NXMH: 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
NXMH
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€754.2m
2024 · €69.9m+€684.4m
Equity
€725.9m
2024 · €1.28bn-€558.1m
Cash
€26.8m
2024 · €19.7m+€7.1m
Balance sheet total
€2.27bn
2024 · €2.40bn-€130.4m
Largest movements
Assets
- Current investments +€574.1m
up €574.1m (+783%), from €73.3m to €647.5m
- Receivables within one year -€529.7m
down €529.7m (-99.6%), from €531.8m to €2.1m
of which Other amounts receivable: -€528.8m
- Financial fixed assets -€170.9m
down €170.9m (-9.7%), from €1.77bn to €1.60bn
of which Affiliated companies: -€129.3m
Equity and liabilities
- Other debts +€605.1m
up €605.1m (+1,148%), from €52.7m to €657.8m
- Contributions -€471.2m
down €471.2m (-39.4%), from €1.20bn to €725.9m
- Debts after one year -€294.3m
down €294.3m (-39.7%), from €740.7m to €446.4m
- Accrued charges and deferred income +€99.5m
up €99.5m (+119%), from €83.3m to €182.9m
- Profit (loss) carried forward -€85.2m
no longer reported in 2025 (was €85.2m)
Income statement
- Financial income +€769.8m
up €769.8m (+493%), from €156.2m to €926.0m
- Financial charges +€76.7m
up €76.7m (+98.2%), from €78.1m to €154.8m
of which Financial charges: +€98.5m
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
€69.9m
Staff costs
-€254,846
Depreciation
+€27,740
Other operating charges
-€2.2m
Other operating items
-€5.9m
Financial income
+€769.8m
Financial charges
-€76.7m
Taxes
-€389,591
Result 2025
€754.2m
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
+€2.00bn
Investment
-€403.2m
Financing
-€1.59bn
Cash 2024
€19.7m
From operations (derived)
+€2.00bn
Net result for the year
+€754.2m
Depreciation
+€22,542
Receivables within one year
+€529.7m
Deferred charges and accrued income
+€11.0m
Smaller working-capital items
+€44,023
Other debts
+€605.1m
Accrued charges and deferred income
+€99.5m
Investment (derived)
-€403.2m
Investment in fixed assets (net)
+€170.9m
Current investments
-€574.1m
Financing
-€1.59bn
Debts after one year
-€294.3m
Current portion of long-term debt
+€17.3m
Contributions, distributions and other
-€1.31bn
Cash 2025
€26.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,404,527,489 | €2,274,154,902 | -€130.4m | -5.4% |
| Formation expenses | 20 | €1,675 | €2,797 | +€1,122 | +67.0% |
| Fixed assets | 21/28 | €1,768,598,638 | €1,597,673,494 | -€170.9m | -9.7% |
| Tangible fixed assets | 22/27 | €59,120 | €50,708 | -€8,412 | -14.2% |
| Plant, machinery and equipment | 23 | €10,929 | €9,599 | -€1,330 | -12.2% |
| Furniture and vehicles | 24 | €48,191 | €41,109 | -€7,082 | -14.7% |
| Financial fixed assets | 28 | €1,768,539,518 | €1,597,622,786 | -€170.9m | -9.7% |
| Affiliated companies | 280/1 | €994,551,668 | €865,231,669 | -€129.3m | -13.0% |
| Participating interests | 280 | €994,551,668 | €865,231,669 | -€129.3m | -13.0% |
| Companies linked by participating interests | 282/3 | €757,821,604 | €715,664,337 | -€42.2m | -5.6% |
| Participating interests | 282 | €757,821,604 | €715,664,337 | -€42.2m | -5.6% |
| Other financial fixed assets | 284/8 | €16,166,246 | €16,726,780 | +€560,534 | +3.5% |
| Shares | 284 | €11,411,366 | €11,971,900 | +€560,534 | +4.9% |
| Amounts receivable and cash guarantees | 285/8 | €4,754,880 | €4,754,880 | = | 0.0% |
| Current assets | 29/58 | €635,927,176 | €676,478,611 | +€40.6m | +6.4% |
| Amounts receivable within one year | 40/41 | €531,830,991 | €2,126,610 | -€529.7m | -99.6% |
| Trade receivables | 40 | €2,114,257 | €1,210,901 | -€903,356 | -42.7% |
| Other amounts receivable | 41 | €529,716,734 | €915,709 | -€528.8m | -99.8% |
| Current investments | 50/53 | €73,337,820 | €647,463,732 | +€574.1m | +783% |
| Other investments | 51/53 | €73,337,820 | €647,463,732 | +€574.1m | +783% |
| Cash at bank and in hand | 54/58 | €19,729,179 | €26,829,245 | +€7.1m | +36.0% |
| Deferred charges and accrued income | 490/1 | €11,029,186 | €59,024 | -€11.0m | -99.5% |
