UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

~~[X]~~☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~SECURITIES~~For ~~EXCHANGE~~the ~~ACT~~fiscal OFyear ~~1934~~ended October 31, 2025 or

~~For~~☐ ~~the~~TRANSITION ~~fiscal~~REPORT ~~year~~PURSUANT ~~ended October~~TO ~~31,~~SECTION ~~2024 or~~ 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[ ] 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

~~Delaware 22-2084119~~ (Exact Name of Registrant as Specified in Its Charter)

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

Delaware		22-2084119
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

5 N. Lincoln Street, Keene, N.H.		03431
Address of Principal Executive Offices		Zip Code

of(732) ~~Incorporation~~741-4008 or(Registrant’s ~~Organization~~ telephone number, including area code)

5Securities N.registered ~~Lincoln~~pursuant ~~Street,~~to ~~Keene,~~Section ~~N.H. 03431~~ 12(b) of the Act:

~~Address~~Title of ~~Principal~~each ~~Executive~~class ~~Offices Zip~~Trading ~~Code~~Symbol(s) Name of each exchange on which registered Units of Beneficial Interest NRT New York Stock Exchange

~~(732)~~Indicate ~~741~~by check mark if the registrant is a well-~~4008~~ known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

~~Title~~Indicate ofby ~~each~~check ~~class Trading~~mark ~~Symbol~~if the registrant is not required to file reports pursuant to Section 13 or 15(sd) ~~Name~~ of ~~each~~the ~~exchange~~Act. Yes ~~on which registered~~☐ No ☒

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

Indicate by check mark ifwhether the registrant ishas asubmitted ~~well-known~~electronically ~~seasoned~~every ~~issuer,~~Interactive asData ~~defined~~File inrequired to be submitted pursuant to Rule 405 of ~~the~~Regulation ~~Securities~~S-T ~~Act~~(§232. 405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No X ☐

Indicate by check mark ifwhether the registrant is ~~not~~a ~~required~~large toaccelerated ~~file~~filer, ~~reports~~an ~~pursuant~~accelerated tofiler, ~~Section~~a 13non-accelerated filer, a smaller reporting company, or ~~15(d)~~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. ~~Yes No X~~

~~Indicate~~Large byaccelerated ~~check~~filer ~~mark~~☐ ~~whether~~Accelerated ~~the~~filer ~~registrant~~☐ ~~(1)~~Non-accelerated ~~has~~filer ~~filed~~☒ ~~all~~Smaller ~~reports~~reporting ~~required~~company to☒ beEmerging ~~filed~~growth bycompany 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~~If an emerging growth company, indicate by check mark ~~whether~~if the registrant has ~~submitted~~elected ~~electronically~~not ~~every Interactive Data File required~~ to beuse ~~submitted~~the ~~pursuant~~extended totransition ~~Rule~~period ~~405~~for ofcomplying ~~Regulation~~with ~~S-T~~any ~~(Section~~new ~~232.405~~or ofrevised ~~this~~financial ~~chapter)~~accounting ~~during~~standards ~~the~~provided ~~preceding~~pursuant 12to ~~months~~Section 13(ora) ~~for~~of ~~such shorter period that~~ the ~~registrant was required to submit such files).~~ Exchange ~~Yes X No~~ Act. ~~___~~ ☐

Indicate by check mark whether the registrant ishas filed a ~~large~~report ~~accelerated~~on ~~filer,~~and anattestation ~~accelerated~~to ~~filer,~~its amanagement’s ~~non-accelerated~~assessment ~~filer,~~of athe ~~smaller~~effectiveness ~~reporting~~of ~~company~~its orinternal ancontrols ~~emerging~~over ~~growth~~financial ~~company.~~reporting ~~See~~under ~~the~~Section ~~definitions~~404(b) of ~~"large~~the ~~accelerated~~Sarbanes-Oxley ~~filer,"~~Act ~~"accelerated~~(15 U.S.C. ~~filer,"~~ 7262(b)) ~~"smaller~~by ~~reporting~~the ~~company,"~~registered ~~and~~public ~~"emerging~~accounting ~~growth~~firm ~~company"~~that inprepared ~~Rule~~or ~~12b-2~~issued ofits ~~the~~audit ~~Exchange Act~~report. ☐

~~Large~~If ~~accelerated~~securities ~~filer~~are ~~Accelerated~~registered ~~filer~~pursuant ~~Non-accelerated~~to ~~filer~~Section X12(b) ~~Smaller~~of ~~reporting~~the ~~company~~Act, Xindicate ~~Emerging~~by ~~growth~~check ~~company~~mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

IfIndicate anby ~~emerging~~check ~~growth~~mark ~~company,~~whether ~~indicate~~any byof ~~check~~those ~~mark~~error ifcorrections ~~the~~are ~~registrant~~restatements ~~has~~that ~~elected~~required ~~not~~a torecovery ~~use~~analysis ~~the~~of ~~extended~~incentive-based ~~transition~~compensation ~~period~~received ~~for~~by ~~complying~~any ~~with~~of ~~any~~the ~~new~~registrant’s orexecutive ~~revised~~officers ~~financial~~during ~~accounting~~the ~~standards~~relevant ~~provided~~recovery ~~pursuant~~period pursuant to ~~Section 13~~§240.10D-1(ab). ~~of the Exchange Act~~ ☐

Indicate by check mark whether the registrant ~~has~~is ~~filed~~ a ~~report~~shell oncompany ~~and~~(as ~~attestation~~defined toin ~~its~~Rule ~~management's~~12b-2 ~~assessment~~ of the ~~effectiveness~~Exchange ~~of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley~~ Act ~~(15 U.S.C. 7262(b~~)~~) by the registered public accounting firm that prepared or issued its audit report~~. Yes ☐ No ☒

IfOn ~~securities~~April ~~are~~30, ~~registered~~2025, ~~pursuant~~the toaggregate ~~Section~~market ~~12(b)~~value of the ~~Act,~~voting ~~indicate~~and bynon-voting ~~check~~common ~~mark~~equity ~~whether~~held ~~the~~by ~~financial~~non-affiliates ~~statements~~computed ofby ~~the~~reference ~~registrant~~to ~~included in~~ the ~~filing~~price ~~reflect~~at which the ~~correction~~common ofequity anwas ~~error~~last tosold ~~previously~~was ~~issued financial statements~~$41,522,551.

~~Indicate~~As ~~by check mark whether any~~ of ~~those~~December ~~error~~31, ~~corrections~~2025, ~~are~~there ~~restatements~~were ~~that~~9,190,590 ~~required~~units ~~a recovery analysis~~ of ~~incentive-based~~beneficial ~~compensation~~interest ~~received~~(“units”) ~~by any~~ of the registrant's ~~executive officers during the relevant recovery period pursuant to Section 240~~outstanding.~~10D-1(b).~~

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

OnItems ~~April~~10, 3011, ~~2024~~12, ~~the~~13 ~~aggregate~~and ~~market~~14 ~~value~~ of ~~the~~Part ~~voting~~III have been partially or wholly omitted from this report and ~~non-voting~~the ~~common~~information ~~equity~~required ~~held~~to bybe ~~non-affiliates~~contained ~~computed~~therein is incorporated by reference tofrom the ~~price~~registrant’s atdefinitive ~~which~~proxy statement for the ~~common~~2025 ~~equity~~Annual Meeting ~~was~~to ~~last~~be ~~sold~~held ~~was~~on ~~$65~~February 17,~~904,598.~~ 2026.

Table As of ~~December 31, 2024, there were 9,190,590 units of beneficial interest ("units") of the registrant outstanding.~~Contents

DOCUMENTS INCORPORATED BY REFERENCE

		Page
PART I

Item 1.	Business	1
Item 1A.	Risk Factors	4
Item 1B.	Unresolved Staff Comments	4
Item 1C.	Cybersecurity	4
Item 2.	Properties	5
Item 3.	Legal Proceedings	8
Item 4.	Mine Safety Disclosures	8

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	8
Item 6.	[Reserved]	8
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 8.	Financial Statements and Supplementary Data	15
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	25
Item 9A.	Controls and Procedures	25
Item 9B.	Other Information	26
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	26

PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	26
Item 11.	Executive Compensation	26
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	27
Item 13.	Certain Relationships and Related Transactions, and Director Independence	27
Item 14.	Principal Accountant Fees and Services	27

PART IV
Item 15.	Exhibits and Financial Statement Schedules	28
Item 16.	Form 10-K Summary	28

Signatures		29

Exhibit Index		30

~~Items~~- ~~10,~~1 11 12, 13 and 14 of Part III have been partially or wholly omitted from this report and the information required to be contained therein is incorporated by reference from the registrant's definitive proxy statement for the 2024 Annual Meeting to be held on February 26, 2025.-

		Page
	PART I
Item 1.	Business	1
Items 1A.	Risk Factors	4
Item 1B.	Unresolved Staff Comments	4
Item 1C.	Cybersecurity	4
Item 2.	Properties	5
Item 3.	Legal Proceedings	7
Item 4.	Mine Safety Disclosures	8
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	8
Item 6.	[Reserved]	8
Item 7.	Management's Discussion and Analysis of Financial Conditions and Results of Operations	8
Items 7A.	Quantitative and Qualitative Disclosures about Market Risk	14
Item 8.	Financial Statements and Supplementary Data	15
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	27
Item 9A.	Controls and Procedures	27
Item 9B.	Other Information	28
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	28
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	28
Item 11.	Executive Compensation	29
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	29
Item 13.	Certain Relationships and Related Transactions, and Director Independence	29
Item 14.	Principal Accountant Fees and Services	29
	PART IV
Item 15	Exhibits and Financial Statement Schedules	30
Item 16.	Form 10-K Summary	30
Signatures		31
Exhibit Index		32

Table of Contents

PART I

Item 1.

Business.

(a) General Development of Business. North European Oil Royalty Trust (the "“Trust"”) is a grantor trust which, on behalf of the owners of units of beneficial interest in the Trust (the "“unit owners"”), holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. The rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corp. ("“ExxonMobil"”) and the Royal Dutch/Shell Group of Companies ("“Royal Dutch/Shell Group"”). Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate, and sulfur. See Item 2 of this annual report on Form 10-K (this "“Report"”) for descriptions of the relationships of these companies and certain of these contracts.

The royalty rights were received by the Trust from North European Oil Company (the "“Company"”) upon dissolution of the Company in September 1975. The Company was organized in 1957 as the successor to North European Oil Corporation (the "“Corporation"”). The Trust is administered by trustees (the "“Trustees"”) under an Agreement of Trust dated September 10, 1975, as amended (the "“Trust Agreement"”).

Neither the Trust nor the Trustees on behalf of the Trust conduct any active business activities or operations. The function of the Trustees is to monitor, verify, collect, hold, invest, and distribute the royalty payments made to the Trust. Under the Trust Agreement, the Trustees make quarterly distributions of the net funds received by the Trust on behalf of the unit owners, after making provisions to cover future anticipated expenses. Funds temporarily held by the Trust prior to their distribution are invested in an interest -bearing money market account.

There has been no significant change in the principal operation or purpose of the Trust during the past fiscal year.

As part of the Sarbanes-Oxley Act of 2002 ("“SOX"”), the Securities and Exchange Commission (the "“SEC"”) adopted rules implementing legislation concerning governance matters for publicly held entities. The Trust is complying with the requirements of the SEC and SOX and, at this time, the Trustees have chosen not to request any relief from those provisions based on the passive nature of the Trust but may do so in the future. Accordingly, the Trustees have directed that certain of the additional statements and disclosures set forth or incorporated by reference in this Report, which the SEC requires of corporations, be made even though such statements and disclosures might not now or in the future be required to be made by the Trust.

In addition, the New York Stock Exchange (the "“NYSE"”), where units of beneficial interest of the Trust are listed for trading, has additional corporate governance rules as set forth in Section 303A of the NYSE Listed Company Manual. Most of the governance requirements promulgated by the NYSE are not applicable to the Trust, which is a passive entity acting as a royalty trust and holding only overriding royalty rights. The Trustees have, however, chosen to form an Audit Committee and a Compensation Committee but may not necessarily continue to do so in the future.

~~(b) Narrative~~- ~~Description~~2 of Business. Under the Trust Agreement, the Trust conducts no active business operations and is restricted to collection of income from royalty rights and distribution to unit owners of the net income after payment of current administrative and related expenses and making provisions for future anticipated expenses..-

~~The~~Table ~~overriding royalty rights held by the Trust are derived from contracts and agreements originally entered into by German subsidiaries~~ of the predecessor Corporation during the early 1930s. The Trust's primary royalty rights are based on a government granted concession and remain in effect as long as there are continued production activities and/or exploration efforts within the concession. It is generally anticipated that production activities will continue as long as they remain economically profitable. The Trust holds other royalty rights, which are based on leases which have passed their original expiration dates. These leases remain in effect as long as there is continued production or the lessor does not cancel the lease. Individual lessors will normally not seek termination of the rights originally granted because the leases provide for royalty payments to the lessors if sales of oil or gas result from discoveries made on the leased land. Additionally, termination by individual lessors would result in the escheat of mineral rights to the applicable state.Contents

~~Royalties~~(b) ~~are~~Narrative ~~paid~~Description toof ~~the~~Business. ~~Trust~~Under ~~on sales from production under these leases and concessions on a regular monthly or quarterly basis pursuant to~~ the ~~royalty agreements. The~~ Trust ~~receives~~Agreement, the ~~royalty payments exclusively in Euros. After the royalties have been deposited in the~~ Trust's ~~account~~conducts ~~with~~no ~~Deutsche~~active ~~Bank~~business inoperations ~~Germany,~~and ~~sufficient~~is ~~funds~~restricted ~~are reserved~~ to ~~handle~~collection ~~any~~of ~~outstanding~~income orfrom ~~anticipated~~royalty ~~expenses~~rights and ~~maintain a minimal balance of~~ ~~12,000~~ distribution ~~Euros. The~~to ~~Trust~~unit ~~then~~owners ~~converts the remainder~~ of ~~Euro denominated funds into United States ("U.S.") dollars based upon~~ the ~~available~~net ~~exchange~~income ~~rates. Following~~after ~~this~~payment ~~conversion~~of tocurrent ~~U.S.~~administrative ~~dollars,~~and ~~the~~related ~~royalties~~expenses ~~are transferred to the Trust's bank account in the U.S. The Trust does not engage in activities to hedge against currency risk,~~ and ~~the~~making ~~fluctuations~~provisions ~~in the conversion rate impact its financial results. Since the actual royalty deposits are held as Euros~~ for ~~such~~future aanticipated ~~limited time, the market risk with respect to these deposits is small~~expenses. ~~The Trust has not experienced any difficulty in effecting the conversion of Euros into U.S. dollars.~~

AsThe ~~the holder of~~ overriding royalty rights, held by the Trust ~~has~~are noderived ~~legal~~from ~~ability,~~contracts ~~whether~~and byagreements ~~contract~~originally orentered ~~operation~~into by German subsidiaries of ~~law,~~the topredecessor ~~compel~~Corporation ~~production~~during orthe ~~exploration~~early 1930s. ~~Moreover,~~ if The an Trust’s ~~operator~~primary ~~should~~royalty ~~determine~~rights toare ~~terminate~~based ~~production~~on ina ~~any~~government granted concession orand ~~lease~~remain ~~area~~in effect as long as there are continued production activities and/or toexploration ~~surrender~~efforts within the concession. orIt ~~lease,~~is ~~the~~generally ~~royalty~~anticipated that production ~~rights~~ activities ~~for~~will ~~that~~continue ~~area~~as ~~would~~long ~~thereby~~as bethey ~~terminated~~remain economically profitable. ~~Under~~ ~~certain~~The Trust holds other royalty ~~agreements~~rights, itwhich isare abased ~~requirement~~on ~~that~~leases ~~the~~which ~~Trust~~have bepassed ~~advised~~their oforiginal ~~any~~expiration ~~intention~~dates. toThese ~~surrender~~leases ~~lease~~remain orin ~~concession~~effect ~~rights. While~~as ~~the~~long ~~Trust~~as ~~itself~~there is ~~precluded~~continued production ~~from~~or ~~undertaking~~the ~~any~~lessor ~~production~~does ~~activities,~~not ~~possible~~cancel ~~residual~~the ~~rights~~lease. ~~might~~Individual ~~permit~~lessors ~~the~~will ~~Trust~~normally tonot ~~take~~seek uptermination aof ~~surrendered~~the ~~concession~~rights ororiginally ~~lease~~granted ~~and~~because ~~attempt~~the toleases ~~retain~~provide afor ~~third-party~~royalty ~~operator~~payments to ~~develop~~the ~~such~~lessors ~~concession~~if orsales ~~lease. There~~of isoil noor ~~assurance~~gas result from discoveries ~~that~~ made on the ~~Trust~~leased ~~could~~land. ~~find~~Additionally, ~~such~~termination aby ~~third~~individual ~~party~~lessors ~~and~~would noresult ~~effort~~in ~~has~~the ~~been~~escheat ~~undertaken~~of tomineral ~~identify~~rights ~~such~~to ~~third~~the ~~parties~~applicable state.

