DE NIVERLÉE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DE NIVERLÉE
Largest movements
- Receivables after one year -€785,500
down €785,500 (-49.1%), from €1.6m to €815,000
- Cash +€690,483
up €690,483 (+319%), from €216,723 to €907,205
mainly Receivables after one year (+€785,500) and Net result for the year (+€479,558)
- Tangible fixed assets -€349,619
down €349,619 (-4.7%), from €7.5m to €7.2m
of which Other tangible fixed assets: -€269,544
- Debts after one year -€800,992
down €800,992 (-11.8%), from €6.8m to €6.0m
- Reserves +€279,800
up €279,800 (+7.5%), from €3.7m to €4.0m
of which Distributable reserves: +€279,800
- Other debts +€145,000
up €145,000 (+258%), from €56,230 to €201,230
- Gross operating margin -€83,281
down €83,281 (-7.9%), from €1.1m to €968,866
- Taxes -€42,762
down €42,762 (-26.1%), from €163,723 to €120,961
- Other operating charges -€24,198
down €24,198 (-98.1%), from €24,670 to €472
- Financial income -€15,312
down €15,312 (-13.3%), from €115,298 to €99,987
- Financial charges -€10,605
down €10,605 (-9.2%), from €115,832 to €105,227
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,798,439 | €11,407,080 | -€391,359 | -3.3% |
| Fixed assets | 21/28 | €7,501,504 | €7,151,885 | -€349,619 | -4.7% |
| Tangible fixed assets | 22/27 | €7,501,504 | €7,151,885 | -€349,619 | -4.7% |
| Land and buildings | 22 | €1,947,559 | €1,869,696 | -€77,863 | -4.0% |
| Plant, machinery and equipment | 23 | €28,719 | €37,732 | +€9,013 | +31.4% |
| Leasing and similar rights | 25 | €15,552 | €4,326 | -€11,226 | -72.2% |
| Other tangible fixed assets | 26 | €5,509,674 | €5,240,130 | -€269,544 | -4.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,296,935 | €4,255,195 | -€41,740 | -1.0% |
| Amounts receivable after more than one year | 29 | €1,600,500 | €815,000 | -€785,500 | -49.1% |
| Other amounts receivable | 291 | €1,600,500 | €815,000 | -€785,500 | -49.1% |
| Amounts receivable within one year | 40/41 | €415,471 | €519,842 | +€104,370 | +25.1% |
| Trade receivables | 40 | €400,389 | €266,623 | -€133,766 | -33.4% |
| Other amounts receivable | 41 | €15,083 | €253,219 | +€238,136 | +1,579% |
| Current investments | 50/53 | €2,000,000 | €2,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €216,723 | €907,205 | +€690,483 | +319% |
| Deferred charges and accrued income | 490/1 | €64,241 | €13,148 | -€51,093 | -79.5% |
| Total equity and liabilities | 10/49 | €11,798,439 | €11,407,080 | -€391,359 | -3.3% |
| Equity | 10/15 | €3,785,779 | €4,065,337 | +€279,558 | +7.4% |
| Contributions | 10/11 | €47,240 | €47,240 | = | 0.0% |
| Reserves | 13 | €3,738,272 | €4,018,072 | +€279,800 | +7.5% |
| Tax-exempt reserves | 132 | €1,635,272 | €1,635,272 | = | 0.0% |
| Distributable reserves | 133 | €2,103,000 | €2,382,800 | +€279,800 | +13.3% |
| Profit (loss) carried forward | 14 | €267 | €25 | -€242 | -90.7% |
| Amounts payable | 17/49 | €8,012,660 | €7,341,743 | -€670,917 | -8.4% |
| Amounts payable after more than one year | 17 | €6,779,335 | €5,978,343 | -€800,992 | -11.8% |
| Financial debts | 170/4 | €6,779,335 | €5,978,343 | -€800,992 | -11.8% |
| Amounts payable within one year | 42/48 | €1,233,326 | €1,363,400 | +€130,074 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €790,068 | €801,188 | +€11,120 | +1.4% |
| Trade debts | 44 | €384,505 | €316,781 | -€67,724 | -17.6% |
| Suppliers | 440/4 | €384,505 | €316,781 | -€67,724 | -17.6% |
| Taxes, remuneration and social security | 45 | €2,523 | €44,202 | +€41,679 | +1,652% |
| Taxes | 450/3 | €2,523 | €44,202 | +€41,679 | +1,652% |
| Other amounts payable | 47/48 | €56,230 | €201,230 | +€145,000 | +258% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €75,689 | €0 | -€75,689 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361,886 | €362,634 | +€748 | +0.2% |
| Other operating charges | 640/8 | €24,670 | €472 | -€24,198 | -98.1% |
| Gross operating margin | 9900 | €1,052,147 | €968,866 | -€83,281 | -7.9% |
| Operating profit (loss) | 9901 | €665,591 | €605,760 | -€59,832 | -9.0% |
| Financial income | 75/76B | €115,298 | €99,987 | -€15,312 | -13.3% |
| Recurring financial income | 75 | €115,298 | €99,987 | -€15,312 | -13.3% |
| Financial charges | 65/66B | €115,832 | €105,227 | -€10,605 | -9.2% |
| Recurring financial charges | 65 | €115,832 | €105,227 | -€10,605 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €665,057 | €600,519 | -€64,539 | -9.7% |
| Income taxes | 67/77 | €163,723 | €120,961 | -€42,762 | -26.1% |
| Profit (loss) for the period | 9904 | €501,335 | €479,558 | -€21,777 | -4.3% |
| Transfer to tax-exempt reserves | 689 | €231,550 | €0 | -€231,550 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €269,785 | €479,558 | +€209,773 | +77.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.