Ndux: 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.
Ndux
Largest movements
- Cash -€101,848
down €101,848 (-83.7%), from €121,731 to €19,883
mainly Investment in fixed assets (net) (-€119,443) and Receivables within one year (-€26,073)
- Intangible fixed assets +€58,258
up €58,258 (+27.0%), from €215,615 to €273,873
- Receivables within one year +€26,073
up €26,073 (+194%), from €13,407 to €39,480
of which Trade receivables: +€26,027
- Tangible fixed assets -€5,596
down €5,596 (-40.2%), from €13,925 to €8,329
of which Furniture and vehicles: -€4,895
- Debts after one year -€17,550
down €17,550 (-8.1%), from €217,171 to €199,620
- Trade debts -€15,877
down €15,877 (-46.3%), from €34,268 to €18,391
- Tax, wage and social debts +€10,229
up €10,229 (+73.4%), from €13,932 to €24,161
of which Taxes: +€9,499
- Current portion of long-term debt +€3,751
up €3,751 (+27.2%), from €13,799 to €17,550
- Gross operating margin +€51,760
up €51,760 (+36.5%), from €141,880 to €193,640
- Depreciation +€32,646
up €32,646 (+95.6%), from €34,134 to €66,780
- Staff costs +€17,021
up €17,021 (+17.0%), from €100,084 to €117,105
- Taxes +€2,263
up €2,263 (+1,577%), from €143 to €2,406
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 | €372,918 | €352,536 | -€20,382 | -5.5% |
| Fixed assets | 21/28 | €232,340 | €285,002 | +€52,662 | +22.7% |
| Intangible fixed assets | 21 | €215,615 | €273,873 | +€58,258 | +27.0% |
| Tangible fixed assets | 22/27 | €13,925 | €8,329 | -€5,596 | -40.2% |
| Land and buildings | 22 | €4,537 | €3,836 | -€701 | -15.4% |
| Furniture and vehicles | 24 | €9,388 | €4,493 | -€4,895 | -52.1% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €140,579 | €67,534 | -€73,044 | -52.0% |
| Amounts receivable within one year | 40/41 | €13,407 | €39,480 | +€26,073 | +194% |
| Trade receivables | 40 | €13,349 | €39,375 | +€26,027 | +195% |
| Other amounts receivable | 41 | €58 | €105 | +€47 | +80.7% |
| Cash at bank and in hand | 54/58 | €121,731 | €19,883 | -€101,848 | -83.7% |
| Deferred charges and accrued income | 490/1 | €5,441 | €8,172 | +€2,730 | +50.2% |
| Total equity and liabilities | 10/49 | €372,918 | €352,536 | -€20,382 | -5.5% |
| Equity | 10/15 | €90,350 | €91,036 | +€686 | +0.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €100,240 | €100,139 | -€101 | -0.1% |
| Distributable reserves | 133 | €100,240 | €100,139 | -€101 | -0.1% |
| Profit (loss) carried forward | 14 | -€11,390 | -€10,603 | +€787 | +6.9% |
| Amounts payable | 17/49 | €282,568 | €261,501 | -€21,067 | -7.5% |
| Amounts payable after more than one year | 17 | €217,171 | €199,620 | -€17,550 | -8.1% |
| Financial debts | 170/4 | €217,171 | €199,620 | -€17,550 | -8.1% |
| Amounts payable within one year | 42/48 | €65,397 | €61,880 | -€3,517 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €13,799 | €17,550 | +€3,751 | +27.2% |
| Financial debts | 43 | €423 | €674 | +€251 | +59.3% |
| Credit institutions | 430/8 | €423 | €674 | +€251 | +59.3% |
| Trade debts | 44 | €34,268 | €18,391 | -€15,877 | -46.3% |
| Suppliers | 440/4 | €34,268 | €18,391 | -€15,877 | -46.3% |
| Taxes, remuneration and social security | 45 | €13,932 | €24,161 | +€10,229 | +73.4% |
| Taxes | 450/3 | €2,068 | €11,567 | +€9,499 | +459% |
| Remuneration and social security | 454/9 | €11,864 | €12,594 | +€729 | +6.1% |
| Other amounts payable | 47/48 | €2,975 | €1,104 | -€1,871 | -62.9% |
| Remuneration, social security and pensions | 62 | €100,084 | €117,105 | +€17,021 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,134 | €66,780 | +€32,646 | +95.6% |
| Other operating charges | 640/8 | €1,251 | €1,532 | +€281 | +22.4% |
| Gross operating margin | 9900 | €141,880 | €193,640 | +€51,760 | +36.5% |
| Operating profit (loss) | 9901 | €6,410 | €8,223 | +€1,813 | +28.3% |
| Financial income | 75/76B | €3 | €19 | +€15 | +491% |
| Recurring financial income | 75 | €3 | €19 | +€15 | +491% |
| Financial charges | 65/66B | €3,659 | €5,149 | +€1,490 | +40.7% |
| Recurring financial charges | 65 | €3,659 | €5,149 | +€1,490 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €2,754 | €3,092 | +€338 | +12.3% |
| Income taxes | 67/77 | €143 | €2,406 | +€2,263 | +1,577% |
| Profit (loss) for the period | 9904 | €2,611 | €686 | -€1,925 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,611 | €686 | -€1,925 | -73.7% |
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 27 October 2026 via checked.be.