~~The~~Royalties ~~exploration~~are ~~for~~paid ~~and~~to the ~~production~~Trust ofon ~~gas~~sales ~~and~~from ~~oil~~production isunder athese ~~speculative~~leases ~~business. The~~and ~~Trust~~concessions ~~has~~on noa ~~means~~regular ofmonthly ~~ensuring~~or ~~continued~~quarterly ~~income~~basis ~~from~~pursuant ~~its~~to the royalty ~~rights~~agreements. atThe ~~either~~Trust receives the ~~their~~ royalty ~~present~~payments ~~levels~~exclusively orin ~~otherwise~~Euros. ~~The~~ ~~Trust~~After ~~has~~the noroyalties ~~role~~have inbeen ~~any~~deposited ofin the ~~operating~~Trust’s ~~companies'~~account ~~decision-making~~with ~~processes~~Deutsche Bank in Germany, ~~such~~sufficient asfunds ~~gas~~are ~~pricing,~~reserved ~~gas~~to ~~sales~~handle any outstanding or ~~exploration,~~anticipated ~~which~~expenses ~~can~~and ~~impact~~maintain ~~royalty~~a ~~income. In~~minimal ~~addition~~balance of 15,000 ~~fluctuations~~Euros. inThe ~~prices~~Trust ~~and~~then ~~supplies~~converts the remainder of ~~gas~~Euro-denominated ~~and~~funds ~~oil~~into ~~and~~United ~~the~~States ~~effect~~(“U.S.”) ~~these~~dollars ~~fluctuations~~based ~~might~~upon ~~have~~the onavailable ~~royalty~~exchange ~~income~~rates. ~~payable~~Following this conversion to ~~the~~U.S. ~~Trust~~dollars, ~~and~~the onroyalties ~~reserves~~are ~~attributable~~transferred to the Trust'’s ~~royalty~~ bank ~~interests~~ account ~~cannot~~in bethe ~~accurately projected~~U. ~~Finally,~~S. ~~natural~~The ~~gas~~Trust does not engage in activities to hedge against currency risk, and ~~crude~~fluctuations ~~oil~~in ~~are~~the ~~wasting~~conversion ~~assets~~rate impact financial results. ~~While~~ ~~known~~Since ~~reserves~~the ~~may~~actual ~~increase~~royalty asdeposits ~~additional~~are ~~development~~held ~~adds~~as ~~quantities~~Euros tofor ~~the~~such ~~reserve~~a ~~amount~~limited time, the ~~amount~~market risk ofwith ~~known~~respect ~~and~~to ~~unknown~~these ~~reserves~~deposits is ~~finite~~small. ~~and~~The ~~will~~Trust ~~decline~~has ~~over~~not ~~time~~experienced any difficulty in effecting the conversion of Euros into U.S. dollars.

~~While~~As ~~Germany~~the ~~has~~holder ~~laws~~of ~~relating~~overriding toroyalty ~~environmental protection~~rights, the ~~Trustees~~Trust dohas ~~not~~no ~~have~~legal ~~detailed~~ability, ~~information~~whether ~~concerning~~by ~~the~~contract ~~present~~ or ~~possible~~operation ~~effect~~ of ~~such~~law, ~~laws~~to oncompel ~~operations~~production inor ~~areas~~exploration. ~~where~~Moreover, ~~the~~if ~~Trust~~an ~~holds~~operator ~~royalty~~should determine ~~rights~~ to onterminate production ~~and~~in ~~sale~~any ofconcession ~~products~~or ~~from~~lease ~~those~~area ~~areas. In~~and ~~2016,~~to asurrender ~~law~~the ~~was~~concession ~~passed~~or inlease, ~~Germany~~the ~~prohibiting~~royalty ~~fracking~~rights offor ~~unconventional~~that ~~reservoirs. Fracking~~area ofwould ~~conventional~~thereby ~~reservoirs,~~be ~~including~~terminated. ~~sandstone,~~Under iscertain ~~permitted~~royalty ~~subject~~agreements, toit ~~drilling~~is ~~permits~~a asrequirement ~~well~~that asthe ~~State~~Trust ~~and~~be ~~Federal~~advised ~~laws. Based~~of ~~upon~~any intention anto ~~analysis~~surrender oflease ~~the~~or ~~details~~concession ofrights. ~~this~~While ~~law,~~ the Trust's ~~German~~itself ~~consultant~~is ~~has~~precluded ~~informed~~from ~~the~~undertaking ~~Trust~~any ~~that~~production ~~fracking~~activities, ~~will~~possible beresidual ~~permitted~~rights inmight ~~all~~permit ~~current~~the ~~productive~~Trust ~~zones~~to ~~within~~take ~~the~~up ~~Oldenburg~~a surrendered concession ~~(as~~or ~~defined~~lease ~~below)~~and ~~both~~attempt ~~due~~ to ~~the~~retain ~~depths~~a third-party ~~involved~~operator ~~and~~to ~~the~~develop ~~nature~~such ofconcession ~~the~~or ~~productive zones~~lease. ~~Within~~ ~~the~~There ~~Oldenburg~~is ~~concession,~~no ~~fracking~~assurance ~~was~~that ~~used in~~ the ~~Carboniferous~~Trust ~~zone~~could ~~and~~find ~~once~~such ina ~~the~~third ~~Zechstein~~party ~~zone,~~and ~~but~~no effort has ~~not~~ been ~~used~~undertaken into ~~the~~identify ~~Bunter~~such ~~zone~~third parties.

The ~~Trust,~~exploration ~~in cooperation with a parallel royalty owner (Unitarian Universalist Congregation at Shelter Rock)("UUCSR")), arranges~~ for ~~periodic examinations of the books~~ and ~~records of~~ the ~~operating~~production ~~companies to verify compliance with the computation provisions~~ of ~~the~~gas ~~applicable~~and ~~agreements. As~~oil ~~a cost savings measure, the royalty examination~~ is ~~conducted on~~ a ~~biennial~~speculative ~~basis~~business. ~~From~~ ~~time~~The toTrust ~~time,~~has ~~these~~no ~~examinations~~means ~~disclose~~of ~~computational~~ensuring ~~errors~~continued orincome ~~errors~~ from ~~inappropriate~~its ~~application~~royalty ofrights ~~existing~~at ~~agreements~~either ~~and~~their ~~appropriate~~present levels or ~~adjustments~~ otherwise. ~~are~~The ~~requested~~Trust tohas beno ~~made. As~~role ain ~~result~~any of the ~~amendments~~operating tocompanies’ ~~the~~decision-making ~~Trust's~~processes, ~~royalty~~such ~~agreements~~as ~~which~~gas ~~effect~~ pricing, ~~simplification~~gas ~~(see~~sales ~~Item~~or ~~7 of this Report)~~exploration, ~~examinations~~which bycan ~~the~~impact ~~Trust's~~royalty ~~German~~income. ~~accountants~~In ~~have~~addition, ~~been~~fluctuations ~~simplified~~in ~~since~~prices ~~these~~and ~~examinations~~supplies ~~are~~of ~~primarily~~gas ~~limited~~and tooil ~~the~~and ~~verification of~~ the ~~gas~~ ~~quantities~~ effect ~~sold. Although~~ these ~~periodic~~fluctuations ~~examinations~~might ~~may~~have ~~also~~on ~~disclose~~royalty ~~other~~income ~~matters~~payable ~~that are subject~~ to ~~dispute between~~ the ~~parties,~~Trust ~~these~~and ~~disputes~~on ~~have~~reserves ~~historically~~attributable ~~been~~to ~~resolved through negotiations without~~ the ~~need for litigation. The~~ Trust'’s ~~accountants~~royalty ininterests ~~Germany~~cannot ~~will~~be ~~begin~~accurately ~~their~~projected. ~~examination~~Finally, ofnatural ~~the~~gas ~~operating~~and ~~companies~~crude ~~for~~oil ~~calendar~~are ~~years~~wasting ~~2023~~assets. ~~and~~While ~~2024~~known ~~in October~~ reserves ~~2025~~ may ~~when~~increase ~~the~~as ~~final~~additional ~~sales~~development ~~figures~~adds ~~and~~quantities to the ~~German~~reserve ~~Border~~amount, ~~Import~~the ~~gas~~amount ~~Prices~~of ~~(see~~known ~~Item~~and 7unknown ofreserves ~~this~~is ~~Report)~~finite and will ~~both~~decline beover ~~available~~time.

~~(c) Financial~~- ~~Information~~3 about Geographic Areas. In Item 2 of this Report, there is a schedule (by product, geographic area, and operating company) showing the royalty income received by the Trust during the fiscal year ended October 31, 2024.-

~~(d) Information~~Table ~~about our Trustees and Executive Officers. As specified in the Trust Agreement, the affairs~~ of ~~the Trust are managed by not more than five individual Trustees who receive compensation determined under that same agreement.~~Contents

~~One~~While ~~Trustee~~Germany ishas ~~designated~~laws asrelating ~~Managing~~to ~~Trustee. Nancy~~environmental J.protection, ~~Floyd~~the ~~Prue~~Trustees ~~has~~do ~~served~~not inhave adetailed ~~non-executive~~information ~~capacity~~concerning asthe ~~Managing~~present ~~Trustee~~or ~~since~~possible ~~March~~effect ~~13,~~of ~~2023.~~ such laws on operations in areas where the ~~Ahron~~ Trust H.holds ~~Haspel~~royalty isrights ~~independent~~on production and ~~has~~sale ~~been~~of ~~determined~~products tofrom bethose aareas. ~~financial~~In ~~expert~~2016, ~~(both~~a aslaw ~~defined~~was passed in ~~the~~Germany ~~SEC~~prohibiting ~~rules)~~fracking of unconventional reservoirs. ~~Mr.~~ ~~Haspel~~Fracking of conventional reservoirs, including sandstone, is permitted subject ~~serves~~ to asdrilling ~~Chairman~~permits ~~for~~as ~~the~~well ~~Audit~~as State and ~~Compensation~~Federal ~~Committees~~laws. ~~Lawrence~~ A.Based ~~Kobrin~~upon ~~serves~~an analysis of the details of this law, the Trust’s German consultant has informed the Trust that fracking will be permitted in all current productive zones within the Oldenburg concession (as ~~Clerk~~defined below) both due to the ~~Trustees. For~~depths ~~these~~involved ~~services,~~and ~~each~~the nature of ~~these~~the ~~three~~productive ~~individuals~~zones. ~~receives~~Within ~~additional~~the ~~compensation. Andrew~~Oldenburg S.concession, ~~Borodach~~fracking was used in the Carboniferous zone and ~~Richard~~once P.in ~~Howard~~the ~~were~~Zechstein ~~appointed~~zone asbut ~~Trustees~~has onnot ~~October~~been 1,used ~~2024~~in the Bunter zone.

~~Day-to-day~~The ~~matters~~Trust, ~~are~~in cooperation with a parallel royalty owner (Unitarian Universalist Congregation at Shelter Rock (“UUCSR”)), arranges for periodic examinations of the books and records of the operating ~~handled~~ companies byto verify compliance with the ~~Managing~~computation ~~Director~~provisions of the applicable agreements. As a cost savings measure, ~~John~~the Rroyalty examination is conducted on a biennial basis. ~~Van~~From ~~Kirk~~time to time, ~~who~~these ~~also~~examinations ~~serves~~disclose computational errors or as errors ~~CEO~~from inappropriate application of existing agreements and ~~CFO~~appropriate adjustments are requested to be made. ~~Mr.~~ ~~Van~~As ~~Kirk~~a ~~has~~result ~~held~~of the ~~position~~amendments ofto ~~Managing~~the ~~Director~~Trust’s royalty agreements which effect pricing simplification (see Item 7 of this Report), examinations by the Trust’s German accountants have been simplified since ~~November~~these ~~1990. In~~examinations ~~addition~~are primarily limited to the ~~Managing~~verification ~~Director,~~of the ~~Trust~~gas ~~has~~quantities ~~one~~sold. ~~administrative~~Although ~~employee~~these periodic examinations may also disclose other matters that are subject in to dispute between the ~~U.S.~~parties, ~~whose~~these ~~title~~disputes ishave ~~Administrator~~historically been resolved through negotiations without the need for litigation. The ~~number~~Trust’s accountants in Germany began their examination of ~~total~~the operating ~~employees~~ companies offor calendar years 2023 and 2024 in October 2025 when the ~~Trust~~final issales ~~two,~~figures and the ~~number~~German Border Import gas Prices (see Item 7 of ~~full-time~~this ~~employees~~Report) iswere ~~two~~both available.

~~The~~(c) ~~Trust~~Financial ~~and~~Information ~~UUCSR~~about ~~have~~Geographic ~~retained~~Areas. ~~the~~In ~~services~~Item 2 of athis ~~consultant~~Report, anthere ~~accounting~~is ~~firm, and~~ a ~~legal~~schedule ~~firm~~(by inproduct, ~~Germany. The~~geographic ~~consultant~~area, ~~has broad experience in the petroleum industry~~ and ~~provides~~operating ~~reports~~company) onshowing ~~a regular basis. The accounting firm reviews~~ the royalty ~~payments~~income received by the ~~operating companies on a biennial basis. The~~ Trust ~~and the co-royalty holder~~ during ~~regularly share~~ the ~~costs~~fiscal ofyear ~~the~~ended ~~consulting~~October ~~and~~31, ~~accounting services in Germany~~2025. ~~The~~ ~~legal firm advises and represents as needed.~~

(ed) ~~Available~~ Information~~. The~~ ~~Trust~~about ~~maintains~~our Trustees ~~a website at http://www.neort.com. The Trust's Annual Reports, Form 10-K annual reports, Form 10-Q quarterly reports~~ and ~~the~~Executive ~~Definitive Proxy Statements are available through the Trust's website as soon as reasonably practicable after such reports are filed with or furnished to the SEC~~Officers. ~~Press~~ ~~releases~~As ~~and~~specified ~~tax~~in ~~letters are available through~~ the ~~website as soon as practicable after release. The North European Oil Royalty~~ Trust Agreement ~~(as amended)~~, the ~~Trust's~~affairs ~~Code~~ of ~~Conduct and Business Ethics,~~ the ~~Trustees' Regulations and the~~ Trust's ~~Audit Committee Charter~~ are ~~also~~managed ~~available~~by ~~through~~not ~~the~~more ~~Trust's~~than ~~website. The~~five ~~Trust's~~individual ~~website~~Trustees ~~and the information contained~~ who in receive itcompensation ~~and~~determined ~~connected~~under tothat itsame ~~shall not be deemed incorporated by reference into this Report~~agreement.

~~Item~~One 1ATrustee is designated as Managing Trustee. ~~Risk~~Nancy ~~Factors~~J. Floyd Prue has served in a non-executive capacity as Managing Trustee since March 13, 2023. Ahron H. Haspel is independent and has been determined to be a financial expert (both as defined in the SEC rules). Mr. Haspel serves as Chairman for the Audit and Compensation Committees. Lawrence A. Kobrin serves as Clerk to the Trustees. For these services, each of these three individuals receives additional compensation. Andrew S. Borodach and Richard P. Howard were appointed as Trustees on October 1, 2024.

~~Not~~Day-to-day ~~applicable~~matters are handled by the Managing Director, John R. Van Kirk, who also serves as CEO and CFO. Mr. Van Kirk has held the position of Managing Director of the Trust since November 1990. In addition to the Managing Director, the Trust has one administrative employee in the U.S., whose title is Administrator. The number of total employees of the Trust is two, and the number of full-time employees is two.

~~Item~~The 1BTrust and UUCSR have retained the services of a consultant, an accounting firm, and a legal firm in Germany. ~~Unresolved~~The ~~Staff~~consultant ~~Comments~~has broad experience in the petroleum industry and provides reports on a regular basis. The accounting firm reviews the royalty payments by the operating companies on a biennial basis. The Trust and the co-royalty holder regularly share the costs of the consulting and accounting services in Germany. The legal firm advises and represents as needed.

~~None~~- 4 -

~~Item~~Table ~~1C.~~of ~~Cybersecurity..~~Contents

(e) Available Information. The Trust ismaintains a ~~grantor~~website ~~trust,~~at ~~conducts~~https://www.neort.com. noThe ~~active~~Trust’s ~~operations,~~Annual ~~has no customers~~Reports, ~~and~~Form ~~maintains~~10-K noannual ~~personal~~reports, orForm ~~credit~~10-Q ~~data. The~~quarterly ~~Trust's~~reports ~~processes for assessing, identifying,~~ and ~~managing~~the ~~material~~Definitive ~~risks~~ Proxy ~~from~~ Statements ~~cybersecurity threats~~ are ~~tailored~~available tothrough ~~its~~the ~~specific circumstances. The~~ Trust'’s ~~cybersecurity~~website ~~protocols~~as ~~include,~~soon ~~but~~as ~~are~~reasonably ~~not~~practicable ~~limited~~after ~~to,~~such ~~programs~~reports ~~with~~are ~~built-in~~filed ~~technological~~with ~~features~~or furnished to ~~prevent~~the ~~disruptions~~SEC. ~~and~~Press ~~intrusions,~~releases and ~~isolated~~tax ~~computer~~letters ~~workstations. The Trust's personnel~~ are ~~aware~~available ofthrough the ~~potential~~website ofas asoon ~~cybersecurity~~as ~~incident~~practicable ~~and~~after release. ~~exercise~~ The ~~caution~~North toEuropean ~~ensure~~Oil noRoyalty ~~such~~Trust ~~incident~~Agreement ~~occurs. The~~(as ~~primary~~amended), ~~entities with which~~ the Trust’s ~~conducts~~Code ~~business~~of ~~are~~Conduct ~~banks~~and Business Ethics, ~~outside~~the ~~service~~Trustees’ ~~providers,~~Regulations and ~~vendors,~~the ~~which~~Trust’s ~~have~~Audit ~~their~~Committee ~~own~~Charter ~~cybersecurity~~are also ~~protocols. Interactions~~available ~~between~~through the Trust'’s ~~information~~website. ~~facilities~~The Trust’s website and ~~outside~~the ~~vendors~~information orcontained ~~service~~in ~~providers~~it ~~involves~~and aconnected ~~combination~~to ofit ~~passwords,~~shall ~~passphrases,~~not ~~and~~be ~~two-factor~~deemed orincorporated ~~independent~~by ~~authorizations~~reference into this Report.

~~There~~Item ~~have~~1A. ~~been~~Risk no known cybersecurity incidents that have had a material impact, have materially affected or are reasonably likely to materially affect the Trust, including its business strategy, results of operations, or financial conditionFactors.

~~The~~Consistent ~~Managing~~with ~~Director~~the ~~oversees~~rules ~~the~~applicable ~~Trust's~~to ~~cybersecurity~~“Smaller ~~protocols~~Reporting ~~and~~Companies,” ~~conducts~~we ~~regular~~have ~~discussions~~elected ~~and~~scaled ~~reviews~~disclosure ofreporting, ~~such~~and ~~protocols~~therefore ~~with~~have ~~the~~omitted ~~Trust's~~information ~~Board~~required ofby ~~Trustees~~this Item.

Item 21B. ~~Properties~~Unresolved Staff Comments.