| Total equity and liabilities | 10/49 | €2,404,527,489 | €2,274,154,902 | -€130.4m | -5.4% |
| Equity | 10/15 | €1,283,951,126 | €725,891,469 | -€558.1m | -43.5% |
| Contributions | 10/11 | €1,197,066,638 | €725,891,469 | -€471.2m | -39.4% |
| Reserves | 13 | €1,722,227 | - | -€1.7m | |
| Non-distributable reserves | 130/1 | €1,722,227 | - | -€1.7m | |
| Reserves not available under the articles | 1311 | €1,722,227 | - | -€1.7m | |
| Profit (loss) carried forward | 14 | €85,162,261 | - | -€85.2m | |
| Amounts payable | 17/49 | €1,120,576,363 | €1,548,263,433 | +€427.7m | +38.2% |
| Amounts payable after more than one year | 17 | €740,677,881 | €446,408,004 | -€294.3m | -39.7% |
| Financial debts | 170/4 | €740,677,881 | €446,408,004 | -€294.3m | -39.7% |
| Credit institutions | 173 | €740,677,881 | €446,408,004 | -€294.3m | -39.7% |
| Amounts payable within one year | 42/48 | €296,551,321 | €918,978,793 | +€622.4m | +210% |
| Current portion of amounts payable after more than one year | 42 | €192,967,395 | €210,230,742 | +€17.3m | +8.9% |
| Financial debts | 43 | €46,000,000 | €46,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €46,000,000 | €46,000,000 | = | 0.0% |
| Trade debts | 44 | €2,025,814 | €1,044,866 | -€980,948 | -48.4% |
| Suppliers | 440/4 | €2,025,814 | €1,044,866 | -€980,948 | -48.4% |
| Taxes, remuneration and social security | 45 | €2,847,477 | €3,872,448 | +€1.0m | +36.0% |
| Taxes | 450/3 | €2,742,433 | €3,786,738 | +€1.0m | +38.1% |
| Remuneration and social security | 454/9 | €105,044 | €85,710 | -€19,334 | -18.4% |
| Other amounts payable | 47/48 | €52,710,635 | €657,830,737 | +€605.1m | +1,148% |
| Accrued charges and deferred income | 492/3 | €83,347,161 | €182,876,636 | +€99.5m | +119% |
| Operating income | 70/76A | €5,333,479 | €2,021,963 | -€3.3m | -62.1% |
| Other operating income | 74 | €5,333,479 | €1,239,654 | -€4.1m | -76.8% |
| Non-recurring operating income | 76A | - | €782,309 | +€782,309 | |
| Operating charges | 60/66A | €12,201,059 | €17,207,046 | +€5.0m | +41.0% |
| Services and other goods | 61 | €6,582,753 | €9,154,005 | +€2.6m | +39.1% |
| Remuneration, social security and pensions | 62 | €1,193,963 | €1,448,809 | +€254,846 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,282 | €22,542 | -€27,740 | -55.2% |
| Other operating charges | 640/8 | €4,374,061 | €6,581,690 | +€2.2m | +50.5% |
| Operating profit (loss) | 9901 | -€6,867,580 | -€15,185,083 | -€8.3m | -121% |
| Financial income | 75/76B | €156,209,503 | €926,018,191 | +€769.8m | +493% |
| Recurring financial income | 75 | €156,209,503 | €926,018,191 | +€769.8m | +493% |
| Income from financial fixed assets | 750 | €39,460,580 | €733,685,691 | +€694.2m | +1,759% |
| Income from current assets | 751 | €20,662,911 | €14,184,666 | -€6.5m | -31.4% |
| Other financial income | 752/9 | €96,086,012 | €178,147,834 | +€82.1m | +85.4% |
| Financial charges | 65/66B | €78,107,722 | €154,834,917 | +€76.7m | +98.2% |
| Recurring financial charges | 65 | €58,089,638 | €156,602,979 | +€98.5m | +170% |
| Debt charges | 650 | €24,089,052 | €32,302,180 | +€8.2m | +34.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €437,893 | +€437,893 | |
| Other financial charges | 652/9 | €34,000,586 | €123,862,906 | +€89.9m | +264% |
| Non-recurring financial charges | 66B | €20,018,084 | -€1,768,062 | -€21.8m | |
| Profit (loss) for the period before taxes | 9903 | €71,234,201 | €755,998,191 | +€684.8m | +961% |
| Income taxes | 67/77 | €1,373,985 | €1,763,576 | +€389,591 | +28.4% |
| Taxes | 670/3 | €1,481,942 | €1,786,404 | +€304,462 | +20.5% |
| Tax adjustments and reversals of tax provisions | 77 | €107,957 | €22,828 | -€85,129 | -78.9% |
| Profit (loss) for the period | 9904 | €69,860,216 | €754,234,615 | +€684.4m | +980% |
| Profit (loss) for the period to be appropriated | 9905 | €69,860,216 | €754,234,615 | +€684.4m | +980% |
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 14 October 2026 via checked.be.