J. NIVARLET: 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.
J. NIVARLET
Largest movements
- Tangible fixed assets -€31,941
down €31,941 (-95.8%), from €33,352 to €1,411
- Receivables within one year +€4,425
up €4,425 (+9.0%), from €49,041 to €53,466
- Deferred charges and accrued income +€3,027
up €3,027 (+64.3%), from €4,706 to €7,734
- Cash -€2,490
down €2,490 (-8.1%), from €30,907 to €28,417
mainly Debts after one year (-€26,074) and Other debts (-€4,448)
- Debts after one year -€26,074
no longer reported in 2025 (was €26,074)
- Other debts -€4,448
no longer reported in 2025 (was €4,448)
- Tax, wage and social debts +€4,068
new in 2025: €4,068
- Current portion of long-term debt -€2,116
no longer reported in 2025 (was €2,116)
- Write-downs +€32,146
new in 2025: €32,146
- Taxes -€5,673
down €5,673 (-84.2%), from €6,741 to €1,068
- Gross operating margin -€5,498
down €5,498 (-12.0%), from €45,871 to €40,373
- Depreciation -€5,427
down €5,427 (-42.7%), from €12,712 to €7,285
- Financial charges -€2,722
down €2,722 (-93.1%), from €2,923 to €201
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 | €142,313 | €116,014 | -€26,299 | -18.5% |
| Fixed assets | 21/28 | €33,352 | €1,411 | -€31,941 | -95.8% |
| Tangible fixed assets | 22/27 | €33,352 | €1,411 | -€31,941 | -95.8% |
| Furniture and vehicles | 24 | €33,352 | €1,411 | -€31,941 | -95.8% |
| Current assets | 29/58 | €108,961 | €114,603 | +€5,642 | +5.2% |
| Amounts receivable after more than one year | 29 | €24,306 | €24,987 | +€681 | +2.8% |
| Other amounts receivable | 291 | €24,306 | €24,987 | +€681 | +2.8% |
| Amounts receivable within one year | 40/41 | €49,041 | €53,466 | +€4,425 | +9.0% |
| Other amounts receivable | 41 | €49,041 | €53,466 | +€4,425 | +9.0% |
| Cash at bank and in hand | 54/58 | €30,907 | €28,417 | -€2,490 | -8.1% |
| Deferred charges and accrued income | 490/1 | €4,706 | €7,734 | +€3,027 | +64.3% |
| Total equity and liabilities | 10/49 | €142,313 | €116,014 | -€26,299 | -18.5% |
| Equity | 10/15 | €109,164 | €110,480 | +€1,317 | +1.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,164 | €55,480 | +€1,317 | +2.4% |
| Amounts payable | 17/49 | €33,150 | €5,534 | -€27,616 | -83.3% |
| Amounts payable after more than one year | 17 | €26,074 | - | -€26,074 | |
| Financial debts | 170/4 | €26,074 | - | -€26,074 | |
| Amounts payable within one year | 42/48 | €7,031 | €5,534 | -€1,497 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €2,116 | - | -€2,116 | |
| Trade debts | 44 | €467 | €1,466 | +€999 | +214% |
| Suppliers | 440/4 | €467 | €1,466 | +€999 | +214% |
| Taxes, remuneration and social security | 45 | - | €4,068 | +€4,068 | |
| Taxes | 450/3 | - | €4,068 | +€4,068 | |
| Other amounts payable | 47/48 | €4,448 | - | -€4,448 | |
| Accrued charges and deferred income | 492/3 | €45 | - | -€45 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,712 | €7,285 | -€5,427 | -42.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32,146 | +€32,146 | |
| Other operating charges | 640/8 | €685 | €650 | -€35 | -5.1% |
| Gross operating margin | 9900 | €45,871 | €40,373 | -€5,498 | -12.0% |
| Operating profit (loss) | 9901 | €32,474 | €292 | -€32,182 | -99.1% |
| Financial income | 75/76B | €982 | €2,293 | +€1,311 | +134% |
| Recurring financial income | 75 | €982 | €2,293 | +€1,311 | +134% |
| Financial charges | 65/66B | €2,923 | €201 | -€2,722 | -93.1% |
| Recurring financial charges | 65 | €2,923 | €201 | -€2,722 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €30,533 | €2,384 | -€28,149 | -92.2% |
| Income taxes | 67/77 | €6,741 | €1,068 | -€5,673 | -84.2% |
| Profit (loss) for the period | 9904 | €23,792 | €1,317 | -€22,475 | -94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,792 | €1,317 | -€22,475 | -94.5% |
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 29 October 2026 via checked.be.