NSD: 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.
NSD
Largest movements
- Receivables within one year +€55,935
up €55,935 (+84.7%), from €66,037 to €121,972
of which Trade receivables: +€59,340
- Cash -€7,742
down €7,742 (-33.8%), from €22,877 to €15,136
mainly Receivables within one year (-€55,935)
- Tangible fixed assets -€1,777
down €1,777 (-53.7%), from €3,311 to €1,534
- Reserves +€21,851
new in 2025: €21,851
- Profit (loss) carried forward +€15,026
no longer reported in 2025 (was -€15,026)
- Tax, wage and social debts +€5,771
up €5,771 (+80.4%), from €7,175 to €12,946
- Trade debts +€3,569
up €3,569 (+4.7%), from €75,393 to €78,962
- Gross operating margin +€52,322
up €52,322, from -€8,028 to €44,295
- Taxes +€5,171
new in 2025: €5,171
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 | €92,541 | €138,758 | +€46,217 | +49.9% |
| Fixed assets | 21/28 | €3,311 | €1,534 | -€1,777 | -53.7% |
| Tangible fixed assets | 22/27 | €3,311 | €1,534 | -€1,777 | -53.7% |
| Furniture and vehicles | 24 | €3,311 | €1,534 | -€1,777 | -53.7% |
| Current assets | 29/58 | €89,230 | €137,224 | +€47,994 | +53.8% |
| Amounts receivable within one year | 40/41 | €66,037 | €121,972 | +€55,935 | +84.7% |
| Trade receivables | 40 | €51,621 | €110,961 | +€59,340 | +115.0% |
| Other amounts receivable | 41 | €14,416 | €11,010 | -€3,405 | -23.6% |
| Cash at bank and in hand | 54/58 | €22,877 | €15,136 | -€7,742 | -33.8% |
| Deferred charges and accrued income | 490/1 | €316 | €117 | -€200 | -63.1% |
| Total equity and liabilities | 10/49 | €92,541 | €138,758 | +€46,217 | +49.9% |
| Equity | 10/15 | €9,974 | €46,851 | +€36,877 | +369.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €21,851 | +€21,851 | |
| Distributable reserves | 133 | - | €21,851 | +€21,851 | |
| Profit (loss) carried forward | 14 | -€15,026 | - | +€15,026 | |
| Amounts payable | 17/49 | €82,568 | €91,907 | +€9,340 | +11.3% |
| Amounts payable within one year | 42/48 | €82,568 | €91,907 | +€9,340 | +11.3% |
| Trade debts | 44 | €75,393 | €78,962 | +€3,569 | +4.7% |
| Suppliers | 440/4 | €75,393 | €78,962 | +€3,569 | +4.7% |
| Taxes, remuneration and social security | 45 | €7,175 | €12,946 | +€5,771 | +80.4% |
| Taxes | 450/3 | €7,175 | €12,946 | +€5,771 | +80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,896 | €1,777 | -€120 | -6.3% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Non-recurring operating charges | 66A | €1 | - | -€1 | |
| Gross operating margin | 9900 | -€8,028 | €44,295 | +€52,322 | |
| Operating profit (loss) | 9901 | -€10,375 | €42,056 | +€52,431 | |
| Financial income | 75/76B | €721 | €516 | -€205 | -28.4% |
| Recurring financial income | 75 | €721 | €516 | -€205 | -28.4% |
| Financial charges | 65/66B | €521 | €524 | +€3 | +0.6% |
| Recurring financial charges | 65 | €521 | €524 | +€3 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,175 | €42,048 | +€52,223 | |
| Income taxes | 67/77 | - | €5,171 | +€5,171 | |
| Profit (loss) for the period | 9904 | -€10,175 | €36,877 | +€47,052 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,175 | €36,877 | +€47,052 |
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 10 October 2026 via checked.be.