The properties of the Trust, which the Trust and Trustees hold pursuant to the Trust Agreement on behalf of the unit owners, are overriding royalty rights on sales of gas, sulfur and oil under a concession in the Federal Republic of Germany (the "Oldenburg concession")None. The Oldenburg concession, covering approximately 1,386,000 acres, is located in the German federal state of Lower Saxony, and is the area from which natural gas, sulfur and oil are extracted. The Oldenburg concession currently provides essentially 100% of all the royalties received by the Trust. The Oldenburg concession is held by Mobil Erdgas-Erdol GmbH ("Mobil Erdgas"), a German operating subsidiary of ExxonMobil, and by Oldenburgische Erdolgesellschaft ("OEG"). As a result of direct and indirect ownership, ExxonMobil owns two-thirds of OEG and the Royal Dutch/Shell Group of Companies owns one-third of OEG. BEB Erdgas und Erdol GmbH ("BEB"), a joint venture in which ExxonMobil and the Royal Dutch/Shell Group each own 50%, administers the concession held by OEG. In 2002, Mobil Erdgas and BEB formed ExxonMobil Production Deutschland GmbH ("EMPG") to carry out all exploration, drilling, and production activities. All sales activities upon which the calculation of royalties is based are still handled by either Mobil Erdgas or BEB (the "operating companies")

~~Under~~Item one set of rights covering the western part of the Oldenburg concession (approximately 662,000 acres), the Trust receives a royalty payment of 4% on gross receipts from sales by Mobil Erdgas of gas well gas, oil well gas, crude oil and condensate (the "Mobil Agreement")1C. ~~Under~~ ~~the Mobil Agreement, royalties from gas well gas and oil well gas together account for approximately 99% of all the royalties under said agreement~~Cybersecurity. Historically, the Trust has received significantly greater royalty payments under the Mobil Agreement (as compared to the OEG Agreement described below) due to the higher royalty rate specified by that agreement.

~~Under~~The ~~another~~Trust ~~set~~is ofa ~~rights~~grantor ~~covering~~trust, ~~the~~conducts ~~entire~~no ~~Oldenburg~~active ~~concession~~operations, ~~and~~has ~~pursuant~~no tocustomers, ~~the~~and ~~agreement~~maintains ~~with~~no ~~OEG,~~personal ~~the~~or ~~Trust~~credit ~~receives~~data. ~~royalties~~The atTrust’s ~~the~~processes ~~rate~~for ofassessing, ~~0.6667%~~identifying, onand ~~gross~~managing material ~~receipts~~ risks from ~~sales~~cybersecurity bythreats ~~BEB~~are oftailored ~~gas~~to ~~well~~its ~~gas~~specific circumstances. The Trust’s cybersecurity protocols include, ~~oil~~but ~~well~~are ~~gas~~not limited to, ~~crude~~programs ~~oil~~with built-in technological features to prevent disruptions and intrusions, and isolated ~~condensate~~ computer ~~and~~workstations. ~~sulfur~~The ~~(removed~~Trust’s ~~during~~personnel ~~the~~are ~~processing~~aware of ~~sour~~the ~~gas)~~potential ~~less~~of a ~~certain~~cybersecurity ~~allowed~~incident ~~deduction~~and ofexercise ~~costs~~caution ~~(the~~to ~~"OEG~~ensure ~~Agreement")~~no such incident occurs. ~~Under~~ Production ~~the~~downtimes, operational delays, the ~~OEG~~ compromising ~~Agreement~~of confidential or otherwise protected information, ~~50%~~destruction or corruption of ~~the~~data, ~~field~~security ~~handling~~breaches, ~~and~~theft, ~~treatment~~other ~~costs~~manipulation asor ~~reported~~improper ~~for~~use ~~state~~of ~~royalty~~our ~~purposes~~systems ~~are~~and ~~deducted~~networks or financial losses from ~~the~~remedial ~~gross~~actions ~~sales~~could have a ~~receipts~~ material ~~prior~~adverse toeffect ~~the~~on ~~calculation~~our competitive position, financial condition, reputation or results of ~~the~~operations. ~~royalty~~The toprimary beentities ~~paid~~with towhich the Trust conducts business are banks, outside service providers, and vendors, which have their own cybersecurity protocols. Interactions between the Trust’s information facilities and outside vendors or service providers involves a combination of passwords, passphrases, and two-factor or independent authorizations.

~~The~~We ~~Trust~~have isexperienced, ~~also~~and ~~entitled~~could ~~under~~experience anin ~~agreement~~the ~~with~~future, ~~Mobil~~actual ~~Erdgas~~or toattempted ~~receive a 2% royalty on gross receipts of sales of sulfur obtained as a by~~cyber-~~product~~attacks of ~~sour~~our ~~gas~~information ~~produced~~technology ~~from~~systems ~~the~~or ~~western part of Oldenburg (the "Mobil Sulfur Agreement")~~networks. ~~The~~ ~~payment~~However, ofthere ~~the~~have ~~sulfur~~been ~~royalty~~no isknown ~~conditioned upon~~ cybersecurity ~~sales~~ incidents ofthat ~~sulfur~~have byhad ~~Mobil Erdgas at~~ a ~~selling~~material ~~price~~impact, ~~above~~have anmaterially ~~agreed-upon~~affected ~~base~~or ~~price. This~~are ~~base~~reasonably ~~price~~likely isto ~~adjusted~~materially ~~annually~~affect ~~by an inflation index. When~~ the ~~average quarterly selling price falls below the indexed base price~~Trust, ~~no sulfur royalties are paid by Mobil Erdgas. Sulfur royalties,~~ including ~~prior~~its ~~years'~~business ~~corrections~~strategy, ~~paid~~results ~~under~~of ~~the Mobil Agreement totaled $154~~operations,~~599~~ ~~and~~or ~~$34,586~~financial ~~during fiscal 2024 and 2023, respectively~~condition.

~~There~~The ~~are~~Managing ~~two~~Director ~~types~~oversees ~~of natural gas found within~~ the ~~Oldenburg~~Trust’s ~~concession,~~cybersecurity ~~sweet~~protocols ~~gas~~ and ~~sour~~conducts ~~gas.~~regular ~~Sweet~~discussions ~~gas has little or no contaminants~~ and ~~needs~~reviews ~~very~~of ~~minor~~such ~~treatment~~protocols ~~before~~with ~~it can be sold. Sour gas, in comparison, must be processed at~~ the ~~Grossenkneten desulfurization plant which commenced operations in 1972~~Trustees. ~~The desulfurization process removes hydrogen~~ ~~sulfide and other contaminants before the clean gas can be sold. The hydrogen sulfide in gaseous form is converted to sulfur in a solid form and sold separately.~~

~~EMPG decommissioned one of the remaining two sulfur processing units ("trains"). The decommissioning was conducted during May~~-~~July~~ ~~2023. The~~5 plant is subject to an ongoing schedule of inspections which may result in shutdowns while required repairs are conducted. Full operation of the remaining train is approximately 200 million cubic feet ("MMcf") per day following the shutdown. It is expected that the single train will be sufficient to handle sour gas production through-put from the concession. It is also expected that operating expenses in the future may be reduced by this measure. Since sour gas accounts for 71% of overall gas sales and 97% of western gas sales, any future shutdown of the remaining train could significantly impact royalty income. The Trust has insufficient data to predict whether, when and to what extent any future shutdown may occur.

~~The~~Table ~~following is a schedule~~ of ~~royalty income for the fiscal year ended October 31, 2024 by product, geographic area and operating company:~~Contents

By Product:
Product	Royalty Income
Gas Well and Oil Well Gas	$5,456,698
Sulfur	$283,259
Oil	$45,346
By Geographic Area:
Area	Royalty Income
Western Oldenburg	$4,691,744
Eastern Oldenburg	$1,093,542
Non-Oldenburg Areas	$17
By Operating Company:
Company	Royalty Income
Mobil Erdgas (under the Mobil Agreement)	$4,234,142
BEB (under the OEG Agreement)	$1,551,161

Item 2.

Properties.

~~Exhibit~~The ~~99.1~~properties toof ~~this~~the ~~Report~~Trust, iswhich athe ~~report~~Trust ~~entitled~~and ~~Calculation~~Trustees ofhold ~~Cost~~pursuant ~~Depletion~~to ~~Percentage~~the ~~for~~Trust Agreement on behalf of the ~~2024~~unit ~~Calendar~~owners, ~~Year~~are ~~Based~~overriding royalty rights on sales of gas, sulfur, and oil under a concession in the ~~Estimate~~Federal Republic of ~~Remaining~~Germany ~~Proved~~(the ~~Producing~~“Oldenburg ~~Reserves~~concession”). The Oldenburg concession, covering approximately 1,386,000 acres, is located in the ~~Northwest~~German ~~Basin~~federal state of Lower Saxony, and is the ~~Federal~~area ~~Republic~~from which natural gas, sulfur and oil are extracted.The Oldenburg concession currently provides essentially 100% of all the royalties received by the Trust. The Oldenburg concession is held by Mobil Erdgas-Erdol GmbH (“Mobil Erdgas”), a German ~~Germany~~ operating assubsidiary of ~~October 1~~ExxonMobil, ~~2024~~and by Oldenburgische Erdolgesellschaft (“OEG”). As a result of direct and indirect ownership, ExxonMobil owns two-thirds of OEG and the ~~"Cost~~Royal ~~Depletion~~Dutch/Shell ~~Report")~~Group of Companies owns one-third of OEG. ~~The~~ BEB Erdgas und ~~Cost~~ Erdol ~~Depletion~~GmbH ~~Report~~(“BEB”), ~~dated~~a ~~December~~joint 5,venture ~~2024~~in which ExxonMobil and the Royal Dutch/Shell Group each own 50%, ~~was~~administers ~~prepared~~the byconcession ~~Graves~~held &by CoOEG. ~~Consulting,~~In ~~LLC~~2002, ~~1800~~Mobil ~~West~~Erdgas ~~Loop~~and ~~South,~~BEB ~~Suite~~formed ~~750,~~ExxonMobil ~~Houston,~~Production ~~Texas~~Deutschland ~~77027~~GmbH (~~"Graves~~“EMPG”) &to ~~Co."). Graves~~carry &out Coall exploration, drilling, and production activities. All sales activities upon which the calculation of royalties is anbased ~~independent~~are ~~petroleum~~still ~~and~~handled ~~natural~~by ~~gas~~either ~~consulting~~Mobil ~~organization~~Erdgas ~~specialized~~or inBEB ~~analyzing~~(the ~~hydrocarbon~~“operating ~~reserves~~companies”).

~~The~~Under ~~Cost~~one ~~Depletion~~set ~~Report provides documentation supporting the calculation~~ of ~~the~~rights ~~cost~~covering ~~depletion percentage for~~ the ~~2024~~western ~~calendar~~part ~~year based on the use~~ of ~~certain production data and~~ the ~~estimated~~Oldenburg ~~net~~concession ~~proved~~(approximately ~~producing~~662,000 ~~reserves as of October 1~~acres), ~~2024 for~~ the ~~primary area in which the~~ Trust ~~holds~~receives ~~overriding~~a royalty ~~rights. In~~payment ~~order to permit timely filing~~ of ~~the~~4% ~~Cost~~on ~~Depletion~~gross ~~Report~~receipts ~~and~~from ~~consistent~~sales ~~with~~by ~~the~~Mobil ~~practice~~ Erdgas of ~~the~~gas ~~Trust~~well ~~in prior years~~gas, ~~the~~oil ~~information~~well ~~has~~gas, ~~been~~crude ~~prepared~~oil, ~~for~~and condensate (the ~~12-month~~“Mobil ~~period ended September 30, 2024~~Agreement”). ~~While~~ ~~this~~Under isthe ~~one~~Mobil ~~month~~Agreement ~~prior~~royalties tofrom ~~the~~gas ~~end~~well ofgas ~~the~~and ~~fiscal~~oil ~~year~~well ofgas ~~the~~together ~~Trust,~~account ~~the information available~~ for ~~production~~approximately ~~and~~99% ~~sales~~of ~~through~~all the ~~end~~royalties ofunder ~~September~~said isagreement. Historically, the ~~most~~Trust ~~complete~~has ~~information~~received ~~available~~significantly atgreater aroyalty ~~date~~payments ~~early~~under ~~enough~~the toMobil ~~permit~~Agreement ~~the~~(as ~~timely~~compared ~~preparation~~to of the ~~various~~OEG ~~reports~~Agreement ~~required. Unit~~described ~~owners~~below) ~~are~~due ~~referred~~ to the ~~full~~higher ~~text~~royalty ofrate ~~the~~specified ~~Cost~~by ~~Depletion~~that ~~Report contained herein for further details~~agreement.

~~The~~Under ~~cost~~another ~~depletion~~set ~~percentage~~of isrights ~~prepared~~covering bythe ~~Graves~~entire &Oldenburg ~~Co.~~concession ~~for~~and pursuant to the agreement with OEG, the Trust's ~~unit~~receives ~~owners~~royalties ~~for~~at ~~tax~~the ~~reporting~~rate ~~purposes~~of 0. ~~The~~6667% ~~cost~~on ~~depletion~~gross ~~percentage~~receipts infrom ~~that~~sales ~~report~~by ~~for~~ BEB ~~calendar~~ of ~~2024~~gas iswell ~~10.0543%. Specific~~gas, ~~details~~oil ~~relative~~well togas, ~~the~~crude ~~Trust's~~oil, ~~income~~condensate, and ~~expenses~~sulfur ~~and~~(removed ~~cost~~during ~~depletion~~the ~~percentage~~processing asof ~~they~~sour ~~apply~~gas) toless ~~the~~a ~~calculation~~certain allowed deduction of ~~taxable~~costs ~~income~~(the ~~for~~“OEG Agreement”). Under the ~~2024~~OEG ~~calendar~~Agreement, ~~year~~50% ~~are~~of the field handling and treatment costs as ~~included~~ reported onfor ~~removable~~state ~~pages~~royalty inpurposes are deducted from the ~~2024~~gross ~~Annual~~sales ~~Report. Additionally,~~receipts prior to the ~~tax~~calculation ~~reporting~~of ~~information~~the ~~for~~royalty ~~2024~~to isbe ~~available~~paid onto the Trust~~'s website, http://www~~.~~neort.com/tax-letters.html.~~

The ~~primary~~Trust ~~purpose of the Cost Depletion Report~~ is ~~the~~also ~~preparation~~entitled ofunder ~~the~~an ~~cost~~agreement ~~depletion~~with ~~percentage~~Mobil ~~for~~Erdgas ~~use by unit owners in their own tax reporting. The only information provided~~ to ~~the~~receive ~~Trust~~a ~~that~~2% ~~can~~royalty beon ~~utilized~~gross inreceipts ~~the calculation~~ of ~~the cost depletion percentage is current and historical production and~~ sales of ~~proved~~sulfur ~~producing~~obtained ~~reserves. For~~as ~~the~~a ~~western~~by-product ~~half~~ of ~~the~~sour ~~Oldenburg~~gas ~~concession,~~produced ~~the~~from ~~Trust receives quarterly production and sales information on a well-by-well basis. For~~ the ~~eastern~~western ~~half~~part of ~~the~~ Oldenburg ~~concession,~~ (the ~~Trust~~“Mobil ~~receives~~Sulfur ~~cumulative quarterly production and sales information on two general areas~~Agreement”). ~~These~~ ~~general~~The ~~areas~~payment ~~encompass numerous fields with varying numbers~~ of ~~wells. Pursuant to~~ the ~~arrangements~~sulfur ~~under which the Trust holds~~ royalty ~~rights and the fact that the Trust~~ is ~~not~~conditioned ~~considered~~upon ansales ~~operating~~of ~~company~~sulfur ~~within~~by ~~Germany,~~Mobil ~~the~~Erdgas ~~Trust~~at ~~has~~a noselling ~~access~~price toabove ~~the~~an ~~operating~~agreed ~~companies'~~upon ~~proprietary~~base ~~information concerning producing field reservoir data~~price. ~~The~~ ~~Trustees~~This ~~have~~base ~~been~~price ~~advised by their German counsel that publication of such information~~ is ~~not~~adjusted ~~required~~annually ~~under~~by ~~applicable~~an ~~law~~inflation inindex. ~~Germany~~When ~~and that~~ the ~~royalty~~ ~~rights~~ average doquarterly ~~not~~selling ~~grant~~price ~~the~~falls ~~Trust~~below the ~~right~~indexed tobase ~~require~~price, orno ~~compel~~sulfur ~~the~~royalties ~~release~~are ofpaid ~~such~~by ~~information. Efforts~~Mobil ~~to obtain such information from the operating companies have not been successful~~Erdgas. ~~The~~ ~~information~~Sulfur ~~made available to the Trust by the operating companies does not include any of the following: reserve estimates~~royalties, ~~capitalized costs, production cost estimates, revenue projections, producing field reservoir data (~~including ~~pressure~~prior ~~data,~~years’ ~~permeability~~corrections, ~~porosity~~paid ~~and~~under ~~thickness of producing zone) or other similar information. While~~ the ~~limited~~Mobil ~~information~~Agreement ~~available~~totaled ~~to the Trust permits the calculation of the cost depletion percentage~~$188, ~~it does not~~ 914 ~~change~~ and ~~the uncertainty with respect to the estimate of proved producing reserves. In addition~~$154,599 itduring isfiscal ~~impossible~~2025 ~~for the Trust or its consultant to make estimates of proved undeveloped or probable future net recoverable oil~~ and ~~gas~~2024, ~~by appropriate geographic areas~~respectively.

~~The~~There ~~Trust~~are ~~has~~two ~~the~~types ~~authority~~of tonatural ~~examine,~~gas ~~but~~found ~~only~~within ~~for~~the ~~certain~~Oldenburg ~~limited purposes~~concession, ~~the~~sweet ~~operating~~gas ~~companies' sales~~ and ~~production~~sour ~~from~~gas. ~~the~~Sweet ~~royalty~~gas ~~areas.~~ has ~~Both~~ little ~~Graves~~or &no ~~Co.~~contaminants and ~~the~~needs ~~Trustees~~very ~~believe~~minor ~~the~~treatment ~~use~~before ofit ~~the~~can ~~material~~be ~~available~~sold. isSour ~~appropriate~~gas, ~~and~~in ~~suitable~~comparison, ~~for~~must ~~preparation~~be ofprocessed at the ~~cost~~Grossenkneten ~~depletion~~desulfurization ~~percentage~~plant ~~and~~which ~~the~~commenced ~~estimates~~operations ~~described~~ in ~~the Cost Depletion Report~~1972. The ~~Trustees~~desulfurization ~~and~~process ~~Graves~~removes ~~& Co. believe this report and these~~ hydrogen ~~estimates~~ sulfide ~~to be reasonable~~ and ~~appropriate~~other ~~but~~contaminants ~~assume~~before ~~that~~the ~~these~~clean ~~estimates~~gas ~~may~~can ~~vary from statistical estimates which could~~ be ~~made if complete reservoir production information were available~~sold. The ~~limited~~hydrogen ~~information~~sulfide ~~available~~in ~~makes~~gaseous itform ~~inappropriate~~is converted to ~~make~~sulfur ~~projections~~in ora ~~estimates~~solid ofform ~~proved~~and orsold ~~probable reserves of any category or class other than the estimated net proved producing reserves described in the Cost Depletion Report~~separately.

