NMF 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.
NMF MANAGEMENT
Largest movements
- Financial fixed assets +€159,544
up €159,544 (+7.7%), from €2.1m to €2.2m
- Receivables within one year -€128,538
down €128,538 (-98.6%), from €130,424 to €1,886
- Cash +€80,173
up €80,173 (+147%), from €54,589 to €134,762
mainly Net result for the year (+€295,954) and Receivables within one year (+€128,538)
- Tangible fixed assets +€55,499
new in 2025: €55,499
- Reserves +€300,000
up €300,000 (+30.0%), from €1.0m to €1.3m
- Debts after one year -€134,421
down €134,421 (-12.2%), from €1.1m to €967,687
of which Financial debts: -€134,421
- Financial income -€50,302
down €50,302 (-14.8%), from €340,992 to €290,690
- Depreciation +€11,577
new in 2025: €11,577
- Gross operating margin -€9,895
down €9,895 (-24.9%), from €39,812 to €29,917
- Other operating charges +€5,443
new in 2025: €5,443
- Taxes -€3,628
down €3,628 (-49.2%), from €7,373 to €3,745
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 | €2,263,050 | €2,430,874 | +€167,824 | +7.4% |
| Fixed assets | 21/28 | €2,075,526 | €2,290,569 | +€215,043 | +10.4% |
| Tangible fixed assets | 22/27 | - | €55,499 | +€55,499 | |
| Furniture and vehicles | 24 | - | €55,499 | +€55,499 | |
| Financial fixed assets | 28 | €2,075,526 | €2,235,070 | +€159,544 | +7.7% |
| Current assets | 29/58 | €187,524 | €140,305 | -€47,219 | -25.2% |
| Amounts receivable within one year | 40/41 | €130,424 | €1,886 | -€128,538 | -98.6% |
| Other amounts receivable | 41 | €130,424 | €1,886 | -€128,538 | -98.6% |
| Cash at bank and in hand | 54/58 | €54,589 | €134,762 | +€80,173 | +147% |
| Deferred charges and accrued income | 490/1 | €2,511 | €3,657 | +€1,146 | +45.6% |
| Total equity and liabilities | 10/49 | €2,263,050 | €2,430,874 | +€167,824 | +7.4% |
| Equity | 10/15 | €1,020,375 | €1,314,663 | +€294,288 | +28.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,300,000 | +€300,000 | +30.0% |
| Distributable reserves | 133 | €1,000,000 | €1,300,000 | +€300,000 | +30.0% |
| Profit (loss) carried forward | 14 | €10,375 | €4,663 | -€5,712 | -55.1% |
| Amounts payable | 17/49 | €1,242,675 | €1,116,211 | -€126,464 | -10.2% |
| Amounts payable after more than one year | 17 | €1,102,108 | €967,687 | -€134,421 | -12.2% |
| Financial debts | 170/4 | €349,744 | €215,323 | -€134,421 | -38.4% |
| Other amounts payable | 178/9 | €752,364 | €752,364 | = | 0.0% |
| Amounts payable within one year | 42/48 | €140,567 | €148,524 | +€7,957 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €133,218 | €134,421 | +€1,203 | +0.9% |
| Trade debts | 44 | €50 | €5,259 | +€5,209 | +10,418% |
| Suppliers | 440/4 | €50 | €5,259 | +€5,209 | +10,418% |
| Taxes, remuneration and social security | 45 | €7,299 | €7,178 | -€121 | -1.7% |
| Taxes | 450/3 | €7,299 | €7,178 | -€121 | -1.7% |
| Other amounts payable | 47/48 | - | €1,666 | +€1,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,577 | +€11,577 | |
| Other operating charges | 640/8 | - | €5,443 | +€5,443 | |
| Gross operating margin | 9900 | €39,812 | €29,917 | -€9,895 | -24.9% |
| Operating profit (loss) | 9901 | €39,812 | €12,897 | -€26,915 | -67.6% |
| Financial income | 75/76B | €340,992 | €290,690 | -€50,302 | -14.8% |
| Recurring financial income | 75 | €340,992 | €290,690 | -€50,302 | -14.8% |
| Financial charges | 65/66B | €5,081 | €3,888 | -€1,193 | -23.5% |
| Recurring financial charges | 65 | €5,081 | €3,888 | -€1,193 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €375,723 | €299,699 | -€76,024 | -20.2% |
| Income taxes | 67/77 | €7,373 | €3,745 | -€3,628 | -49.2% |
| Profit (loss) for the period | 9904 | €368,350 | €295,954 | -€72,396 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €368,350 | €295,954 | -€72,396 | -19.7% |
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 30 October 2026 via checked.be.