NALM: what changed
Two fiscal 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.
NALM
Largest movements
- Cash +€107,365
up €107,365 (+842.8%), from €12,739 to €120,104
mainly Other debts (+€295,000) and Net result for the year (+€153,695)
- Tangible fixed assets -€28,825
down €28,825 (-3.6%), from €799,526 to €770,700
of which Land and buildings: -€32,563
- Other debts +€295,000
new in 2025: €295,000
- Profit (loss) carried forward -€146,331
down €146,331 (-85.6%), from €170,885 to €24,554
- Debts after one year -€64,342
down €64,342 (-11.9%), from €539,736 to €475,395
- Gross operating margin +€29,948
up €29,948 (+10.6%), from €282,673 to €312,621
- Staff costs -€28,647
down €28,647 (-53.1%), from €53,912 to €25,265
- Taxes +€13,733
up €13,733 (+39.3%), from €34,936 to €48,669
- Depreciation +€4,812
up €4,812 (+8.3%), from €57,719 to €62,531
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 | €863,571 | €955,022 | +€91,451 | +10.6% |
| Fixed assets | 21/28 | €799,992 | €778,039 | -€21,953 | -2.7% |
| Intangible fixed assets | 21 | €103 | - | -€103 | |
| Tangible fixed assets | 22/27 | €799,526 | €770,700 | -€28,825 | -3.6% |
| Land and buildings | 22 | €656,069 | €623,505 | -€32,563 | -5.0% |
| Plant, machinery and equipment | 23 | €95,984 | €90,177 | -€5,806 | -6.0% |
| Furniture and vehicles | 24 | €33,762 | €43,329 | +€9,567 | +28.3% |
| Other tangible fixed assets | 26 | €13,711 | €13,689 | -€22 | -0.2% |
| Financial fixed assets | 28 | €363 | €7,338 | +€6,975 | +1921.6% |
| Current assets | 29/58 | €63,579 | €176,983 | +€113,404 | +178.4% |
| Amounts receivable within one year | 40/41 | €15,519 | €15,189 | -€330 | -2.1% |
| Trade receivables | 40 | €4,738 | €1,643 | -€3,095 | -65.3% |
| Other amounts receivable | 41 | €10,781 | €13,545 | +€2,764 | +25.6% |
| Cash at bank and in hand | 54/58 | €12,739 | €120,104 | +€107,365 | +842.8% |
| Deferred charges and accrued income | 490/1 | €35,321 | €41,691 | +€6,370 | +18.0% |
| Total equity and liabilities | 10/49 | €863,571 | €955,022 | +€91,451 | +10.6% |
| Equity | 10/15 | €191,345 | €45,014 | -€146,331 | -76.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,885 | €24,554 | -€146,331 | -85.6% |
| Amounts payable | 17/49 | €672,226 | €910,008 | +€237,783 | +35.4% |
| Amounts payable after more than one year | 17 | €539,736 | €475,395 | -€64,342 | -11.9% |
| Financial debts | 170/4 | €539,736 | €475,395 | -€64,342 | -11.9% |
| Amounts payable within one year | 42/48 | €129,401 | €433,445 | +€304,045 | +235.0% |
| Current portion of amounts payable after more than one year | 42 | €75,129 | €68,069 | -€7,059 | -9.4% |
| Trade debts | 44 | €11,623 | €18,631 | +€7,007 | +60.3% |
| Suppliers | 440/4 | €11,623 | €18,631 | +€7,007 | +60.3% |
| Taxes, remuneration and social security | 45 | €42,648 | €51,745 | +€9,097 | +21.3% |
| Taxes | 450/3 | €37,946 | €46,718 | +€8,772 | +23.1% |
| Remuneration and social security | 454/9 | €4,702 | €5,027 | +€325 | +6.9% |
| Other amounts payable | 47/48 | - | €295,000 | +€295,000 | |
| Accrued charges and deferred income | 492/3 | €3,089 | €1,168 | -€1,920 | -62.2% |
| Remuneration, social security and pensions | 62 | €53,912 | €25,265 | -€28,647 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,719 | €62,531 | +€4,812 | +8.3% |
| Other operating charges | 640/8 | €8,472 | €6,101 | -€2,371 | -28.0% |
| Gross operating margin | 9900 | €282,673 | €312,621 | +€29,948 | +10.6% |
| Operating profit (loss) | 9901 | €162,569 | €218,723 | +€56,154 | +34.5% |
| Financial income | 75/76B | €354 | €389 | +€35 | +9.9% |
| Recurring financial income | 75 | €354 | €389 | +€35 | +9.9% |
| Financial charges | 65/66B | €19,383 | €16,748 | -€2,635 | -13.6% |
| Recurring financial charges | 65 | €19,383 | €16,748 | -€2,635 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €143,541 | €202,365 | +€58,824 | +41.0% |
| Income taxes | 67/77 | €34,936 | €48,669 | +€13,733 | +39.3% |
| Profit (loss) for the period | 9904 | €108,605 | €153,695 | +€45,091 | +41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,605 | €153,695 | +€45,091 | +41.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.