~~Attachment A of the Cost Depletion Report shows a schedule of estimated net proved producing reserves of the Trust's royalty properties, computed as of October 1, 2024 and a five~~-~~year~~ ~~schedule~~6 of gas, sulfur and oil sales for the twelve months ended September 30, 2024, 2023, 2022, 2021 and 2020 computed from quarterly sales reports of operating companies received by the Trust during such periods.-

~~Item~~Table 3.of ~~Legal Proceedings.~~Contents

EMPG decommissioned one of the remaining two sulfur processing units (“trains”). The ~~Trust~~decommissioning was conducted during May to July 2023. The plant is ~~not~~subject ato ~~party~~an ongoing schedule of inspections which may result in shutdowns while required repairs are conducted. Full operation of the remaining train is approximately 200 million cubic feet (“MMcf”) per day following the shutdown. It is expected that the single train will be sufficient to, ~~and~~handle nosour ~~Trust~~gas ~~property~~production through-put from the concession. It is also expected that operating expenses in the ~~subject~~future may be reduced by this measure. Since sour gas accounts for 73% of overall gas sales and 97% of western gas sales, any future shutdown of the remaining train could significantly impact royalty income. The Trust has insufficient data to predict whether, when and to what extent any ~~pending~~future ~~legal~~shutdown ~~proceedings~~may occur.

~~Item~~ The 4.following ~~Mine~~is ~~Safety~~a ~~Disclosures.~~schedule of royalty income for the fiscal year ended October 31, 2025 by product, geographic area, and operating company:

Not Applicable.

By Product:
Product	Royalty Income
Gas Well and Oil Well Gas	$	8,146,320
Sulfur	$	428,513
Oil	$	75,071

By Geographic Area:
Area	Royalty Income
Western Oldenburg	$	6,686,731
Eastern Oldenburg	$	1,963,173
Non-Oldenburg Areas	$	0

By Operating Company:
Company	Royalty Income
Mobil Erdgas (under the Mobil Agreement)	$	5,836,999
BEB (under the OEG Agreement)	$	2,812,905

~~PART~~Exhibit II99.1 to this Report is a report entitled Calculation of Cost Depletion Percentage for the 2025 Calendar Year Based on the Estimate of Remaining Proved Producing Reserves in the Northwest Basin of the Federal Republic of Germany as of October 1, 2025 (the “Cost Depletion Report”). The Cost Depletion Report, dated December 5, 2025, was prepared by Graves & Co. Consulting, LLC, 1800 West Loop South, Suite 750, Houston, Texas 77027 (“Graves & Co.”). Graves & Co. is an independent petroleum and natural gas consulting organization specialized in analyzing hydrocarbon reserves.

~~Item~~The 5Cost Depletion Report provides documentation supporting the calculation of the cost depletion percentage for the 2025 calendar year based on the use of certain production data and the estimated net proved producing reserves as of October 1, 2025 for the primary area in which the Trust holds overriding royalty rights. In ~~Market~~order to permit timely filing of the Cost Depletion Report and consistent with the practice of the Trust in prior years, the information has been prepared for ~~Registrant's~~the ~~Common~~12-month ~~Equity~~period ended September 30, ~~Related~~2025. ~~Stockholder~~While ~~Matters~~this is one month prior to the end of the fiscal year of the Trust, the information available for production and sales ~~Issuer~~through ~~Purchases~~the end of ~~Equity~~September ~~Securities~~is the most complete information available at a date early enough to permit the timely preparation of the various reports required. Unit owners are referred to the full text of the Cost Depletion Report contained herein for further details.

~~None.~~- 7 -

~~Item~~Table 6.of ~~[Reserved].~~Contents

~~Item~~The 7cost depletion percentage is prepared by Graves & Co. ~~Management'~~for the Trust’s ~~Discussion~~unit ~~and~~owners ~~Analysis~~for oftax ~~Financial~~reporting ~~Condition~~purposes. The cost depletion percentage in that report for calendar 2025 is 8.9814%. Specific details relative to the Trust’s income and ~~Results~~expenses and cost depletion percentage as they apply to the calculation of ~~Operations~~taxable income for the 2025 calendar year are included on removable pages in the 2025 Annual Report. Additionally, the tax reporting information for 2025 is available on the Trust’s website, https://www.neort.com/tax-letters.html.

~~Executive~~The ~~Summary~~primary purpose of the Cost Depletion Report is the preparation of the cost depletion percentage for use by unit owners in their own tax reporting. The only information provided to the Trust that can be utilized in the calculation of the cost depletion percentage is current and historical production and sales of proved producing reserves. For the western half of the Oldenburg concession, the Trust receives quarterly production and sales information on a well-by-well basis. For the eastern half of the Oldenburg concession, the Trust receives cumulative quarterly production and sales information on two general areas. These general areas encompass numerous fields with varying numbers of wells. Pursuant to the arrangements under which the Trust holds royalty rights and the fact that the Trust is not considered an operating company within Germany, the Trust has no access to the operating companies’ proprietary information concerning producing field reservoir data. The Trustees have been advised by their German counsel that publication of such information is not required under applicable law in Germany and that the royalty rights do not grant the Trust the right to require or compel the release of such information. Efforts to obtain such information from the operating companies have not been successful. The information made available to the Trust by the operating companies does not include any of the following: reserve estimates, capitalized costs, production cost estimates, revenue projections, producing field reservoir data (including pressure data, permeability, porosity, and thickness of producing zone) or other similar information. While the limited information available to the Trust permits the calculation of the cost depletion percentage, it does not change the uncertainty with respect to the estimate of proved producing reserves. In addition, it is impossible for the Trust or its consultant to make estimates of proved undeveloped or probable future net recoverable oil and gas by appropriate geographic areas.

The Trust ishas athe ~~passive~~authority ~~fixed~~to ~~investment~~examine, ~~trust~~but ~~which~~only for ~~holds~~certain ~~overriding~~limited ~~royalty rights~~purposes, ~~receives~~the ~~income~~operating ~~under~~companies’ ~~those~~sales ~~rights~~and production from ~~certain~~the ~~operating~~royalty ~~companies,~~areas. ~~pays~~ Both ~~its~~ Graves ~~expenses~~& Co. and ~~distributes~~the Trustees believe the ~~remaining~~use ~~net~~of ~~funds~~the tomaterial ~~its~~available ~~unit~~is ~~owners. As~~appropriate ~~mandated~~and bysuitable for preparation of the ~~Trust~~cost ~~Agreement,~~depletion ~~distributions~~percentage ofand ~~income~~the ~~are~~estimates ~~made~~described onin athe ~~quarterly~~Cost ~~basis~~Depletion Report. ~~These~~ ~~distributions,~~The asTrustees ~~determined~~and Graves & Co. by believe ~~the~~this ~~Trustees,~~report ~~constitute~~and ~~substantially~~these ~~all~~estimates ~~the~~to ~~funds~~be onreasonable ~~hand~~and ~~after~~appropriate ~~provision~~but isassume that these estimates may vary from statistical estimates which could be made ~~for~~if complete reservoir production information were available. The limited information available makes it inappropriate to make projections or estimates of proved or probable reserves of any category or class other than the ~~Trust's~~estimated ~~anticipated~~net ~~expenses~~proved producing reserves described in the Cost Depletion Report.

~~The~~Attachment ~~Trust~~A ~~does~~of ~~not~~the ~~engage~~Cost inDepletion ~~any~~Report ~~business~~shows ora ~~extractive~~schedule ~~operations~~ of ~~any~~estimated ~~kind~~net inproved producing reserves of the ~~areas~~Trust’s ~~over~~royalty ~~which~~properties, itcomputed ~~holds~~as ~~royalty~~of ~~rights~~October 1, 2025 and isa ~~precluded~~five-year ~~from~~schedule ~~engaging~~of ingas, ~~such~~sulfur ~~activities~~and byoil sales for the ~~Trust~~twelve ~~Agreement. There~~months ~~are~~ended noSeptember ~~requirements~~30, ~~therefore~~2025, ~~for~~2024, ~~capital~~2023, ~~resources~~2022, ~~for~~and ~~capital~~2021 ~~expenditures~~computed orfrom ~~investments~~quarterly insales ~~order~~reports ~~to continue the receipt~~ of ~~royalty~~operating ~~revenues~~companies received by the Trust during such periods.

~~The~~- ~~properties~~8 of the Trust are described in Item 2. Properties of this Report. Of particular importance with respect to royalty income are the two royalty agreements, the Mobil Agreement and the OEG Agreement. The Mobil Agreement covers gas sales from the western part of the Oldenburg concession. The Trust has traditionally received the majority of its royalty income under the Mobil Agreement due to the higher royalty rate of 4%. The OEG Agreement covers gas sales from the entire Oldenburg concession but the royalty rate of 0.6667% is significantly lower and gas royalties have been correspondingly lower.-

~~The~~Table ~~operating companies pay royalties to the Trust based on their sales~~ of natural gas, sulfur and oil. Of these three products, natural gas provided approximately 94% of the total royalties in fiscal 2024. The amount of royalties paid to the Trust is primarily based on four factors: the amount of gas sold, the price of that gas, the area from which the gas is produced and the exchange rate. For purposes of the royalty calculations, the determination of the gas price is explained in detail in the following three paragraphs.Contents

OnItem ~~August 26, 2016, the Mobil and OEG Agreements were amended to establish a new base to determine gas prices for the calculation of the Trust's royalties~~3. ~~This~~ ~~new~~Legal ~~base is set as the state assessment base for natural gas used by the operating companies in their calculation of royalties payable to the State of Lower Saxony~~Proceedings. This change reflects a shift to the prices calculated for the German Border Import gas Price ("GBIP"). The average combined totals of the GBIP for the relevant three-month period are used to provide an average gas price for the quarter. This average gas price is increased by 1% and 3% per the terms of the Mobil and OEG Royalty Agreements and is used by the operators to calculate the royalties payable to the Trust for a given quarter.

The ~~change~~Trust tois ~~the~~not ~~GBIP~~a ~~has~~party ~~reduced the scope and cost of the accounting examination, eliminated ongoing disputes with OEG and Mobil regarding sales~~ to ~~related parties~~, and ~~reduced~~no ~~prior~~Trust ~~year~~property ~~adjustments~~is to the ~~normally~~subject ~~scheduled~~of, ~~year-end~~any ~~reconciliation. The~~pending ~~pricing~~legal ~~basis has also eliminated certain costs that were previously deductible prior to the royalty calculation under the OEG Agreement~~proceedings.

OnItem ~~approximately the 25th of the months of January, April, July and October, the operating companies calculate the volume of gas sold during the previous calendar quarter~~4. ~~This~~ ~~volume~~Mine ofSafety ~~gas sold is then multiplied by the average adjusted GBIP available at that time~~Disclosures. The respective royalty amount is divided into thirds and forms the monthly royalty payments to the Trust for the Trust's upcoming fiscal quarter. When the operating companies determine the actual amount of royalties that were payable for the prior calendar quarter, they also look at the actual amount of royalties that were paid to the Trust for that period and calculate the difference between what was paid and what was payable. Positive adjustments are paid immediately and any negative adjustments are deducted from the next royalty payment. In September of the succeeding calendar year, the operating companies make the final determination of any necessary royalty adjustments for the prior calendar year with a positive or negative adjustment made accordingly.

~~For~~Not ~~unit owners, changes in the U~~Applicable.S. dollar value of the Euro have an immediate impact. This impact occurs at the time the royalties, which are paid to the Trust in Euros, are converted into U.S. dollars at the applicable exchange rate and transferred from Germany to the Trust's bank account in the U.S. In relation to the U.S. dollar, a stronger Euro would yield more U.S. dollars and a weaker Euro would yield fewer U.S. dollars.

~~Seasonal~~PART demand factors affect the income from the Trust's royalty rights insofar as they relate to energy demands and increases or decreases in prices, but on average they are generally not material to the annual income received under the Trust's royalty rights.II

~~The~~Item ~~Trust has no means of ensuring continued income from overriding royalty rights at their present level or otherwise~~5. ~~The~~ ~~assets~~Market offor ~~the~~Registrant’s ~~Trust~~Common ~~are depleting assets and~~Equity, ifRelated ~~the~~Stockholder ~~operators developing the concession do not perform additional development projects~~Matters, ~~the~~and ~~assets~~Issuer ~~may~~Purchases ~~deplete faster than expected. Eventually, the assets~~ of ~~the~~Equity ~~Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets~~Securities.

~~The~~Market Trust's consultant in Germany provides general information to the Trust on the German and European economies and energy markets as well as monitoring the continuing impact of the war in Ukraine and ongoing efforts by the European governments to respond to the economic impacts of the war. This information provides a context in which to evaluate the actions of the operating companies. The Trust's consultant receives reports from EMPG with respect to current and planned drilling and exploration efforts. However, EMPG and the operating companies continue to limit the information flow to that which is required by German law, and the Trust is not able to confirm the accuracy of any of the information supplied by EMPG or the operating companies.Information

~~The~~As ~~low level~~ of ~~administrative~~October ~~expenses~~31, of2025, the Trust ~~limits~~had ~~the~~9,190,590 ~~effect~~units ofissued ~~inflation~~and ~~on costs~~outstanding. ~~Sustained~~ ~~price~~The ~~inflation~~Trust’s ~~would~~units beare ~~reflected~~quoted inon ~~sales prices. Sales prices along with sales volumes form~~ the ~~basis~~New onYork ~~which~~Stock ~~the~~Exchange ~~royalties~~under ~~paid to~~ the ~~Trust~~symbol ~~are computed~~“NRT.”

~~Results: Fiscal 2024 versus Fiscal 2023~~Holders

~~Fiscal~~As ~~2023~~of ~~was~~October a31, ~~turbulent~~2025, ~~year~~there ~~with~~were ~~dramatic~~465 ~~price~~unit ~~swings~~owners ~~and~~of ~~significant negative adjustments totaling $2~~record,~~161,390~~ ~~that~~including ~~carried~~Cede ~~over~~& ~~beyond the year's end~~Co. ~~Fiscal~~, ~~2024 was more stable price-wise despite~~ the ~~overall~~nominee ~~lower~~of ~~gas prices but it too was impacted by significant negative adjustments carrying over beyond~~ the ~~year's~~Depository ~~end~~Trust Company. ~~Due~~ toThe ~~the~~number ~~very high gas prices in effect towards the end~~ of ~~2022~~record ~~that~~unit ~~were~~owners amay ~~determining~~not ~~factor~~be inrepresentative ~~royalty~~ of ~~payments in early 2023,~~ the ~~Trust~~number ~~was notified in September 2024 that the calendar 2023 end-~~of~~-year~~ ~~adjustment~~beneficial ~~would~~owners ~~be a sizeable negative amount under both royalty agreements. These negative adjustments eliminated the scheduled royalty payments for October 2024 and will have an impact on the first quarter~~ of ~~fiscal~~our ~~2025~~units, ~~both~~whose ~~eliminating~~units ~~the~~are ~~scheduled~~held ~~royalty payments~~ in ~~the~~street ~~case~~name ofby ~~the OEG royalty and significantly reducing these payments in the case of the Mobil royalty. Based on the November 20~~banks, ~~2024 Euro/dollar exchange rate of 1.0521~~brokers, ~~the OEG~~ and ~~Mobil~~other ~~negative adjustments for calendar 2023 are $1,000,143 and $1,619,368, respectively~~nominees.

~~For~~Equity ~~fiscal~~Performance 2024, the Trust's gross royalty income decreased 73.7% to $5,785,303 from $22,016,103 in fiscal 2023. The total distribution for fiscal 2024 was $0.48 per unit compared to $2.26 per unit for fiscal 2023. Gas prices under both royalty agreements were lower, gas sales were mixed, and average exchange rates were up or flat. The royalty income received under the Mobil Agreement in fiscal 2024 decreased by $9,717,057 as compared to fiscal 2023. Royalty income received under the OEG Agreement in fiscal 2024 decreased by $6,513,743 as compared to fiscal 2023. Graph

~~Gas~~Consistent ~~sales~~with ~~under~~ the ~~Mobil~~rules ~~Agreement~~applicable ~~increased 1.2%~~ to ~~12.592~~“Smaller ~~Billion~~Reporting ~~cubic~~Companies,” ~~feet~~we ~~("Bcf")~~have inelected ~~fiscal~~scaled ~~2024~~disclosure ~~from 12.439 Bcf in fiscal 2023. Despite the continued lack of drilling by the operating companies through 2024~~reporting, ~~the ongoing program of well workovers~~ and ~~uninterrupted~~therefore ~~operation~~have ofomitted ~~Grossenkneten~~information ~~resulted~~required inby ~~the~~this ~~slight improvement in gas production~~Item. ~~However, absent a renewed drilling program, the normal reduction in well pressure would be expected to continue and gas production would be expected to decline.~~

Quarterly and Yearly Gas Sales under the Mobil Agreement in Billion cubic feet
Fiscal Quarter	2024 Gas Sales	2023 Gas Sales	Percentage change
First	3.223	3.519	-8.4%
Second	3.236	3.451	-6.2%
Third	3.073	2.957	+3.9%
Fourth	3.060	2.512	+21.8%
Fiscal Year Total	12.592	12.439	+1.2%

Recent Sales of Unregistered Securities

~~Average prices for gas sold under the Mobil Agreement decreased 55~~None.~~3% to 3.7206 Euro cents per kilowatt hour ("Euro cents/kWh") in fiscal 2024 from 8.3231 Euro cents/kWh in fiscal 2023.~~

Average Gas Prices under the Mobil Agreement in Euro cents per Kilowatt Hour
Fiscal Quarter	2024 Average Gas Prices	2023 Average Gas Prices	Percentage change
First	3.8530	14.1664	-72.8%
Second	4.1601	9.1043	-54.3%
Third	3.2503	4.7294	-31.3%
Fourth	3.5886	3.2970	+8.8%
Fiscal Year Average	3.7206	8.3231	-55.3%

Issuer Purchases of Equity Securities

~~Converting gas prices into more familiar terms, using the average exchange rate, yielded a price of $11~~None.52 per thousand cubic feet ("Mcf"), a decrease of 51.1% from fiscal 2023's average price of $23.54/Mcf. For fiscal 2024, royalties paid under the Mobil Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.0834, unchanged from the average Euro/U.S. dollar exchange rate of 1.0834 for fiscal 2023.

