"NAM UG": 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 UG"
Largest movements
- Cash -€210,896
down €210,896 (-66.0%), from €319,603 to €108,708
mainly Contributions, distributions and other (-€294,118) and Current investments (-€46,411)
- Current investments +€46,411
up €46,411 (+49.4%), from €93,940 to €140,350
- Tangible fixed assets -€15,698
down €15,698 (-63.7%), from €24,650 to €8,953
- Deferred charges and accrued income +€12,544
up €12,544 (+17.3%), from €72,531 to €85,075
- Profit (loss) carried forward -€161,363
down €161,363 (-32.7%), from €493,063 to €331,699
- Other debts -€10,125
down €10,125 (-100.0%), from €10,125 to €0
- Tax, wage and social debts +€7,069
up €7,069 (+117.5%), from €6,014 to €13,084
- Financial charges -€27,211
down €27,211 (-24.9%), from €109,089 to €81,878
- Gross operating margin +€20,389
up €20,389 (+8.0%), from €253,937 to €274,326
- Taxes +€10,451
up €10,451 (+33.1%), from €31,619 to €42,069
- Financial income -€5,918
down €5,918 (-91.3%), from €6,481 to €563
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 | €524,023 | €352,603 | -€171,420 | -32.7% |
| Fixed assets | 21/28 | €24,650 | €8,953 | -€15,698 | -63.7% |
| Tangible fixed assets | 22/27 | €24,650 | €8,953 | -€15,698 | -63.7% |
| Furniture and vehicles | 24 | €24,650 | €8,953 | -€15,698 | -63.7% |
| Current assets | 29/58 | €499,372 | €343,650 | -€155,722 | -31.2% |
| Amounts receivable within one year | 40/41 | €13,298 | €9,517 | -€3,781 | -28.4% |
| Trade receivables | 40 | €7,974 | €4,076 | -€3,897 | -48.9% |
| Other amounts receivable | 41 | €5,325 | €5,441 | +€116 | +2.2% |
| Current investments | 50/53 | €93,940 | €140,350 | +€46,411 | +49.4% |
| Cash at bank and in hand | 54/58 | €319,603 | €108,708 | -€210,896 | -66.0% |
| Deferred charges and accrued income | 490/1 | €72,531 | €85,075 | +€12,544 | +17.3% |
| Total equity and liabilities | 10/49 | €524,023 | €352,603 | -€171,420 | -32.7% |
| Equity | 10/15 | €497,063 | €335,699 | -€161,363 | -32.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €493,063 | €331,699 | -€161,363 | -32.7% |
| Amounts payable | 17/49 | €26,960 | €16,903 | -€10,057 | -37.3% |
| Amounts payable after more than one year | 17 | €2,340 | €0 | -€2,340 | -100.0% |
| Financial debts | 170/4 | €2,340 | €0 | -€2,340 | -100.0% |
| Amounts payable within one year | 42/48 | €23,712 | €16,504 | -€7,208 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €6,972 | €2,340 | -€4,632 | -66.4% |
| Trade debts | 44 | €600 | €1,080 | +€480 | +80.0% |
| Suppliers | 440/4 | €600 | €1,080 | +€480 | +80.0% |
| Taxes, remuneration and social security | 45 | €6,014 | €13,084 | +€7,069 | +117.5% |
| Taxes | 450/3 | €6,014 | €13,084 | +€7,069 | +117.5% |
| Other amounts payable | 47/48 | €10,125 | €0 | -€10,125 | -100.0% |
| Accrued charges and deferred income | 492/3 | €908 | €400 | -€509 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,915 | €17,197 | +€282 | +1.7% |
| Other operating charges | 640/8 | €1,181 | €990 | -€191 | -16.2% |
| Gross operating margin | 9900 | €253,937 | €274,326 | +€20,389 | +8.0% |
| Operating profit (loss) | 9901 | €235,842 | €256,140 | +€20,297 | +8.6% |
| Financial income | 75/76B | €6,481 | €563 | -€5,918 | -91.3% |
| Recurring financial income | 75 | €6,481 | €563 | -€5,918 | -91.3% |
| Financial charges | 65/66B | €109,089 | €81,878 | -€27,211 | -24.9% |
| Recurring financial charges | 65 | €109,089 | €81,878 | -€27,211 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €133,234 | €174,824 | +€41,590 | +31.2% |
| Income taxes | 67/77 | €31,619 | €42,069 | +€10,451 | +33.1% |
| Profit (loss) for the period | 9904 | €101,615 | €132,755 | +€31,139 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €101,615 | €132,755 | +€31,139 | +30.6% |
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 4 October 2026 via checked.be.