NAM: 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.
NAM
Largest movements
- Receivables within one year +€48,160
up €48,160 (+98.2%), from €49,044 to €97,204
of which Trade receivables: +€50,699
- Cash +€48,101
up €48,101 (+42.8%), from €112,470 to €160,571
mainly Trade debts (+€41,393) and Net result for the year (+€34,033)
- Tangible fixed assets -€23,147
down €23,147 (-28.1%), from €82,452 to €59,305
- Trade debts +€41,393
up €41,393 (+87.6%), from €47,270 to €88,663
- Profit (loss) carried forward +€34,033
up €34,033 (+367.5%), from €9,260 to €43,294
- Other debts -€11,662
down €11,662 (-19.1%), from €61,063 to €49,400
- Tax, wage and social debts +€9,350
up €9,350 (+21.5%), from €43,398 to €52,748
of which Taxes: +€13,656
- Gross operating margin -€57,529
down €57,529 (-31.7%), from €181,509 to €123,980
- Taxes -€21,850
down €21,850 (-65.0%), from €33,604 to €11,754
- Depreciation +€7,433
up €7,433 (+85.4%), from €8,704 to €16,137
- Other operating charges +€3,916
up €3,916 (+159.2%), from €2,459 to €6,374
- Staff costs +€2,418
up €2,418 (+4.6%), from €52,983 to €55,402
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 | €246,491 | €319,605 | +€73,114 | +29.7% |
| Fixed assets | 21/28 | €82,452 | €59,305 | -€23,147 | -28.1% |
| Tangible fixed assets | 22/27 | €82,452 | €59,305 | -€23,147 | -28.1% |
| Furniture and vehicles | 24 | €82,452 | €59,305 | -€23,147 | -28.1% |
| Current assets | 29/58 | €164,039 | €260,300 | +€96,261 | +58.7% |
| Stocks and contracts in progress | 3 | €2,525 | €2,525 | = | 0.0% |
| Stocks | 30/36 | €2,525 | €2,525 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €49,044 | €97,204 | +€48,160 | +98.2% |
| Trade receivables | 40 | €38,899 | €89,599 | +€50,699 | +130.3% |
| Other amounts receivable | 41 | €10,145 | €7,605 | -€2,540 | -25.0% |
| Cash at bank and in hand | 54/58 | €112,470 | €160,571 | +€48,101 | +42.8% |
| Total equity and liabilities | 10/49 | €246,491 | €319,605 | +€73,114 | +29.7% |
| Equity | 10/15 | €94,760 | €128,794 | +€34,033 | +35.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €83,000 | €83,000 | = | 0.0% |
| Distributable reserves | 133 | €83,000 | €83,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,260 | €43,294 | +€34,033 | +367.5% |
| Amounts payable | 17/49 | €151,731 | €190,812 | +€39,081 | +25.8% |
| Amounts payable within one year | 42/48 | €151,731 | €190,812 | +€39,081 | +25.8% |
| Trade debts | 44 | €47,270 | €88,663 | +€41,393 | +87.6% |
| Suppliers | 440/4 | €47,270 | €88,663 | +€41,393 | +87.6% |
| Taxes, remuneration and social security | 45 | €43,398 | €52,748 | +€9,350 | +21.5% |
| Taxes | 450/3 | €38,315 | €51,971 | +€13,656 | +35.6% |
| Remuneration and social security | 454/9 | €5,084 | €778 | -€4,306 | -84.7% |
| Other amounts payable | 47/48 | €61,063 | €49,400 | -€11,662 | -19.1% |
| Remuneration, social security and pensions | 62 | €52,983 | €55,402 | +€2,418 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,704 | €16,137 | +€7,433 | +85.4% |
| Other operating charges | 640/8 | €2,459 | €6,374 | +€3,916 | +159.2% |
| Gross operating margin | 9900 | €181,509 | €123,980 | -€57,529 | -31.7% |
| Operating profit (loss) | 9901 | €117,363 | €46,067 | -€71,296 | -60.7% |
| Financial income | 75/76B | €49 | €51 | +€2 | +3.7% |
| Recurring financial income | 75 | €49 | €51 | +€2 | +3.7% |
| Financial charges | 65/66B | €241 | €331 | +€89 | +37.0% |
| Recurring financial charges | 65 | €241 | €331 | +€89 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €117,170 | €45,787 | -€71,383 | -60.9% |
| Income taxes | 67/77 | €33,604 | €11,754 | -€21,850 | -65.0% |
| Profit (loss) for the period | 9904 | €83,567 | €34,033 | -€49,534 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €83,567 | €34,033 | -€49,534 | -59.3% |
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 2 October 2026 via checked.be.