Average Euro Exchange Rate under the Mobil Agreement
Fiscal Quarter	2024 Average Euro Exchange Rate	2023 Average Euro Exchange Rate	Percentage change
First	1.0816	1.0706	+1.0%
Second	1.0714	1.0698	+0.1%
Third	1.0757	1.1099	-3.1%
Fourth	1.1071	0.00001
Fiscal Year Average	1.0834	1.0834	0.0%
1. No royalty income was deposited into the Trust's account at Deutsche Bank, and there was no conversion and transfer to the Trust's account with M&T Bank. Consequently, no exchange rate was generated.

Item 6.

[Reserved]

~~Excluding~~- ~~the~~9 effects of differences in prices and average exchange rates, the combination of royalty rates on gas sold from western Oldenburg results in an effective royalty rate approximately seven times higher than the royalty rate on gas sold from eastern Oldenburg. This is of particular significance to the Trust since gas sold from western Oldenburg provides the bulk of royalties paid to the Trust. For fiscal 2024, the volume of gas sold from western Oldenburg accounted for only 29.3% of the volume of all gas sales. However, western Oldenburg gas royalties provided approximately 81.8% or $4,465,816 out of a total of $5,456,698 in overall Oldenburg gas royalties.-

~~Gas~~Table ~~sales under the OEG Agreement decreased 4.5% to 42.918 Bcf in fiscal 2024 from 44.944 Bcf in fiscal 2023. Given the continued lack~~ of drilling by the operating companies through 2024, the Trust's consultant in Germany believes the decline in gas production is due to the normal reduction in well pressure that is experienced over time.Contents

Quarterly and Yearly Gas Sales under the OEG Agreement in Billion cubic feet
Fiscal Quarter	2024 Gas Sales	2023 Gas Sales	Percentage change
First	11.085	12.881	-13.9%
Second	ovember870	12.242	-11.2%
Third	10.454	10.503	-0.5%
Fourth	10.509	9.318	+12.8%
Fiscal Year Total	42.918	44.944	-4.5%

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

~~Average~~Executive ~~gas prices for gas sold under the OEG Agreement decreased 55.4% to 3.7929 Euro cents/kWh in fiscal 2024 from 8.4965 Euro cents/kWh in fiscal 2023.~~ Summary

Average Gas Prices under the OEG Agreement in Euro cents per Kilowatt Hour
Fiscal Quarter	2024 Average Gas Prices	2023 Average Gas Prices	Percentage change
First	3.9293	14.4469	-72.8%
Second	4.2425	9.2846	-54.3%
Third	3.3146	4.8230	-31.3%
Fourth	3.6597	3.3623	+8.8%
Fiscal Year Average	3.7929	8.4965	-55.4%

The Trust is a passive fixed investment trust which holds overriding royalty rights, receives income under those rights from certain operating companies, pays its expenses and distributes the remaining net funds to its unit owners. As mandated by the Trust Agreement, distributions of income are made on a quarterly basis. These distributions, as determined by the Trustees, constitute substantially all the funds on hand after provision is made for the Trust’s anticipated expenses.

~~Converting~~The ~~gas~~Trust ~~prices~~does ~~into~~not ~~more~~engage ~~familiar~~in ~~terms,~~any ~~using~~business ~~the~~or ~~average~~extractive ~~exchange~~operations ~~rate, yielded a price~~ of ~~$11.32/Mcf~~any ~~for~~kind ~~fiscal~~in ~~2024,~~the aareas ~~decrease~~over ofwhich ~~52.5%~~it ~~from~~holds ~~fiscal~~royalty ~~2023's~~rights ~~average~~and ~~price~~is ofprecluded ~~$23.85/Mcf. For~~from ~~fiscal~~engaging ~~2024,~~in ~~royalties~~such ~~paid~~activities ~~under~~by the Trust ~~OEG~~ Agreement. ~~were~~There ~~converted~~are ~~and~~no ~~transferred~~requirements, attherefore, anfor ~~average~~capital ~~Euro/U.S.~~resources ~~dollar~~for ~~exchange~~capital ~~rate~~expenditures ofor ~~1.0848,~~investments ain ~~decrease~~order ofto ~~0.1%~~continue ~~from~~ the ~~average~~receipt ~~Euro/U.S.~~of ~~dollar~~royalty ~~exchange~~revenues ~~rate~~by ofthe 1Trust.~~0856 for fiscal 2023.~~

Average Euro Exchange Rate under the OEG Agreement
Fiscal Quarter	2024 Average Euro Exchange Rate	2023 Average Euro Exchange Rate	Percentage change
First	0.00001	1.0700	-100.0%
Second	1.0715	1.0698	+0.2%
Third	1.0757	1.1170	-3.7%
Fourth	1.1071	0.00001
Fiscal Year Average	1.0848	1.0856	-0.1%
1. No royalty income was deposited into the Trust's account at Deutsche Bank, and there was no conversion and transfer to the Trust's account with M&T Bank. Consequently, no exchange rate was generated.

The properties of the Trust are described in Item 2. Properties of this Report. Of particular importance with respect to royalty income are the two royalty agreements, the Mobil Agreement and the OEG Agreement. The Mobil Agreement covers gas sales from the western part of the Oldenburg concession. The Trust has traditionally received the majority of its royalty income under the Mobil Agreement due to the higher royalty rate of 4%. The OEG Agreement covers gas sales from the entire Oldenburg concession but the royalty rate of 0.6667% is significantly lower and gas royalties have been correspondingly lower.

~~Interest~~ The ~~income~~operating ~~for~~companies ~~fiscal~~pay ~~2024~~royalties to the Trust based on their sales of ~~$70~~natural gas,~~382~~ ~~decreased~~sulfur, ~~from~~and ~~interest~~oil. ~~income~~Of ofthese ~~$125~~three products,~~003~~ ~~for~~natural ~~fiscal~~gas ~~2023~~provided ~~due~~approximately to94% of the ~~reduced~~total royalties in fiscal 2025. The amount of royalties ~~received.~~ paid to the Trust ~~expenses~~is ~~decreased~~primarily ~~$169,719,~~based oron ~~17.5%,~~four tofactors: ~~$797~~the amount of gas sold,~~872~~ inthe ~~fiscal~~price ~~2024~~of ~~from~~that ~~$967~~gas,~~591~~ inthe ~~fiscal~~area ~~2023~~from ~~due~~which tothe ~~higher~~gas ~~Trustees'~~is ~~fees~~produced, asand ~~specified~~the inexchange rate. For purposes of the ~~provisions~~royalty calculations, the determination of the ~~Trust~~gas ~~Agreement~~price ~~paid~~is ~~during~~explained ~~fiscal~~in ~~2023~~detail in the following three paragraphs.

~~Report~~On onAugust ~~Drilling~~26, 2016, the Mobil and ~~Geophysical~~OEG ~~Work~~Agreements were amended to establish a new base to determine gas prices for the calculation of the Trust’s royalties. This new base is set as the state assessment base for natural gas used by the operating companies in their calculation of royalties payable to the State of Lower Saxony. This change reflects a shift to the prices calculated for the German Border Import gas Price (“GBIP”). The average combined totals of the GBIP for the relevant three-month period are used to provide an average gas price for the quarter. This average gas price is increased by 1% and 3% per the terms of the Mobil and OEG Royalty Agreements and is used by the operators to calculate the royalties payable to the Trust for a given quarter.

The ~~Trust's~~change ~~German~~to ~~consultant periodically contacts~~ the ~~representatives~~GBIP ofhas reduced the ~~operating~~scope ~~companies to inquire about their planned~~ and ~~proposed~~cost ~~drilling and geophysical work and other general matters. The following represents a summary~~ of the ~~most~~accounting ~~recent~~examination, ~~information~~eliminated ~~the~~ongoing ~~Trust's~~disputes ~~German~~with ~~consultant~~OEG ~~received~~and ~~from~~Mobil ~~representatives~~regarding ofsales ~~EMPG~~to inrelated ~~December~~parties, ~~2024. The~~and ~~Trust~~reduced isprior ~~not~~year adjustments ~~able~~ to ~~confirm~~ the ~~accuracy~~normally ofscheduled ~~any~~year-end ofreconciliation. ~~the~~The ~~information~~pricing ~~supplied~~basis byhas ~~the~~also ~~operating~~eliminated ~~companies. In~~certain ~~addition,~~costs ~~the~~that ~~operating~~were ~~companies~~previously ~~are~~deductible ~~not~~prior ~~required~~ to ~~take any of~~ the ~~actions~~royalty ~~outlined~~calculation ~~and,~~under ~~if they change their plans with respect to any such actions, they are not obligated to inform~~ the ~~Trust~~OEG Agreement.

~~The~~- ~~Trust's~~10 ~~German consultant has advised the Trust that EMPG has not planned any new wells for calendar 2025 and no major work has been initiated on the exploration side.~~-

~~Maintenance~~Table ~~work,~~of ~~including well cleanup jobs and foam jobs to de-water weak wells, will be continuing to ensure the wells are operating at maximum efficiency and production levels.~~Contents

~~Critical~~On ~~Accounting~~approximately ~~Policies~~the 25th of the months of January, April, July and October, the operating companies calculate the volume of gas sold during the previous calendar quarter. This volume of gas sold is then multiplied by the average adjusted GBIP available at that time. The respective royalty amount is divided into thirds and forms the monthly royalty payments to the Trust for the Trust’s upcoming fiscal quarter. When the operating companies determine the actual amount of royalties that were payable for the prior calendar quarter, they also look at the actual amount of royalties that were paid to the Trust for that period and calculate the difference between what was paid and what was payable. Positive adjustments are paid immediately and any negative adjustments are deducted from the next royalty payment. In September of the succeeding calendar year, the operating companies make the final determination of any necessary royalty adjustments for the prior calendar year with a positive or negative adjustment made accordingly.

~~The~~For ~~financial~~unit ~~statements~~owners, ~~appearing~~changes ~~subsequently~~ in this Report, present financial statement balances and financial results on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the U.S. ~~("GAAP~~dollar ~~basis"). Modified~~value ~~cash~~of ~~basis~~the ~~accounting~~Euro ishave an ~~accepted~~immediate ~~accounting~~impact. ~~method~~This ~~for~~impact ~~royalty~~occurs ~~trusts~~at ~~such~~the astime the ~~Trust. GAAP basis financial statements disclose income as earned and expenses as incurred~~royalties, ~~without~~which ~~regard~~are topaid ~~receipts or payments. The use of GAAP would require the Trust~~ to ~~accrue for expected royalty payments. This is exceedingly difficult since~~ the Trust ~~has~~in ~~very~~Euros, ~~limited information on such payments until they~~ are ~~received~~converted ~~and~~into ~~cannot accurately project such amounts~~U. ~~The Trust's modified cash basis financial statements disclose revenue when cash is received and expenses when cash is paid~~S. ~~The one modification of~~ ~~the~~ dollars ~~cash~~at ~~basis of accounting is that~~ the ~~Trust~~applicable ~~accrues~~exchange ~~for~~rate ~~distributions~~and totransferred befrom ~~paid~~Germany to ~~unit owners (those distributions approved by~~ the ~~Trustees for the~~ Trust~~). The Trust'~~’s ~~distributable~~bank ~~income~~account ~~represents~~in ~~royalty income received by~~ the ~~Trust~~U.S. ~~during~~In ~~the~~relation ~~period~~to ~~plus interest income less any expenses incurred by~~ the ~~Trust, all on a cash basis~~U. InS. ~~the opinion of the Trustees~~dollar, ~~the~~a ~~use~~stronger ofEuro ~~the~~would ~~modified~~yield ~~cash basis provides a~~ more ~~meaningful~~U.S. ~~presentation~~dollars ~~to unit owners of the results of operations of the Trust~~ and ~~presents to the unit owners~~ a ~~more~~weaker ~~accurate~~Euro ~~calculation~~would ofyield ~~income~~fewer ~~and~~U.S. ~~expenses for tax reporting purposes~~dollars.

~~Off-Balance~~Seasonal ~~Sheet~~demand ~~Arrangements~~factors affect the income from the Trust’s royalty rights insofar as they relate to energy demands and increases or decreases in prices, but on average they are generally not material to the annual income received under the Trust’s royalty rights.

The Trust has no ~~off-balance~~means of ensuring continued income from overriding royalty rights at their present level or otherwise. The assets ~~sheet~~ of ~~arrangements~~the Trust are depleting assets. While future maintenance and development projects on the underlying assets will affect the quantity of proved reserves and can offset the reduction in the depletion of proved reserves, the timing and size of these projects, if they occur, will depend on the market prices of oil and natural gas. If the operators developing the concession do not perform such additional maintenance or development projects, the future rate of production decline of proved reserves may be higher than the rate currently expected by the Trust and assets may deplete faster than expected. Eventually, the assets of the Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets.

~~This~~The ~~Report~~Trust’s onconsultant ~~Form~~in ~~10-K~~Germany ~~may~~provides ~~contain~~general ~~forward-looking~~information ~~statements intended~~ to ~~qualify for~~ the ~~safe~~Trust ~~harbor~~on ~~from~~the ~~liability~~German ~~established~~and byEuropean ~~the~~economies ~~Private~~and ~~Securities~~energy ~~Litigation~~markets ~~Reform~~as ~~Act~~well ofas ~~1995. All~~monitoring ~~statements~~the ~~other~~continuing ~~than~~impact ~~statements~~ of ~~historical~~the ~~fact~~war ~~are~~in ~~forward-looking. Such~~Ukraine and ~~statements~~ongoing ~~address~~efforts ~~future~~by ~~expectations~~the ~~and~~European ~~events~~governments orto ~~conditions~~respond ~~concerning~~to the ~~Trust. You~~economic ~~can~~impacts ~~identify~~of ~~many~~the ~~forward-looking~~war. ~~statements~~This byinformation ~~words~~provides ~~such~~a ascontext ~~"may,"~~in ~~"will,"~~which ~~"would,"~~to ~~"should,"~~evaluate ~~"could,"~~the ~~"expects,"~~actions ~~"aim,"~~of ~~"anticipates,"~~the ~~"believes,"~~operating ~~"estimates,"~~companies.The ~~"intends,"~~Trust’s ~~"plan,"~~consultant ~~"predict,"~~receives ~~"project,"~~reports ~~"seek,"~~from EMPG with ~~"potential,"~~ respect ~~"opportunities"~~to current and ~~other~~planned ~~similar~~drilling ~~expressions~~ and ~~the~~exploration ~~negatives of such expressions~~efforts. However, ~~not~~EMPG ~~all~~and ~~forward-looking~~the ~~statements~~operating ~~contain~~companies ~~these~~continue ~~words. Many~~to oflimit ~~these~~the ~~statements are based on~~ information ~~provided~~flow to ~~the~~that ~~Trust~~which byis ~~the~~required ~~operating companies or~~ by ~~consultants~~German ~~using~~law, ~~public~~and ~~information~~the ~~sources. These~~Trust ~~statements~~cannot ~~are~~confirm the ~~subject~~ accuracy toof ~~certain~~any ~~risks~~of ~~and~~the ~~uncertainties~~information ~~that~~supplied ~~could~~by ~~cause~~EMPG ~~actual~~or ~~results~~the tooperating ~~differ materially from those anticipated in any forward-looking statements~~companies. ~~These~~ ~~include:~~

~~• the~~The ~~fact~~low ~~that~~level ~~the~~of ~~assets~~administrative expenses of the Trust ~~are~~limits ~~depleting~~the ~~assets~~effect ~~and,~~of ifinflation ~~the~~on ~~operators~~costs. ~~developing~~Sustained ~~the~~price ~~concession~~inflation dowould ~~not~~be ~~perform~~reflected ~~additional~~in ~~development~~sales ~~projects,~~prices. ~~the~~Sales ~~assets~~prices along with sales volumes ~~may~~ form ~~deplete~~the ~~faster~~basis ~~than~~on ~~expected;~~which the royalties paid to the Trust are computed.

~~• risks~~Results: ~~and~~Fiscal ~~uncertainties~~2025 ~~concerning~~versus ~~levels~~Fiscal ~~of gas production and gas sale prices, general economic conditions and currency exchange rates;~~2024

~~• the~~Negative ~~ability~~calendar or2023 ~~willingness~~adjustments had an impact on both the fourth quarter of fiscal 2024 and the first quarter of fiscal 2025. The actual adjustments affecting ~~operating~~ scheduled ~~companies~~royalty topayments ~~perform~~in the first quarter of fiscal 2025 totaled ($1,754,663). This adjustment eliminated royalties payable under ~~their contractual~~the OEG Agreement and reduced royalties received under the Mobil Agreement to $505,864 during the first quarter ~~obligations~~ of ~~with~~fiscal 2025. The year-end adjustment for calendar 2024 was $472,384. There is a negative end-of-quarter adjustment for the ~~Trust;~~fourth fiscal quarter that will reduce royalty income for the first quarter of fiscal 2026 by Euros 266,306 ($308,168 based on the exchange rate of 1.157196 as of October 31, 2025).

