NGM MANAGEMENT: 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.
NGM MANAGEMENT
Largest movements
- Receivables after one year +€77,700
new in 2025: €77,700
- Cash -€39,207
down €39,207 (-40.3%), from €97,403 to €58,196
mainly Receivables after one year (-€77,700) and Contributions, distributions and other (-€75,000)
- Receivables within one year -€27,461
down €27,461 (-45.8%), from €59,949 to €32,488
of which Other amounts receivable: -€40,000
- Financial fixed assets +€5,961
up €5,961 (+10.8%), from €55,000 to €60,961
- Profit (loss) carried forward +€29,273
up €29,273 (+30.9%), from €94,883 to €124,156
- Other debts -€18,038
down €18,038 (-24.5%), from €73,685 to €55,647
- Trade debts +€11,415
up €11,415 (+25,639%), from €45 to €11,459
- Tax, wage and social debts -€4,843
down €4,843 (-10.9%), from €44,577 to €39,734
of which Taxes: -€12,818
- Other operating charges -€36,242
down €36,242 (-99.0%), from €36,602 to €359
- Staff costs +€23,026
new in 2025: €23,026
- Gross operating margin +€6,070
up €6,070 (+5.5%), from €109,819 to €115,890
- Taxes +€5,893
up €5,893 (+29.5%), from €19,952 to €25,845
- Financial income -€5,327
down €5,327 (-11.3%), from €47,310 to €41,983
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 | €215,189 | €232,996 | +€17,806 | +8.3% |
| Fixed assets | 21/28 | €57,838 | €64,544 | +€6,706 | +11.6% |
| Tangible fixed assets | 22/27 | €2,838 | €3,582 | +€744 | +26.2% |
| Plant, machinery and equipment | 23 | €2,493 | €1,664 | -€829 | -33.2% |
| Furniture and vehicles | 24 | €345 | €1,918 | +€1,573 | +456% |
| Financial fixed assets | 28 | €55,000 | €60,961 | +€5,961 | +10.8% |
| Current assets | 29/58 | €157,351 | €168,452 | +€11,101 | +7.1% |
| Amounts receivable after more than one year | 29 | - | €77,700 | +€77,700 | |
| Other amounts receivable | 291 | - | €77,700 | +€77,700 | |
| Amounts receivable within one year | 40/41 | €59,949 | €32,488 | -€27,461 | -45.8% |
| Trade receivables | 40 | €19,935 | €32,474 | +€12,539 | +62.9% |
| Other amounts receivable | 41 | €40,014 | €14 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €97,403 | €58,196 | -€39,207 | -40.3% |
| Deferred charges and accrued income | 490/1 | - | €69 | +€69 | |
| Total equity and liabilities | 10/49 | €215,189 | €232,996 | +€17,806 | +8.3% |
| Equity | 10/15 | €96,883 | €126,156 | +€29,273 | +30.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,883 | €124,156 | +€29,273 | +30.9% |
| Amounts payable | 17/49 | €118,306 | €106,840 | -€11,466 | -9.7% |
| Amounts payable within one year | 42/48 | €118,306 | €106,840 | -€11,466 | -9.7% |
| Trade debts | 44 | €45 | €11,459 | +€11,415 | +25,639% |
| Suppliers | 440/4 | €45 | €11,459 | +€11,415 | +25,639% |
| Taxes, remuneration and social security | 45 | €44,577 | €39,734 | -€4,843 | -10.9% |
| Taxes | 450/3 | €44,577 | €31,759 | -€12,818 | -28.8% |
| Remuneration and social security | 454/9 | - | €7,975 | +€7,975 | |
| Other amounts payable | 47/48 | €73,685 | €55,647 | -€18,038 | -24.5% |
| Remuneration, social security and pensions | 62 | - | €23,026 | +€23,026 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,668 | €1,634 | -€34 | -2.1% |
| Other operating charges | 640/8 | €36,602 | €359 | -€36,242 | -99.0% |
| Gross operating margin | 9900 | €109,819 | €115,890 | +€6,070 | +5.5% |
| Operating profit (loss) | 9901 | €71,549 | €90,870 | +€19,321 | +27.0% |
| Financial income | 75/76B | €47,310 | €41,983 | -€5,327 | -11.3% |
| Recurring financial income | 75 | €47,310 | €41,983 | -€5,327 | -11.3% |
| Financial charges | 65/66B | €4,024 | €2,735 | -€1,289 | -32.0% |
| Recurring financial charges | 65 | €3,898 | €2,735 | -€1,163 | -29.8% |
| Non-recurring financial charges | 66B | €126 | - | -€126 | |
| Profit (loss) for the period before taxes | 9903 | €114,835 | €130,118 | +€15,283 | +13.3% |
| Income taxes | 67/77 | €19,952 | €25,845 | +€5,893 | +29.5% |
| Profit (loss) for the period | 9904 | €94,883 | €104,273 | +€9,390 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €94,883 | €104,273 | +€9,390 | +9.9% |
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 14 October 2026 via checked.be.