NUHMA AC: 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.
What changed
NUHMA AC
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.8m
2024 · €23.0m-€14.2m
Equity
€607.1m
2024 · €657.5m-€50.4m
Cash
€3.1m
2024 · €6.8m-€3.7m
Balance sheet total
€630.6m
2024 · €679.3m-€48.7m
Largest movements
Assets
- Financial fixed assets -€37.1m
down €37.1m (-5.7%), from €655.1m to €617.9m
of which Companies linked by participating interests: -€21.8m
- Current investments -€7.4m
down €7.4m (-98.3%), from €7.5m to €128,800
Equity and liabilities
- Revaluation surpluses -€50.8m
down €50.8m (-27.8%), from €182.8m to €132.0m
- Debts after one year +€15.2m
new in 2025: €15.2m
- Other debts -€13.5m
down €13.5m (-61.8%), from €21.8m to €8.3m
Income statement
- Financial charges +€16.7m
up €16.7m (+629%), from €2.7m to €19.4m
of which Non-recurring financial charges: +€16.4m
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.
Result 2024
€23.0m
Depreciation
-€3,411
Other operating charges
+€102
Other operating items
-€138,275
Financial income
+€2.5m
Financial charges
-€16.7m
Taxes
+€159,196
Result 2025
€8.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€4.3m
Investment
+€44.5m
Financing
-€44.0m
Cash 2024
€6.8m
From operations (derived)
-€4.3m
Net result for the year
+€8.8m
Depreciation
+€4,436
Receivables within one year
+€434,372
Smaller working-capital items
-€23,946
Other debts
-€13.5m
Investment (derived)
+€44.5m
Investment in fixed assets (net)
+€37.1m
Current investments
+€7.4m
Financing
-€44.0m
Debts after one year
+€15.2m
Contributions, distributions and other
-€59.1m
Cash 2025
€3.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €679,344,341 | €630,630,603 | -€48.7m | -7.2% |
| Formation expenses | 20 | €21,155 | €16,719 | -€4,436 | -21.0% |
| Fixed assets | 21/28 | €655,068,418 | €617,947,424 | -€37.1m | -5.7% |
| Financial fixed assets | 28 | €655,068,418 | €617,947,424 | -€37.1m | -5.7% |
| Affiliated companies | 280/1 | €179,475,583 | €164,104,968 | -€15.4m | -8.6% |
| Participating interests | 280 | €170,889,884 | €156,529,351 | -€14.4m | -8.4% |
| Amounts receivable | 281 | €8,585,699 | €7,575,616 | -€1.0m | -11.8% |
| Companies linked by participating interests | 282/3 | €469,308,298 | €447,544,171 | -€21.8m | -4.6% |
| Participating interests | 282 | €463,205,753 | €435,950,902 | -€27.3m | -5.9% |
| Amounts receivable | 283 | €6,102,545 | €11,593,269 | +€5.5m | +90.0% |
| Other financial fixed assets | 284/8 | €6,284,537 | €6,298,286 | +€13,748 | +0.2% |
| Shares | 284 | €3,974,260 | €5,189,381 | +€1.2m | +30.6% |
| Amounts receivable and cash guarantees | 285/8 | €2,310,277 | €1,108,904 | -€1.2m | -52.0% |
| Current assets | 29/58 | €24,254,768 | €12,666,460 | -€11.6m | -47.8% |
| Amounts receivable within one year | 40/41 | €9,879,993 | €9,445,622 | -€434,372 | -4.4% |
| Other amounts receivable | 41 | €9,879,993 | €9,445,622 | -€434,372 | -4.4% |
| Current investments | 50/53 | €7,528,800 | €128,800 | -€7.4m | -98.3% |
| Other investments | 51/53 | €7,528,800 | €128,800 | -€7.4m | -98.3% |
| Cash at bank and in hand | 54/58 | €6,823,778 | €3,089,512 | -€3.7m | -54.7% |
| Deferred charges and accrued income | 490/1 | €22,196 | €2,526 | -€19,670 | -88.6% |
