NMBA: 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.
NMBA
Largest movements
- Current investments -€18.0m
down €18.0m (-58.4%), from €30.8m to €12.8m
- Financial fixed assets +€8.8m
up €8.8m (+38.4%), from €23.0m to €31.8m
- Reserves -€18.6m
down €18.6m (-63.0%), from €29.5m to €10.9m
of which Non-distributable reserves: -€18.6m
- Debts after one year +€8.7m
new in 2025: €8.7m
- Profit (loss) carried forward +€622,438
up €622,438 (+3.4%), from €18.2m to €18.9m
- Financial income -€15.0m
down €15.0m (-93.9%), from €16.0m to €979,143
of which Non-recurring financial income: -€14.1m
- Taxes -€455,200
down €455,200, from €451,868 to -€3,332
- Financial charges +€157,765
up €157,765 (+226.1%), from €69,779 to €227,544
- Other operating charges +€55,357
up €55,357 (+429.1%), from €12,899 to €68,256
- Gross operating margin -€5,650
down €5,650 (-65.8%), from -€8,586 to -€14,236
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 | €55,783,826 | €46,790,907 | -€9.0m | -16.1% |
| Fixed assets | 21/28 | €22,958,261 | €31,768,465 | +€8.8m | +38.4% |
| Financial fixed assets | 28 | €22,958,261 | €31,768,465 | +€8.8m | +38.4% |
| Current assets | 29/58 | €32,825,565 | €15,022,442 | -€17.8m | -54.2% |
| Amounts receivable after more than one year | 29 | €1,286,179 | €1,394,000 | +€107,821 | +8.4% |
| Other amounts receivable | 291 | €1,286,179 | €1,394,000 | +€107,821 | +8.4% |
| Amounts receivable within one year | 40/41 | €264,000 | €389,226 | +€125,226 | +47.4% |
| Other amounts receivable | 41 | €264,000 | €389,226 | +€125,226 | +47.4% |
| Current investments | 50/53 | €30,827,439 | €12,830,272 | -€18.0m | -58.4% |
| Cash at bank and in hand | 54/58 | €375,545 | €341,562 | -€33,983 | -9.0% |
| Deferred charges and accrued income | 490/1 | €72,402 | €67,382 | -€5,020 | -6.9% |
| Total equity and liabilities | 10/49 | €55,783,826 | €46,790,907 | -€9.0m | -16.1% |
| Equity | 10/15 | €55,733,035 | €37,788,559 | -€17.9m | -32.2% |
| Contributions | 10/11 | €8,043,421 | €8,043,421 | = | 0.0% |
| Reserves | 13 | €29,459,641 | €10,892,727 | -€18.6m | -63.0% |
| Non-distributable reserves | 130/1 | €18,566,913 | - | -€18.6m | |
| Own shares acquired | 1312 | €18,566,913 | - | -€18.6m | |
| Tax-exempt reserves | 132 | €10,892,727 | €10,892,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,229,973 | €18,852,411 | +€622,438 | +3.4% |
| Amounts payable | 17/49 | €50,791 | €9,002,348 | +€9.0m | +17624.2% |
| Amounts payable after more than one year | 17 | - | €8,654,233 | +€8.7m | |
| Financial debts | 170/4 | - | €8,654,233 | +€8.7m | |
| Amounts payable within one year | 42/48 | €47,141 | €304,480 | +€257,339 | +545.9% |
| Current portion of amounts payable after more than one year | 42 | - | €251,645 | +€251,645 | |
| Trade debts | 44 | €1,997 | €2,835 | +€839 | +42.0% |
| Suppliers | 440/4 | €1,997 | €2,835 | +€839 | +42.0% |
| Taxes, remuneration and social security | 45 | €45,145 | - | -€45,145 | |
| Taxes | 450/3 | €45,145 | - | -€45,145 | |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €3,650 | €43,635 | +€39,985 | +1095.5% |
| Other operating charges | 640/8 | €12,899 | €68,256 | +€55,357 | +429.1% |
| Gross operating margin | 9900 | -€8,586 | -€14,236 | -€5,650 | -65.8% |
| Operating profit (loss) | 9901 | -€21,485 | -€82,492 | -€61,007 | -283.9% |
| Financial income | 75/76B | €15,957,427 | €979,143 | -€15.0m | -93.9% |
| Recurring financial income | 75 | €1,820,216 | €979,143 | -€841,073 | -46.2% |
| Non-recurring financial income | 76B | €14,137,211 | - | -€14.1m | |
| Financial charges | 65/66B | €69,779 | €227,544 | +€157,765 | +226.1% |
| Recurring financial charges | 65 | €69,779 | €227,544 | +€157,765 | +226.1% |
| Profit (loss) for the period before taxes | 9903 | €15,866,163 | €669,106 | -€15.2m | -95.8% |
| Income taxes | 67/77 | €451,868 | -€3,332 | -€455,200 | |
| Profit (loss) for the period | 9904 | €15,414,295 | €672,438 | -€14.7m | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,414,295 | €672,438 | -€14.7m | -95.6% |
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 3 October 2026 via checked.be.