NMSG: 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.
NMSG
Largest movements
- Receivables within one year +€263,131
up €263,131 (+4449.3%), from €5,914 to €269,045
- Tangible fixed assets +€28,738
up €28,738 (+98.8%), from €29,077 to €57,815
of which Land and buildings: +€46,788
- Cash -€9,105
down €9,105 (-23.4%), from €38,865 to €29,760
mainly Receivables within one year (-€263,131) and Investment in fixed assets (net) (-€38,825)
- Deferred charges and accrued income -€3,947
no longer reported in 2025 (was €3,947)
- Other debts +€105,839
up €105,839 (+609.6%), from €17,361 to €123,200
- Trade debts +€74,963
up €74,963 (+5748.7%), from €1,304 to €76,267
- Advances received +€48,219
new in 2025: €48,219
- Reserves +€30,000
new in 2025: €30,000
- Tax, wage and social debts +€21,727
up €21,727 (+80.6%), from €26,969 to €48,696
of which Taxes: +€14,576
- Gross operating margin -€39,491
down €39,491 (-42.4%), from €93,129 to €53,638
- Taxes -€14,945
down €14,945 (-60.6%), from €24,653 to €9,708
- Depreciation -€10,795
down €10,795 (-49.1%), from €21,982 to €11,187
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 | €79,423 | €357,140 | +€277,717 | +349.7% |
| Fixed assets | 21/28 | €30,697 | €58,335 | +€27,638 | +90.0% |
| Tangible fixed assets | 22/27 | €29,077 | €57,815 | +€28,738 | +98.8% |
| Land and buildings | 22 | - | €46,788 | +€46,788 | |
| Furniture and vehicles | 24 | €28,171 | €10,251 | -€17,920 | -63.6% |
| Other tangible fixed assets | 26 | €906 | €776 | -€130 | -14.3% |
| Financial fixed assets | 28 | €1,620 | €520 | -€1,100 | -67.9% |
| Current assets | 29/58 | €48,726 | €298,805 | +€250,079 | +513.2% |
| Amounts receivable within one year | 40/41 | €5,914 | €269,045 | +€263,131 | +4449.3% |
| Trade receivables | 40 | €5,914 | €269,045 | +€263,131 | +4449.3% |
| Cash at bank and in hand | 54/58 | €38,865 | €29,760 | -€9,105 | -23.4% |
| Deferred charges and accrued income | 490/1 | €3,947 | - | -€3,947 | |
| Total equity and liabilities | 10/49 | €79,423 | €357,140 | +€277,717 | +349.7% |
| Equity | 10/15 | €31,309 | €58,013 | +€26,704 | +85.3% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Outside capital | 11 | €28,000 | €28,000 | = | 0.0% |
| Other | 1109/19 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | - | €30,000 | +€30,000 | |
| Distributable reserves | 133 | - | €30,000 | +€30,000 | |
| Profit (loss) carried forward | 14 | €3,309 | €13 | -€3,296 | -99.6% |
| Amounts payable | 17/49 | €48,114 | €299,127 | +€251,013 | +521.7% |
| Amounts payable within one year | 42/48 | €45,634 | €296,382 | +€250,748 | +549.5% |
| Trade debts | 44 | €1,304 | €76,267 | +€74,963 | +5748.7% |
| Suppliers | 440/4 | €1,304 | €76,267 | +€74,963 | +5748.7% |
| Advances received on contracts in progress | 46 | - | €48,219 | +€48,219 | |
| Taxes, remuneration and social security | 45 | €26,969 | €48,696 | +€21,727 | +80.6% |
| Taxes | 450/3 | €26,969 | €41,545 | +€14,576 | +54.0% |
| Remuneration and social security | 454/9 | - | €7,151 | +€7,151 | |
| Other amounts payable | 47/48 | €17,361 | €123,200 | +€105,839 | +609.6% |
| Accrued charges and deferred income | 492/3 | €2,480 | €2,745 | +€265 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,982 | €11,187 | -€10,795 | -49.1% |
| Other operating charges | 640/8 | €4,345 | €4,197 | -€148 | -3.4% |
| Gross operating margin | 9900 | €93,129 | €53,638 | -€39,491 | -42.4% |
| Operating profit (loss) | 9901 | €66,802 | €38,254 | -€28,548 | -42.7% |
| Financial income | 75/76B | €108 | €214 | +€106 | +98.1% |
| Recurring financial income | 75 | €108 | €214 | +€106 | +98.1% |
| Financial charges | 65/66B | €1,500 | €2,056 | +€556 | +37.1% |
| Recurring financial charges | 65 | €1,500 | €2,056 | +€556 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | €65,410 | €36,412 | -€28,998 | -44.3% |
| Income taxes | 67/77 | €24,653 | €9,708 | -€14,945 | -60.6% |
| Profit (loss) for the period | 9904 | €40,757 | €26,704 | -€14,053 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,757 | €26,704 | -€14,053 | -34.5% |
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 6 October 2026 via checked.be.