CARTEL NAMA: what changed
CARTEL NAMA
Largest movements
- Receivables within one year +€904
up €904 (+56.1%), from €1,610 to €2,514
of which Trade receivables: +€1,620
- Deferred charges and accrued income -€195
down €195 (-19.3%), from €1,012 to €817
- Cash -€58
down €58 (-25.5%), from €227 to €170
mainly Other debts (-€6,814) and Receivables within one year (-€904)
- Other debts -€6,814
down €6,814 (-35.6%), from €19,115 to €12,301
- Profit (loss) carried forward +€3,680
up €3,680 (+13.7%), from -€26,867 to -€23,187
- Tax, wage and social debts +€3,463
up €3,463, from €0 to €3,463
- Trade debts +€310
up €310 (+33.9%), from €914 to €1,224
- Gross operating margin +€12,386
up €12,386, from -€6,878 to €5,509
- Depreciation -€5,365
no longer reported in 2025 (was €5,365)
- Other operating charges +€426
up €426 (+40.7%), from €1,047 to €1,473
- Financial charges +€287
up €287 (+396%), from €73 to €360
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,850 | €3,501 | +€651 | +22.8% |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Current assets | 29/58 | €2,850 | €3,501 | +€651 | +22.8% |
| Amounts receivable within one year | 40/41 | €1,610 | €2,514 | +€904 | +56.1% |
| Trade receivables | 40 | €889 | €2,509 | +€1,620 | +182% |
| Other amounts receivable | 41 | €721 | €5 | -€716 | -99.3% |
| Cash at bank and in hand | 54/58 | €227 | €170 | -€58 | -25.5% |
| Deferred charges and accrued income | 490/1 | €1,012 | €817 | -€195 | -19.3% |
| Total equity and liabilities | 10/49 | €2,850 | €3,501 | +€651 | +22.8% |
| Equity | 10/15 | -€17,567 | -€13,887 | +€3,680 | +20.9% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,867 | -€23,187 | +€3,680 | +13.7% |
| Amounts payable | 17/49 | €20,417 | €17,388 | -€3,029 | -14.8% |
| Amounts payable within one year | 42/48 | €20,029 | €16,988 | -€3,041 | -15.2% |
| Trade debts | 44 | €914 | €1,224 | +€310 | +33.9% |
| Suppliers | 440/4 | €914 | €1,224 | +€310 | +33.9% |
| Taxes, remuneration and social security | 45 | €0 | €3,463 | +€3,463 | |
| Taxes | 450/3 | - | €3,463 | +€3,463 | |
| Other amounts payable | 47/48 | €19,115 | €12,301 | -€6,814 | -35.6% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,365 | - | -€5,365 | |
| Other operating charges | 640/8 | €1,047 | €1,473 | +€426 | +40.7% |
| Gross operating margin | 9900 | -€6,878 | €5,509 | +€12,386 | |
| Operating profit (loss) | 9901 | -€13,290 | €4,036 | +€17,325 | |
| Financial income | 75/76B | €3 | €4 | +€1 | +36.7% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +36.7% |
| Financial charges | 65/66B | €73 | €360 | +€287 | +396% |
| Recurring financial charges | 65 | €73 | €360 | +€287 | +396% |
| Profit (loss) for the period before taxes | 9903 | -€13,359 | €3,680 | +€17,039 | |
| Profit (loss) for the period | 9904 | -€13,359 | €3,680 | +€17,039 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,359 | €3,680 | +€17,039 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.