NEDCO: 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.
NEDCO
Largest movements
- Current investments -€2.0m
down €2.0m (-80.0%), from €2.5m to €500,000
- Cash +€451,706
up €451,706 (+110.5%), from €408,796 to €860,502
mainly Current investments (+€2.0m) and Net result for the year (+€316,686)
- Receivables within one year +€315,880
up €315,880 (+349.0%), from €90,516 to €406,396
of which Trade receivables: +€174,684
- Tangible fixed assets -€270,315
down €270,315 (-3.2%), from €8.4m to €8.2m
of which Land and buildings: -€280,284
- Other debts -€1.3m
down €1.3m (-62.5%), from €2.0m to €750,000
- Reserves -€433,314
down €433,314 (-5.7%), from €7.6m to €7.2m
of which Distributable reserves: -€395,486
- Trade debts +€164,681
up €164,681 (+1063.8%), from €15,481 to €180,162
- Financial charges -€1.9m
down €1.9m (-96.5%), from €2.0m to €68,865
of which Non-recurring financial charges: -€1.8m
- Financial income -€1.2m
down €1.2m (-96.2%), from €1.2m to €46,971
of which Non-recurring financial income: -€1.2m
- Services and other goods +€226,046
up €226,046 (+385.6%), from €58,625 to €284,671
- Taxes -€154,138
down €154,138, from €113,551 to -€40,587
- Other operating income +€135,055
up €135,055 (+4154.8%), from €3,251 to €138,305
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 | €11,449,401 | €9,941,181 | -€1.5m | -13.2% |
| Fixed assets | 21/28 | €8,443,673 | €8,173,358 | -€270,315 | -3.2% |
| Tangible fixed assets | 22/27 | €8,440,875 | €8,170,561 | -€270,315 | -3.2% |
| Land and buildings | 22 | €8,410,833 | €8,130,549 | -€280,284 | -3.3% |
| Furniture and vehicles | 24 | €30,042 | €26,882 | -€3,160 | -10.5% |
| Assets under construction and advance payments | 27 | - | €13,129 | +€13,129 | |
| Financial fixed assets | 28 | €2,797 | €2,797 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,797 | €2,797 | = | 0.0% |
| Shares | 284 | €2,797 | €2,797 | = | 0.0% |
| Current assets | 29/58 | €3,005,728 | €1,767,823 | -€1.2m | -41.2% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €90,516 | €406,396 | +€315,880 | +349.0% |
| Trade receivables | 40 | €52,898 | €227,582 | +€174,684 | +330.2% |
| Other amounts receivable | 41 | €37,618 | €178,814 | +€141,196 | +375.3% |
| Current investments | 50/53 | €2,500,000 | €500,000 | -€2.0m | -80.0% |
| Other investments | 51/53 | €2,500,000 | €500,000 | -€2.0m | -80.0% |
| Cash at bank and in hand | 54/58 | €408,796 | €860,502 | +€451,706 | +110.5% |
| Deferred charges and accrued income | 490/1 | €6,415 | €925 | -€5,490 | -85.6% |
| Total equity and liabilities | 10/49 | €11,449,401 | €9,941,181 | -€1.5m | -13.2% |
| Equity | 10/15 | €8,896,174 | €8,462,860 | -€433,314 | -4.9% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Capital | 10 | €1,300,000 | €1,300,000 | = | 0.0% |
| Issued capital | 100 | €1,300,000 | €1,300,000 | = | 0.0% |
| Reserves | 13 | €7,596,174 | €7,162,860 | -€433,314 | -5.7% |
| Non-distributable reserves | 130/1 | €218,002 | €218,002 | = | 0.0% |
| Legal reserve | 130 | €130,000 | €130,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €88,002 | +€88,002 | |
| Other | 1319 | €88,002 | - | -€88,002 | |
| Tax-exempt reserves | 132 | €1,960,892 | €1,923,065 | -€37,828 | -1.9% |
| Distributable reserves | 133 | €5,417,280 | €5,021,794 | -€395,486 | -7.3% |
| Provisions and deferred taxes | 16 | €357,880 | €345,271 | -€12,609 | -3.5% |
| Deferred taxes | 168 | €357,880 | €345,271 | -€12,609 | -3.5% |
| Amounts payable | 17/49 | €2,195,347 | €1,133,050 | -€1.1m | -48.4% |
| Amounts payable after more than one year | 17 | €35,215 | €35,215 | = | 0.0% |
| Other amounts payable | 178/9 | €35,215 | €35,215 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,032,563 | €948,933 | -€1.1m | -53.3% |
| Trade debts | 44 | €15,481 | €180,162 | +€164,681 | +1063.8% |
| Suppliers | 440/4 | €15,481 | €180,162 | +€164,681 | +1063.8% |
| Taxes, remuneration and social security | 45 | €17,083 | €18,771 | +€1,689 | +9.9% |
| Taxes | 450/3 | €17,083 | €18,771 | +€1,689 | +9.9% |
| Other amounts payable | 47/48 | €2,000,000 | €750,000 | -€1.3m | -62.5% |
| Accrued charges and deferred income | 492/3 | €127,569 | €148,902 | +€21,333 | +16.7% |
| Operating income | 70/76A | €797,480 | €909,596 | +€112,117 | +14.1% |
| Turnover | 70 | €794,229 | €771,291 | -€22,938 | -2.9% |
| Other operating income | 74 | €3,251 | €138,305 | +€135,055 | +4154.8% |
| Operating charges | 60/66A | €399,828 | €624,212 | +€224,384 | +56.1% |
| Services and other goods | 61 | €58,625 | €284,671 | +€226,046 | +385.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,244 | €283,444 | +€1,200 | +0.4% |
| Other operating charges | 640/8 | €58,959 | €56,097 | -€2,862 | -4.9% |
| Operating profit (loss) | 9901 | €397,651 | €285,384 | -€112,267 | -28.2% |
| Financial income | 75/76B | €1,239,215 | €46,971 | -€1.2m | -96.2% |
| Recurring financial income | 75 | €78,976 | €46,971 | -€32,005 | -40.5% |
| Income from current assets | 751 | €78,976 | €46,971 | -€32,005 | -40.5% |
| Other financial income | 752/9 | - | €0 | = | |
| Non-recurring financial income | 76B | €1,160,239 | €0 | -€1.2m | -100.0% |
| Financial charges | 65/66B | €1,960,139 | €68,865 | -€1.9m | -96.5% |
| Recurring financial charges | 65 | €83,638 | €21,365 | -€62,273 | -74.5% |
| Debt charges | 650 | - | €257 | +€257 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €82,670 | €11,607 | -€71,063 | -86.0% |
| Other financial charges | 652/9 | €968 | €9,501 | +€8,533 | +881.5% |
| Non-recurring financial charges | 66B | €1,876,501 | €47,500 | -€1.8m | -97.5% |
| Profit (loss) for the period before taxes | 9903 | -€323,272 | €263,490 | +€586,762 | |
| Transfer from deferred taxes | 780 | €12,609 | €12,609 | = | 0.0% |
| Income taxes | 67/77 | €113,551 | -€40,587 | -€154,138 | |
| Taxes | 670/3 | €113,551 | €72,752 | -€40,800 | -35.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €113,338 | +€113,338 | |
| Profit (loss) for the period | 9904 | -€424,214 | €316,686 | +€740,900 | |
| Transfer from tax-exempt reserves | 789 | €37,828 | €37,828 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€386,386 | €354,514 | +€740,900 |
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 7 October 2026 via checked.be.