NASMA: 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.
NASMA
Largest movements
- Stocks and contracts -€2,428
down €2,428 (-36.5%), from €6,644 to €4,216
- Intangible fixed assets -€2,000
down €2,000 (-63.6%), from €3,145 to €1,145
- Cash +€284
up €284 (+4.9%), from €5,815 to €6,099
mainly Stocks and contracts (+€2,428) and Depreciation (+€2,000)
- Profit (loss) carried forward -€4,142
down €4,142 (-29.6%), from -€14,001 to -€18,142
- Gross operating margin +€3,361
up €3,361 (+69.1%), from -€4,863 to -€1,502
- Financial income -€245
no longer reported in 2025 (was €245)
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 | €15,999 | €11,859 | -€4,140 | -25.9% |
| Fixed assets | 21/28 | €3,145 | €1,145 | -€2,000 | -63.6% |
| Intangible fixed assets | 21 | €3,145 | €1,145 | -€2,000 | -63.6% |
| Current assets | 29/58 | €12,854 | €10,714 | -€2,140 | -16.6% |
| Stocks and contracts in progress | 3 | €6,644 | €4,216 | -€2,428 | -36.5% |
| Stocks | 30/36 | €6,644 | €4,216 | -€2,428 | -36.5% |
| Amounts receivable within one year | 40/41 | €395 | €399 | +€4 | +1.1% |
| Trade receivables | 40 | - | €164 | +€164 | |
| Other amounts receivable | 41 | €395 | €236 | -€159 | -40.3% |
| Cash at bank and in hand | 54/58 | €5,815 | €6,099 | +€284 | +4.9% |
| Total equity and liabilities | 10/49 | €15,999 | €11,859 | -€4,140 | -25.9% |
| Equity | 10/15 | -€9,001 | -€13,142 | -€4,142 | -46.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,001 | -€18,142 | -€4,142 | -29.6% |
| Amounts payable | 17/49 | €25,000 | €25,002 | +€2 | 0.0% |
| Amounts payable within one year | 42/48 | €25,000 | €25,002 | +€2 | 0.0% |
| Trade debts | 44 | - | €2 | +€2 | |
| Suppliers | 440/4 | - | €2 | +€2 | |
| Other amounts payable | 47/48 | €25,000 | €25,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | €2,000 | = | 0.0% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Gross operating margin | 9900 | -€4,863 | -€1,502 | +€3,361 | +69.1% |
| Operating profit (loss) | 9901 | -€7,432 | -€4,088 | +€3,344 | +45.0% |
| Financial income | 75/76B | €245 | - | -€245 | |
| Recurring financial income | 75 | €245 | - | -€245 | |
| Financial charges | 65/66B | €51 | €54 | +€3 | +5.9% |
| Recurring financial charges | 65 | €51 | €54 | +€3 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,237 | -€4,142 | +€3,096 | +42.8% |
| Profit (loss) for the period | 9904 | -€7,237 | -€4,142 | +€3,096 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,237 | -€4,142 | +€3,096 | +42.8% |
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 11 October 2026 via checked.be.