NAMUR EXPANSION: 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.
NAMUR EXPANSION
Largest movements
- Stocks and contracts +€14,300
up €14,300 (+7.0%), from €203,800 to €218,100
- Tangible fixed assets -€3,913
down €3,913 (-75.5%), from €5,185 to €1,272
- Tax, wage and social debts -€10,337
down €10,337 (-33.7%), from €30,635 to €20,298
of which Remuneration and social security: -€7,099
- Other debts +€10,140
up €10,140 (+1.9%), from €546,805 to €556,945
- Trade debts +€5,740
up €5,740 (+10.4%), from €55,180 to €60,919
- Profit (loss) carried forward +€4,148
up €4,148 (+0.7%), from -€634,167 to -€630,020
- Staff costs -€6,462
down €6,462 (-19.8%), from €32,669 to €26,208
- Gross operating margin -€5,644
down €5,644 (-12.2%), from €46,205 to €40,561
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 | €209,871 | €219,493 | +€9,622 | +4.6% |
| Fixed assets | 21/28 | €5,185 | €1,272 | -€3,913 | -75.5% |
| Tangible fixed assets | 22/27 | €5,185 | €1,272 | -€3,913 | -75.5% |
| Furniture and vehicles | 24 | €5,185 | €1,272 | -€3,913 | -75.5% |
| Current assets | 29/58 | €204,687 | €218,221 | +€13,534 | +6.6% |
| Stocks and contracts in progress | 3 | €203,800 | €218,100 | +€14,300 | +7.0% |
| Stocks | 30/36 | €203,800 | €218,100 | +€14,300 | +7.0% |
| Amounts receivable within one year | 40/41 | €761 | - | -€761 | |
| Trade receivables | 40 | €761 | - | -€761 | |
| Cash at bank and in hand | 54/58 | €125 | €121 | -€4 | -3.3% |
| Total equity and liabilities | 10/49 | €209,871 | €219,493 | +€9,622 | +4.6% |
| Equity | 10/15 | -€613,716 | -€609,568 | +€4,148 | +0.7% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€634,167 | -€630,020 | +€4,148 | +0.7% |
| Amounts payable | 17/49 | €823,588 | €829,062 | +€5,474 | +0.7% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €673,588 | €679,062 | +€5,474 | +0.8% |
| Financial debts | 43 | €40,968 | €40,898 | -€69 | -0.2% |
| Credit institutions | 430/8 | €40,968 | €40,898 | -€69 | -0.2% |
| Trade debts | 44 | €55,180 | €60,919 | +€5,740 | +10.4% |
| Suppliers | 440/4 | €55,180 | €60,919 | +€5,740 | +10.4% |
| Taxes, remuneration and social security | 45 | €30,635 | €20,298 | -€10,337 | -33.7% |
| Taxes | 450/3 | €21,172 | €17,934 | -€3,238 | -15.3% |
| Remuneration and social security | 454/9 | €9,463 | €2,365 | -€7,099 | -75.0% |
| Other amounts payable | 47/48 | €546,805 | €556,945 | +€10,140 | +1.9% |
| Remuneration, social security and pensions | 62 | €32,669 | €26,208 | -€6,462 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,042 | €3,913 | -€130 | -3.2% |
| Other operating charges | 640/8 | €992 | €873 | -€119 | -12.0% |
| Gross operating margin | 9900 | €46,205 | €40,561 | -€5,644 | -12.2% |
| Operating profit (loss) | 9901 | €8,501 | €9,567 | +€1,066 | +12.5% |
| Financial charges | 65/66B | €5,876 | €5,419 | -€457 | -7.8% |
| Recurring financial charges | 65 | €5,876 | €5,419 | -€457 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €2,625 | €4,148 | +€1,523 | +58.0% |
| Profit (loss) for the period | 9904 | €2,625 | €4,148 | +€1,523 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,625 | €4,148 | +€1,523 | +58.0% |
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.