NIAGARA: 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.
NIAGARA
Largest movements
- Tangible fixed assets -€316,118
down €316,118 (-68.5%), from €461,513 to €145,395
of which Land and buildings: -€298,266
- Cash +€134,561
up €134,561 (+31.2%), from €430,898 to €565,459
mainly Investment in fixed assets (net) (+€239,515) and Net result for the year (+€119,018)
- Stocks and contracts +€70,732
up €70,732 (+11.3%), from €627,363 to €698,095
- Receivables within one year +€34,056
up €34,056 (+22.4%), from €152,268 to €186,324
of which Trade receivables: +€24,205
- Short-term financial debts -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
- Reserves +€119,018
up €119,018 (+30.3%), from €392,236 to €511,255
of which Distributable reserves: +€119,018
- Trade debts +€46,478
up €46,478 (+60.0%), from €77,461 to €123,940
- Current portion of long-term debt -€32,297
down €32,297 (-27.2%), from €118,575 to €86,277
- Tax, wage and social debts +€25,981
up €25,981 (+48.3%), from €53,801 to €79,782
of which Remuneration and social security: +€17,831
- Staff costs +€117,078
up €117,078 (+44.3%), from €264,216 to €381,293
- Gross operating margin +€62,428
up €62,428 (+10.0%), from €625,674 to €688,102
- Depreciation -€12,242
down €12,242 (-14.5%), from €84,327 to €72,085
- Financial charges -€10,520
down €10,520 (-16.8%), from €62,721 to €52,201
- Taxes -€8,156
down €8,156 (-13.7%), from €59,702 to €51,546
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 | €1,704,801 | €1,631,227 | -€73,574 | -4.3% |
| Fixed assets | 21/28 | €464,113 | €152,513 | -€311,600 | -67.1% |
| Tangible fixed assets | 22/27 | €461,513 | €145,395 | -€316,118 | -68.5% |
| Land and buildings | 22 | €298,266 | €0 | -€298,266 | -100.0% |
| Plant, machinery and equipment | 23 | €110,100 | €70,939 | -€39,161 | -35.6% |
| Furniture and vehicles | 24 | €43,606 | €61,582 | +€17,976 | +41.2% |
| Other tangible fixed assets | 26 | €9,541 | €12,874 | +€3,333 | +34.9% |
| Financial fixed assets | 28 | €2,600 | €7,118 | +€4,518 | +173.8% |
| Current assets | 29/58 | €1,240,688 | €1,478,714 | +€238,026 | +19.2% |
| Amounts receivable after more than one year | 29 | €24,662 | €23,341 | -€1,322 | -5.4% |
| Other amounts receivable | 291 | €24,662 | €23,341 | -€1,322 | -5.4% |
| Stocks and contracts in progress | 3 | €627,363 | €698,095 | +€70,732 | +11.3% |
| Stocks | 30/36 | €627,363 | €698,095 | +€70,732 | +11.3% |
| Amounts receivable within one year | 40/41 | €152,268 | €186,324 | +€34,056 | +22.4% |
| Trade receivables | 40 | €135,408 | €159,613 | +€24,205 | +17.9% |
| Other amounts receivable | 41 | €16,859 | €26,711 | +€9,852 | +58.4% |
| Cash at bank and in hand | 54/58 | €430,898 | €565,459 | +€134,561 | +31.2% |
| Deferred charges and accrued income | 490/1 | €5,497 | €5,496 | -€1 | 0.0% |
| Total equity and liabilities | 10/49 | €1,704,801 | €1,631,227 | -€73,574 | -4.3% |
| Equity | 10/15 | €651,399 | €770,417 | +€119,018 | +18.3% |
| Contributions | 10/11 | €92,959 | €92,959 | = | 0.0% |
| Reserves | 13 | €392,236 | €511,255 | +€119,018 | +30.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €392,236 | €511,255 | +€119,018 | +30.3% |
| Profit (loss) carried forward | 14 | €166,203 | €166,203 | = | 0.0% |
| Amounts payable | 17/49 | €1,053,402 | €860,810 | -€192,592 | -18.3% |
| Amounts payable after more than one year | 17 | €43,210 | €59,518 | +€16,308 | +37.7% |
| Financial debts | 170/4 | €43,210 | €59,518 | +€16,308 | +37.7% |
| Amounts payable within one year | 42/48 | €999,837 | €789,999 | -€209,838 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €118,575 | €86,277 | -€32,297 | -27.2% |
| Financial debts | 43 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Credit institutions | 430/8 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Trade debts | 44 | €77,461 | €123,940 | +€46,478 | +60.0% |
| Suppliers | 440/4 | €77,461 | €123,940 | +€46,478 | +60.0% |
| Taxes, remuneration and social security | 45 | €53,801 | €79,782 | +€25,981 | +48.3% |
| Taxes | 450/3 | €24,778 | €32,928 | +€8,150 | +32.9% |
| Remuneration and social security | 454/9 | €29,023 | €46,854 | +€17,831 | +61.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €10,355 | €11,293 | +€938 | +9.1% |
| Non-recurring operating income | 76A | €1,000 | €7,560 | +€6,560 | +656.0% |
| Remuneration, social security and pensions | 62 | €264,216 | €381,293 | +€117,078 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,327 | €72,085 | -€12,242 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,315 | -€2,529 | -€7,845 | |
| Other operating charges | 640/8 | €14,761 | €18,271 | +€3,510 | +23.8% |
| Gross operating margin | 9900 | €625,674 | €688,102 | +€62,428 | +10.0% |
| Operating profit (loss) | 9901 | €257,055 | €218,982 | -€38,073 | -14.8% |
| Financial income | 75/76B | €4,365 | €3,783 | -€581 | -13.3% |
| Recurring financial income | 75 | €4,365 | €3,783 | -€581 | -13.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €62,721 | €52,201 | -€10,520 | -16.8% |
| Recurring financial charges | 65 | €62,721 | €52,201 | -€10,520 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €198,699 | €170,565 | -€28,134 | -14.2% |
| Income taxes | 67/77 | €59,702 | €51,546 | -€8,156 | -13.7% |
| Profit (loss) for the period | 9904 | €138,997 | €119,018 | -€19,979 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €138,997 | €119,018 | -€19,979 | -14.4% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.