~~• potential~~- ~~disputes~~11 ~~with the operating companies and the resolution thereof; and~~-

~~• political~~Table ~~and~~of ~~economic uncertainty arising from the conflict in Ukraine and the Middle East.~~Contents

~~All~~For ~~such~~fiscal ~~factors~~2025, ~~are~~the ~~difficult~~Trust’s togross ~~predict,~~royalty ~~contain~~income ~~uncertainties~~increased ~~that~~49.5% ~~may~~to ~~materially~~$8,650,094 ~~affect~~from ~~actual results~~$5,785,303 ~~and~~in ~~are~~fiscal ~~generally~~2024. ~~beyond~~The ~~the~~total ~~control~~distribution offor ~~the~~fiscal ~~Trust. New~~2025 ~~factors~~was ~~emerge~~$0.81 ~~from~~per ~~time~~unit compared to ~~time~~$0.48 ~~and~~per itunit for isfiscal ~~not~~2024. ~~possible~~Gas ~~for~~prices ~~the~~under ~~Trust~~both toroyalty ~~predict~~agreements ~~all~~were ~~such~~higher, ~~factors~~gas orsales towere ~~assess~~lower, ~~the~~and ~~impact~~average ofexchange ~~each~~rates ~~such~~were ~~factor~~up. onThe ~~the~~royalty ~~Trust. Any~~income ~~forward-looking~~received ~~statement~~under ~~speaks~~the ~~only~~Mobil asAgreement ofin ~~the~~fiscal ~~date~~2025 onincreased ~~which~~30.7% ~~such~~or, ~~statement~~$1,301,622, isto ~~made~~$5,535,716 compared ~~and~~to ~~the~~$4,234,094 ~~Trust~~received ~~does~~in ~~not~~fiscal ~~undertake~~2024. ~~any~~Royalty ~~obligation~~income toreceived ~~update~~under ~~any~~the ~~forward-looking~~OEG ~~statement~~Agreement toin ~~reflect~~fiscal ~~events~~2025 increased 81.3% or, ~~circumstances~~$1,261,744, ~~after~~to ~~the~~$2,812,905 ~~date~~compared onto ~~which~~$1,551,161 ~~such~~received ~~statement~~in isfiscal ~~made~~2024.

~~Item~~ Gas 7Asales under the Mobil Agreement decreased 4.7% ~~Quantitative~~to 11.994 Billion cubic feet (“Bcf”) in fiscal 2025 from 12.592 Bcf in fiscal 2024. With the continued lack of drilling by the operating companies through 2025, there was a slight decline in gas production. Absent a renewed drilling program, the normal reduction in well pressure would be expected to continue and ~~Qualitative~~gas ~~Disclosures~~production ~~about~~would ~~Market~~be ~~Risk~~expected to decline.

~~The~~Quarterly ~~Trust~~and ~~does~~Yearly ~~not~~Gas ~~engage~~Sales inunder any trading activities with respect to possible foreign exchange fluctuations. The Trust does not use any financial instruments to hedge against possible risks related to foreign exchange fluctuations. The market risk with respect to funds held in the ~~Trust's~~Mobil ~~bank~~Agreement ~~account~~ in ~~Germany~~Billion iscubic negligible because standing instructions at the Trust's German bank require the bank to process conversions and transfers of royalty payments as soon as possible following their receipt. The Trust does not engage in any trading activities with respect to commodity price fluctuations.feet

Item 8. Financial Statements and Supplementary Data.

Fiscal Quarter	2025 Gas Sales	2024 Gas Sales	Percentage Change
First	3.199	3.223	- 0.7%
Second	2.863	3.236	-11.5%
Third	2.873	3.073	- 6.5%
Fourth	3.059	3.060	- 0.0%
Fiscal Year Total	11.994	12.592	- 4.7%

	Page Number
Report of Independent Registered Public Accounting Firms	F-1 - F-4
Financial Statements:
Statements of Assets, Liabilities and Trust Corpus as of October 31, 2024 and 2023	F-5
Statements of Revenue Collected and Expenses Paid for the Fiscal Years Ended October 31, 2024 and 2023	F-6
Statements of Undistributed Earnings for the Fiscal Years Ended October 31, 2024 and 2023	F-7
Statements of Changes in Cash and Cash Equivalents for the Fiscal Years Ended October 31, 2024 and 2023	F-8
Notes to Financial Statements	F-9 - F-11

Average prices for gas sold under the Mobil Agreement increased 11.1% to 4.1328 Euro cents per kilowatt hour (“€cents/kWh”) in fiscal 2025 from 3.7206 €cents/kWh in fiscal 2024.

~~F-2~~Average Gas Prices under the Mobil Agreement in €cents per Kilowatt Hour

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Fiscal Quarter	2025 Average Gas Prices	2024 Average Gas Prices	Percentage Change
First	3.8837	3.8530	+ 0.8%
Second	4.5308	4.1601	+ 8.9%
Third	4.4632	3.2503	+37.3%
Fourth	3.7111	3.5886	+ 3.4%
Fiscal Year Average	4.1328	3.7206	+11.1%

ToConverting gas prices into more familiar terms, using the ~~Board~~average exchange rate, yielded a price of ~~Trustees~~$13.10 per thousand cubic feet (“Mcf”), an increase of 13.7% from fiscal 2024’s average price of $11.52/Mcf. For fiscal 2025, royalties paid under the Mobil Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.1080, a 2.3% increase from the ~~Unit~~average ~~Owners~~Euro/U.S. dollar exchange rate of ~~North~~ ~~European~~1.0834 ~~Oil~~for ~~Royalty~~fiscal ~~Trust~~2024.

~~Opinion~~Average onEuro Exchange Rate under the ~~Financial~~Mobil ~~Statements~~Agreement

We have audited the accompanying statement of assets, liabilities, and trust corpus of North European Oil Royalty Trust (the "Trust") as of October 31, 2024, and the related statements of revenue collected and expenses paid, undistributed earnings, and changes in cash and cash equivalents for the year ended October 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and trust corpus of the Trust as of October 31, 2024, and its revenue collected and expenses paid, undistributed earnings and changes in cash and cash equivalents for the year then ended, in conformity with the modified cash basis of accounting described in Note 1.

Fiscal Quarter	2025 Average Euro Exchange Rate	2024 Average Euro Exchange Rate	Percentage Change
First	1.0341	1.0816	- 4.4%
Second	1.0878	1.0714	+ 1.5%
Third	1.1445	1.0757	+ 6.4%
Fourth	1.1654	1.1071	+ 5.3%
Fiscal Year Average	1.1080	1.0834	+ 2.3%

~~Basis~~- ~~for~~12 ~~Opinion~~-

~~These~~Table ~~financial statements are the responsibility~~ of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.Contents

WeExcluding ~~conducted~~the ~~our~~effects ~~audit~~of differences in ~~accordance~~prices ~~with~~and ~~the~~average ~~standards~~exchange ofrates, the ~~PCAOB.~~combination ~~Those~~of ~~standards~~royalty ~~require~~rates ~~that~~on wegas ~~plan~~sold ~~and~~from ~~perform~~western ~~the~~Oldenburg ~~audit~~results toin ~~obtain~~an ~~reasonable~~effective ~~assurance~~royalty ~~about~~rate approximately ~~whether~~seven ~~the~~times ~~financial~~higher ~~statements~~than ~~are~~the ~~free~~royalty ofrate ~~material~~on ~~misstatement,~~gas ~~whether~~sold ~~due~~from toeastern ~~error or fraud~~Oldenburg. ~~The~~This ~~Trust~~ is ~~not~~of ~~required~~particular significance to ~~have,~~the ~~nor~~Trust ~~were~~since wegas ~~engaged~~sold tofrom ~~perform,~~western anOldenburg ~~audit~~provides ofthe ~~its~~bulk ~~internal~~of ~~control~~royalties ~~over~~paid ~~financial~~to ~~reporting~~the Trust. AsFor ~~part~~fiscal 2025, the volume of ~~our~~gas ~~audit,~~sold wefrom ~~are~~western ~~required~~Oldenburg toaccounted ~~obtain~~for anonly ~~understanding~~30.1% of ~~internal~~the ~~control~~volume ~~over~~of ~~financial~~all ~~reporting,~~gas ~~but~~sales. ~~not~~However, ~~for~~western ~~the~~Oldenburg ~~purpose~~gas ofroyalties ~~expressing~~provided anapproximately ~~opinion~~78.1% onor ~~the~~$6,361,719 ~~effectiveness~~out of ~~the~~a ~~Trust's~~total ~~internal~~of ~~control over financial reporting. Accordingly~~$8,146,510 wein ~~express~~overall noOldenburg ~~such~~gas ~~opinion~~royalties.

~~Our~~Gas ~~audit~~sales ~~included~~under ~~performing procedures to assess~~ the ~~risks~~OEG ofAgreement ~~material~~decreased ~~misstatement~~7.0% ~~of the financial statements, whether due~~ to ~~error~~39.893 orBcf ~~fraud,~~in ~~and~~fiscal ~~performing~~2025 ~~procedures~~from ~~that~~42.918 ~~respond~~Bcf toin ~~those~~fiscal ~~risks~~2024. ~~Such~~Given ~~procedures~~the ~~include~~continued ~~examining,~~lack onof adrilling ~~test~~by ~~basis, evidence regarding~~ the ~~amounts~~operating ~~and~~companies ~~disclosures~~through in2025, the ~~financial~~ Trust’s ~~statements.~~consultant ~~Our~~in ~~audit~~Germany ~~also~~believes ~~included evaluating~~ the ~~accounting~~decline ~~principles~~in ~~used~~gas ~~and~~production ~~significant~~is ~~estimates~~due ~~made~~to ~~by management, as well as evaluating~~ the ~~overall~~normal ~~presentation~~reduction ofin ~~the~~well ~~financial~~pressure ~~statements. We believe~~ that ~~our~~is ~~audit~~experienced ~~provides~~over ~~a reasonable basis for our opinion~~time.

~~Basis~~Quarterly ofand ~~Accounting~~Yearly Gas Sales under the OEG Agreement in Billion cubic feet

As described in Note 1, these financial statements have been prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Fiscal Quarter	2025 Gas Sales	2024 Gas Sales	Percentage Change
First	10.549	11.085	- 4.8%
Second	9.858	10.870	- 9.3%
Third	9.858	10.454	- 5.7%
Fourth	9.628	10.509	- 8.4%
Fiscal Year Total	39.893	42.918	- 7.0%

~~F-1~~Average gas prices for gas sold under the OEG Agreement increased 11.5% to 4.2293 €cents/kWh in fiscal 2025 from 3.7929 €cents/kWh in fiscal 2024.

~~Critical~~Average ~~Audit~~Gas ~~Matters~~Prices under the OEG Agreement in €cents per Kilowatt Hour

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

Fiscal Quarter	2025 Average Gas Prices	2024 Average Gas Prices	Percentage Change
First	3.9606	3.9293	+ 0.8%
Second	4.6205	4.2425	+ 8.9%
Third	4.5516	3.3146	+37.3%
Fourth	3.7845	3.6597	+ 3.4%
Fiscal Year Average	4.2293	3.7929	+ 11.5%

WeConverting ~~have~~gas ~~served~~prices asinto more familiar terms, using the ~~Trust's~~average ~~auditor~~exchange ~~since~~rate, yielded a price of $13.43/Mcf for fiscal 2025, an increase of 16.8% from fiscal 2024’s ~~Iselin~~ average price of $11.50/Mcf. For fiscal 2025, ~~New~~royalties ~~Jersey December~~paid 31under the OEG Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.1343, an increase of 4.6% from the average Euro/U.S. dollar exchange rate of 1.0848 for fiscal 2024.

~~F-4~~Average Euro Exchange Rate under the OEG Agreement

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Fiscal Quarter	2025 Average Euro Exchange Rate	2024 Average Euro Exchange Rate	Percentage Change
First	0.0000¹	0.0000¹
Second	1.0926	1.0715	+ 2.0%
Third	1.1441	1.0757	+ 6.4%
Fourth	1.1661	1.1071	+ 5.3%
Fiscal Year Average	1.1343	1.0848	+ 4.6%

To1 No royalty income under the ~~Board~~OEG ofRoyalty ~~Trustees~~Agreement was deposited into the Trust’s account at Deutsche Bank and there was no conversion and transfer to the ~~Unit~~Trust’s ~~Owners~~account ofwith M&T Bank. Consequently, ~~North~~ no ~~European~~exchange ~~Oil~~rate ~~Royalty~~was ~~Trust~~generated.

~~Opinion~~- on13 ~~the Financial Statements~~-

WeTable ~~have audited the accompanying statement~~ of assets, liabilities, and trust corpus of North European Oil Royalty Trust (the "Trust") as of October 31, 2023, and the related statements of revenue collected and expenses paid, undistributed earnings, and changes in cash and cash equivalents for the year ended October 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the assets, liabilities and trust corpus of the Trust as of October 31, 2023, and its revenue collected and expenses paid, undistributed earnings and changes in its cash and cash equivalents for each of the two years in the year ended October 31, 2023 in conformity with the modified cash basis of accounting described in Note 1.Contents

~~Basis~~Trust ~~for~~expenses ~~Opinion~~of $795,648 in fiscal 2025 were virtually unchanged from Trust expenses of $797,872 in fiscal 2024.

~~These~~Report ~~financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion~~ on ~~the~~Drilling ~~Trust's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")~~ and ~~are~~Geophysical required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.Work

WeThe ~~conducted~~Trust’s ~~our~~German ~~audit~~consultant inperiodically ~~accordance~~contacts ~~with~~ the ~~standards~~representatives of the ~~PCAOB.~~operating ~~Those~~companies ~~standards~~to ~~require~~inquire ~~that~~about wetheir ~~plan~~planned and ~~perform~~proposed ~~the~~drilling ~~audit~~and togeophysical ~~obtain~~work and other general ~~reasonable~~ matters. ~~assurance~~The ~~about~~following ~~whether~~represents a summary of the ~~financial~~most ~~statements~~recent ~~are~~information ~~free~~the ofTrust’s ~~material~~German ~~misstatement,~~consultant ~~whether~~received ~~due~~from torepresentatives ~~error~~of orEMPG ~~fraud~~in December 2025. The Trust is not ~~required~~able to ~~have,~~confirm ~~nor~~the ~~were~~accuracy weof ~~engaged~~any ~~to perform, an audit~~ of ~~its~~the ~~internal~~information ~~control~~supplied ~~over~~by ~~financial~~ the ~~reporting~~ operating companies. AsIn ~~part~~addition, ofthe ~~our~~operating ~~audit,~~companies we are not required to ~~obtain~~take anany ~~understanding~~ of ~~internal~~the ~~control~~actions ~~over~~outlined ~~financial reporting~~and, ~~but~~if ~~not~~they ~~for~~change ~~the~~their ~~purpose~~plans ofwith ~~expressing~~respect anto ~~opinion~~any onsuch ~~the~~actions, ~~effectiveness~~they ofare ~~the~~not ~~Trust's~~obligated ~~internal~~to ~~control~~inform ~~over~~the ~~financial reporting~~Trust. ~~Accordingly, we express no such opinion.~~

~~Our~~The ~~audit~~Trust’s ~~included~~German ~~performing~~consultant ~~procedures~~has toadvised ~~assess~~ the ~~risks~~Trust ofthat ~~material~~EMPG ~~misstatement~~has ofnot ~~the~~planned ~~financial~~any ~~statements,~~new ~~whether~~wells ~~due~~for tocalendar ~~error~~2026 ~~or fraud,~~ and ~~performing~~no ~~procedures~~major ~~that~~work ~~respond~~has tobeen ~~those~~initiated ~~risks. Such procedures included examining,~~ on ~~a test basis, evidence regarding~~ the ~~amounts~~exploration ~~and disclosures in the financial statements~~side. ~~Our~~Maintenance ~~audit~~work, ~~also~~including ~~included~~well ~~evaluating~~cleanup ~~the~~jobs ~~accounting principles used~~ and ~~significant~~foam ~~estimates~~jobs ~~made~~to byde-water ~~management~~weak wells, aswill ~~well~~be ascontinuing ~~evaluating~~to ~~the~~ensure ~~overall presentation of~~ the ~~financial~~wells ~~statements.~~are Weoperating ~~believe~~at ~~that~~maximum ~~our~~efficiency ~~audit~~and ~~provides~~production ~~a reasonable basis for our opinion~~levels.

~~Basis~~Critical of Accounting Policies

AsThe ~~described~~financial statements, appearing subsequently in ~~Note~~this 1Report, ~~these~~present financial ~~statements~~statement ~~have~~balances ~~been~~and ~~prepared~~financial results on ~~the~~a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the ~~United~~U.S. (“GAAP basis”). Modified cash basis accounting is an accepted accounting method for royalty trusts such as the Trust. GAAP basis financial statements disclose income as ~~States~~ earned and expenses as incurred, without regard to receipts or payments. The use of ~~America~~GAAP would require the Trust to accrue for expected royalty payments. This is exceedingly difficult since the Trust has very limited information on such payments until they are received and cannot accurately project such amounts. The Trust’s modified cash basis financial statements disclose revenue when cash is received and expenses when cash is paid. The one modification of the cash basis of accounting is that the Trust accrues for distributions to be paid to unit owners (those distributions approved by the Trustees for the Trust). The Trust’s distributable income represents royalty income received by the Trust during the period plus interest income less any expenses incurred by the Trust, all on a cash basis. In the opinion of the Trustees, the use of the modified cash basis provides a more meaningful presentation to unit owners of the results of operations of the Trust and presents to the unit owners a more accurate calculation of income and expenses for tax reporting purposes.

FOff-3Balance Sheet Arrangements

~~Critical~~The ~~Audit~~Trust ~~Matters~~has no off-balance sheet arrangements.

~~Critical~~- ~~audit~~14 matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.-

WeTable ~~have~~of ~~served as the Trust's auditor from 2006 to 2024 Iselin, New Jersey December 29, 2023~~Contents

F This Report on Form 10-4K may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such statements address future expectations and events or conditions concerning the Trust. You can identify many forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expects,” “aim,” “anticipates,” “believes,” “estimates,” “intends,” “plan,” “predict,” “project,” “seek,” “potential,” “opportunities” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include:

	2024	2023
ASSETS
Current assets -- Cash and cash equivalents	$1,625,343	$795,201
Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)	1	1
Total Assets	$1,625,344	$795,202
	2024	2023
LIABILITIES AND TRUST CORPUS
Current liabilities -- Distributions to be paid to unit owners	$183,812	$0
Trust corpus (Notes 1 and 2)	1	1
Undistributed earnings	1,441,531	795,201
Total Liabilities and Trust Corpus	$1,625,344	$795,202

•

the fact that the assets of the Trust are depleting assets and, if the operators developing the concession do not perform additional development projects, the assets may deplete faster than expected;

~~The~~• ~~accompanying~~risks ~~notes~~and ~~are~~uncertainties anconcerning ~~integral~~levels ~~part~~ of ~~these~~gas ~~financial~~production ~~statements.~~and gas sale prices, general economic conditions, and currency exchange rates;

~~F-5~~• the ability or willingness of the operating companies to perform under their contractual obligations with the Trust;

	2024	2023
Gas, sulfur and oil royalties received	$5,785,303	$22,016,103
Interest income	70,382	125,003
Trust Income	$5,855,685	$22,141,106
Operating Expenses	($790,289)	($957,067)
Related party expenses (Note 3)	(7,583)	(10,524)
Trust Expenses	($797,872)	($967,591)
Net Income	$5,057,813	$21,173,515
Net income per unit	$0.55	$2.30
Distributions per unit paid or to be paid to unit owners	$0.48	$2.26

•

potential disputes with the operating companies and the resolution thereof; and

~~The~~• ~~accompanying~~political ~~notes~~and ~~are~~economic anuncertainty ~~integral~~arising ~~part of~~from ~~these~~the ~~financial~~conflict ~~statements~~in Ukraine and the Middle East.

