NAZMI: 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.
NAZMI
Largest movements
- Current investments -€199,150
down €199,150 (-96.2%), from €207,047 to €7,897
- Receivables within one year +€139,692
up €139,692 (+218%), from €64,042 to €203,734
of which Other amounts receivable: +€98,654
- Cash +€61,226
up €61,226 (+23.7%), from €258,880 to €320,106
mainly Net result for the year (+€215,744) and Current investments (+€199,150)
- Tangible fixed assets -€58,576
down €58,576 (-13.5%), from €433,007 to €374,431
of which Plant, machinery and equipment: -€39,287
- Stocks and contracts +€25,802
up €25,802 (+7.7%), from €334,051 to €359,853
- Debts after one year -€45,976
down €45,976 (-19.5%), from €235,757 to €189,781
- Current portion of long-term debt -€18,231
down €18,231 (-24.0%), from €75,998 to €57,767
- Tax, wage and social debts +€15,613
up €15,613 (+24.1%), from €64,689 to €80,302
of which Remuneration and social security: +€10,996
- Staff costs +€128,525
up €128,525 (+31.2%), from €411,880 to €540,405
- Gross operating margin +€36,149
up €36,149 (+4.1%), from €880,260 to €916,409
- Taxes -€25,292
down €25,292 (-25.6%), from €98,988 to €73,696
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 | €1,311,308 | €1,282,551 | -€28,757 | -2.2% |
| Fixed assets | 21/28 | €434,507 | €375,931 | -€58,576 | -13.5% |
| Tangible fixed assets | 22/27 | €433,007 | €374,431 | -€58,576 | -13.5% |
| Plant, machinery and equipment | 23 | €325,863 | €286,576 | -€39,287 | -12.1% |
| Furniture and vehicles | 24 | €11,774 | €7,894 | -€3,880 | -33.0% |
| Other tangible fixed assets | 26 | €95,370 | €79,961 | -€15,409 | -16.2% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €876,801 | €906,620 | +€29,819 | +3.4% |
| Stocks and contracts in progress | 3 | €334,051 | €359,853 | +€25,802 | +7.7% |
| Stocks | 30/36 | €334,051 | €359,853 | +€25,802 | +7.7% |
| Amounts receivable within one year | 40/41 | €64,042 | €203,734 | +€139,692 | +218% |
| Trade receivables | 40 | €26,789 | €67,827 | +€41,038 | +153% |
| Other amounts receivable | 41 | €37,253 | €135,907 | +€98,654 | +265% |
| Current investments | 50/53 | €207,047 | €7,897 | -€199,150 | -96.2% |
| Cash at bank and in hand | 54/58 | €258,880 | €320,106 | +€61,226 | +23.7% |
| Deferred charges and accrued income | 490/1 | €12,781 | €15,030 | +€2,249 | +17.6% |
| Total equity and liabilities | 10/49 | €1,311,308 | €1,282,551 | -€28,757 | -2.2% |
| Equity | 10/15 | €287,458 | €293,202 | +€5,744 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,580 | €5,580 | = | 0.0% |
| Distributable reserves | 133 | €5,580 | €5,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €263,278 | €269,022 | +€5,744 | +2.2% |
| Amounts payable | 17/49 | €1,023,850 | €989,349 | -€34,501 | -3.4% |
| Amounts payable after more than one year | 17 | €235,757 | €189,781 | -€45,976 | -19.5% |
| Financial debts | 170/4 | €235,757 | €189,781 | -€45,976 | -19.5% |
| Amounts payable within one year | 42/48 | €787,725 | €799,260 | +€11,535 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €75,998 | €57,767 | -€18,231 | -24.0% |
| Trade debts | 44 | €445,670 | €451,124 | +€5,454 | +1.2% |
| Suppliers | 440/4 | €445,670 | €451,124 | +€5,454 | +1.2% |
| Taxes, remuneration and social security | 45 | €64,689 | €80,302 | +€15,613 | +24.1% |
| Taxes | 450/3 | - | €4,617 | +€4,617 | |
| Remuneration and social security | 454/9 | €64,689 | €75,685 | +€10,996 | +17.0% |
| Other amounts payable | 47/48 | €201,368 | €210,067 | +€8,699 | +4.3% |
| Accrued charges and deferred income | 492/3 | €368 | €308 | -€60 | -16.3% |
| Remuneration, social security and pensions | 62 | €411,880 | €540,405 | +€128,525 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,850 | €78,794 | +€2,944 | +3.9% |
| Other operating charges | 640/8 | €2,237 | €2,162 | -€75 | -3.4% |
| Gross operating margin | 9900 | €880,260 | €916,409 | +€36,149 | +4.1% |
| Operating profit (loss) | 9901 | €390,293 | €295,048 | -€95,245 | -24.4% |
| Financial income | 75/76B | €11,095 | €4,955 | -€6,140 | -55.3% |
| Recurring financial income | 75 | €11,095 | €4,955 | -€6,140 | -55.3% |
| Financial charges | 65/66B | €10,441 | €10,563 | +€122 | +1.2% |
| Recurring financial charges | 65 | €10,441 | €10,563 | +€122 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €390,947 | €289,440 | -€101,507 | -26.0% |
| Income taxes | 67/77 | €98,988 | €73,696 | -€25,292 | -25.6% |
| Profit (loss) for the period | 9904 | €291,959 | €215,744 | -€76,215 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €291,959 | €215,744 | -€76,215 | -26.1% |
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 15 October 2026 via checked.be.