NM LAW: 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 LAW
Largest movements
- Receivables after one year -€212,800
no longer reported in 2025 (was €212,800)
- Receivables within one year +€94,870
up €94,870 (+10.9%), from €872,262 to €967,132
of which Other amounts receivable: +€120,472
- Cash +€55,440
up €55,440 (+4.9%), from €1.1m to €1.2m
mainly Other debts (+€1.1m) and Net result for the year (+€625,470)
- Other debts +€1.1m
up €1.1m (+417%), from €257,774 to €1.3m
- Reserves -€948,565
down €948,565 (-34.6%), from €2.7m to €1.8m
- Tax, wage and social debts -€139,309
down €139,309 (-49.2%), from €283,358 to €144,049
of which Taxes: -€139,347
- Debts after one year -€66,790
down €66,790 (-18.9%), from €354,233 to €287,443
of which Financial debts: -€66,790
- Gross operating margin -€242,898
down €242,898 (-23.2%), from €1.0m to €802,327
- Taxes -€193,124
down €193,124 (-59.7%), from €323,402 to €130,278
- Financial income +€16,874
up €16,874 (+145%), from €11,609 to €28,483
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 | €3,741,605 | €3,653,934 | -€87,671 | -2.3% |
| Fixed assets | 21/28 | €1,449,304 | €1,417,532 | -€31,771 | -2.2% |
| Tangible fixed assets | 22/27 | €1,098,502 | €1,066,731 | -€31,771 | -2.9% |
| Land and buildings | 22 | €1,066,331 | €1,042,809 | -€23,522 | -2.2% |
| Furniture and vehicles | 24 | €32,172 | €23,922 | -€8,250 | -25.6% |
| Financial fixed assets | 28 | €350,801 | €350,801 | = | 0.0% |
| Current assets | 29/58 | €2,292,302 | €2,236,402 | -€55,900 | -2.4% |
| Amounts receivable after more than one year | 29 | €212,800 | - | -€212,800 | |
| Other amounts receivable | 291 | €212,800 | - | -€212,800 | |
| Amounts receivable within one year | 40/41 | €872,262 | €967,132 | +€94,870 | +10.9% |
| Trade receivables | 40 | €601,970 | €576,368 | -€25,602 | -4.3% |
| Other amounts receivable | 41 | €270,292 | €390,764 | +€120,472 | +44.6% |
| Current investments | 50/53 | €65,188 | €65,188 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,138,393 | €1,193,833 | +€55,440 | +4.9% |
| Deferred charges and accrued income | 490/1 | €3,660 | €10,250 | +€6,590 | +180% |
| Total equity and liabilities | 10/49 | €3,741,605 | €3,653,934 | -€87,671 | -2.3% |
| Equity | 10/15 | €2,759,431 | €1,810,866 | -€948,565 | -34.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €2,741,876 | €1,793,311 | -€948,565 | -34.6% |
| Distributable reserves | 133 | €2,741,876 | €1,793,311 | -€948,565 | -34.6% |
| Profit (loss) carried forward | 14 | €3,295 | €3,295 | = | 0.0% |
| Amounts payable | 17/49 | €982,175 | €1,843,068 | +€860,893 | +87.7% |
| Amounts payable after more than one year | 17 | €354,233 | €287,443 | -€66,790 | -18.9% |
| Financial debts | 170/4 | €353,993 | €287,203 | -€66,790 | -18.9% |
| Other amounts payable | 178/9 | €240 | €240 | = | 0.0% |
| Amounts payable within one year | 42/48 | €627,942 | €1,555,465 | +€927,523 | +148% |
| Current portion of amounts payable after more than one year | 42 | €69,200 | €70,367 | +€1,167 | +1.7% |
| Trade debts | 44 | €17,610 | €8,764 | -€8,846 | -50.2% |
| Suppliers | 440/4 | €17,610 | €8,764 | -€8,846 | -50.2% |
| Taxes, remuneration and social security | 45 | €283,358 | €144,049 | -€139,309 | -49.2% |
| Taxes | 450/3 | €281,942 | €142,595 | -€139,347 | -49.4% |
| Remuneration and social security | 454/9 | €1,415 | €1,453 | +€38 | +2.7% |
| Other amounts payable | 47/48 | €257,774 | €1,332,286 | +€1.1m | +417% |
| Accrued charges and deferred income | 492/3 | - | €160 | +€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,314 | €60,564 | +€8,250 | +15.8% |
| Other operating charges | 640/8 | €7,070 | €7,308 | +€238 | +3.4% |
| Gross operating margin | 9900 | €1,045,225 | €802,327 | -€242,898 | -23.2% |
| Operating profit (loss) | 9901 | €985,842 | €734,455 | -€251,387 | -25.5% |
| Financial income | 75/76B | €11,609 | €28,483 | +€16,874 | +145% |
| Recurring financial income | 75 | €11,609 | €28,483 | +€16,874 | +145% |
| Financial charges | 65/66B | €8,309 | €7,189 | -€1,120 | -13.5% |
| Recurring financial charges | 65 | €8,309 | €7,189 | -€1,120 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €989,142 | €755,748 | -€233,393 | -23.6% |
| Income taxes | 67/77 | €323,402 | €130,278 | -€193,124 | -59.7% |
| Profit (loss) for the period | 9904 | €665,740 | €625,470 | -€40,269 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €665,740 | €625,470 | -€40,269 | -6.0% |
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 27 October 2026 via checked.be.