NM MANAGEMENT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 5 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €310,000
Total assets
€174,029▲ 5.8%
2024 · €164,483
Net result
€38,314▼ 10.1%
2024 · €42,630
Working capital
€55,719▲ 34.5%
2024 · €41,441
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€52,533
▼ 12.8%
2025
20212025
Net result
€38,314
▼ 10.1%
2025
highest quarter of the sector
20212025
Equity
€86,924
▲ 78.8%
2025
middle half of the sector
20212025
Total assets
€174,029
▲ 5.8%
2025
middle half of the sector
20212025
Debt
€87,104
▼ 24.8%
2025
20212025
Working capital
€55,719
▲ 34.5%
2025
middle half of the sector
20212025
Solvency
49.9%
▲ 20.4pp
2025
middle half of the sector
20212025
Current ratio
1.64
▲ 0.28
2025
middle half of the sector
20212025
Return on assets (ROA)
22.0%
▼ 3.9pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€47,737-€57,900▲ 21.3%€61,879▲ 6.9%€60,239▼ 2.7%€52,533▼ 12.8%
Net result€37,617above the sector's middle half-€43,326above the sector's middle half▲ 15.2%€46,039above the sector's middle half▲ 6.3%€42,630above the sector's middle half▼ 7.4%€38,314above the sector's middle half▼ 10.1%
Equity€42,617within the sector's middle half-€85,942within the sector's middle half▲ 102%€131,981above the sector's middle half▲ 53.6%€48,611within the sector's middle half▼ 63.2%€86,924within the sector's middle half▲ 78.8%
Total assets€59,183within the sector's middle half-€114,972within the sector's middle half▲ 94.3%€168,753within the sector's middle half▲ 46.8%€164,483within the sector's middle half▼ 2.5%€174,029within the sector's middle half▲ 5.8%
Debt€16,566-€29,030▲ 75.2%€36,772▲ 26.7%€115,872▲ 215%€87,104▼ 24.8%
Working capital€41,144within the sector's middle half-€83,536above the sector's middle half▲ 103%€125,754above the sector's middle half▲ 50.5%€41,441within the sector's middle half▼ 67.0%€55,719within the sector's middle half▲ 34.5%
Solvency72.0%above the sector's middle half-74.8%above the sector's middle half▲ 2.7pp78.2%above the sector's middle half▲ 3.5pp29.6%within the sector's middle half▼ 48.7pp49.9%within the sector's middle half▲ 20.4pp
Current ratio3.48within the sector's middle half-3.88above the sector's middle half▲ 0.394.42above the sector's middle half▲ 0.541.36within the sector's middle half▼ 3.061.64within the sector's middle half▲ 0.28
Return on assets (ROA)63.6%above the sector's middle half-37.7%above the sector's middle half▼ 25.9pp27.3%above the sector's middle half▼ 10.4pp25.9%above the sector's middle half▼ 1.4pp22.0%within the sector's middle half▼ 3.9pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 13% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €174,029
Fixed assets
€31,205 ▲ 335%
Current assets
€142,824 ▼ 9.2%
Equity and liabilities €174,029
Equity
€86,924 ▲ 78.8%
Debt
€87,104 ▼ 24.8%
Debt's share of the balance-sheet total falls from 70.4% to 50.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,665▼
2024 · €62,789
Cash flow
€42,446▼
2024 · €45,181
Debt to equity
1.00▼
2024 · 2.38
ROE
44.1%▼
2024 · 87.7%
Interest coverage
63.33▼
2024 · 77.80
Debt ≤ 1 year
€87,104▼
2024 · €115,872
Income taxes
€14,166▼
2024 · €17,155
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,028 | €1,691 | €5,144 | €3,494 | €28,167 |
| Depreciation and write-downs of the year | €2,334 | €757 | €1,323 | €2,551 | €4,132 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,334 | €757 | €1,323 | €2,551 | €4,132 | ▲ 62.0% |
| Other operating charges640/8 | €438 | €4,175 | - | €33 | €2,469 | ▲ 75× |
| Gross operating margin9900 | €50,509 | €62,832 | €63,201 | €62,822 | €59,135 | ▼ 5.9% |
| Operating profit (loss)9901 | €47,737 | €57,900 | €61,879 | €60,239 | €52,533 | ▼ 12.8% |
