NMSG
Annual accounts 2025
abbreviated format, filed on 02-10-2026, 63 days late€53,638
▼ 42.4%
€38,254
▼ 42.7%
€49,441
▼ 44.3%
€37,891
▼ 39.6%
16.2%
▼ 23.2 percentage points
1.01
▼ 0.06
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €150,000. Estimated: probably between €92,000 and €290,000.
Money flows
no detail for 2025Balance sheet
balance sheet total €357,140 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
357,140 | 79,423 | 105,841 | 79,240 | 85,718 | 76,446 | 36,877 | 29,381 | 9,976 | 33,800 | 33,195 | 17,149 | 11,417 | |
21/28 |
58,335 | 30,697 | 33,490 | 44,828 | 5,179 | 3,359 | 947 | 600 | 600 | 7,167 | 3,681 | 4,360 | 4,131 | |
22/27 |
57,815 | 29,077 | 32,970 | 44,308 | 4,579 | 2,759 | 347 | - | - | 1,567 | 3,681 | 4,360 | 4,131 | |
22 |
46,788 | - | - | - | - | - | - | - | - | - | - | - | - | |
23 |
- | - | - | - | - | - | - | - | - | 384 | 954 | 466 | 745 | |
24 |
10,251 | 28,171 | 31,935 | 43,144 | 4,579 | 2,759 | 347 | - | - | 1,183 | 2,727 | 3,894 | 3,386 | |
26 |
776 | 906 | 1,035 | 1,164 | - | - | - | - | - | - | - | - | - | |
28 |
520 | 1,620 | 520 | 520 | 600 | 600 | 600 | 600 | 600 | 5,600 | - | - | - | |
29/58 |
298,805 | 48,726 | 72,351 | 34,412 | 80,539 | 73,087 | 35,930 | 28,781 | 9,376 | 26,633 | 29,514 | 12,789 | 7,286 | |
40/41 |
269,045 | 5,914 | 36,426 | 10,817 | 6,884 | 6,197 | 573 | 20,333 | 1,408 | 13,312 | 24,418 | 8,747 | - | |
40 |
269,045 | 5,914 | 36,422 | 10,817 | 6,880 | 5,960 | 347 | 20,326 | 1,330 | 13,312 | 18,832 | 8,747 | - | |
41 |
- | - | 4 | - | 4 | 237 | 226 | 7 | 78 | - | 5,586 | - | - | |
54/58 |
29,760 | 38,865 | 35,925 | 23,595 | 73,655 | 66,890 | 35,357 | 8,448 | 7,968 | 13,321 | 5,096 | 4,042 | 6,562 | |
490/1 |
- | 3,947 | - | - | - | - | - | - | - | - | - | - | 724 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
357,140 | 79,423 | 105,841 | 79,240 | 85,718 | 76,446 | 36,877 | 29,381 | 9,976 | 33,800 | 33,195 | 17,149 | 11,417 | |
10/15 |
58,013 | 31,309 | -9,448 | -7,333 | 799 | -3,954 | 3,033 | -22,733 | -22,580 | 893 | 4,866 | -602 | -2,132 | |
10/11 |
28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | |
100 |
- | - | - | - | - | 28,000 | 28,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
101 |
- | - | - | - | - | - | - | 72,000 | 72,000 | 72,000 | 72,000 | 72,000 | 72,000 | |
11 |
28,000 | 28,000 | 28,000 | 28,000 | 28,000 | - | - | - | - | - | - | - | - | |
1109/19 |
28,000 | 28,000 | 28,000 | 28,000 | 28,000 | - | - | - | - | - | - | - | - | |
13 |
30,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
30,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
13 | 3,309 | -37,448 | -35,333 | -27,201 | -31,954 | -24,967 | -50,733 | -50,580 | -27,107 | -23,134 | -28,602 | -30,132 | |
17/49 |
