NIESAM: 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.
NIESAM
Largest movements
- Current investments +€57,828
up €57,828 (+296%), from €19,512 to €77,340
- Cash -€54,043
down €54,043 (-97.5%), from €55,448 to €1,406
mainly Contributions, distributions and other (-€73,000) and Current investments (-€57,828)
- Tangible fixed assets +€13,186
up €13,186 (+52.7%), from €25,025 to €38,210
of which Plant, machinery and equipment: +€16,186
- Debts after one year -€49,500
down €49,500 (-25.0%), from €198,000 to €148,500
- Other debts +€38,122
up €38,122 (+96.5%), from €39,522 to €77,643
- Reserves +€19,000
up €19,000 (+8.2%), from €230,360 to €249,360
- Gross operating margin +€40,888
up €40,888 (+37.6%), from €108,696 to €149,584
- Taxes +€11,420
up €11,420 (+33.8%), from €33,750 to €45,170
- Depreciation +€3,349
up €3,349 (+105%), from €3,184 to €6,533
- Financial income -€2,214
down €2,214 (-77.0%), from €2,876 to €662
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 | €1,089,985 | €1,106,956 | +€16,971 | +1.6% |
| Fixed assets | 21/28 | €1,015,025 | €1,028,210 | +€13,186 | +1.3% |
| Tangible fixed assets | 22/27 | €25,025 | €38,210 | +€13,186 | +52.7% |
| Plant, machinery and equipment | 23 | €12,426 | €28,612 | +€16,186 | +130% |
| Furniture and vehicles | 24 | €12,598 | €9,598 | -€3,000 | -23.8% |
| Financial fixed assets | 28 | €990,000 | €990,000 | = | 0.0% |
| Current assets | 29/58 | €74,960 | €78,746 | +€3,785 | +5.0% |
| Current investments | 50/53 | €19,512 | €77,340 | +€57,828 | +296% |
| Cash at bank and in hand | 54/58 | €55,448 | €1,406 | -€54,043 | -97.5% |
| Total equity and liabilities | 10/49 | €1,089,985 | €1,106,956 | +€16,971 | +1.6% |
| Equity | 10/15 | €778,754 | €797,789 | +€19,035 | +2.4% |
| Contributions | 10/11 | €507,400 | €507,400 | = | 0.0% |
| Reserves | 13 | €230,360 | €249,360 | +€19,000 | +8.2% |
| Distributable reserves | 133 | €230,360 | €249,360 | +€19,000 | +8.2% |
| Profit (loss) carried forward | 14 | €40,994 | €41,029 | +€35 | +0.1% |
| Amounts payable | 17/49 | €311,231 | €309,167 | -€2,064 | -0.7% |
| Amounts payable after more than one year | 17 | €198,000 | €148,500 | -€49,500 | -25.0% |
| Financial debts | 170/4 | €198,000 | €148,500 | -€49,500 | -25.0% |
| Amounts payable within one year | 42/48 | €113,231 | €158,501 | +€45,271 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €49,500 | €49,500 | = | 0.0% |
| Trade debts | 44 | €6,557 | €6,147 | -€410 | -6.3% |
| Suppliers | 440/4 | €6,557 | €6,147 | -€410 | -6.3% |
| Taxes, remuneration and social security | 45 | €17,652 | €25,210 | +€7,559 | +42.8% |
| Taxes | 450/3 | €17,652 | €22,710 | +€5,059 | +28.7% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €39,522 | €77,643 | +€38,122 | +96.5% |
| Accrued charges and deferred income | 492/3 | - | €2,166 | +€2,166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,184 | €6,533 | +€3,349 | +105% |
| Other operating charges | 640/8 | €2,680 | €3,189 | +€509 | +19.0% |
| Gross operating margin | 9900 | €108,696 | €149,584 | +€40,888 | +37.6% |
| Operating profit (loss) | 9901 | €102,833 | €139,862 | +€37,030 | +36.0% |
| Financial income | 75/76B | €2,876 | €662 | -€2,214 | -77.0% |
| Recurring financial income | 75 | €2,876 | €662 | -€2,214 | -77.0% |
| Financial charges | 65/66B | €3,809 | €3,320 | -€490 | -12.9% |
| Recurring financial charges | 65 | €3,809 | €3,320 | -€490 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €101,900 | €137,205 | +€35,305 | +34.6% |
| Income taxes | 67/77 | €33,750 | €45,170 | +€11,420 | +33.8% |
| Profit (loss) for the period | 9904 | €68,150 | €92,035 | +€23,885 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,150 | €92,035 | +€23,885 | +35.0% |
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 31 October 2026 via checked.be.