NAMOR: 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.
NAMOR
Largest movements
- Cash -€42,906
down €42,906 (-72.2%), from €59,448 to €16,542
mainly Investment in fixed assets (net) (-€29,038) and Other debts (-€17,844)
- Tangible fixed assets +€17,622
up €17,622 (+30.2%), from €58,268 to €75,890
of which Plant, machinery and equipment: +€12,675
- Intangible fixed assets -€5,371
down €5,371 (-15.7%), from €34,118 to €28,747
- Other debts -€17,844
down €17,844 (-44.2%), from €40,334 to €22,490
- Profit (loss) carried forward -€13,806
down €13,806, from €5,985 to -€7,821
- Tax, wage and social debts +€6,362
up €6,362 (+42.5%), from €14,955 to €21,316
of which Remuneration and social security: +€3,759
- Debts after one year -€4,269
down €4,269 (-7.6%), from €55,981 to €51,712
of which Other amounts payable: -€7,000
- Trade debts -€3,711
down €3,711 (-17.9%), from €20,692 to €16,981
- Staff costs +€19,051
up €19,051 (+38.7%), from €49,267 to €68,317
- Gross operating margin -€14,216
down €14,216 (-15.7%), from €90,823 to €76,607
- Depreciation +€6,003
up €6,003 (+55.7%), from €10,784 to €16,788
- Financial charges +€1,270
up €1,270 (+58.4%), from €2,173 to €3,442
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 | €168,564 | €137,588 | -€30,975 | -18.4% |
| Fixed assets | 21/28 | €92,386 | €104,637 | +€12,251 | +13.3% |
| Intangible fixed assets | 21 | €34,118 | €28,747 | -€5,371 | -15.7% |
| Tangible fixed assets | 22/27 | €58,268 | €75,890 | +€17,622 | +30.2% |
| Plant, machinery and equipment | 23 | €57,973 | €70,648 | +€12,675 | +21.9% |
| Furniture and vehicles | 24 | €295 | €5,243 | +€4,947 | +1,676% |
| Current assets | 29/58 | €76,177 | €32,952 | -€43,226 | -56.7% |
| Amounts receivable within one year | 40/41 | €16,729 | €16,022 | -€708 | -4.2% |
| Trade receivables | 40 | €15,096 | €12,164 | -€2,932 | -19.4% |
| Other amounts receivable | 41 | €1,634 | €3,858 | +€2,224 | +136% |
| Cash at bank and in hand | 54/58 | €59,448 | €16,542 | -€42,906 | -72.2% |
| Deferred charges and accrued income | 490/1 | - | €387 | +€387 | |
| Total equity and liabilities | 10/49 | €168,564 | €137,588 | -€30,975 | -18.4% |
| Equity | 10/15 | €30,958 | €17,153 | -€13,806 | -44.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,374 | €6,374 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,374 | €6,374 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €4,514 | €4,514 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,985 | -€7,821 | -€13,806 | |
| Amounts payable | 17/49 | €137,605 | €120,435 | -€17,170 | -12.5% |
| Amounts payable after more than one year | 17 | €55,981 | €51,712 | -€4,269 | -7.6% |
| Financial debts | 170/4 | €20,731 | €23,462 | +€2,731 | +13.2% |
| Other amounts payable | 178/9 | €35,250 | €28,250 | -€7,000 | -19.9% |
| Amounts payable within one year | 42/48 | €81,624 | €68,724 | -€12,901 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €5,644 | €7,937 | +€2,293 | +40.6% |
| Trade debts | 44 | €20,692 | €16,981 | -€3,711 | -17.9% |
| Suppliers | 440/4 | €20,692 | €16,981 | -€3,711 | -17.9% |
| Taxes, remuneration and social security | 45 | €14,955 | €21,316 | +€6,362 | +42.5% |
| Taxes | 450/3 | €7,956 | €10,559 | +€2,603 | +32.7% |
| Remuneration and social security | 454/9 | €6,999 | €10,757 | +€3,759 | +53.7% |
| Other amounts payable | 47/48 | €40,334 | €22,490 | -€17,844 | -44.2% |
| Remuneration, social security and pensions | 62 | €49,267 | €68,317 | +€19,051 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,784 | €16,788 | +€6,003 | +55.7% |
| Other operating charges | 640/8 | €2,589 | €2,041 | -€548 | -21.2% |
| Gross operating margin | 9900 | €90,823 | €76,607 | -€14,216 | -15.7% |
| Operating profit (loss) | 9901 | €28,183 | -€10,539 | -€38,722 | |
| Financial income | 75/76B | €75 | €425 | +€350 | +470% |
| Recurring financial income | 75 | €75 | €425 | +€350 | +470% |
| Financial charges | 65/66B | €2,173 | €3,442 | +€1,270 | +58.4% |
| Recurring financial charges | 65 | €2,173 | €3,442 | +€1,270 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | €26,085 | -€13,557 | -€39,642 | |
| Income taxes | 67/77 | €1,144 | €249 | -€895 | -78.3% |
| Profit (loss) for the period | 9904 | €24,941 | -€13,806 | -€38,746 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,941 | -€13,806 | -€38,746 |
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 14 October 2026 via checked.be.