NDU Management: 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.
NDU Management
Largest movements
- Receivables after one year -€200,000
down €200,000 (-91.7%), from €218,000 to €18,000
- Receivables within one year +€17,468
up €17,468 (+64.7%), from €26,983 to €44,451
of which Other amounts receivable: +€31,705
- Deferred charges and accrued income +€7,155
up €7,155 (+60.4%), from €11,847 to €19,002
- Debts after one year -€101,807
down €101,807 (-46.6%), from €218,700 to €116,893
- Current portion of long-term debt -€25,522
down €25,522 (-51.1%), from €49,927 to €24,405
- Profit (loss) carried forward -€24,325
down €24,325, from €762 to -€23,563
- Trade debts -€13,477
down €13,477 (-43.7%), from €30,826 to €17,349
- Tax, wage and social debts -€10,767
down €10,767 (-38.1%), from €28,223 to €17,456
of which Taxes: -€13,267
- Gross operating margin +€40,519
up €40,519, from -€31,646 to €8,874
- Financial charges +€11,303
up €11,303 (+68.0%), from €16,613 to €27,916
- Financial income -€9,283
down €9,283 (-92.4%), from €10,044 to €762
- Other operating charges -€2,301
down €2,301 (-47.1%), from €4,887 to €2,586
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 | €333,438 | €157,545 | -€175,894 | -52.8% |
| Formation expenses | 20 | €695 | €457 | -€239 | -34.3% |
| Fixed assets | 21/28 | €25,169 | €22,625 | -€2,544 | -10.1% |
| Tangible fixed assets | 22/27 | €24,369 | €21,825 | -€2,544 | -10.4% |
| Furniture and vehicles | 24 | €24,369 | €21,825 | -€2,544 | -10.4% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €307,574 | €134,463 | -€173,111 | -56.3% |
| Amounts receivable after more than one year | 29 | €218,000 | €18,000 | -€200,000 | -91.7% |
| Trade receivables | 290 | €218,000 | €18,000 | -€200,000 | -91.7% |
| Amounts receivable within one year | 40/41 | €26,983 | €44,451 | +€17,468 | +64.7% |
| Trade receivables | 40 | €15,125 | €888 | -€14,237 | -94.1% |
| Other amounts receivable | 41 | €11,858 | €43,563 | +€31,705 | +267% |
| Cash at bank and in hand | 54/58 | €50,744 | €53,010 | +€2,266 | +4.5% |
| Deferred charges and accrued income | 490/1 | €11,847 | €19,002 | +€7,155 | +60.4% |
| Total equity and liabilities | 10/49 | €333,438 | €157,545 | -€175,894 | -52.8% |
| Equity | 10/15 | €5,762 | -€18,563 | -€24,325 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €762 | -€23,563 | -€24,325 | |
| Amounts payable | 17/49 | €327,676 | €176,108 | -€151,568 | -46.3% |
| Amounts payable after more than one year | 17 | €218,700 | €116,893 | -€101,807 | -46.6% |
| Financial debts | 170/4 | €218,700 | €116,893 | -€101,807 | -46.6% |
| Amounts payable within one year | 42/48 | €108,976 | €59,215 | -€49,761 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €49,927 | €24,405 | -€25,522 | -51.1% |
| Financial debts | 43 | - | €5 | +€5 | |
| Credit institutions | 430/8 | - | €5 | +€5 | |
| Trade debts | 44 | €30,826 | €17,349 | -€13,477 | -43.7% |
| Suppliers | 440/4 | €30,826 | €17,349 | -€13,477 | -43.7% |
| Taxes, remuneration and social security | 45 | €28,223 | €17,456 | -€10,767 | -38.1% |
| Taxes | 450/3 | €28,223 | €14,956 | -€13,267 | -47.0% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,178 | €3,195 | +€18 | +0.6% |
| Other operating charges | 640/8 | €4,887 | €2,586 | -€2,301 | -47.1% |
| Gross operating margin | 9900 | -€31,646 | €8,874 | +€40,519 | |
| Operating profit (loss) | 9901 | -€39,711 | €3,092 | +€42,803 | |
| Financial income | 75/76B | €10,044 | €762 | -€9,283 | -92.4% |
| Recurring financial income | 75 | €10,044 | €762 | -€9,283 | -92.4% |
| Financial charges | 65/66B | €16,613 | €27,916 | +€11,303 | +68.0% |
| Recurring financial charges | 65 | €16,613 | €27,916 | +€11,303 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | -€46,279 | -€24,062 | +€22,218 | +48.0% |
| Income taxes | 67/77 | €349 | €263 | -€86 | -24.6% |
| Profit (loss) for the period | 9904 | -€46,629 | -€24,325 | +€22,303 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,629 | -€24,325 | +€22,303 | +47.8% |
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.