N²MC: 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.
N²MC
Largest movements
- Current investments +€127,262
up €127,262 (+111%), from €114,390 to €241,651
- Cash -€120,068
down €120,068 (-25.2%), from €476,241 to €356,173
mainly Current investments (-€127,262) and Contributions, distributions and other (-€86,100)
- Tangible fixed assets -€15,069
down €15,069 (-38.0%), from €39,677 to €24,609
of which Furniture and vehicles: -€14,693
- Other debts +€53,700
up €53,700 (+166%), from €32,400 to €86,100
- Reserves -€38,300
down €38,300 (-13.4%), from €284,940 to €246,640
- Debts after one year -€12,448
down €12,448 (-100%), from €12,448 to €0
- Gross operating margin -€57,116
down €57,116 (-43.4%), from €131,650 to €74,534
- Taxes -€17,230
down €17,230 (-47.1%), from €36,558 to €19,328
- Financial charges +€7,034
up €7,034, from -€1,858 to €5,176
of which Financial charges: +€7,034
- Financial income +€2,147
up €2,147 (+18.7%), from €11,486 to €13,633
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.
Derived cash bridge
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 | €649,777 | €643,490 | -€6,287 | -1.0% |
| Fixed assets | 21/28 | €50,275 | €35,206 | -€15,069 | -30.0% |
| Tangible fixed assets | 22/27 | €39,677 | €24,609 | -€15,069 | -38.0% |
| Plant, machinery and equipment | 23 | - | €324 | +€324 | |
| Furniture and vehicles | 24 | €38,638 | €23,945 | -€14,693 | -38.0% |
| Other tangible fixed assets | 26 | €1,039 | €339 | -€700 | -67.3% |
| Financial fixed assets | 28 | €10,597 | €10,597 | = | 0.0% |
| Current assets | 29/58 | €599,503 | €608,284 | +€8,781 | +1.5% |
| Amounts receivable within one year | 40/41 | €6,709 | €8,352 | +€1,643 | +24.5% |
| Trade receivables | 40 | €1,852 | €940 | -€911 | -49.2% |
| Other amounts receivable | 41 | €4,858 | €7,412 | +€2,554 | +52.6% |
| Current investments | 50/53 | €114,390 | €241,651 | +€127,262 | +111% |
| Cash at bank and in hand | 54/58 | €476,241 | €356,173 | -€120,068 | -25.2% |
| Deferred charges and accrued income | 490/1 | €2,163 | €2,107 | -€55 | -2.6% |
| Total equity and liabilities | 10/49 | €649,777 | €643,490 | -€6,287 | -1.0% |
| Equity | 10/15 | €539,232 | €501,055 | -€38,177 | -7.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €284,940 | €246,640 | -€38,300 | -13.4% |
| Distributable reserves | 133 | €284,940 | €246,640 | -€38,300 | -13.4% |
| Profit (loss) carried forward | 14 | €241,892 | €242,015 | +€123 | +0.1% |
| Amounts payable | 17/49 | €110,545 | €142,435 | +€31,890 | +28.8% |
| Amounts payable after more than one year | 17 | €12,448 | €0 | -€12,448 | -100% |
| Financial debts | 170/4 | €12,448 | €0 | -€12,448 | -100% |
| Amounts payable within one year | 42/48 | €83,138 | €127,476 | +€44,338 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €20,686 | €17,448 | -€3,237 | -15.7% |
| Financial debts | 43 | €1,352 | €2,060 | +€708 | +52.3% |
| Credit institutions | 430/8 | €1,352 | €2,060 | +€708 | +52.3% |
| Trade debts | 44 | €2,447 | €1,408 | -€1,039 | -42.5% |
| Suppliers | 440/4 | €2,447 | €1,408 | -€1,039 | -42.5% |
| Taxes, remuneration and social security | 45 | €26,253 | €20,461 | -€5,793 | -22.1% |
| Taxes | 450/3 | €26,253 | €20,461 | -€5,793 | -22.1% |
| Other amounts payable | 47/48 | €32,400 | €86,100 | +€53,700 | +166% |
| Accrued charges and deferred income | 492/3 | €14,959 | €14,959 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,175 | €15,069 | -€106 | -0.7% |
| Other operating charges | 640/8 | €528 | €671 | +€143 | +27.1% |
| Gross operating margin | 9900 | €131,650 | €74,534 | -€57,116 | -43.4% |
| Operating profit (loss) | 9901 | €115,948 | €58,795 | -€57,153 | -49.3% |
| Financial income | 75/76B | €11,486 | €13,633 | +€2,147 | +18.7% |
| Recurring financial income | 75 | €11,486 | €13,633 | +€2,147 | +18.7% |
| Financial charges | 65/66B | -€1,858 | €5,176 | +€7,034 | |
| Recurring financial charges | 65 | -€1,858 | €5,176 | +€7,034 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €129,292 | €67,251 | -€62,041 | -48.0% |
| Income taxes | 67/77 | €36,558 | €19,328 | -€17,230 | -47.1% |
| Profit (loss) for the period | 9904 | €92,733 | €47,923 | -€44,811 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,733 | €47,923 | -€44,811 | -48.3% |
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 18 October 2026 via checked.be.