NAMUR & GO: 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.
NAMUR & GO
Largest movements
- Tangible fixed assets -€36,725
down €36,725 (-72.1%), from €50,952 to €14,227
- Cash -€26,555
down €26,555 (-44.5%), from €59,646 to €33,091
mainly Net result for the year (-€114,860) and Deferred charges and accrued income (-€4,389)
- Stocks and contracts -€22,598
down €22,598 (-28.7%), from €78,745 to €56,146
- Receivables within one year -€21,404
down €21,404 (-58.4%), from €36,657 to €15,253
of which Other amounts receivable: -€14,735
- Deferred charges and accrued income +€4,389
up €4,389 (+146%), from €3,005 to €7,393
- Profit (loss) carried forward -€114,860
down €114,860 (-213%), from -€53,889 to -€168,749
- Tax, wage and social debts +€10,073
up €10,073 (+25.7%), from €39,166 to €49,239
of which Remuneration and social security: +€8,560
- Staff costs +€11,072
up €11,072 (+4.3%), from €254,554 to €265,626
- Gross operating margin -€5,511
down €5,511 (-2.0%), from €270,806 to €265,295
- Financial charges +€4,648
up €4,648 (+49.2%), from €9,448 to €14,096
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 | €235,535 | €129,612 | -€105,923 | -45.0% |
| Fixed assets | 21/28 | €57,483 | €17,728 | -€39,754 | -69.2% |
| Intangible fixed assets | 21 | €6,531 | €3,501 | -€3,029 | -46.4% |
| Tangible fixed assets | 22/27 | €50,952 | €14,227 | -€36,725 | -72.1% |
| Plant, machinery and equipment | 23 | €24,041 | €5,759 | -€18,283 | -76.0% |
| Furniture and vehicles | 24 | €2,557 | €1,197 | -€1,360 | -53.2% |
| Other tangible fixed assets | 26 | €24,353 | €7,271 | -€17,082 | -70.1% |
| Current assets | 29/58 | €178,053 | €111,884 | -€66,169 | -37.2% |
| Stocks and contracts in progress | 3 | €78,745 | €56,146 | -€22,598 | -28.7% |
| Stocks | 30/36 | €78,745 | €56,146 | -€22,598 | -28.7% |
| Amounts receivable within one year | 40/41 | €36,657 | €15,253 | -€21,404 | -58.4% |
| Trade receivables | 40 | €12,815 | €6,146 | -€6,669 | -52.0% |
| Other amounts receivable | 41 | €23,842 | €9,107 | -€14,735 | -61.8% |
| Cash at bank and in hand | 54/58 | €59,646 | €33,091 | -€26,555 | -44.5% |
| Deferred charges and accrued income | 490/1 | €3,005 | €7,393 | +€4,389 | +146% |
| Total equity and liabilities | 10/49 | €235,535 | €129,612 | -€105,923 | -45.0% |
| Equity | 10/15 | €11,011 | -€103,849 | -€114,860 | |
| Contributions | 10/11 | €59,000 | €59,000 | = | 0.0% |
| Reserves | 13 | €5,900 | €5,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,900 | €5,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,900 | €5,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,889 | -€168,749 | -€114,860 | -213% |
| Amounts payable | 17/49 | €224,524 | €233,461 | +€8,937 | +4.0% |
| Amounts payable within one year | 42/48 | €224,524 | €233,461 | +€8,937 | +4.0% |
| Financial debts | 43 | €25,416 | €25,416 | = | 0.0% |
| Credit institutions | 430/8 | €25,416 | €25,416 | = | 0.0% |
| Trade debts | 44 | €159,223 | €158,087 | -€1,137 | -0.7% |
| Suppliers | 440/4 | €159,223 | €158,087 | -€1,137 | -0.7% |
| Taxes, remuneration and social security | 45 | €39,166 | €49,239 | +€10,073 | +25.7% |
| Taxes | 450/3 | €8,035 | €9,548 | +€1,513 | +18.8% |
| Remuneration and social security | 454/9 | €31,131 | €39,692 | +€8,560 | +27.5% |
| Other amounts payable | 47/48 | €719 | €719 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €254,554 | €265,626 | +€11,072 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,223 | €39,754 | +€1,531 | +4.0% |
| Other operating charges | 640/8 | €10,055 | €7,642 | -€2,414 | -24.0% |
| Non-recurring operating charges | 66A | - | €54,455 | +€54,455 | |
| Gross operating margin | 9900 | €270,806 | €265,295 | -€5,511 | -2.0% |
| Operating profit (loss) | 9901 | -€32,027 | -€102,182 | -€70,154 | -219% |
| Financial income | 75/76B | €1,861 | €1,594 | -€268 | -14.4% |
| Recurring financial income | 75 | €1,861 | €1,594 | -€268 | -14.4% |
| Financial charges | 65/66B | €9,448 | €14,096 | +€4,648 | +49.2% |
| Recurring financial charges | 65 | €9,448 | €14,096 | +€4,648 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,614 | -€114,684 | -€75,070 | -190% |
| Income taxes | 67/77 | €269 | €176 | -€93 | -34.5% |
| Profit (loss) for the period | 9904 | -€39,883 | -€114,860 | -€74,977 | -188% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,883 | -€114,860 | -€74,977 | -188% |
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 28 October 2026 via checked.be.