Nemac: 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.
Nemac
Largest movements
- Receivables within one year +€421,981
up €421,981 (+36.2%), from €1.2m to €1.6m
of which Trade receivables: +€420,206
- Cash -€39,664
down €39,664 (-17.6%), from €225,345 to €185,681
mainly Receivables within one year (-€421,981) and Deferred charges and accrued income (-€31,801)
- Deferred charges and accrued income +€31,801
new in 2025: €31,801
- Trade debts +€199,585
up €199,585 (+162.8%), from €122,607 to €322,192
- Short-term financial debts +€125,412
up €125,412 (+20.0%), from €628,413 to €753,825
- Profit (loss) carried forward +€104,649
up €104,649 (+87.7%), from -€119,300 to -€14,651
- Debts after one year +€58,268
up €58,268 (+14.4%), from €405,600 to €463,868
- Accrued charges and deferred income -€25,382
no longer reported in 2025 (was €25,382)
- Staff costs -€175,854
down €175,854 (-6.7%), from €2.6m to €2.5m
- Taxes +€82,792
up €82,792 (+369.4%), from €22,413 to €105,205
- Gross operating margin -€55,206
down €55,206 (-2.0%), from €2.8m to €2.8m
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 | €1,411,792 | €1,839,511 | +€427,720 | +30.3% |
| Fixed assets | 21/28 | €18,549 | €29,561 | +€11,013 | +59.4% |
| Intangible fixed assets | 21 | €4,377 | €3,377 | -€1,000 | -22.8% |
| Tangible fixed assets | 22/27 | €7,440 | €13,713 | +€6,273 | +84.3% |
| Plant, machinery and equipment | 23 | - | €1,374 | +€1,374 | |
| Furniture and vehicles | 24 | €5,498 | €11,049 | +€5,551 | +101.0% |
| Other tangible fixed assets | 26 | €1,942 | €1,290 | -€652 | -33.6% |
| Financial fixed assets | 28 | €6,731 | €12,471 | +€5,740 | +85.3% |
| Current assets | 29/58 | €1,393,243 | €1,809,950 | +€416,707 | +29.9% |
| Stocks and contracts in progress | 3 | €2,900 | €5,490 | +€2,590 | +89.3% |
| Stocks | 30/36 | €2,900 | €5,490 | +€2,590 | +89.3% |
| Amounts receivable within one year | 40/41 | €1,164,998 | €1,586,979 | +€421,981 | +36.2% |
| Trade receivables | 40 | €1,160,439 | €1,580,645 | +€420,206 | +36.2% |
| Other amounts receivable | 41 | €4,559 | €6,334 | +€1,775 | +38.9% |
| Cash at bank and in hand | 54/58 | €225,345 | €185,681 | -€39,664 | -17.6% |
| Deferred charges and accrued income | 490/1 | - | €31,801 | +€31,801 | |
| Total equity and liabilities | 10/49 | €1,411,792 | €1,839,511 | +€427,720 | +30.3% |
| Equity | 10/15 | -€100,750 | €3,899 | +€104,649 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,300 | -€14,651 | +€104,649 | +87.7% |
| Amounts payable | 17/49 | €1,512,542 | €1,835,612 | +€323,070 | +21.4% |
| Amounts payable after more than one year | 17 | €405,600 | €463,868 | +€58,268 | +14.4% |
| Other amounts payable | 178/9 | €405,600 | €463,868 | +€58,268 | +14.4% |
| Amounts payable within one year | 42/48 | €1,081,559 | €1,371,744 | +€290,185 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €14,249 | - | -€14,249 | |
| Financial debts | 43 | €628,413 | €753,825 | +€125,412 | +20.0% |
| Credit institutions | 430/8 | €628,413 | €753,825 | +€125,412 | +20.0% |
| Trade debts | 44 | €122,607 | €322,192 | +€199,585 | +162.8% |
| Suppliers | 440/4 | €122,607 | €322,192 | +€199,585 | +162.8% |
| Taxes, remuneration and social security | 45 | €316,290 | €295,727 | -€20,563 | -6.5% |
| Taxes | 450/3 | €69,272 | €94,378 | +€25,106 | +36.2% |
| Remuneration and social security | 454/9 | €247,018 | €201,349 | -€45,669 | -18.5% |
| Accrued charges and deferred income | 492/3 | €25,382 | - | -€25,382 | |
| Non-recurring operating income | 76A | €4,884 | - | -€4,884 | |
| Remuneration, social security and pensions | 62 | €2,644,144 | €2,468,291 | -€175,854 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,193 | €4,893 | +€1,700 | +53.2% |
| Other operating charges | 640/8 | €3,268 | €6,933 | +€3,664 | +112.1% |
| Non-recurring operating charges | 66A | €3,832 | - | -€3,832 | |
| Gross operating margin | 9900 | €2,817,074 | €2,761,868 | -€55,206 | -2.0% |
| Operating profit (loss) | 9901 | €162,636 | €281,752 | +€119,115 | +73.2% |
| Financial income | 75/76B | €791 | €12,048 | +€11,257 | +1423.8% |
| Recurring financial income | 75 | €791 | €12,048 | +€11,257 | +1423.8% |
| Financial charges | 65/66B | €74,846 | €83,945 | +€9,099 | +12.2% |
| Recurring financial charges | 65 | €74,846 | €83,945 | +€9,099 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €88,581 | €209,854 | +€121,274 | +136.9% |
| Income taxes | 67/77 | €22,413 | €105,205 | +€82,792 | +369.4% |
| Profit (loss) for the period | 9904 | €66,168 | €104,649 | +€38,482 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,168 | €104,649 | +€38,482 | +58.2% |
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 9 October 2026 via checked.be.