NAMO: 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.
NAMO
Largest movements
- Tangible fixed assets +€127,870
up €127,870 (+287%), from €44,598 to €172,469
- Receivables within one year +€90,743
up €90,743 (+33.4%), from €271,792 to €362,535
of which Trade receivables: +€90,743
- Cash +€70,476
up €70,476 (+26.9%), from €261,946 to €332,422
mainly Trade debts (+€233,548) and Debts after one year (+€36,605)
- Stocks and contracts +€17,651
up €17,651 (+18.5%), from €95,356 to €113,006
- Trade debts +€233,548
up €233,548 (+46.9%), from €498,290 to €731,838
- Debts after one year +€36,605
new in 2025: €36,605
- Profit (loss) carried forward +€29,884
up €29,884 (+21.0%), from €142,357 to €172,241
- Current portion of long-term debt +€11,553
up €11,553 (+165%), from €6,995 to €18,548
- Staff costs +€29,243
up €29,243 (+26.7%), from €109,331 to €138,573
- Taxes +€27,643
up €27,643 (+79.0%), from €35,000 to €62,643
- Gross operating margin +€11,688
up €11,688 (+4.8%), from €242,370 to €254,058
- Depreciation +€11,079
up €11,079 (+183%), from €6,046 to €17,125
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 | €770,252 | €1,083,164 | +€312,912 | +40.6% |
| Fixed assets | 21/28 | €141,159 | €269,029 | +€127,870 | +90.6% |
| Tangible fixed assets | 22/27 | €44,598 | €172,469 | +€127,870 | +287% |
| Land and buildings | 22 | - | €35,659 | +€35,659 | |
| Plant, machinery and equipment | 23 | €36,243 | €75,478 | +€39,235 | +108% |
| Furniture and vehicles | 24 | €8,355 | €40,202 | +€31,847 | +381% |
| Other tangible fixed assets | 26 | - | €21,130 | +€21,130 | |
| Financial fixed assets | 28 | €96,560 | €96,560 | = | 0.0% |
| Current assets | 29/58 | €629,094 | €814,135 | +€185,041 | +29.4% |
| Stocks and contracts in progress | 3 | €95,356 | €113,006 | +€17,651 | +18.5% |
| Stocks | 30/36 | €95,356 | €113,006 | +€17,651 | +18.5% |
| Amounts receivable within one year | 40/41 | €271,792 | €362,535 | +€90,743 | +33.4% |
| Trade receivables | 40 | €271,376 | €362,119 | +€90,743 | +33.4% |
| Other amounts receivable | 41 | €415 | €415 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €261,946 | €332,422 | +€70,476 | +26.9% |
| Deferred charges and accrued income | 490/1 | - | €6,172 | +€6,172 | |
| Total equity and liabilities | 10/49 | €770,252 | €1,083,164 | +€312,912 | +40.6% |
| Equity | 10/15 | €146,057 | €175,941 | +€29,884 | +20.5% |
| Contributions | 10/11 | €3,700 | €3,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,357 | €172,241 | +€29,884 | +21.0% |
| Amounts payable | 17/49 | €624,195 | €907,223 | +€283,027 | +45.3% |
| Amounts payable after more than one year | 17 | - | €36,605 | +€36,605 | |
| Financial debts | 170/4 | - | €36,605 | +€36,605 | |
| Amounts payable within one year | 42/48 | €624,195 | €870,618 | +€246,422 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €6,995 | €18,548 | +€11,553 | +165% |
| Trade debts | 44 | €498,290 | €731,838 | +€233,548 | +46.9% |
| Suppliers | 440/4 | €498,290 | €731,838 | +€233,548 | +46.9% |
| Taxes, remuneration and social security | 45 | €69,821 | €70,454 | +€633 | +0.9% |
| Taxes | 450/3 | €32,090 | €32,132 | +€42 | +0.1% |
| Remuneration and social security | 454/9 | €37,732 | €38,322 | +€591 | +1.6% |
| Other amounts payable | 47/48 | €49,089 | €49,777 | +€688 | +1.4% |
| Remuneration, social security and pensions | 62 | €109,331 | €138,573 | +€29,243 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,046 | €17,125 | +€11,079 | +183% |
| Other operating charges | 640/8 | €1,631 | €2,888 | +€1,257 | +77.0% |
| Non-recurring operating charges | 66A | - | €900 | +€900 | |
| Gross operating margin | 9900 | €242,370 | €254,058 | +€11,688 | +4.8% |
| Operating profit (loss) | 9901 | €125,363 | €94,572 | -€30,791 | -24.6% |
| Financial income | 75/76B | €7 | €18 | +€12 | +179% |
| Recurring financial income | 75 | €7 | €18 | +€12 | +179% |
| Financial charges | 65/66B | €1,355 | €2,063 | +€708 | +52.3% |
| Recurring financial charges | 65 | €1,355 | €2,063 | +€708 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €124,014 | €92,528 | -€31,487 | -25.4% |
| Income taxes | 67/77 | €35,000 | €62,643 | +€27,643 | +79.0% |
| Profit (loss) for the period | 9904 | €89,014 | €29,884 | -€59,130 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,014 | €29,884 | -€59,130 | -66.4% |
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 17 October 2026 via checked.be.