NFD-GES: 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.
NFD-GES
Largest movements
- Intangible fixed assets -€550,500
no longer reported in 2025 (was €550,500)
- Cash -€76,316
down €76,316 (-42.2%), from €180,659 to €104,343
mainly Debts after one year (-€483,217) and Contributions, distributions and other (-€180,000)
- Tangible fixed assets -€15,314
down €15,314 (-87.6%), from €17,490 to €2,176
- Debts after one year -€483,217
no longer reported in 2025 (was €483,217)
- Other debts +€93,841
up €93,841 (+143.6%), from €65,345 to €159,185
- Tax, wage and social debts -€89,919
down €89,919 (-93.4%), from €96,284 to €6,365
of which Taxes: -€65,860
- Current portion of long-term debt -€73,400
no longer reported in 2025 (was €73,400)
- Reserves -€64,000
no longer reported in 2025 (was €64,000)
- Gross operating margin -€178,905
down €178,905 (-42.2%), from €423,754 to €244,849
- Staff costs -€153,667
down €153,667 (-64.9%), from €236,904 to €83,237
- Depreciation -€79,032
down €79,032 (-98.2%), from €80,515 to €1,483
- Taxes +€21,014
up €21,014 (+119.1%), from €17,649 to €38,663
- Other operating charges -€9,929
down €9,929 (-68.9%), from €14,409 to €4,480
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 | €802,371 | €167,148 | -€635,223 | -79.2% |
| Fixed assets | 21/28 | €567,990 | €2,176 | -€565,814 | -99.6% |
| Intangible fixed assets | 21 | €550,500 | - | -€550,500 | |
| Tangible fixed assets | 22/27 | €17,490 | €2,176 | -€15,314 | -87.6% |
| Furniture and vehicles | 24 | €17,490 | €2,176 | -€15,314 | -87.6% |
| Current assets | 29/58 | €234,380 | €164,971 | -€69,409 | -29.6% |
| Amounts receivable within one year | 40/41 | €50,930 | €58,486 | +€7,556 | +14.8% |
| Trade receivables | 40 | €50,930 | - | -€50,930 | |
| Other amounts receivable | 41 | - | €58,486 | +€58,486 | |
| Cash at bank and in hand | 54/58 | €180,659 | €104,343 | -€76,316 | -42.2% |
| Deferred charges and accrued income | 490/1 | €2,792 | €2,143 | -€649 | -23.2% |
| Total equity and liabilities | 10/49 | €802,371 | €167,148 | -€635,223 | -79.2% |
| Equity | 10/15 | €65,670 | €1,290 | -€64,379 | -98.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €64,000 | - | -€64,000 | |
| Distributable reserves | 133 | €64,000 | - | -€64,000 | |
| Profit (loss) carried forward | 14 | €670 | €290 | -€379 | -56.6% |
| Amounts payable | 17/49 | €736,701 | €165,857 | -€570,844 | -77.5% |
| Amounts payable after more than one year | 17 | €483,217 | - | -€483,217 | |
| Financial debts | 170/4 | €483,217 | - | -€483,217 | |
| Amounts payable within one year | 42/48 | €251,512 | €165,640 | -€85,871 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €73,400 | - | -€73,400 | |
| Trade debts | 44 | €16,483 | €90 | -€16,393 | -99.5% |
| Suppliers | 440/4 | €16,483 | €90 | -€16,393 | -99.5% |
| Taxes, remuneration and social security | 45 | €96,284 | €6,365 | -€89,919 | -93.4% |
| Taxes | 450/3 | €68,749 | €2,889 | -€65,860 | -95.8% |
| Remuneration and social security | 454/9 | €27,535 | €3,476 | -€24,059 | -87.4% |
| Other amounts payable | 47/48 | €65,345 | €159,185 | +€93,841 | +143.6% |
| Accrued charges and deferred income | 492/3 | €1,973 | €217 | -€1,756 | -89.0% |
| Remuneration, social security and pensions | 62 | €236,904 | €83,237 | -€153,667 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,515 | €1,483 | -€79,032 | -98.2% |
| Other operating charges | 640/8 | €14,409 | €4,480 | -€9,929 | -68.9% |
| Gross operating margin | 9900 | €423,754 | €244,849 | -€178,905 | -42.2% |
| Operating profit (loss) | 9901 | €91,927 | €155,650 | +€63,723 | +69.3% |
| Financial income | 75/76B | €8,449 | €12,290 | +€3,842 | +45.5% |
| Recurring financial income | 75 | €8,449 | €12,290 | +€3,842 | +45.5% |
| Financial charges | 65/66B | €18,731 | €13,657 | -€5,075 | -27.1% |
| Recurring financial charges | 65 | €18,731 | €13,657 | -€5,075 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €81,644 | €154,284 | +€72,639 | +89.0% |
| Income taxes | 67/77 | €17,649 | €38,663 | +€21,014 | +119.1% |
| Profit (loss) for the period | 9904 | €63,995 | €115,621 | +€51,626 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,995 | €115,621 | +€51,626 | +80.7% |
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 5 October 2026 via checked.be.