NLD MANAGEMENT: 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.
NLD MANAGEMENT
Largest movements
- Financial fixed assets +€450,000
up €450,000 (+156.9%), from €286,862 to €736,862
- Cash -€25,802
down €25,802 (-46.5%), from €55,476 to €29,674
mainly Investment in fixed assets (net) (-€450,000) and Tax, wage and social debts (-€12,623)
- Receivables within one year +€9,920
up €9,920 (+67.9%), from €14,612 to €24,532
of which Other amounts receivable: +€9,920
- Debts after one year +€297,645
up €297,645 (+116.5%), from €255,570 to €553,216
of which Financial debts: +€311,223
- Reserves +€205,000
new in 2025: €205,000
- Profit (loss) carried forward -€97,599
down €97,599 (-98.2%), from €99,420 to €1,821
- Current portion of long-term debt +€48,777
new in 2025: €48,777
- Tax, wage and social debts -€12,623
down €12,623 (-62.3%), from €20,256 to €7,633
- Financial income +€78,914
up €78,914 (+4989.3%), from €1,582 to €80,495
- Financial charges +€10,141
up €10,141 (+503.5%), from €2,014 to €12,156
- Gross operating margin +€5,482
up €5,482 (+11.2%), from €49,081 to €54,563
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 | €395,510 | €829,238 | +€433,728 | +109.7% |
| Fixed assets | 21/28 | €288,020 | €737,458 | +€449,438 | +156.0% |
| Tangible fixed assets | 22/27 | €1,158 | €596 | -€562 | -48.5% |
| Furniture and vehicles | 24 | €1,158 | €596 | -€562 | -48.5% |
| Financial fixed assets | 28 | €286,862 | €736,862 | +€450,000 | +156.9% |
| Current assets | 29/58 | €107,491 | €91,781 | -€15,710 | -14.6% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,612 | €24,532 | +€9,920 | +67.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,612 | €24,532 | +€9,920 | +67.9% |
| Cash at bank and in hand | 54/58 | €55,476 | €29,674 | -€25,802 | -46.5% |
| Deferred charges and accrued income | 490/1 | €2,403 | €2,575 | +€172 | +7.2% |
| Total equity and liabilities | 10/49 | €395,510 | €829,238 | +€433,728 | +109.7% |
| Equity | 10/15 | €100,420 | €207,821 | +€107,401 | +107.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €205,000 | +€205,000 | |
| Distributable reserves | 133 | - | €205,000 | +€205,000 | |
| Profit (loss) carried forward | 14 | €99,420 | €1,821 | -€97,599 | -98.2% |
| Amounts payable | 17/49 | €295,090 | €621,418 | +€326,327 | +110.6% |
| Amounts payable after more than one year | 17 | €255,570 | €553,216 | +€297,645 | +116.5% |
| Financial debts | 170/4 | - | €311,223 | +€311,223 | |
| Other amounts payable | 178/9 | €255,570 | €241,993 | -€13,578 | -5.3% |
| Amounts payable within one year | 42/48 | €39,520 | €68,202 | +€28,682 | +72.6% |
| Current portion of amounts payable after more than one year | 42 | - | €48,777 | +€48,777 | |
| Trade debts | 44 | €14,264 | €6,787 | -€7,477 | -52.4% |
| Suppliers | 440/4 | €14,264 | €6,787 | -€7,477 | -52.4% |
| Taxes, remuneration and social security | 45 | €20,256 | €7,633 | -€12,623 | -62.3% |
| Taxes | 450/3 | €20,256 | €7,633 | -€12,623 | -62.3% |
| Other amounts payable | 47/48 | €5,000 | €5,005 | +€5 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €674 | €562 | -€113 | -16.7% |
| Other operating charges | 640/8 | €1,201 | €711 | -€490 | -40.8% |
| Gross operating margin | 9900 | €49,081 | €54,563 | +€5,482 | +11.2% |
| Operating profit (loss) | 9901 | €47,205 | €53,290 | +€6,085 | +12.9% |
| Financial income | 75/76B | €1,582 | €80,495 | +€78,914 | +4989.3% |
| Recurring financial income | 75 | €1,582 | €80,495 | +€78,914 | +4989.3% |
| Financial charges | 65/66B | €2,014 | €12,156 | +€10,141 | +503.5% |
| Recurring financial charges | 65 | €2,014 | €12,156 | +€10,141 | +503.5% |
| Profit (loss) for the period before taxes | 9903 | €46,772 | €121,630 | +€74,857 | +160.0% |
| Income taxes | 67/77 | €13,745 | €14,229 | +€484 | +3.5% |
| Profit (loss) for the period | 9904 | €33,028 | €107,401 | +€74,373 | +225.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,028 | €107,401 | +€74,373 | +225.2% |
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 8 October 2026 via checked.be.