NAMTUG: 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.
NAMTUG
Largest movements
- Financial fixed assets +€135,374
up €135,374 (+20826.8%), from €650 to €136,024
- Cash +€10,281
up €10,281 (+106.7%), from €9,636 to €19,917
mainly Debts after one year (+€86,130) and Net result for the year (+€32,639)
- Receivables within one year +€10,006
up €10,006 (+209.4%), from €4,778 to €14,784
of which Trade receivables: +€14,482
- Intangible fixed assets -€3,333
down €3,333 (-36.2%), from €9,202 to €5,869
- Debts after one year +€86,130
new in 2025: €86,130
- Profit (loss) carried forward +€32,639
up €32,639, from -€15,434 to €17,205
- Current portion of long-term debt +€14,484
new in 2025: €14,484
- Trade debts +€14,246
up €14,246 (+481.3%), from €2,960 to €17,206
- Tax, wage and social debts +€11,380
new in 2025: €11,380
- Gross operating margin +€58,957
up €58,957, from -€14,034 to €44,922
- Taxes +€5,676
new in 2025: €5,676
- Depreciation +€2,680
up €2,680 (+244.6%), from €1,095 to €3,775
- Financial charges +€2,670
up €2,670 (+1635.6%), from €163 to €2,833
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 | €25,532 | €177,376 | +€151,844 | +594.7% |
| Fixed assets | 21/28 | €10,879 | €142,479 | +€131,599 | +1209.6% |
| Intangible fixed assets | 21 | €9,202 | €5,869 | -€3,333 | -36.2% |
| Tangible fixed assets | 22/27 | €1,028 | €586 | -€442 | -43.0% |
| Plant, machinery and equipment | 23 | €1,028 | €586 | -€442 | -43.0% |
| Financial fixed assets | 28 | €650 | €136,024 | +€135,374 | +20826.8% |
| Current assets | 29/58 | €14,652 | €34,897 | +€20,245 | +138.2% |
| Amounts receivable within one year | 40/41 | €4,778 | €14,784 | +€10,006 | +209.4% |
| Trade receivables | 40 | - | €14,482 | +€14,482 | |
| Other amounts receivable | 41 | €4,778 | €302 | -€4,476 | -93.7% |
| Cash at bank and in hand | 54/58 | €9,636 | €19,917 | +€10,281 | +106.7% |
| Deferred charges and accrued income | 490/1 | €238 | €197 | -€41 | -17.3% |
| Total equity and liabilities | 10/49 | €25,532 | €177,376 | +€151,844 | +594.7% |
| Equity | 10/15 | -€14,434 | €18,205 | +€32,639 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,434 | €17,205 | +€32,639 | |
| Amounts payable | 17/49 | €39,966 | €159,171 | +€119,205 | +298.3% |
| Amounts payable after more than one year | 17 | - | €86,130 | +€86,130 | |
| Financial debts | 170/4 | - | €86,130 | +€86,130 | |
| Amounts payable within one year | 42/48 | €39,966 | €71,568 | +€31,602 | +79.1% |
| Current portion of amounts payable after more than one year | 42 | - | €14,484 | +€14,484 | |
| Trade debts | 44 | €2,960 | €17,206 | +€14,246 | +481.3% |
| Suppliers | 440/4 | €2,960 | €17,206 | +€14,246 | +481.3% |
| Taxes, remuneration and social security | 45 | - | €11,380 | +€11,380 | |
| Taxes | 450/3 | - | €11,380 | +€11,380 | |
| Other amounts payable | 47/48 | €37,006 | €28,499 | -€8,507 | -23.0% |
| Accrued charges and deferred income | 492/3 | - | €1,473 | +€1,473 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,095 | €3,775 | +€2,680 | +244.6% |
| Other operating charges | 640/8 | €157 | - | -€157 | |
| Gross operating margin | 9900 | -€14,034 | €44,922 | +€58,957 | |
| Operating profit (loss) | 9901 | -€15,286 | €41,148 | +€56,434 | |
| Financial income | 75/76B | €16 | €0 | -€15 | -96.9% |
| Recurring financial income | 75 | €16 | €0 | -€15 | -96.9% |
| Financial charges | 65/66B | €163 | €2,833 | +€2,670 | +1635.6% |
| Recurring financial charges | 65 | €163 | €2,833 | +€2,670 | +1635.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,434 | €38,315 | +€53,749 | |
| Income taxes | 67/77 | - | €5,676 | +€5,676 | |
| Profit (loss) for the period | 9904 | -€15,434 | €32,639 | +€48,073 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,434 | €32,639 | +€48,073 |
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 8 October 2026 via checked.be.