| Total equity and liabilities | 10/49 | €679,344,341 | €630,630,603 | -€48.7m | -7.2% |
| Equity | 10/15 | €657,461,926 | €607,097,228 | -€50.4m | -7.7% |
| Contributions | 10/11 | €470,197,930 | €470,197,930 | = | 0.0% |
| Capital | 10 | €470,197,930 | €470,197,930 | = | 0.0% |
| Issued capital | 100 | €470,197,930 | €470,197,930 | = | 0.0% |
| Revaluation surpluses | 12 | €182,784,780 | €131,972,345 | -€50.8m | -27.8% |
| Reserves | 13 | €4,479,216 | €4,926,953 | +€447,737 | +10.0% |
| Non-distributable reserves | 130/1 | €4,316,461 | €4,755,405 | +€438,945 | +10.2% |
| Legal reserve | 130 | €4,316,461 | €4,755,405 | +€438,945 | +10.2% |
| Distributable reserves | 133 | €162,755 | €171,548 | +€8,792 | +5.4% |
| Amounts payable | 17/49 | €21,882,415 | €23,533,375 | +€1.7m | +7.5% |
| Amounts payable after more than one year | 17 | - | €15,169,577 | +€15.2m | |
| Financial debts | 170/4 | - | €15,169,577 | +€15.2m | |
| Other loans | 174 | - | €15,169,577 | +€15.2m | |
| Amounts payable within one year | 42/48 | €21,872,640 | €8,360,620 | -€13.5m | -61.8% |
| Trade debts | 44 | €1,045 | €1,152 | +€107 | +10.2% |
| Suppliers | 440/4 | €1,045 | €1,152 | +€107 | +10.2% |
| Taxes, remuneration and social security | 45 | €71,595 | €34,468 | -€37,126 | -51.9% |
| Taxes | 450/3 | €71,595 | €34,468 | -€37,126 | -51.9% |
| Other amounts payable | 47/48 | €21,800,000 | €8,325,000 | -€13.5m | -61.8% |
| Accrued charges and deferred income | 492/3 | €9,775 | €3,178 | -€6,597 | -67.5% |
| Operating charges | 60/66A | €21,739 | €163,323 | +€141,584 | +651% |
| Services and other goods | 61 | €18,570 | €156,845 | +€138,275 | +745% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,026 | €4,436 | +€3,411 | +333% |
| Other operating charges | 640/8 | €2,144 | €2,042 | -€102 | -4.8% |
| Operating profit (loss) | 9901 | -€21,739 | -€163,323 | -€141,584 | -651% |
| Financial income | 75/76B | €26,044,945 | €28,584,984 | +€2.5m | +9.8% |
| Recurring financial income | 75 | €25,977,024 | €28,551,701 | +€2.6m | +9.9% |
| Income from financial fixed assets | 750 | €24,425,168 | €27,407,926 | +€3.0m | +12.2% |
| Income from current assets | 751 | €1,551,856 | €1,143,775 | -€408,081 | -26.3% |
| Non-recurring financial income | 76B | €67,921 | €33,283 | -€34,638 | -51.0% |
| Financial charges | 65/66B | €2,662,445 | €19,410,816 | +€16.7m | +629% |
| Recurring financial charges | 65 | €6,574 | €349,144 | +€342,570 | +5,211% |
| Debt charges | 650 | - | €344,657 | +€344,657 | |
| Other financial charges | 652/9 | €6,574 | €4,487 | -€2,087 | -31.7% |
| Non-recurring financial charges | 66B | €2,655,871 | €19,061,672 | +€16.4m | +618% |
| Profit (loss) for the period before taxes | 9903 | €23,360,761 | €9,010,845 | -€14.3m | -61.4% |
| Income taxes | 67/77 | €397,304 | €238,108 | -€159,196 | -40.1% |
| Taxes | 670/3 | €397,304 | €238,108 | -€159,196 | -40.1% |
| Profit (loss) for the period | 9904 | €22,963,457 | €8,772,737 | -€14.2m | -61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,963,457 | €8,772,737 | -€14.2m | -61.8% |
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 25 October 2026 via checked.be.