NM: 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.
NM
Largest movements
- Stocks and contracts -€288,293
down €288,293 (-27.9%), from €1.0m to €745,944
- Receivables within one year +€99,929
up €99,929 (+158.6%), from €63,008 to €162,937
of which Other amounts receivable: +€114,519
- Cash -€76,239
down €76,239 (-58.2%), from €131,035 to €54,796
mainly Current portion of long-term debt (-€198,889) and Contributions, distributions and other (-€160,000)
- Tangible fixed assets +€21,173
up €21,173 (+48540.4%), from €44 to €21,217
of which Other tangible fixed assets: +€17,636
- Current portion of long-term debt -€198,889
down €198,889 (-24.4%), from €815,529 to €616,640
- Reserves -€117,500
down €117,500 (-73.4%), from €160,000 to €42,500
- Other debts +€85,669
up €85,669 (+48.6%), from €176,108 to €261,777
- Tax, wage and social debts -€37,381
down €37,381 (-81.6%), from €45,808 to €8,428
of which Taxes: -€39,231
- Gross operating margin -€89,606
down €89,606 (-48.3%), from €185,345 to €95,738
- Financial charges +€36,859
up €36,859 (+640.7%), from €5,753 to €42,612
- Taxes -€33,871
down €33,871 (-76.4%), from €44,350 to €10,479
- Financial income -€14,030
down €14,030 (-100.0%), from €14,030 to €0
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 | €1,240,469 | €984,894 | -€255,575 | -20.6% |
| Fixed assets | 21/28 | €44 | €21,217 | +€21,173 | +48540.4% |
| Tangible fixed assets | 22/27 | €44 | €21,217 | +€21,173 | +48540.4% |
| Furniture and vehicles | 24 | - | €3,537 | +€3,537 | |
| Other tangible fixed assets | 26 | €44 | €17,680 | +€17,636 | +40430.9% |
| Current assets | 29/58 | €1,240,425 | €963,677 | -€276,748 | -22.3% |
| Stocks and contracts in progress | 3 | €1,034,237 | €745,944 | -€288,293 | -27.9% |
| Stocks | 30/36 | €1,034,237 | €745,944 | -€288,293 | -27.9% |
| Amounts receivable within one year | 40/41 | €63,008 | €162,937 | +€99,929 | +158.6% |
| Trade receivables | 40 | €16,133 | €1,543 | -€14,590 | -90.4% |
| Other amounts receivable | 41 | €46,875 | €161,394 | +€114,519 | +244.3% |
| Cash at bank and in hand | 54/58 | €131,035 | €54,796 | -€76,239 | -58.2% |
| Deferred charges and accrued income | 490/1 | €12,145 | - | -€12,145 | |
| Total equity and liabilities | 10/49 | €1,240,469 | €984,894 | -€255,575 | -20.6% |
| Equity | 10/15 | €182,067 | €61,640 | -€120,428 | -66.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €160,000 | €42,500 | -€117,500 | -73.4% |
| Distributable reserves | 133 | €160,000 | €42,500 | -€117,500 | -73.4% |
| Profit (loss) carried forward | 14 | €3,467 | €540 | -€2,928 | -84.4% |
| Amounts payable | 17/49 | €1,058,401 | €923,254 | -€135,147 | -12.8% |
| Amounts payable within one year | 42/48 | €1,056,486 | €914,457 | -€142,028 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €815,529 | €616,640 | -€198,889 | -24.4% |
| Trade debts | 44 | €19,040 | €27,612 | +€8,572 | +45.0% |
| Suppliers | 440/4 | €19,040 | €27,612 | +€8,572 | +45.0% |
| Taxes, remuneration and social security | 45 | €45,808 | €8,428 | -€37,381 | -81.6% |
| Taxes | 450/3 | €45,808 | €6,578 | -€39,231 | -85.6% |
| Remuneration and social security | 454/9 | - | €1,850 | +€1,850 | |
| Other amounts payable | 47/48 | €176,108 | €261,777 | +€85,669 | +48.6% |
| Accrued charges and deferred income | 492/3 | €1,916 | €8,797 | +€6,881 | +359.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316 | €1,309 | +€993 | +313.6% |
| Other operating charges | 640/8 | €1,013 | €1,766 | +€753 | +74.3% |
| Gross operating margin | 9900 | €185,345 | €95,738 | -€89,606 | -48.3% |
| Operating profit (loss) | 9901 | €184,015 | €92,664 | -€91,352 | -49.6% |
| Financial income | 75/76B | €14,030 | €0 | -€14,030 | -100.0% |
| Recurring financial income | 75 | €14,030 | €0 | -€14,030 | -100.0% |
| Financial charges | 65/66B | €5,753 | €42,612 | +€36,859 | +640.7% |
| Recurring financial charges | 65 | €5,753 | €42,612 | +€36,859 | +640.7% |
| Profit (loss) for the period before taxes | 9903 | €192,292 | €50,052 | -€142,240 | -74.0% |
| Income taxes | 67/77 | €44,350 | €10,479 | -€33,871 | -76.4% |
| Profit (loss) for the period | 9904 | €147,942 | €39,572 | -€108,369 | -73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €147,942 | €39,572 | -€108,369 | -73.3% |
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 10 October 2026 via checked.be.