299,127 | 48,114 | 115,289 | 86,573 | 84,919 | 80,400 | 33,844 | 52,114 | 32,556 | 32,907 | 28,329 | 17,751 | 13,549 | |
42/48 |
296,382 | 45,634 | 113,189 | 84,228 | 83,392 | 80,400 | 33,844 | 52,114 | 32,556 | 32,907 | 28,328 | 17,751 | 13,549 | |
44 |
76,267 | 1,304 | 14,557 | 753 | 3,590 | 1,469 | 3,002 | 7,418 | 1,227 | 2,135 | 528 | 283 | 546 | |
440/4 |
76,267 | 1,304 | 14,557 | 753 | 3,590 | 1,469 | 3,002 | 7,418 | 1,227 | 2,135 | 528 | 283 | 546 | |
46 |
48,219 | - | 55,138 | 55,138 | 55,138 | 55,138 | - | 14,660 | - | 12,940 | - | - | - | |
45 |
48,696 | 26,969 | 19,705 | 5,982 | 2,443 | 355 | 828 | 1,360 | 1,331 | 1,926 | 26,595 | 17,042 | 13,003 | |
450/3 |
41,545 | 26,969 | 19,705 | 5,982 | 2,443 | 355 | 828 | 1,360 | 1,331 | 1,926 | 334 | 5,181 | 1,046 | |
454/9 |
7,151 | - | - | - | - | - | - | - | - | - | 26,261 | 11,861 | 11,957 | |
47/48 |
123,200 | 17,361 | 23,789 | 22,355 | 22,221 | 23,438 | 30,014 | 28,676 | 29,998 | 15,906 | 1,205 | 426 | - | |
492/3 |
2,745 | 2,480 | 2,100 | 2,345 | 1,527 | - | - | - | - | - | 1 | - | - | |
| Income statement | ||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | 197,933 | 48,618 | 33,022 | |
9900 |
53,638 | 93,129 | 34,016 | 5,295 | 7,161 | -4,199 | 26,053 | 5,684 | -453 | 16,059 | 43,105 | 13,199 | -24,772 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | 154,827 | 35,420 | 57,794 | |
630 |
11,187 | 21,982 | 19,260 | 8,220 | 1,271 | 866 | 231 | - | - | 2,402 | 2,387 | 2,317 | 3,984 | |
640/8 |
4,197 | 4,345 | 7,675 | 4,238 | 815 | 1,832 | - | 5,709 | - | 17,389 | 33,009 | 4,231 | 1,153 | |
66A |
- | - | - | - | - | - | - | - | - | - | 2,388 | 4,826 | - | |
9901 |
38,254 | 66,802 | 7,081 | -7,163 | 5,075 | -6,897 | 25,822 | -25 | -453 | -3,732 | 7,709 | 6,651 | -29,909 | |
75/76B |
214 | 108 | - | 2 | - | - | - | - | 5 | 35 | 266 | 14 | 9 | |
75 |
214 | 108 | - | 2 | - | - | - | - | 5 | 35 | 266 | 14 | 9 | |
65/66B |
2,056 | 1,500 | 1,631 | 601 | 322 | 90 | 56 | 129 | 32 | 276 | 170 | 218 | 232 | |
65 |
2,056 | 1,500 | 1,631 | 601 | 322 | 90 | 56 | 129 | 32 | 276 | 170 | 218 | 232 | |
9903 |
36,412 | 65,410 | 5,450 | -7,762 | 4,753 | -6,987 | 25,766 | -154 | -480 | -3,973 | 5,417 | 1,621 | -30,132 | |
67/77 |
9,708 | 24,653 | 7,565 | 370 | - | - | - | - | - | - | -51 | 91 | - | |
9904 |
26,704 | 40,757 | -2,115 | -8,132 | 4,753 | -6,987 | 25,766 | -154 | -480 | -3,973 | 5,468 | 1,530 | -30,132 | |
9905 |
26,704 | 40,757 | -2,115 | -8,132 | 4,753 | -6,987 | 25,766 | -154 | -480 | -3,973 | 5,468 | 1,530 | -30,132 | |
| Appropriation of the result | ||||||||||||||
9906 |
30,013 | 3,309 | -37,448 | -35,333 | -27,201 | -31,954 | -24,967 | -50,733 | -50,580 | -27,107 | -23,134 | -28,602 | -30,132 | |
14P |
3,309 | -37,448 | -35,333 | -27,201 | -31,954 | - | - | - | - | - | - | - | - | |
691/2 |