| Financial income75/76B | - | €929 | €1,116 | €354 | €842 | ▲ 138% |
| Recurring financial income75 | - | €929 | €1,116 | €354 | €842 | ▲ 138% |
| Financial charges65/66B | €11 | €572 | €695 | €807 | €895 | ▲ 10.9% |
| Recurring financial charges65 | €11 | €572 | €695 | €807 | €895 | ▲ 10.9% |
| Profit (loss) for the period before taxes9903 | €47,726 | €58,258 | €62,300 | €59,785 | €52,480 | ▼ 12.2% |
| Income taxes67/77 | €10,109 | €14,932 | €16,262 | €17,155 | €14,166 | ▼ 17.4% |
| Profit (loss) for the period9904 | €37,617 | €43,326 | €46,039 | €42,630 | €38,314 | ▼ 10.1% |
| Profit (loss) for the period to be appropriated9905 | €37,617 | €43,326 | €46,039 | €42,630 | €38,314 | ▼ 10.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €59,183 | €114,972 | €168,753 | €164,483 | €174,029 | ▲ 5.8% |
| Formation expenses20 | €521 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €952 | €2,406 | €6,227 | €7,170 | €31,205 | ▲ 335% |
| Tangible fixed assets22/27 | €952 | €2,406 | €6,227 | €7,170 | €31,205 | ▲ 335% |
| Furniture and vehicles24 | €952 | €2,406 | €6,227 | €7,170 | €31,205 | ▲ 335% |
| Current assets29/58 | €57,711 | €112,566 | €162,526 | €157,313 | €142,824 | ▼ 9.2% |
| Amounts receivable within one year40/41 | €9,659 | €16,225 | €32,562 | €15,030 | €23,101 | ▲ 53.7% |
| Trade receivables40 | €8,712 | €7,986 | €11,580 | €14,966 | €14,192 | ▼ 5.2% |
| Other amounts receivable41 | €947 | €8,239 | €20,982 | €64 | €8,909 | ▲ 140× |
| Current investments50/53 | €26,000 | €62,671 | €99,041 | €135,380 | €103,288 | ▼ 23.7% |
| Cash at bank and in hand54/58 | €22,051 | €33,670 | €30,923 | €6,903 | €16,274 | ▲ 136% |
| Deferred charges and accrued income490/1 | - | - | - | - | €161 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €59,183 | €114,972 | €168,753 | €164,483 | €174,029 | ▲ 5.8% |
| Equity10/15 | €42,617 | €85,942 | €131,981 | €48,611 | €86,924 | ▲ 78.8% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €37,617 | €80,942 | €126,981 | €43,611 | €81,924 | ▲ 87.9% |
| Amounts payable17/49 | €16,566 | €29,030 | €36,772 | €115,872 | €87,104 | ▼ 24.8% |
| Amounts payable within one year42/48 | €16,566 | €29,030 | €36,772 | €115,872 | €87,104 | ▼ 24.8% |
| Trade debts44 | €613 | - | €0 | €70 | €7,138 | ▲ 101× |
| Suppliers440/4 | €613 | - | €0 | €70 | €7,138 | ▲ 101× |
| Taxes, remuneration and social security45 | €15,954 | €29,030 | €36,772 | €44,984 | €5,151 | ▼ 88.5% |
| Taxes450/3 | €15,903 | €29,030 | €36,772 | €44,984 | €5,151 | ▼ 88.5% |
| Remuneration and social security454/9 | €51 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €70,818 | €74,815 | ▲ 5.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,617 | €43,326 | €46,039 | €42,630 | €38,314 | ▼ 10.1% |
| + Depreciation and write-downs630 | €2,334 | €757 | €1,323 | €2,551 | €4,132 | ▲ 62.0% |
| Operating cash flow (approximation) | €39,950 | €44,083 | €47,362 | €45,181 | €42,446 | ▼ 6.1% |
| Investment in fixed assets (approximation) | - | -€2,212 | -€5,144 | -€3,494 | -€28,167 | ▼ 706% |
| Change in cash | - | €11,619 | -€2,747 | -€24,020 | €9,371 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as NM MANAGEMENT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NM MANAGEMENT itself is lower: 0.2% within 12 months. It rests on far more data about NM MANAGEMENT than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for NM MANAGEMENT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00255243 | |
| 31-12-2024 | micro format | 20-08-2025 | 2025-00385732 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00233849 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00253556 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20277830 |