NDUBOIS: 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.
NDUBOIS
Largest movements
- Current investments -€200,843
down €200,843 (-99.9%), from €201,050 to €207
- Deferred charges and accrued income +€54,369
up €54,369 (+627%), from €8,664 to €63,033
- Cash -€30,083
down €30,083 (-36.9%), from €81,427 to €51,344
mainly Contributions, distributions and other (-€319,294) and Deferred charges and accrued income (-€54,369)
- Receivables within one year +€10,326
up €10,326 (+112%), from €9,235 to €19,561
of which Trade receivables: +€14,313
- Profit (loss) carried forward -€242,829
down €242,829 (-99.6%), from €243,897 to €1,068
- Other debts +€83,234
up €83,234 (+10,866%), from €766 to €84,000
- Tax, wage and social debts -€12,223
down €12,223 (-42.0%), from €29,137 to €16,914
of which Taxes: -€12,223
- Trade debts +€3,887
up €3,887 (+17.0%), from €22,859 to €26,746
- Gross operating margin +€25,956
up €25,956 (+31.6%), from €82,207 to €108,163
- Taxes +€5,633
up €5,633 (+33.3%), from €16,938 to €22,571
- Financial charges -€1,227
down €1,227 (-24.0%), from €5,110 to €3,883
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 | €309,427 | €140,714 | -€168,713 | -54.5% |
| Fixed assets | 21/28 | €9,050 | €6,569 | -€2,481 | -27.4% |
| Tangible fixed assets | 22/27 | €9,050 | €6,569 | -€2,481 | -27.4% |
| Plant, machinery and equipment | 23 | €1,518 | - | -€1,518 | |
| Furniture and vehicles | 24 | €7,532 | €6,569 | -€963 | -12.8% |
| Current assets | 29/58 | €300,377 | €134,145 | -€166,232 | -55.3% |
| Amounts receivable within one year | 40/41 | €9,235 | €19,561 | +€10,326 | +112% |
| Trade receivables | 40 | €252 | €14,565 | +€14,313 | +5,679% |
| Other amounts receivable | 41 | €8,983 | €4,996 | -€3,987 | -44.4% |
| Current investments | 50/53 | €201,050 | €207 | -€200,843 | -99.9% |
| Cash at bank and in hand | 54/58 | €81,427 | €51,344 | -€30,083 | -36.9% |
| Deferred charges and accrued income | 490/1 | €8,664 | €63,033 | +€54,369 | +627% |
| Total equity and liabilities | 10/49 | €309,427 | €140,714 | -€168,713 | -54.5% |
| Equity | 10/15 | €246,897 | €4,068 | -€242,829 | -98.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,897 | €1,068 | -€242,829 | -99.6% |
| Amounts payable | 17/49 | €62,531 | €136,646 | +€74,115 | +119% |
| Amounts payable within one year | 42/48 | €55,252 | €127,660 | +€72,408 | +131% |
| Financial debts | 43 | €2,491 | - | -€2,491 | |
| Credit institutions | 430/8 | €2,491 | - | -€2,491 | |
| Trade debts | 44 | €22,859 | €26,746 | +€3,887 | +17.0% |
| Suppliers | 440/4 | €22,859 | €26,746 | +€3,887 | +17.0% |
| Taxes, remuneration and social security | 45 | €29,137 | €16,914 | -€12,223 | -42.0% |
| Taxes | 450/3 | €29,137 | €16,914 | -€12,223 | -42.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €766 | €84,000 | +€83,234 | +10,866% |
| Accrued charges and deferred income | 492/3 | €7,278 | €8,986 | +€1,708 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,037 | €3,224 | +€187 | +6.1% |
| Other operating charges | 640/8 | €1,140 | €2,104 | +€964 | +84.6% |
| Non-recurring operating charges | 66A | - | €1,518 | +€1,518 | |
| Gross operating margin | 9900 | €82,207 | €108,163 | +€25,956 | +31.6% |
| Operating profit (loss) | 9901 | €78,029 | €101,317 | +€23,288 | +29.8% |
| Financial income | 75/76B | €1,845 | €1,602 | -€243 | -13.1% |
| Recurring financial income | 75 | €1,845 | €1,602 | -€243 | -13.1% |
| Financial charges | 65/66B | €5,110 | €3,883 | -€1,227 | -24.0% |
| Recurring financial charges | 65 | €5,110 | €3,883 | -€1,227 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €74,764 | €99,036 | +€24,272 | +32.5% |
| Income taxes | 67/77 | €16,938 | €22,571 | +€5,633 | +33.3% |
| Profit (loss) for the period | 9904 | €57,826 | €76,465 | +€18,639 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,826 | €76,465 | +€18,639 | +32.2% |
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 21 October 2026 via checked.be.