GROUP NIVELLES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
GROUP NIVELLES
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€391,892
2024 · €32,085-€423,978
Equity
€2.3m
2024 · €2.7m-€404,941
Cash
€141,944
2024 · €293,146-€151,202
Balance sheet total
€5.6m
2024 · €6.0m-€432,785
Largest movements
Assets
- Tangible fixed assets -€208,899
down €208,899 (-6.0%), from €3.5m to €3.3m
of which Leasing and similar rights: -€204,098
- Cash -€151,202
down €151,202 (-51.6%), from €293,146 to €141,944
mainly Investment in fixed assets (net) (-€460,884) and Net result for the year (-€391,892)
- Receivables within one year -€138,648
down €138,648 (-18.8%), from €736,488 to €597,840
of which Trade receivables: -€124,921
- Stocks and contracts +€105,933
up €105,933 (+8.7%), from €1.2m to €1.3m
of which Stocks: +€54,466
Equity and liabilities
- Profit (loss) carried forward -€391,892
down €391,892 (-18.3%), from €2.1m to €1.7m
- Debts after one year -€161,564
down €161,564 (-9.3%), from €1.7m to €1.6m
- Other debts +€105,968
up €105,968 (+33.7%), from €314,402 to €420,370
Income statement
- Gross operating margin -€245,229
down €245,229 (-8.9%), from €2.8m to €2.5m
- Staff costs +€194,049
up €194,049 (+10.7%), from €1.8m to €2.0m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€32,085
Gross operating margin
-€245,229
Staff costs
-€194,049
Depreciation
+€23,140
Write-downs
-€20,576
Other operating charges
+€3,975
Other operating items
+€4,411
Financial income
+€1,225
Financial charges
-€15,137
Taxes
+€18,263
Result 2025
-€391,892
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€530,815
Investment
-€460,884
Financing
-€221,134
Cash 2024
€293,146
From operations (derived)
+€530,815
Net result for the year
-€391,892
Depreciation
+€685,039
Stocks and contracts
-€105,933
Receivables within one year
+€138,648
Deferred charges and accrued income
+€24,712
Trade debts
+€21,806
Tax, wage and social debts
+€15,843
Other debts
+€105,968
Accrued charges and deferred income
+€36,624
Investment (derived)
-€460,884
Investment in fixed assets (net)
-€460,884
Financing
-€221,134
Debts after one year
-€161,564
Current portion of long-term debt
-€46,520
Contributions, distributions and other
-€13,049
Cash 2025
€141,944
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,017,418 | €5,584,633 | -€432,785 | -7.2% |
| Fixed assets | 21/28 | €3,727,947 | €3,503,792 | -€224,155 | -6.0% |
| Intangible fixed assets | 21 | €216,912 | €201,655 | -€15,257 | -7.0% |
| Tangible fixed assets | 22/27 | €3,510,636 | €3,301,737 | -€208,899 | -6.0% |
| Land and buildings | 22 | €1,733,173 | €1,600,005 | -€133,168 | -7.7% |
| Plant, machinery and equipment | 23 | €634,441 | €793,680 | +€159,239 | +25.1% |
| Furniture and vehicles | 24 | €170,219 | €141,658 | -€28,561 | -16.8% |
| Leasing and similar rights | 25 | €957,794 | €753,696 | -€204,098 | -21.3% |
| Assets under construction and advance payments | 27 | €15,009 | €12,698 | -€2,311 | -15.4% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €2,289,470 | €2,080,841 | -€208,629 | -9.1% |
| Stocks and contracts in progress | 3 | €1,215,426 | €1,321,359 | +€105,933 | +8.7% |
| Stocks | 30/36 | €1,181,890 | €1,236,356 | +€54,466 | +4.6% |
| Contracts in progress | 37 | €33,536 | €85,002 | +€51,467 | +153% |
| Amounts receivable within one year | 40/41 | €736,488 | €597,840 | -€138,648 | -18.8% |