FAll such factors are difficult to predict, contain uncertainties that may materially affect actual results, and are generally beyond the control of the Trust. New factors emerge from time to time and it is not possible for the Trust to predict all such factors or to assess the impact of each such factor on the Trust. Any forward-6looking statement speaks only as of the date on which such statement is made, and the Trust does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

	2024	2023
Balance, beginning of period	$795,201	$392,420
Net income	5,057,813	21,173,515
	5,853,014	21,565,935
Less:
Current year distributions paid or to be paid to unit owners	4,411,483	20,770,734
Balance, end of period	$1,441,531	$795,201

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk.

The ~~accompanying~~Trust ~~notes~~does ~~are~~not anengage ~~integral~~in ~~part~~any trading activities with respect to possible foreign exchange fluctuations. The Trust does not use any financial instruments to hedge against possible risks related to foreign exchange fluctuations. The market risk with respect to funds held in the Trust’s bank account in Germany is negligible because standing instructions at the Trust’s German bank require the bank to process conversions and transfers of royalty ~~these~~payments ~~financial~~as ~~statements~~soon as possible following their receipt. The Trust does not engage in any trading activities with respect to commodity price fluctuations.

F-7 15 -

	2024	2023
Sources of Cash and Cash Equivalents:
Gas, sulfur and oil royalties received	$5,785,303	$22,016,103
Interest income	70,382	125,003
	$5,855,685	$22,141,106
Uses of Cash and Cash Equivalents:
Payment of Trust expenses	$797,872	$967,591
Distributions paid	4,227,671	27,571,771
	$5,025,543	$28,539,362
Net increase (decrease) in cash and cash equivalents during the year	830,142	(6,398,256)
Cash and cash equivalents, beginning of year	795,201	7,193,457
Cash and cash equivalents, end of year	$1,625,343	$795,201

Table of Contents

~~The~~Item ~~accompanying~~8. ~~notes~~Financial ~~are~~Statements anand ~~integral~~Supplementary ~~part of these financial statements~~Data.

~~F-8~~NORTH EUROPEAN OIL ROYALTY TRUST

~~(1) Summary~~INDEX ofTO ~~significant~~FINANCIAL ~~accounting policies:~~STATEMENTS

Basis of accounting -

	Page Number

Report of Independent Registered Public Accounting Firms	F-1 – F-2

Financial Statements:

Statements of Assets, Liabilities and Trust Corpus as of October 31, 2025 and 2024	F-3

Statements of Revenue Collected and Expenses Paid for the Fiscal Years Ended October 31, 2025 and 2024	F-4

Statements of Undistributed Earnings for the Fiscal Years Ended October 31, 2025 and 2024	F-5

Statements of Changes in Cash and Cash Equivalents for the Fiscal Years Ended October 31, 2025 and 2024	F-6

Notes to Financial Statements	F-7 – F-9

~~The~~- ~~accompanying~~16 financial statements of North European Oil Royalty Trust (the "Trust") are prepared in accordance with the rules and regulations of the SEC. Financial statement balances and financial results are presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States ("GAAP basis"). In the opinion of management, all adjustments that are considered necessary for a fair presentation of these financial statements, including adjustments of a normal, recurring nature, have been included. -

OnTable a modified cash basis, revenue is earned when cash is received and expenses are incurred when cash is paid. GAAP basis financial statements disclose revenue as earned and expenses as incurred, without regard to receipts or payments. The modified cash basis of accounting is utilized to permit the accrual for distributions to be paid to unit owners (those distributions approved by the Trustees for the Trust). The Trust's distributable income represents royalty income received by the Trust during the period plus interest income less any expenses incurred by the Trust, all on a cash basis. In the opinion of the Trustees, the use of the modified cash basis of accounting provides a more meaningful presentation to unit owners of the results of operations of the Trust. Contents

~~The~~Report ~~Trust receives adjustments from the operating companies based on their final calculations~~ of ~~royalties~~Independent ~~payable~~Registered ~~during~~Public ~~the~~Accounting ~~prior periods, including the immediately preceding calendar quarter. Negative adjustments are carried over to the succeeding quarter.~~Firm

~~Producing~~Board ~~gas~~of Trustees and ~~oil~~the ~~royalty~~Unit ~~rights -~~Owners

~~The rights to certain gas and oil royalties in Germany were transferred to the Trust at their net book value by~~ North European Oil ~~Company~~Royalty (the "Company") (see Note 2). The net book value of the royalty rights has been reduced to one dollar ($1) since the remaining net book value of royalty rights is de minimis relative to annual royalties received and distributed by the Trust ~~and does not bear any meaningful relationship to the fair value of such rights or the actual amount of proved producing reserves.~~

Opinion ~~Federal~~on ~~and~~the ~~state~~Financial ~~income taxes -~~Statements

~~The~~We ~~Trust~~have audited the accompanying statement of assets, liabilities, and trust corpus of North European Oil Royalty Trust (the “Trust”) as aof ~~grantor~~October ~~trust~~31, 2025 and 2024, the related statements of revenue collected and ~~additionally~~expenses ~~under~~paid, aundistributed ~~private~~earnings, ~~letter~~and ~~ruling~~changes ~~issued~~in bycash and cash equivalents for the ~~Internal~~years ~~Revenue~~ended ~~Service~~October 31, is2025 ~~exempt~~and ~~from~~2024 ~~federal~~and ~~income~~the ~~taxes~~related notes (collectively referred to as the “financial statements”). ~~The~~ In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and trust corpus of the Trust ~~has~~as noof October 31, 2025 and 2024, and its revenues collected and expenses paid, undistributed earnings, and changes in ~~state~~ cash ~~income~~and ~~tax~~cash ~~obligations~~equivalents for the years then ended October 31, 2025 and 2024, in conformity with the modified cash basis of accounting described in Note 1.

~~F-9~~Basis for Opinion

~~Cash~~These ~~and~~financial ~~cash~~statements ~~equivalents~~are - the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audit.

~~Cash~~We ~~and cash equivalents~~ are ~~defined~~a aspublic ~~amounts~~accounting ~~deposited~~firm inregistered ~~bank accounts and amounts invested in certificates of deposit and U. S. Treasury bills~~ with ~~original~~the ~~maturities~~Public ~~generally~~Company ofAccounting ~~three~~Oversight ~~months~~Board or(United ~~less~~States) ~~from~~(“PCAOB”) ~~the~~and ~~date~~are ofrequired ~~purchase. The~~to ~~investment~~be ~~options~~independent ~~available~~with respect to the ~~Trust~~Company ~~are limited~~ in accordance with ~~specific provisions of~~ the ~~Trust Agreement. As of October 31, 2024, the uninsured amounts held in the Trust's~~ U.S. federal ~~bank~~securities ~~accounts~~laws ~~were~~and ~~$1,368,398. In addition,~~ the ~~Trust~~applicable ~~held~~rules ~~Euros~~and ~~6,397,~~regulations ~~the equivalent~~ of ~~$6,945,~~the inSecurities ~~its~~and ~~German~~Exchange ~~bank~~Commission ~~account~~and atthe ~~October 31, 2024~~PCAOB.

~~Net~~We ~~income~~conducted ~~per~~our ~~unit~~audits -in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

~~Net~~Our ~~income~~audits ~~per~~included ~~unit~~performing isprocedures ~~based~~to ~~upon~~assess the ~~number~~risks of ~~units~~material ~~outstanding~~misstatement atof the ~~end~~financial ofstatements, ~~the~~whether ~~period. As~~due ofto error or fraud, and performing procedures that respond to those risks. Such ~~October~~ procedures 31include examining, ~~2024~~on ~~and~~a ~~2023~~test basis, ~~there~~evidence ~~were~~regarding 9the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management,~~190,590~~ ~~units~~as well as evaluating the overall presentation of ~~beneficial~~the ~~interest~~financial ~~outstanding~~statements. We believe that our audits provide a reasonable basis for our opinion.

~~New~~Basis ~~accounting~~of ~~pronouncements -~~ Accounting

~~The~~As ~~Trust~~described isin ~~not~~Note ~~aware~~1, ofthese ~~any~~financial ~~recently~~statements ~~issued,~~have ~~but~~been ~~not~~prepared ~~yet~~on ~~effective,~~the modified cash basis of accounting, ~~standards~~which ~~that~~is ~~would~~a becomprehensive ~~expected~~basis toof ~~have~~accounting aother ~~significant~~than ~~impact~~accounting onprinciples ~~the~~generally ~~Trust's~~accepted in ~~financial~~ the ~~position~~United orStates ~~results~~ of ~~operations~~America.

~~(2) Formation of the Trust:~~F-1

~~The~~- ~~Trust~~17 was formed on September 10, 1975. As of September 30, 1975, the Company was liquidated and the remaining assets and liabilities of the Company, including its royalty rights, were transferred to the Trust. The Trust, on behalf of the owners of beneficial interest in the Trust, holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. These rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corp. and the Royal Dutch/Shell Group of Companies. Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate and sulfur.-

~~(3) Related~~Table ~~party~~of ~~transactions:~~Contents

Critical Audit Matters

~~John~~Critical R.audit ~~Van~~matters ~~Kirk,~~are matters arising from the ~~Managing~~current ~~Director~~period audit of the ~~Trust,~~financial ~~provides~~statements ~~office~~that ~~services~~were communicated or required to be communicated to the ~~Trust~~audit committee and that: (1) relate to accounts at or ~~cost. For~~disclosures ~~such~~that ~~office~~are ~~services,~~material to the ~~Trust~~financial ~~reimbursed~~statements ~~the~~and ~~Managing~~(2) ~~Director~~involved ~~$7,583~~our ~~and~~especially ~~$10~~challenging,~~524~~ insubjective, ~~fiscal~~or ~~2024~~complex ~~and~~judgments. ~~2023,~~We ~~respectively~~determined that there are no critical audit matters.

~~(4) Employee~~/s/ ~~benefit~~Forvis ~~plan:~~Mazars, LLP

~~The~~We ~~Trust~~have ~~has~~served ~~established~~as ~~a savings incentive match plan for employees (SIMPLE IRA) that is available to both employees of~~ the Trust,’s ~~one~~auditor ofsince whom is the Managing Director. The Trustees authorized the making of contributions by the Trust to the accounts of employees, on a matching basis, of up to 3% of cash compensation paid to each such employee for the 2024 ~~and 2023 calendar years~~.

~~F-10~~Iselin, New Jersey

~~(5) Quarterly~~December ~~results~~31, ~~(unaudited):~~2025

~~The tables below summarize the quarterly results and distributions of the Trust for the fiscal years ended October 31, 2024 and 2023:~~F-2

~~Fiscal~~- ~~2024~~18 ~~by Quarter and Year~~-

	First	Second	Third	Fourth	Year
Royalties received	$424,910	$2,232,767	$2,457,422	670,204	$5,785,303
Net income	$179,085	$2,033,899	$2,318,094	526,734	$5,057,813
Net Income per unit	$0.02	$0.22	$0.25	$0.06	$0.55
Distribution paid or to be paid	$459,529	$1,838,118	$1,930,024	$183,812	$4,411,483
Distribution per unit or to be paid to unit owners	$0.05	$0.20	$0.21	$0.02	$0.48
1. At the end of each fiscal quarter, the Trust converts the Euro balance in its account at Deutsche Bank into dollars and includes this amount in the royalty income total. Since there was no royalty income for the fourth fiscal quarter and there was a loss on exchange, the total royalty income for the fourth fiscal quarter is a negative number.
2. The negative net income is comprised of the negative royalty income minus the quarterly expenses plus interest income.

Table of Contents

~~Fiscal~~NORTH ~~2023~~EUROPEAN byOIL ~~Quarter~~ROYALTY ~~and Year~~TRUST

	First	Second	Third	Fourth	Year
Royalties received	$9,765,883	$9,760,018	$2,490,778	($576)1	$22,016,103
Net income	$9,536,014	$9,504,566	$2,290,894	($157,959)2	$21,173,515
Net Income per unit	$1.04	$1.03	$0.25	($0.02)	$2.30
Distribution paid or to be paid	$9,190,590	$9,650,120	$1,930,024	$0	$20,770,734
Distribution per unit or to be paid to unit owners	$1.00	$1.05	$0.21	$0.00	$2.26

STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (NOTE 1)

~~F-11~~OCTOBER 31, 2025 AND 2024

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

ASSETS	2025		2024

Current assets - - Cash and cash equivalents	$	4,785,156	$	1,625,343

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

Total Assets	$	4,785,157	$	1,625,344

LIABILITIES AND TRUST CORPUS		2025		2024

Current liabilities - - Distributions to be paid to unit owners	$	2,849,083	$	183,812

Trust corpus (Notes 1 and 2)		1		1

Undistributed earnings		1,936,073		1,441,531

Total Liabilities and Trust Corpus	$	4,785,157	$	1,625,344

~~None.~~The accompanying notes are

~~Item~~an ~~9A.~~integral ~~Controls~~part ~~and~~of ~~Procedures~~these financial statements.

~~Disclosure Controls and Procedures~~F-3

~~The~~- ~~Trust~~19 maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Trust is recorded, processed, summarized, accumulated and communicated to its management, which consists of the Managing Director, to allow timely decisions regarding required disclosure, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. The Managing Director has performed an evaluation of the effectiveness of the design and operation of the Trust's disclosure controls and procedures as of October 31, 2023. Based on that evaluation, the Managing Director concluded that the Trust's disclosure controls and procedures were effective as of October 31, 2024.-

~~Internal~~Table ~~Control~~of ~~over Financial Reporting~~Contents

~~Part~~NORTH ~~A. Management's~~EUROPEAN ~~Report~~OIL onROYALTY ~~Internal Control over Financial Reporting~~TRUST

~~The~~STATEMENTS ~~Trust's~~OF ~~management~~REVENUE isCOLLECTED ~~responsible~~AND ~~for~~EXPENSES ~~establishing~~PAID ~~and maintaining adequate internal control over financial reporting~~ (asNOTE ~~such term is defined in Exchange Act Rule 13a-15(f~~1)) for the Trust. There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time. Management has evaluated the Trust's internal control over financial reporting as of October 31, 2024. This assessment was based on criteria for effective internal control over financial reporting described in the standards promulgated by the Public Company Accounting Oversight Board and in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management concluded that the Trust's internal control over financial reporting was effective as of October 31, 2024.

~~Part~~FOR ~~B. Attestation~~THE ~~Report~~FISCAL ofYEARS ~~Independent~~ENDED ~~Registered~~OCTOBER ~~Public~~31, ~~Accounting~~2025 ~~Firm~~AND 2024

Not applicable

	2025			2024

Gas, sulfur, and oil royalties received	$	8,650,094		$	5,785,303

Interest income		84,474			70,382

Trust Income	$	8,734,568		$	5,855,685

Operating Expenses	$	(784,632	)	$	(790,289	)

Related party expenses (Note 3)		(11,016	)		(7,583	)

Trust Expenses	$	(795,648	)	$	(797,872	)

Net Income	$	7,938,920		$	5,057,813

Net income per unit	$	0.86		$	0.55

Distributions per unit paid or to be paid to unit owners	$	0.81		$	0.48

Units outstanding at end of period		9,190,590			9,190,590

~~Part~~The ~~C. Changes~~accompanying innotes ~~Internal Control over Financial Reporting~~are

~~There~~an ~~have~~integral ~~been~~part ~~no changes in the Trust's internal control over financial reporting that occurred during the fourth quarter~~ of ~~fiscal~~these ~~2024 that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over~~ financial ~~reporting~~statements.

~~Item 9B. Other Information.~~F-4

~~During the quarter ended October 31, 2024, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended), adopted or terminated a "Rule 10b5~~-1 ~~trading~~20 ~~arrangement" or a "non~~-~~Rule 10b5-1 trading arrangement" (each as defined in Item 408(a) and (c), respectively, of Regulation S-K).~~

~~Item~~Table ~~9C.~~of ~~Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.~~Contents

~~Not~~NORTH ~~applicable.~~EUROPEAN OIL ROYALTY TRUST

~~PART~~STATEMENTS ~~III~~OF UNDISTRIBUTED EARNINGS (NOTE 1)

~~Item~~FOR ~~10.~~THE ~~Directors,~~FISCAL ~~Executive~~YEARS ~~Officers~~ENDED ~~and~~OCTOBER ~~Corporate~~31, ~~Governance~~2025 AND 2024

Except as set forth below, the information required by this item will be contained in the Trust's definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 26, 2025, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.

	2025		2024

Balance, beginning of year	$	1,441,531	$	795,201

Net income		7,938,920		5,057,813

		9,380,451		5,853,014

Less:

Current year distributions paid or to be paid to unit owners		7,444,378		4,411,483

Balance, end of year	$	1,936,073	$	1,441,531

~~Insider~~The ~~Trading~~accompanying ~~Policy~~notes are

~~The~~an ~~Trust~~integral ~~has~~part ~~adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions~~ of ~~the~~these ~~Trust~~financial units by the Trustees and employees, or the Trust itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Truststatements. ~~A copy of such policies and procedures is filed hereto as Exhibit 19.1.~~

~~Code of Ethics~~F-5

~~The~~- ~~Trustees~~21 adopted a Code of Conduct and Business Ethics (the "Code") beginning in 2004 for the Trust's Trustees and employees, including the Managing Director. The Managing Director serves the roles of chief executive officer and chief financial and accounting officer. A copy of the Code is available without charge on request by writing to the Managing Director at the office of the Trust. The Code is also available on the Trust's website, www.neort.com.-

~~All~~Table ~~Trustees and employees~~ of the Trust are required to read and sign a copy of the Code annually. No waivers or exceptions to the Code have been granted since the adoption of the Code. Any amendments or waivers to the Code, to the extent required, will be disclosed in a Form 8-K filing of the Trust after such amendment or waiver.Contents

~~Item~~NORTH ~~11.~~EUROPEAN ~~Executive~~OIL ~~Compensation.~~ROYALTY TRUST

~~The~~STATEMENTS ~~information~~OF ~~required~~CHANGES byIN ~~this~~CASH ~~item~~AND ~~will~~CASH beEQUIVALENTS ~~contained~~(NOTE in the Trust's definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 26, 2025, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.1)

~~Item~~FOR ~~12.~~THE ~~Security~~FISCAL ~~Ownership~~YEARS ofENDED ~~Certain~~OCTOBER ~~Beneficial~~31, ~~Owners~~2025 ~~and~~AND ~~Management and Related Stockholder Matters.~~2024

The information required by this item will be contained in the Trust's definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 26, 2025, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.

