NIAM: 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.
NIAM
Largest movements
- Tangible fixed assets +€39,806
up €39,806 (+71.7%), from €55,495 to €95,301
of which Plant, machinery and equipment: +€47,442
- Cash -€17,696
down €17,696 (-27.0%), from €65,587 to €47,891
mainly Investment in fixed assets (net) (-€63,898) and Trade debts (-€8,971)
- Receivables within one year -€5,779
down €5,779 (-11.1%), from €52,137 to €46,357
- Profit (loss) carried forward +€20,642
up €20,642 (+18.1%), from €113,747 to €134,388
- Other debts +€10,350
up €10,350 (+106.9%), from €9,682 to €20,032
- Trade debts -€8,971
down €8,971 (-34.0%), from €26,423 to €17,452
- Tax, wage and social debts -€5,999
down €5,999 (-25.6%), from €23,447 to €17,448
- Gross operating margin -€15,379
down €15,379 (-15.0%), from €102,692 to €87,313
- Depreciation +€7,235
up €7,235 (+42.8%), from €16,887 to €24,122
- Taxes -€4,786
down €4,786 (-41.6%), from €11,494 to €6,707
- Staff costs +€1,362
up €1,362 (+4.1%), from €33,256 to €34,618
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 | €175,299 | €191,320 | +€16,021 | +9.1% |
| Fixed assets | 21/28 | €56,295 | €96,071 | +€39,776 | +70.7% |
| Tangible fixed assets | 22/27 | €55,495 | €95,301 | +€39,806 | +71.7% |
| Plant, machinery and equipment | 23 | €8,224 | €55,667 | +€47,442 | +576.8% |
| Furniture and vehicles | 24 | €8,751 | €4,339 | -€4,411 | -50.4% |
| Other tangible fixed assets | 26 | €38,520 | €35,295 | -€3,225 | -8.4% |
| Financial fixed assets | 28 | €800 | €770 | -€30 | -3.8% |
| Current assets | 29/58 | €119,003 | €95,249 | -€23,755 | -20.0% |
| Amounts receivable within one year | 40/41 | €52,137 | €46,357 | -€5,779 | -11.1% |
| Trade receivables | 40 | €52,137 | €46,357 | -€5,779 | -11.1% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,587 | €47,891 | -€17,696 | -27.0% |
| Deferred charges and accrued income | 490/1 | €280 | - | -€280 | |
| Total equity and liabilities | 10/49 | €175,299 | €191,320 | +€16,021 | +9.1% |
| Equity | 10/15 | €115,747 | €136,388 | +€20,642 | +17.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,747 | €134,388 | +€20,642 | +18.1% |
| Amounts payable | 17/49 | €59,552 | €54,932 | -€4,620 | -7.8% |
| Amounts payable within one year | 42/48 | €59,552 | €54,932 | -€4,620 | -7.8% |
| Trade debts | 44 | €26,423 | €17,452 | -€8,971 | -34.0% |
| Suppliers | 440/4 | €26,423 | €17,452 | -€8,971 | -34.0% |
| Taxes, remuneration and social security | 45 | €23,447 | €17,448 | -€5,999 | -25.6% |
| Taxes | 450/3 | €23,447 | €17,448 | -€5,999 | -25.6% |
| Other amounts payable | 47/48 | €9,682 | €20,032 | +€10,350 | +106.9% |
| Remuneration, social security and pensions | 62 | €33,256 | €34,618 | +€1,362 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,887 | €24,122 | +€7,235 | +42.8% |
| Other operating charges | 640/8 | €1,823 | €923 | -€900 | -49.4% |
| Non-recurring operating charges | 66A | €497 | - | -€497 | |
| Gross operating margin | 9900 | €102,692 | €87,313 | -€15,379 | -15.0% |
| Operating profit (loss) | 9901 | €50,229 | €27,650 | -€22,579 | -45.0% |
| Financial income | 75/76B | €17 | €170 | +€153 | +913.9% |
| Recurring financial income | 75 | €17 | €170 | +€153 | +913.9% |
| Non-recurring financial income | 76B | €17 | €170 | +€153 | +913.9% |
| Financial charges | 65/66B | €963 | €471 | -€492 | -51.1% |
| Recurring financial charges | 65 | €963 | €471 | -€492 | -51.1% |
| Non-recurring financial charges | 66B | €963 | €471 | -€492 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €49,282 | €27,349 | -€21,933 | -44.5% |
| Income taxes | 67/77 | €11,494 | €6,707 | -€4,786 | -41.6% |
| Profit (loss) for the period | 9904 | €37,788 | €20,642 | -€17,147 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,788 | €20,642 | -€17,147 | -45.4% |
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 1 October 2026 via checked.be.