| Trade receivables | 40 | €676,828 | €551,907 | -€124,921 | -18.5% |
| Other amounts receivable | 41 | €59,660 | €45,933 | -€13,727 | -23.0% |
| Cash at bank and in hand | 54/58 | €293,146 | €141,944 | -€151,202 | -51.6% |
| Deferred charges and accrued income | 490/1 | €44,411 | €19,699 | -€24,712 | -55.6% |
| Total equity and liabilities | 10/49 | €6,017,418 | €5,584,633 | -€432,785 | -7.2% |
| Equity | 10/15 | €2,727,059 | €2,322,117 | -€404,941 | -14.8% |
| Contributions | 10/11 | €195,677 | €195,677 | = | 0.0% |
| Capital | 10 | €195,677 | €195,677 | = | 0.0% |
| Issued capital | 100 | €201,852 | €201,852 | = | 0.0% |
| Uncalled capital | 101 | €6,175 | €6,175 | = | 0.0% |
| Reserves | 13 | €313,986 | €313,986 | = | 0.0% |
| Non-distributable reserves | 130/1 | €59,410 | €59,410 | = | 0.0% |
| Legal reserve | 130 | €59,410 | €59,410 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,887 | €5,887 | = | 0.0% |
| Distributable reserves | 133 | €248,689 | €248,689 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,140,922 | €1,749,030 | -€391,892 | -18.3% |
| Investment grants | 15 | €76,473 | €63,424 | -€13,049 | -17.1% |
| Amounts payable | 17/49 | €3,290,359 | €3,262,516 | -€27,843 | -0.8% |
| Amounts payable after more than one year | 17 | €1,742,684 | €1,581,120 | -€161,564 | -9.3% |
| Financial debts | 170/4 | €1,742,684 | €1,581,120 | -€161,564 | -9.3% |
| Amounts payable within one year | 42/48 | €1,547,675 | €1,644,772 | +€97,097 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €527,475 | €480,954 | -€46,520 | -8.8% |
| Trade debts | 44 | €518,918 | €540,724 | +€21,806 | +4.2% |
| Suppliers | 440/4 | €518,918 | €540,724 | +€21,806 | +4.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €186,881 | €202,724 | +€15,843 | +8.5% |
| Taxes | 450/3 | €32,987 | €33,124 | +€138 | +0.4% |
| Remuneration and social security | 454/9 | €153,894 | €169,599 | +€15,705 | +10.2% |
| Other amounts payable | 47/48 | €314,402 | €420,370 | +€105,968 | +33.7% |
| Accrued charges and deferred income | 492/3 | - | €36,624 | +€36,624 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,821,708 | €2,015,757 | +€194,049 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €708,180 | €685,039 | -€23,140 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €326 | €20,902 | +€20,576 | +6,307% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €65,016 | €61,041 | -€3,975 | -6.1% |
| Non-recurring operating charges | 66A | €4,411 | €0 | -€4,411 | -100% |
| Gross operating margin | 9900 | €2,765,484 | €2,520,256 | -€245,229 | -8.9% |
| Operating profit (loss) | 9901 | €165,844 | -€262,484 | -€428,328 | |
| Financial income | 75/76B | €35,471 | €36,695 | +€1,225 | +3.5% |
| Recurring financial income | 75 | €35,471 | €36,695 | +€1,225 | +3.5% |
| Financial charges | 65/66B | €150,776 | €165,914 | +€15,137 | +10.0% |
| Recurring financial charges | 65 | €150,776 | €165,914 | +€15,137 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €50,538 | -€391,702 | -€442,241 | |
| Income taxes | 67/77 | €18,453 | €190 | -€18,263 | -99.0% |
| Profit (loss) for the period | 9904 | €32,085 | -€391,892 | -€423,978 | |
| Transfer from tax-exempt reserves | 789 | €49,600 | €0 | -€49,600 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €81,685 | -€391,892 | -€473,578 |
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 18 October 2026 via checked.be.