NADIR: what changed
Two fiscal 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.
NADIR
Largest movements
- Cash -€48,652
down €48,652 (-49.0%), from €99,358 to €50,706
mainly Investment in fixed assets (net) (-€33,336) and Receivables within one year (-€23,961)
- Receivables within one year +€23,961
up €23,961 (+2172.5%), from €1,103 to €25,064
of which Trade receivables: +€17,077
- Tangible fixed assets -€8,854
down €8,854 (-2.6%), from €341,237 to €332,383
of which Land and buildings: -€11,629
- Debts after one year -€20,730
down €20,730 (-67.1%), from €30,884 to €10,153
- Profit (loss) carried forward -€11,674
down €11,674 (-3.6%), from €323,824 to €312,150
- Gross operating margin +€37,915
up €37,915, from -€3,538 to €34,377
- Financial income -€2,758
down €2,758 (-70.9%), from €3,890 to €1,133
- Financial charges +€1,322
up €1,322 (+94.6%), from €1,398 to €2,720
- Depreciation -€1,106
down €1,106 (-2.6%), from €43,295 to €42,190
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.
Cash bridge derived
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 | €541,698 | €508,153 | -€33,544 | -6.2% |
| Fixed assets | 21/28 | €341,237 | €332,383 | -€8,854 | -2.6% |
| Tangible fixed assets | 22/27 | €341,237 | €332,383 | -€8,854 | -2.6% |
| Land and buildings | 22 | €190,682 | €179,054 | -€11,629 | -6.1% |
| Plant, machinery and equipment | 23 | €99,116 | €112,091 | +€12,974 | +13.1% |
| Furniture and vehicles | 24 | €51,438 | €41,239 | -€10,200 | -19.8% |
| Current assets | 29/58 | €200,461 | €175,770 | -€24,690 | -12.3% |
| Amounts receivable within one year | 40/41 | €1,103 | €25,064 | +€23,961 | +2172.5% |
| Trade receivables | 40 | €0 | €17,077 | +€17,077 | |
| Other amounts receivable | 41 | €1,103 | €7,987 | +€6,884 | +624.1% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €99,358 | €50,706 | -€48,652 | -49.0% |
| Total equity and liabilities | 10/49 | €541,698 | €508,153 | -€33,544 | -6.2% |
| Equity | 10/15 | €473,096 | €461,422 | -€11,674 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €130,672 | €130,672 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €128,812 | €128,812 | = | 0.0% |
| Profit (loss) carried forward | 14 | €323,824 | €312,150 | -€11,674 | -3.6% |
| Amounts payable | 17/49 | €68,602 | €46,732 | -€21,870 | -31.9% |
| Amounts payable after more than one year | 17 | €30,884 | €10,153 | -€20,730 | -67.1% |
| Financial debts | 170/4 | €30,884 | €10,153 | -€20,730 | -67.1% |
| Amounts payable within one year | 42/48 | €37,719 | €36,578 | -€1,140 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €20,186 | €20,730 | +€545 | +2.7% |
| Trade debts | 44 | €5,927 | €2,655 | -€3,273 | -55.2% |
| Suppliers | 440/4 | €5,927 | €2,655 | -€3,273 | -55.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,606 | €13,194 | +€1,588 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,295 | €42,190 | -€1,106 | -2.6% |
| Other operating charges | 640/8 | €2,086 | €2,274 | +€189 | +9.1% |
| Gross operating margin | 9900 | -€3,538 | €34,377 | +€37,915 | |
| Operating profit (loss) | 9901 | -€48,919 | -€10,087 | +€38,832 | +79.4% |
| Financial income | 75/76B | €3,890 | €1,133 | -€2,758 | -70.9% |
| Recurring financial income | 75 | €3,890 | €1,133 | -€2,758 | -70.9% |
| Financial charges | 65/66B | €1,398 | €2,720 | +€1,322 | +94.6% |
| Recurring financial charges | 65 | €1,398 | €2,720 | +€1,322 | +94.6% |
| Profit (loss) for the period before taxes | 9903 | -€46,426 | -€11,674 | +€34,752 | +74.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€46,426 | -€11,674 | +€34,752 | +74.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,426 | -€11,674 | +€34,752 | +74.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.