$ nasm -v
NASM version 2.12.01
$ cat test.asm
%ifdef ONE
 %warning warning
        db 1
%endif
%ifdef TWO
 %error error
        db 2
%endif
%ifdef THREE
 %fatal fatal
        db 3
%endif
$ nasm test.asm -o test.bin -l test.lst
$ nasm test.asm -o test.bin -l test.lst -DONE
$ nasm test.asm -o test.bin -l test.lst -DTWO
$ nasm test.asm -o test.bin -l test.lst -DTHREE
test.asm:10: fatal: fatal
$ nasm test.asm -o test.bin -l test.lst -DONE -DTWO
$ nasm test.asm -o test.bin -l test.lst -DONE -DTHREE
test.asm:10: fatal: fatal
$ nasm test.asm -o test.bin -l test.lst -DTWO -DTHREE
test.asm:10: fatal: fatal
$ nasm test.asm -o test.bin -l test.lst -DONE -DTWO -DTHREE
test.asm:10: fatal: fatal
$ nasm test.asm -o test.bin -l test.lst -DONE -DTWO
$ cat test.lst
     1                                  %ifdef ONE
     2                                   %warning warning
     3 00000000 01                              db 1
     4                                  %endif
     5                                  %ifdef TWO
     6                                   %error error
     7 00000001 02                              db 2
     8                                  %endif
     9                                  %ifdef THREE
    10                                   %fatal fatal
    11                                          db 3
    12                                  %endif
$