	2025		2024

Sources of Cash and Cash Equivalents:

Gas, sulfur, and oil royalties received	$	8,650,094	$	5,785,303

Interest income		84,474		70,382

	$	8,734,568	$	5,855,685

Uses of Cash and Cash Equivalents:

Payment of Trust expenses	$	795,648	$	797,872

Distributions paid		4,779,107		4,227,671

	$	5,574,755	$	5,025,543

Net increase (decrease) in cash and cash equivalents during the year		3,159,813		830,142

Cash and cash equivalents, beginning of year		1,625,343		795,201

Cash and cash equivalents, end of year	$	4,785,156	$	1,625,343

~~Item~~The ~~13.~~accompanying ~~Certain~~notes ~~Relationships and Related Transactions, and Director Independence.~~are

~~The~~an ~~information~~integral ~~required~~part ~~by this item will be contained in the Trust's definitive Proxy Statement for its Annual Meeting~~ of ~~Unit~~these ~~Owners~~financial ~~to be held on February 26, 2025, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference~~statements.

~~Item 14. Principal Accountant Fees and Services.~~F-6

~~The~~- ~~information~~22 required by this item will be contained in the Trust's definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 26, 2025, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.-

~~Item~~Table ~~15.~~of ~~Exhibits and Financial Statement Schedules.~~Contents

~~(a) The~~NORTH ~~following~~EUROPEAN isOIL aROYALTY ~~list of the documents filed as part of this Report:~~TRUST

~~1. Financial~~NOTES ~~Statements~~TO FINANCIAL STATEMENTS

~~Index~~OCTOBER ~~to Financial Statements for the Fiscal Years Ended October~~ 31, ~~2024 and~~2025 ~~2023~~AND 2024

~~Report~~(1) Summary of ~~Independent~~significant ~~Registered~~accounting ~~Public Accounting Firm~~policies:

~~Statements~~Basis of ~~Assets,~~accounting ~~Liabilities and Trust Corpus as of October 31, 2024 and 2023~~-

~~Statements~~The accompanying financial statements of ~~Revenue~~North ~~Collected~~European ~~and~~Oil ~~Expenses~~Royalty ~~Paid~~Trust ~~for~~(the “Trust”) are prepared in accordance with the ~~Fiscal~~rules ~~Years~~and regulations of the SEC. Financial statement balances and ~~Ended~~ financial ~~October~~results are presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States (“GAAP basis”). In 31 the opinion of management, ~~2024~~all ~~and~~adjustments ~~2023~~that are considered necessary for a fair presentation of these financial statements, including adjustments of a normal, recurring nature, have been included.

~~Statements~~On ofa modified cash basis, revenue is earned when cash is received and expenses are incurred when cash is paid. GAAP basis financial statements disclose revenue as earned and expenses as incurred, ~~Undistributed~~ without ~~Earnings~~regard to receipts or payments. The modified cash basis of accounting is utilized to permit the accrual for distributions to be paid to unit owners (those distributions approved by the ~~Fiscal~~Trustees ~~Years~~for ~~Ended~~the ~~October~~Trust). ~~31,~~The Trust’s distributable ~~2024~~ income represents royalty income received by the Trust during the period plus interest income less any expenses incurred by the Trust, all on a cash basis. In the opinion of the Trustees, the use of the modified cash basis of accounting provides ~~and~~ a ~~2023~~more meaningful presentation to unit owners of the results of operations of the Trust.

~~Statements~~The Trust receives adjustments from the operating companies based on their final calculations of ~~Changes~~royalties payable during the prior periods, in including ~~Cash~~the ~~and~~immediately ~~Cash~~preceding ~~Equivalents~~calendar ~~for~~quarter. ~~the~~Negative ~~Fiscal~~adjustments ~~Years~~are ~~Ended~~carried ~~October~~over ~~31,~~to ~~2024~~the ~~and~~succeeding ~~2023~~quarter.

~~Notes~~Producing togas ~~Financial~~and ~~Statements~~oil royalty rights -

The rights to certain gas and oil royalties in Germany were transferred to the Trust at their net book value by North European Oil Company (the “Company”) (see Note 2). ~~Exhibits~~ The net book value of the royalty rights has been reduced to one dollar ($1) since the remaining net book value of royalty rights is de minimis relative to annual royalties received and distributed by the Trust and does not bear any meaningful relationship to the fair value of such rights or the actual amount of proved producing reserves.

~~The~~Federal ~~Exhibit~~and ~~Index~~state ~~following~~income ~~the~~taxes ~~signature page lists all exhibits filed with this Report or incorporated by reference.~~-

~~Item~~The 16Trust, as a grantor trust and additionally under a private letter ruling issued by the Internal Revenue Service, is exempt from federal income taxes. ~~Form~~The ~~10-K~~Trust ~~Summary~~has no state income tax obligations.

~~None.~~F-7

~~SIGNATURES~~- 23 -

~~Pursuant~~Table ~~to the requirements~~ of ~~Section 13 or 15(d) of the Securities Exchange Act of 1934, the Trust has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.~~Contents

~~NORTH~~Cash ~~EUROPEAN~~and ~~OIL~~cash ~~ROYALTY~~equivalents ~~TRUST~~-

Dated: December 31, 2024	/s/John R. Van Kirk
	John R. Van Kirk, Managing Director,
	Chief Executive Officer, and
	Chief Financial Officer

Cash and cash equivalents are defined as amounts deposited in bank accounts and amounts invested in certificates of deposit and U. S. Treasury bills with original maturities generally of three months or less from the date of purchase. The investment options available to the Trust are limited in accordance with specific provisions of the Trust Agreement. The Trust held €15,000, the equivalent of $17,358, in its German bank account at October 31, 2025.

~~Pursuant~~Net toincome ~~the~~per ~~requirements~~unit ~~of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.~~-

Dated: December 31, 2024	/s/Nancy J. Floyd Prue
	Nancy J. Floyd Prue, Managing Trustee
Dated: December 31, 2024	/s/Andrew S. Borodach
	Andrew S. Borodach, Trustee
Dated: December 31, 2024	/s/Ahron H.Haspel
	Ahron H. Haspel, Trustee
Dated: December 31, 2024	/s/Richard P. Howard
	Richard P. Howard, Trustee
Dated: December 31, 2024	/s/Lawrence A. Kobrin
	Lawrence A. Kobrin, Trustee
Dated: December 31, 2024	/s/John R. Van Kirk
	John R. Van Kirk, Managing Director
	Chief Executive Officer
	and Chief Financial Officer

Net income per unit is based upon the number of units outstanding at the end of the period. As of October 31, 2025 and 2024, there were 9,190,590 units of beneficial interest outstanding.

~~EXHIBIT~~New ~~INDEX~~accounting pronouncements –

Exhibit	Page
(3.1)	North European Oil Royalty Trust Agreement, dated September 10, 1975, as amended through February 13, 2008 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K, filed February 15, 2008 (File No. 0-8378)).
(3.2)	Amended and Restated Trustees' Regulations, amended and restated as of October 31, 2007 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K, filed November 2, 2007 (File No. 0-8378)).
(4.1)	Description of Securities
(10.1)	Agreement with OEG, dated April 2, 1979, exhibit to Current Report on Form 8-K filed May 11, 1979 (incorporated by reference as Exhibit 1 to Current Report on Form 8-K, filed May 11, 1979 (File No. 0-8378)).
(10.2)	Agreement with Mobil Oil, A.G. concerning sulfur royalty payment, dated March 30, 1979 (incorporated by reference to Exhibit 3 to Current Report on Form 8-K, filed May 11, 1979 (File No. 0-8378)).
(10.3)	English language translation of Amendment Agreement dated August 26, 2016 between Oldenburgische Erdolgesellschaft mbH and North European Oil Royalty Trust (incorporated by reference to Exhibit 10.1 to Quarterly Report on Form 10-Q for the quarter ended July 31, 2016 (File No. 1-8245)).
(10.4)	English language translation of Amendment Agreement dated August 26, 2016 between Mobil Erdgas-Erdol GmbH and North European Oil Royalty Trust (incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended July 31, 2016 (File No. 1-8245)).
(19.1)	Insider Trading Policies and Procedures
(21)	There are no subsidiaries of the Trust.
(31)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(32)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(97)	Policy for the Recovery of Erroneously Awarded Compensation
(99.1)	Calculation of Cost Depletion Percentage for the 2024 Calendar Year Based on the Estimate of Remaining Proved Producing Reserves in the Northwest Basin of the Federal Republic of Germany as of October 1, 2023 prepared by Graves & Co. Consulting, LLC
(99.2)	Order Approving Settlement signed by Vice Chancellor Jack Jacobs of the Delaware Court of Chancery (incorporated by reference as Exhibit 99.2 to Current Report on Form 8-K, filed February 26, 1996).

The Trust is not aware of any recently issued, but not yet effective, accounting standards that would be expected to have a significant impact on the Trust’s financial position or results of operations.

(2) Formation of the Trust:

The Trust was formed on September 10, 1975. As of September 30, 1975, the Company was liquidated and the remaining assets and liabilities of the Company, including its royalty rights, were transferred to the Trust. The Trust, on behalf of the owners of beneficial interest in the Trust, holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. These rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corp. and the Royal Dutch/Shell Group of Companies. Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate, and sulfur.

(3) Related party transactions:

John R. Van Kirk, the Managing Director of the Trust, provides office services to the Trust at cost. For such office services, the Trust reimbursed the Managing Director $11,016 and $7,583 in fiscal 2025 and 2024, respectively.

(4) Employee benefit plan:

The Trust has established a savings incentive match plan for employees (SIMPLE IRA) that is available to both employees of the Trust, one of whom is the Managing Director. The Trustees authorized the making of contributions by the Trust to the accounts of employees, on a matching basis, of up to 3% of cash compensation paid to each such employee for the 2025 and 2024 calendar years.

F-8

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(5) Quarterly results (unaudited):

The tables below summarize the quarterly results and distributions of the Trust for the fiscal years ended October 31, 2025 and 2024:

Fiscal 2025 by Quarter and Year


	First		Second		Third		Fourth		Year

Royalties received	$	505,697	$	2,471,301	$	2,617,231	$	3,055,865	$	8,650,094

Net income	$	285,468	$	2,261,006	$	2,459,107	$	2,933,339	$	7,938,919

Net income per unit	$	0.03	$	0.25	$	0.27	$	0.32	$	0.86

Distributions paid or to be paid	$	367,624	$	1,838,118	$	2,389,553	$	2,849,083	$	7,444,378

Distributions per unit paid or to be paid to unit owners	$	0.04	$	0.20	$	0.26	$	0.31	$	0.81

Fiscal 2024 by Quarter and Year


	First		Second		Third		Fourth		Year

Royalties received	$	424,910	$	2,232,767	$	2,457,422	$	670,204	$	5,785,303

Net income	$	179,085	$	2,033,899	$	2,318,094	$	526,734	$	5,057,813

Net income per unit	$	0.02	$	0.22	$	0.25	$	0.06	$	0.55

Distributions paid or to be paid	$	459,529	$	1,838,118	$	1,930,024	$	183,812	$	4,411,483

Distributions per unit paid or to be paid to unit owners	$	0.05	$	0.20	$	0.21	$	0.02	$	0.48

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Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A.

Controls and Procedures.

Disclosure Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Trust is recorded, processed, summarized, accumulated, and communicated to its management, which consists of the Managing Director, to allow timely decisions regarding required disclosure, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. The Managing Director has performed an evaluation of the effectiveness of the design and operation of the Trust’s disclosure controls and procedures as of October 31, 2025. Based on that evaluation, the Managing Director concluded that the Trust’s disclosure controls and procedures were effective as of October 31, 2025.

Internal Control over Financial Reporting

Part A. Management’s Report on Internal Control over Financial Reporting

The Trust’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) for the Trust. There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time. Management has evaluated the Trust’s internal control over financial reporting as of October 31, 2025. This assessment was based on criteria for effective internal control over financial reporting described in the standards promulgated by the Public Company Accounting Oversight Board and in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management concluded that the Trust’s internal control over financial reporting was effective as of October 31, 2025.

Part B. Attestation Report of Independent Registered Public Accounting Firm

Not applicable.

Part C. Changes in Internal Control over Financial Reporting

There have been no changes in the Trust’s internal control over financial reporting that occurred during the fourth quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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Item 9B.

Other Information.

During the quarter ended October 31, 2025, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c), respectively, of Regulation S-K).

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

Item 10.

Directors, Executive Officers, and Corporate Governance.

Except as set forth below, the information required by this item will be contained in the Trust’s definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 17, 2026, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.

Insider Trading Policy

The Trust has adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Trust units by the Trustees and employees, or the Trust itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Trust. A copy of such policies and procedures is filed hereto as Exhibit 19.1.

Code of Ethics

The Trustees adopted a Code of Conduct and Business Ethics (the “Code”) beginning in 2004 for the Trust’s Trustees and employees, including the Managing Director. The Managing Director serves the roles of chief executive officer and chief financial and accounting officer. A copy of the Code is available without charge on request by writing to the Managing Director at the office of the Trust. The Code is also available on the Trust’s website, www.neort.com.

All Trustees and employees of the Trust are required to read and sign a copy of the Code annually. No waivers or exceptions to the Code have been granted since the adoption of the Code. Any amendments or waivers to the Code, to the extent required, will be disclosed in a Form 8-K filing of the Trust after such amendment or waiver.

Item 11.

Executive Compensation.

The information required by this item will be contained in the Trust’s definitive Proxy Statement for its Annual Meeting of Unit Owners to be held on February 17, 2026, to be filed pursuant to Section 14 of the Securities Exchange Act of 1934, and is incorporated herein by reference.

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Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

Item 14.

Principal Accountant Fees and Services.

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PART IV

Item 15.

Exhibits and Financial Statement Schedules.

(a) The following is a list of the documents filed as part of this Report:

	1.	Financial Statements

		Index to Financial Statements for the Fiscal Years Ended October 31, 2025 and 2024

		Report of Independent Registered Public Accounting Firm

		Statements of Assets, Liabilities and Trust Corpus as of October 31, 2025 and 2024

		Statements of Revenue Collected and Expenses Paid for the Fiscal Years Ended October 31, 2025 and 2024

		Statements of Undistributed Earnings for the Fiscal Years Ended October 31, 2025 and 2024

		Statements of Changes in Cash and Cash Equivalents for the Fiscal Years Ended October 31, 2025 and 2024

		Notes to Financial Statements

	2.	Exhibits

		The Exhibit Index following the signature page lists all exhibits filed with this Report or incorporated by reference.

Item 16.

Form 10-K Summary.

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Trust has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

NORTH EUROPEAN OIL ROYALTY TRUST

Dated: December 31, 2025	/s/	John R. Van Kirk
		John R. Van Kirk, Managing Director,
		Chief Executive Officer, and
		Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: December 31, 2025	/s/	Nancy J. Floyd Prue
		Nancy J. Floyd Prue, Managing Trustee

Dated: December 31, 2025	/s/	Andrew S. Borodach
		Andrew S. Borodach, Trustee

Dated: December 31, 2025	/s/	Ahron H. Haspel
		Ahron H. Haspel, Trustee

Dated: December 31, 2025	/s/	Richard P. Howard
		Richard P. Howard, Trustee

Dated: December 31, 2025	/s/	Lawrence A. Kobrin
		Lawrence A. Kobrin, Trustee

Dated: December 31, 2025	/s/	John R. Van Kirk
		John R. Van Kirk, Managing Director,
		Chief Executive Officer, and
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit		Page

(3.1)	North European Oil Royalty Trust Agreement, dated September 10, 1975, as amended through February 13, 2008 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K, filed February 15, 2008 (File No. 0-8378)).

(3.2)	Amended and Restated Trustees’ Regulations, amended and restated as of October 31, 2007 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K, filed November 2, 2007 (File No. 0-8378)).

(4.1)	Description of Securities (incorporated by reference to Exhibit 4.1 to Annual Report on Form 10-K for the year ended October 31, 2024 (File No. 1-8245)).

(10.1)	Agreement with OEG, dated April 2, 1979, exhibit to Current Report on Form 8-K filed May 11, 1979 (incorporated by reference as Exhibit 1 to Current Report on Form 8-K, filed May 11, 1979 (File No. 0-8378)).

(10.2)	Agreement with Mobil Oil, A.G. concerning sulfur royalty payment, dated March 30, 1979 (incorporated by reference to Exhibit 3 to Current Report on Form 8-K, filed May 11, 1979 (File No. 0-8378)).

(10.3)	English language translation of Amendment Agreement dated August 26, 2016 between Oldenburgische Erdolgesellschaft mbH and North European Oil Royalty Trust (incorporated by reference to Exhibit 10.1 to Quarterly Report on Form 10-Q for the quarter ended July 31, 2016 (File No. 1-8245)).

(10.4)	English language translation of Amendment Agreement dated August 26, 2016 between Mobil Erdgas-Erdol GmbH and North European Oil Royalty Trust (incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q for the quarter ended July 31, 2016 (File No. 1-8245)).

(19.1)	Insider Trading Policies and Procedures	32

(21)	There are no subsidiaries of the Trust.

(31)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	39

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(32)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	41

(97)	Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to Annual Report on Form 10-K for the year ended October 31, 2024 (File No. 1-8245))

(99.1)	Calculation of Cost Depletion Percentage for the 2025 Calendar Year Based on the Estimate of Remaining Proved Producing Reserves in the Northwest Basin of the Federal Republic of Germany as of October 1, 2025 prepared by Graves & Co. Consulting, LLC	42

(99.2)	Order Approving Settlement signed by Vice Chancellor Jack Jacobs of the Delaware Court of Chancery (incorporated by reference as Exhibit 99.2 to Current Report on Form 8-K, filed February 26, 1996).

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