30,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
30,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 02-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 63 days after the deadline. Filed on 2 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00543320.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-10-2026 | 2026-00543320 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00448113 | |
| 31-12-2023 | micro format | 12-10-2024 | 2024-00507896 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00368155 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20095186 | |
| 31-12-2020 | micro format | 10-09-2021 | 2021-66900193 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-58400084 | |
| 31-12-2018 | micro format | 05-11-2019 | 2019-73000427 | |
| 31-12-2017 | micro format | 19-12-2018 | 2018-75200100 | |
| 31-12-2014 | full format | 17-11-2015 | 2015-67000012 | |
| 31-12-2013 | full format | 28-08-2014 | 2014-53100085 | |
| 31-12-2012 | full format | 03-07-2013 | 2013-27800355 | |
| 31-12-2011 | full format | 09-07-2012 | 2012-27600390 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 49,441 | 88,784 | 26,341 | 1,057 | 6,346 | -6,031 | 26,053 | - | - | -1,330 | 10,096 | 8,968 | -25,925 | ||
| 37,891 | 62,739 | 17,145 | 88 | 6,024 | -6,121 | 25,997 | - | - | -1,571 | 7,855 | 3,847 | -26,148 | ||
| 46,856 | 22,040 | 7,922 | 47,949 | 3,090 | 3,278 | 578 | - | - | 5,600 | 4,701 | 4,490 | 8,115 | ||
| -9,105 | 2,940 | 12,330 | -50,060 | 6,765 | 31,533 | 26,909 | 480 | - | 8,225 | 1,054 | -2,520 | - | ||
| 2,423 | 3,092 | -40,838 | -49,816 | -2,853 | -7,313 | 2,086 | -23,333 | -23,180 | -6,274 | 1,186 | -4,962 | -6,263 | ||
| - | - | - | - | - | - | - | - | - | - | 3.9% | 13.7% | -90.6% | ||
| 16.2% | 39.4% | -8.9% | -9.3% | 0.9% | -5.2% | 8.2% | -77.4% | -226.3% | 2.6% | 14.7% | -3.5% | -18.7% | ||
| 1.01 | 1.07 | 0.64 | 0.41 | 0.97 | 0.91 | 1.06 | 0.55 | 0.29 | 0.81 | 1.04 | 0.72 | 0.54 | ||
| 5.16 | 1.54 | - | - | - | - | 11.16 | - | - | - | 5.82 | - | - | ||
| 46.0% | 130.2% | - | - | - | - | 849.5% | - | - | - | 112.4% | - | - | ||
| 7.5% | 51.3% | -2.0% | -10.3% | 5.5% | -9.1% | 69.9% | -0.5% | -4.8% | -11.8% | 16.5% | 8.9% | -263.9% | ||
| 24.05 | 59.19 | 16.15 | 1.76 | 19.71 | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | 35 days | 66 days | - | ||
| - | - | - | - | - | - | - | - | - | - | 1 day | 3 days | 3 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €46,856 | €20,940 | €7,922 | €47,949 | €3,090 |
| Financial fixed assets | - | €1,100 | - | - | - |
| €11,187 | €21,982 | €19,260 | €8,220 | €1,271 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on NMSG
The operating result for 2025 is 43% lower than in 2024.
Debt's share of the balance-sheet total rises from 60.6% to 83.8%. Equity and debt are higher.