NMS: 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.
NMS
Largest movements
- Receivables within one year +€48,400
up €48,400 (+57.1%), from €84,778 to €133,178
of which Trade receivables: +€64,468
- Cash +€20,923
up €20,923 (+97.2%), from €21,523 to €42,446
mainly Net result for the year (+€243,361) and Other debts (+€68,569)
- Tangible fixed assets -€15,302
down €15,302 (-36.0%), from €42,462 to €27,160
of which Furniture and vehicles: -€15,018
- Current investments -€7,980
no longer reported in 2025 (was €7,980)
- Other debts +€68,569
up €68,569 (+197%), from €34,810 to €103,378
- Debts after one year -€13,536
down €13,536 (-54.5%), from €24,816 to €11,280
- Current portion of long-term debt -€8,582
down €8,582 (-14.8%), from €58,075 to €49,493
- Tax, wage and social debts +€6,671
up €6,671 (+21.8%), from €30,614 to €37,285
- Accrued charges and deferred income -€5,151
no longer reported in 2025 (was €5,151)
- Gross operating margin +€41,206
up €41,206 (+13.9%), from €296,629 to €337,835
- Taxes +€3,547
up €3,547 (+5.0%), from €70,340 to €73,887
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 | €158,060 | €203,654 | +€45,594 | +28.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €42,462 | €27,160 | -€15,302 | -36.0% |
| Tangible fixed assets | 22/27 | €42,462 | €27,160 | -€15,302 | -36.0% |
| Plant, machinery and equipment | 23 | €332 | €47 | -€285 | -85.7% |
| Furniture and vehicles | 24 | €42,130 | €27,112 | -€15,018 | -35.6% |
| Current assets | 29/58 | €115,598 | €176,494 | +€60,896 | +52.7% |
| Amounts receivable within one year | 40/41 | €84,778 | €133,178 | +€48,400 | +57.1% |
| Trade receivables | 40 | €68,632 | €133,100 | +€64,468 | +93.9% |
| Other amounts receivable | 41 | €16,146 | €78 | -€16,068 | -99.5% |
| Current investments | 50/53 | €7,980 | - | -€7,980 | |
| Cash at bank and in hand | 54/58 | €21,523 | €42,446 | +€20,923 | +97.2% |
| Deferred charges and accrued income | 490/1 | €1,317 | €870 | -€447 | -33.9% |
| Total equity and liabilities | 10/49 | €158,060 | €203,654 | +€45,594 | +28.8% |
| Equity | 10/15 | €4,474 | €1,335 | -€3,139 | -70.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €3,474 | €335 | -€3,139 | -90.4% |
| Distributable reserves | 133 | €3,474 | €335 | -€3,139 | -90.4% |
| Amounts payable | 17/49 | €153,586 | €202,319 | +€48,733 | +31.7% |
| Amounts payable after more than one year | 17 | €24,816 | €11,280 | -€13,536 | -54.5% |
| Financial debts | 170/4 | €24,816 | €11,280 | -€13,536 | -54.5% |
| Amounts payable within one year | 42/48 | €123,619 | €191,039 | +€67,420 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | €58,075 | €49,493 | -€8,582 | -14.8% |
| Trade debts | 44 | €121 | €883 | +€762 | +629% |
| Suppliers | 440/4 | €121 | €883 | +€762 | +629% |
| Taxes, remuneration and social security | 45 | €30,614 | €37,285 | +€6,671 | +21.8% |
| Taxes | 450/3 | €30,614 | €37,285 | +€6,671 | +21.8% |
| Other amounts payable | 47/48 | €34,810 | €103,378 | +€68,569 | +197% |
| Accrued charges and deferred income | 492/3 | €5,151 | - | -€5,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,302 | €15,302 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,601 | €873 | -€727 | -45.5% |
| Gross operating margin | 9900 | €296,629 | €337,835 | +€41,206 | +13.9% |
| Operating profit (loss) | 9901 | €279,727 | €321,660 | +€41,933 | +15.0% |
| Financial income | 75/76B | €994 | €513 | -€481 | -48.4% |
| Recurring financial income | 75 | €994 | €513 | -€481 | -48.4% |
| Financial charges | 65/66B | €3,428 | €4,925 | +€1,497 | +43.7% |
| Recurring financial charges | 65 | €3,428 | €4,925 | +€1,497 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €277,293 | €317,248 | +€39,955 | +14.4% |
| Income taxes | 67/77 | €70,340 | €73,887 | +€3,547 | +5.0% |
| Profit (loss) for the period | 9904 | €206,952 | €243,361 | +€36,408 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €206,952 | €243,361 | +€36,408 | +17.6% |
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 15 October 2026 via checked.be.