NIEMAR: 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.
NIEMAR
Largest movements
- Stocks and contracts -€801,340
no longer reported in 2026 (was €801,340)
- Receivables within one year -€254,363
down €254,363 (-95.6%), from €266,156 to €11,793
of which Trade receivables: -€239,353
- Cash +€20,842
up €20,842 (+378%), from €5,509 to €26,351
mainly Stocks and contracts (+€801,340) and Receivables within one year (+€254,363)
- Tangible fixed assets -€13,574
down €13,574 (-8.3%), from €163,010 to €149,436
of which Land and buildings: -€12,324
- Short-term financial debts -€659,756
no longer reported in 2026 (was €659,756)
- Profit (loss) carried forward -€210,868
new in 2026: -€210,868
- Other debts -€120,036
down €120,036 (-25.9%), from €463,892 to €343,856
- Reserves -€33,889
no longer reported in 2026 (was €33,889)
- Trade debts -€28,297
down €28,297 (-99.4%), from €28,470 to €173
- Gross operating margin -€224,008
down €224,008, from €16,401 to -€207,607
- Financial charges +€21,072
up €21,072 (+3,489%), from €604 to €21,676
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,236,015 | €187,580 | -€1.0m | -84.8% |
| Fixed assets | 21/28 | €163,010 | €149,436 | -€13,574 | -8.3% |
| Tangible fixed assets | 22/27 | €163,010 | €149,436 | -€13,574 | -8.3% |
| Land and buildings | 22 | €161,760 | €149,436 | -€12,324 | -7.6% |
| Plant, machinery and equipment | 23 | €1,250 | - | -€1,250 | |
| Current assets | 29/58 | €1,073,005 | €38,144 | -€1.0m | -96.4% |
| Stocks and contracts in progress | 3 | €801,340 | - | -€801,340 | |
| Stocks | 30/36 | €801,340 | - | -€801,340 | |
| Amounts receivable within one year | 40/41 | €266,156 | €11,793 | -€254,363 | -95.6% |
| Trade receivables | 40 | €239,353 | - | -€239,353 | |
| Other amounts receivable | 41 | €26,803 | €11,793 | -€15,010 | -56.0% |
| Cash at bank and in hand | 54/58 | €5,509 | €26,351 | +€20,842 | +378% |
| Total equity and liabilities | 10/49 | €1,236,015 | €187,580 | -€1.0m | -84.8% |
| Equity | 10/15 | €54,349 | -€190,408 | -€244,757 | |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Share premium | 1100/10 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €33,889 | - | -€33,889 | |
| Distributable reserves | 133 | €33,889 | - | -€33,889 | |
| Profit (loss) carried forward | 14 | - | -€210,868 | -€210,868 | |
| Amounts payable | 17/49 | €1,181,666 | €377,988 | -€803,678 | -68.0% |
| Amounts payable after more than one year | 17 | €5,104 | - | -€5,104 | |
| Financial debts | 170/4 | €5,104 | - | -€5,104 | |
| Amounts payable within one year | 42/48 | €1,176,562 | €377,988 | -€798,574 | -67.9% |
| Current portion of amounts payable after more than one year | 42 | €20,204 | €5,104 | -€15,100 | -74.7% |
| Financial debts | 43 | €659,756 | - | -€659,756 | |
| Credit institutions | 430/8 | €659,756 | - | -€659,756 | |
| Trade debts | 44 | €28,470 | €173 | -€28,297 | -99.4% |
| Suppliers | 440/4 | €28,470 | €173 | -€28,297 | -99.4% |
| Taxes, remuneration and social security | 45 | €4,240 | €28,855 | +€24,615 | +581% |
| Taxes | 450/3 | €4,240 | €28,855 | +€24,615 | +581% |
| Other amounts payable | 47/48 | €463,892 | €343,856 | -€120,036 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,574 | €13,574 | = | 0.0% |
| Other operating charges | 640/8 | €1,992 | €1,900 | -€92 | -4.6% |
| Gross operating margin | 9900 | €16,401 | -€207,607 | -€224,008 | |
| Operating profit (loss) | 9901 | €835 | -€223,081 | -€223,916 | |
| Financial charges | 65/66B | €604 | €21,676 | +€21,072 | +3,489% |
| Recurring financial charges | 65 | €604 | €21,676 | +€21,072 | +3,489% |
| Profit (loss) for the period before taxes | 9903 | €231 | -€244,757 | -€244,988 | |
| Income taxes | 67/77 | €171 | - | -€171 | |
| Profit (loss) for the period | 9904 | €60 | -€244,757 | -€244,817 | |
| Profit (loss) for the period to be appropriated | 9905 | €60 | -€244,757 | -€244,817 |
Source: filed annual accounts (NBB), financial years ended 29 June 2025 and 29 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.