gross operating margin | 9900 | €97,634 | €115,785 | +€18,151 | +18.6% |
| Operating profit (loss) | 9901 | €16,843 | €32,439 | +€15,596 | +92.6% |
| Financial income | 75/76B | €78 | €44 | -€35 | -44.2% |
| Recurring financial income | 75 | €78 | €44 | -€35 | -44.2% |
| Financial charges | 65/66B | €2,088 | €4,316 | +€2,228 | +106.7% |
| Recurring financial charges | 65 | €2,088 | €4,316 | +€2,228 | +106.7% |
| Profit (loss) for the period before taxes | 9903 | €14,833 | €28,167 | +€13,334 | +89.9% |
| Income taxes | 67/77 | €5,557 | €9,875 | +€4,318 | +77.7% |
| Profit (loss) for the period | 9904 | €9,276 | €18,292 | +€9,016 | +97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,276 | €18,292 | +€9,016 | +97.2% |
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 3 October 2026 via checked.be.