NMD: 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.
NMD
Largest movements
- Receivables within one year -€20,757
down €20,757 (-63.4%), from €32,716 to €11,958
of which Trade receivables: -€15,972
- Intangible fixed assets +€1,376
new in 2025: €1,376
- Stocks and contracts -€1,043
down €1,043 (-18.2%), from €5,720 to €4,676
- Cash +€840
up €840 (+8.3%), from €10,130 to €10,970
mainly Receivables within one year (+€20,757) and Short-term financial debts (+€6,600)
- Trade debts -€20,100
down €20,100 (-88.6%), from €22,678 to €2,578
- Short-term financial debts +€6,600
new in 2025: €6,600
- Tax, wage and social debts -€4,541
down €4,541 (-31.9%), from €14,214 to €9,673
of which Taxes: -€4,753
- Profit (loss) carried forward -€1,326
down €1,326 (-36.7%), from -€3,615 to -€4,941
- Gross operating margin -€11,230
down €11,230 (-15.0%), from €74,884 to €63,654
- Staff costs +€5,652
up €5,652 (+11.8%), from €48,006 to €53,658
- Taxes -€3,024
down €3,024 (-60.2%), from €5,020 to €1,996
- Financial charges -€1,831
down €1,831 (-44.9%), from €4,080 to €2,250
- Other operating charges -€1,491
down €1,491 (-48.5%), from €3,075 to €1,584
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 | €55,939 | €36,248 | -€19,690 | -35.2% |
| Fixed assets | 21/28 | €7,150 | €8,421 | +€1,271 | +17.8% |
| Intangible fixed assets | 21 | - | €1,376 | +€1,376 | |
| Tangible fixed assets | 22/27 | €6,829 | €6,724 | -€105 | -1.5% |
| Plant, machinery and equipment | 23 | €3,474 | €616 | -€2,858 | -82.3% |
| Furniture and vehicles | 24 | €853 | €74 | -€780 | -91.3% |
| Other tangible fixed assets | 26 | €2,502 | €6,034 | +€3,532 | +141.2% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €48,789 | €27,828 | -€20,961 | -43.0% |
| Stocks and contracts in progress | 3 | €5,720 | €4,676 | -€1,043 | -18.2% |
| Stocks | 30/36 | €5,720 | €4,676 | -€1,043 | -18.2% |
| Amounts receivable within one year | 40/41 | €32,716 | €11,958 | -€20,757 | -63.4% |
| Trade receivables | 40 | €15,972 | - | -€15,972 | |
| Other amounts receivable | 41 | €16,744 | €11,958 | -€4,786 | -28.6% |
| Cash at bank and in hand | 54/58 | €10,130 | €10,970 | +€840 | +8.3% |
| Deferred charges and accrued income | 490/1 | €223 | €223 | = | 0.0% |
| Total equity and liabilities | 10/49 | €55,939 | €36,248 | -€19,690 | -35.2% |
| Equity | 10/15 | €18,724 | €17,397 | -€1,326 | -7.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €1,878 | €1,878 | = | 0.0% |
| Distributable reserves | 133 | €1,878 | €1,878 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,615 | -€4,941 | -€1,326 | -36.7% |
| Amounts payable | 17/49 | €37,215 | €18,851 | -€18,364 | -49.3% |
| Amounts payable within one year | 42/48 | €37,215 | €18,851 | -€18,364 | -49.3% |
| Financial debts | 43 | - | €6,600 | +€6,600 | |
| Other loans | 439 | - | €6,600 | +€6,600 | |
| Trade debts | 44 | €22,678 | €2,578 | -€20,100 | -88.6% |
| Suppliers | 440/4 | €22,678 | €2,578 | -€20,100 | -88.6% |
| Taxes, remuneration and social security | 45 | €14,214 | €9,673 | -€4,541 | -31.9% |
| Taxes | 450/3 | €12,023 | €7,270 | -€4,753 | -39.5% |
| Remuneration and social security | 454/9 | €2,191 | €2,403 | +€212 | +9.7% |
| Other amounts payable | 47/48 | €323 | - | -€323 | |
| Remuneration, social security and pensions | 62 | €48,006 | €53,658 | +€5,652 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,039 | €5,494 | +€454 | +9.0% |
| Other operating charges | 640/8 | €3,075 | €1,584 | -€1,491 | -48.5% |
| Gross operating margin | 9900 | €74,884 | €63,654 | -€11,230 | -15.0% |
| Operating profit (loss) | 9901 | €18,764 | €2,919 | -€15,845 | -84.4% |
| Financial income | 75/76B | €3 | €0 | -€2 | -92.8% |
| Recurring financial income | 75 | €3 | €0 | -€2 | -92.8% |
| Financial charges | 65/66B | €4,080 | €2,250 | -€1,831 | -44.9% |
| Recurring financial charges | 65 | €4,080 | €2,250 | -€1,831 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €14,687 | €670 | -€14,017 | -95.4% |
| Income taxes | 67/77 | €5,020 | €1,996 | -€3,024 | -60.2% |
| Profit (loss) for the period | 9904 | €9,667 | -€1,326 | -€10,993 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,667 | -€1,326 | -€10,993 |
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 1 October 2026 via checked.be.