Ni2: 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.
Ni2
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+269%), from €426,172 to €1.6m
of which Trade receivables: +€1.1m
- Cash -€268,117
down €268,117 (-95.1%), from €281,989 to €13,873
mainly Receivables within one year (-€1.1m) and Accrued charges and deferred income (-€26,955)
- Deferred charges and accrued income -€76,071
down €76,071 (-18.4%), from €414,456 to €338,384
- Trade debts +€579,815
up €579,815 (+169%), from €343,084 to €922,899
- Other debts +€231,592
up €231,592 (+108%), from €214,243 to €445,835
- Accrued charges and deferred income -€26,955
down €26,955 (-19.0%), from €141,875 to €114,920
- Financial charges +€96,024
up €96,024 (+2,307%), from €4,162 to €100,186
- Gross operating margin +€89,697
up €89,697 (+19.1%), from €469,725 to €559,422
- Taxes -€13,302
down €13,302 (-54.2%), from €24,528 to €11,226
- Other operating charges +€12,216
up €12,216 (+305%), from €4,000 to €16,215
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 | €1,125,085 | €1,927,432 | +€802,348 | +71.3% |
| Fixed assets | 21/28 | €2,468 | €2,376 | -€93 | -3.8% |
| Tangible fixed assets | 22/27 | €2,318 | €2,226 | -€93 | -4.0% |
| Furniture and vehicles | 24 | €2,034 | €644 | -€1,390 | -68.3% |
| Other tangible fixed assets | 26 | €284 | €1,582 | +€1,298 | +457% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €1,122,616 | €1,925,057 | +€802,440 | +71.5% |
| Amounts receivable within one year | 40/41 | €426,172 | €1,572,800 | +€1.1m | +269% |
| Trade receivables | 40 | €381,368 | €1,519,201 | +€1.1m | +298% |
| Other amounts receivable | 41 | €44,803 | €53,598 | +€8,795 | +19.6% |
| Cash at bank and in hand | 54/58 | €281,989 | €13,873 | -€268,117 | -95.1% |
| Deferred charges and accrued income | 490/1 | €414,456 | €338,384 | -€76,071 | -18.4% |
| Total equity and liabilities | 10/49 | €1,125,085 | €1,927,432 | +€802,348 | +71.3% |
| Equity | 10/15 | €361,575 | €376,708 | +€15,133 | +4.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €224,075 | €239,208 | +€15,133 | +6.8% |
| Amounts payable | 17/49 | €763,510 | €1,550,724 | +€787,214 | +103% |
| Amounts payable within one year | 42/48 | €621,635 | €1,435,804 | +€814,169 | +131% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €343,084 | €922,899 | +€579,815 | +169% |
| Suppliers | 440/4 | €343,084 | €922,899 | +€579,815 | +169% |
| Taxes, remuneration and social security | 45 | €64,308 | €67,070 | +€2,762 | +4.3% |
| Taxes | 450/3 | €9,926 | €9,418 | -€508 | -5.1% |
| Remuneration and social security | 454/9 | €54,382 | €57,652 | +€3,270 | +6.0% |
| Other amounts payable | 47/48 | €214,243 | €445,835 | +€231,592 | +108% |
| Accrued charges and deferred income | 492/3 | €141,875 | €114,920 | -€26,955 | -19.0% |
| Remuneration, social security and pensions | 62 | €417,052 | €415,375 | -€1,677 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,418 | €1,786 | -€1,632 | -47.8% |
| Other operating charges | 640/8 | €4,000 | €16,215 | +€12,216 | +305% |
| Gross operating margin | 9900 | €469,725 | €559,422 | +€89,697 | +19.1% |
| Operating profit (loss) | 9901 | €45,256 | €126,047 | +€80,791 | +179% |
| Financial income | 75/76B | €4,514 | €498 | -€4,016 | -89.0% |
| Recurring financial income | 75 | €4,514 | €498 | -€4,016 | -89.0% |
| Financial charges | 65/66B | €4,162 | €100,186 | +€96,024 | +2,307% |
| Recurring financial charges | 65 | €4,162 | €100,186 | +€96,024 | +2,307% |
| Profit (loss) for the period before taxes | 9903 | €45,608 | €26,359 | -€19,249 | -42.2% |
| Income taxes | 67/77 | €24,528 | €11,226 | -€13,302 | -54.2% |
| Profit (loss) for the period | 9904 | €21,080 | €15,133 | -€5,947 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,080 | €15,133 | -€5,947 | -28.2% |
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 15 October 2026 via checked.be.