NERMAS: 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.
NERMAS
Largest movements
- Cash +€177,775
up €177,775 (+617.8%), from €28,776 to €206,551
mainly Other debts (+€717,477) and Net result for the year (+€429,040)
- Current investments +€91,405
up €91,405 (+18.0%), from €507,894 to €599,299
- Tangible fixed assets +€78,000
up €78,000 (+2845.2%), from €2,741 to €80,741
of which Furniture and vehicles: +€75,485
- Other debts +€717,477
new in 2025: €717,477
- Profit (loss) carried forward -€424,541
down €424,541 (-100.0%), from €424,541 to €0
- Accrued charges and deferred income +€64,292
up €64,292 (+11745.6%), from €547 to €64,839
- Financial income +€532,147
up €532,147 (+8493.8%), from €6,265 to €538,412
of which Non-recurring financial income: +€270,157
- Taxes +€136,320
up €136,320 (+897.7%), from €15,185 to €151,505
- Depreciation +€14,301
up €14,301 (+838.3%), from €1,706 to €16,007
- Gross operating margin +€14,250
up €14,250 (+26.6%), from €53,483 to €67,734
- Other operating charges +€6,695
up €6,695 (+720.1%), from €930 to €7,625
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 | €558,303 | €907,150 | +€348,847 | +62.5% |
| Fixed assets | 21/28 | €2,741 | €80,741 | +€78,000 | +2845.2% |
| Tangible fixed assets | 22/27 | €2,741 | €80,741 | +€78,000 | +2845.2% |
| Plant, machinery and equipment | 23 | - | €2,515 | +€2,515 | |
| Furniture and vehicles | 24 | €2,741 | €78,226 | +€75,485 | +2753.5% |
| Current assets | 29/58 | €555,561 | €826,409 | +€270,847 | +48.8% |
| Amounts receivable within one year | 40/41 | €17,987 | €17,708 | -€278 | -1.5% |
| Trade receivables | 40 | €17,166 | €17,708 | +€542 | +3.2% |
| Other amounts receivable | 41 | €821 | €0 | -€821 | -100.0% |
| Current investments | 50/53 | €507,894 | €599,299 | +€91,405 | +18.0% |
| Cash at bank and in hand | 54/58 | €28,776 | €206,551 | +€177,775 | +617.8% |
| Deferred charges and accrued income | 490/1 | €905 | €2,850 | +€1,945 | +215.0% |
| Total equity and liabilities | 10/49 | €558,303 | €907,150 | +€348,847 | +62.5% |
| Equity | 10/15 | €431,041 | €6,500 | -€424,541 | -98.5% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €424,541 | €0 | -€424,541 | -100.0% |
| Amounts payable | 17/49 | €127,262 | €900,650 | +€773,387 | +607.7% |
| Amounts payable after more than one year | 17 | €22,750 | €22,750 | = | 0.0% |
| Financial debts | 170/4 | €22,750 | €22,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €103,965 | €813,060 | +€709,096 | +682.1% |
| Financial debts | 43 | €21 | €0 | -€21 | -100.0% |
| Credit institutions | 430/8 | €21 | €0 | -€21 | -100.0% |
| Trade debts | 44 | €900 | €472 | -€428 | -47.5% |
| Suppliers | 440/4 | €900 | €472 | -€428 | -47.5% |
| Taxes, remuneration and social security | 45 | €103,044 | €95,111 | -€7,933 | -7.7% |
| Taxes | 450/3 | €103,044 | €95,111 | -€7,933 | -7.7% |
| Other amounts payable | 47/48 | - | €717,477 | +€717,477 | |
| Accrued charges and deferred income | 492/3 | €547 | €64,839 | +€64,292 | +11745.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,706 | €16,007 | +€14,301 | +838.3% |
| Other operating charges | 640/8 | €930 | €7,625 | +€6,695 | +720.1% |
| Gross operating margin | 9900 | €53,483 | €67,734 | +€14,250 | +26.6% |
| Operating profit (loss) | 9901 | €50,848 | €44,102 | -€6,746 | -13.3% |
| Financial income | 75/76B | €6,265 | €538,412 | +€532,147 | +8493.8% |
| Recurring financial income | 75 | €6,265 | €268,256 | +€261,990 | +4181.7% |
| Non-recurring financial income | 76B | €0 | €270,157 | +€270,157 | |
| Financial charges | 65/66B | €1,893 | €1,969 | +€76 | +4.0% |
| Recurring financial charges | 65 | €1,893 | €1,969 | +€76 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €55,220 | €580,545 | +€525,325 | +951.3% |
| Income taxes | 67/77 | €15,185 | €151,505 | +€136,320 | +897.7% |
| Profit (loss) for the period | 9904 | €40,034 | €429,040 | +€389,006 | +971.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,034 | €429,040 | +€389,006 | +971.7% |
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 6 October 2026 via checked.be.