FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2025 or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 1-8245

NORTH EUROPEAN OIL ROYALTY TRUST

(Exact Name of Registrant as Specified in its Charter)

Delaware 22-2084119

State or Other Jurisdiction of I.R.S. Employer Identification No.

of Incorporation or Organization

5 N. Lincoln Street, Keene, N.H. 03431

Address of Principal Executive Offices Zip Code

(732) 741-4008

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Units of Beneficial Interest NRT New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X No ___

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer

Non-accelerated filer X Smaller reporting company X

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ___ No X

9,190,590 Units of Beneficial Interest Outstanding as of July 31, 2025

PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements.

STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (NOTE 1)JULY 31, 2025 AND OCTOBER 31, 2024(Unaudited)

	2025	2024
ASSETS
Current assets -- Cash and cash equivalents	$4,241,370	$1,625,343

Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)	1	1

Total Assets	$4,241,371	$1,625,344


LIABILITIES AND TRUST CORPUS
Current liabilities -- Distributions to be paid to unit owners	$2,389,553	$183,812

Trust corpus (Notes 1 and 2)	1	1

Undistributed earnings	1,851,817	1,441,531

Total Liabilities and Trust Corpus	$4,241,371	$1,625,344

NORTH EUROPEAN OIL ROYALTY TRUST 10-Q