NIEZEN: 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.
NIEZEN
Largest movements
- Receivables within one year -€132,749
down €132,749 (-34.1%), from €388,748 to €255,999
of which Trade receivables: -€131,351
- Stocks and contracts +€48,012
up €48,012 (+8.4%), from €572,363 to €620,375
- Cash -€22,832
down €22,832 (-30.1%), from €75,925 to €53,093
mainly Short-term financial debts (-€220,000) and Investment in fixed assets (net) (-€49,097)
- Short-term financial debts -€220,000
down €220,000 (-57.9%), from €380,000 to €160,000
- Debts after one year +€78,901
up €78,901 (+232%), from €34,052 to €112,953
- Current portion of long-term debt +€49,556
up €49,556 (+104%), from €47,797 to €97,354
- Reserves +€28,584
up €28,584 (+16.9%), from €169,005 to €197,589
of which Distributable reserves: +€28,584
- Trade debts -€25,271
down €25,271 (-11.3%), from €223,687 to €198,416
- Gross operating margin -€28,693
down €28,693 (-8.0%), from €358,781 to €330,088
- Other operating charges -€18,002
down €18,002 (-54.9%), from €32,766 to €14,764
- Financial charges -€14,191
down €14,191 (-37.1%), from €38,234 to €24,043
- Staff costs -€12,854
down €12,854 (-5.7%), from €225,774 to €212,920
- Depreciation +€4,514
up €4,514 (+10.5%), from €43,078 to €47,592
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 | €1,422,575 | €1,316,511 | -€106,065 | -7.5% |
| Fixed assets | 21/28 | €382,927 | €384,432 | +€1,505 | +0.4% |
| Intangible fixed assets | 21 | €2,296 | €9,227 | +€6,931 | +302% |
| Tangible fixed assets | 22/27 | €112,060 | €106,635 | -€5,425 | -4.8% |
| Land and buildings | 22 | €36,473 | €21,446 | -€15,027 | -41.2% |
| Plant, machinery and equipment | 23 | €17,005 | €11,528 | -€5,478 | -32.2% |
| Furniture and vehicles | 24 | €46,302 | €68,601 | +€22,299 | +48.2% |
| Leasing and similar rights | 25 | €6,069 | - | -€6,069 | |
| Other tangible fixed assets | 26 | €6,211 | €5,060 | -€1,150 | -18.5% |
| Financial fixed assets | 28 | €268,570 | €268,570 | = | 0.0% |
| Current assets | 29/58 | €1,039,648 | €932,078 | -€107,570 | -10.3% |
| Stocks and contracts in progress | 3 | €572,363 | €620,375 | +€48,012 | +8.4% |
| Stocks | 30/36 | €572,363 | €620,375 | +€48,012 | +8.4% |
| Amounts receivable within one year | 40/41 | €388,748 | €255,999 | -€132,749 | -34.1% |
| Trade receivables | 40 | €359,308 | €227,957 | -€131,351 | -36.6% |
| Other amounts receivable | 41 | €29,440 | €28,042 | -€1,398 | -4.7% |
| Cash at bank and in hand | 54/58 | €75,925 | €53,093 | -€22,832 | -30.1% |
| Deferred charges and accrued income | 490/1 | €2,613 | €2,613 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,422,575 | €1,316,511 | -€106,065 | -7.5% |
| Equity | 10/15 | €632,815 | €661,399 | +€28,584 | +4.5% |
| Contributions | 10/11 | €459,405 | €459,405 | = | 0.0% |
| Capital | 10 | €459,405 | €459,405 | = | 0.0% |
| Issued capital | 100 | €459,405 | €459,405 | = | 0.0% |
| Revaluation surpluses | 12 | €4,405 | €4,405 | = | 0.0% |
| Reserves | 13 | €169,005 | €197,589 | +€28,584 | +16.9% |
| Non-distributable reserves | 130/1 | €45,942 | €45,942 | = | 0.0% |
| Legal reserve | 130 | €45,942 | €45,942 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,150 | €5,150 | = | 0.0% |
| Distributable reserves | 133 | €117,913 | €146,497 | +€28,584 | +24.2% |
| Amounts payable | 17/49 | €789,760 | €655,111 | -€134,649 | -17.0% |
| Amounts payable after more than one year | 17 | €34,052 | €112,953 | +€78,901 | +232% |
| Financial debts | 170/4 | €34,052 | €112,953 | +€78,901 | +232% |
| Amounts payable within one year | 42/48 | €755,708 | €542,159 | -€213,550 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €47,797 | €97,354 | +€49,556 | +104% |
| Financial debts | 43 | €380,000 | €160,000 | -€220,000 | -57.9% |
| Credit institutions | 430/8 | €380,000 | €160,000 | -€220,000 | -57.9% |
| Trade debts | 44 | €223,687 | €198,416 | -€25,271 | -11.3% |
| Suppliers | 440/4 | €223,687 | €198,416 | -€25,271 | -11.3% |
| Taxes, remuneration and social security | 45 | €48,689 | €38,797 | -€9,893 | -20.3% |
| Taxes | 450/3 | €19,190 | €9,837 | -€9,353 | -48.7% |
| Remuneration and social security | 454/9 | €29,499 | €28,959 | -€540 | -1.8% |
| Other amounts payable | 47/48 | €55,535 | €47,592 | -€7,942 | -14.3% |
| Remuneration, social security and pensions | 62 | €225,774 | €212,920 | -€12,854 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,078 | €47,592 | +€4,514 | +10.5% |
| Other operating charges | 640/8 | €32,766 | €14,764 | -€18,002 | -54.9% |
| Gross operating margin | 9900 | €358,781 | €330,088 | -€28,693 | -8.0% |
| Operating profit (loss) | 9901 | €57,163 | €54,812 | -€2,351 | -4.1% |
| Financial income | 75/76B | €2 | €1 | -€0 | -27.7% |
| Recurring financial income | 75 | €2 | €1 | -€0 | -27.7% |
| Financial charges | 65/66B | €38,234 | €24,043 | -€14,191 | -37.1% |
| Recurring financial charges | 65 | €38,234 | €24,043 | -€14,191 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €18,930 | €30,770 | +€11,840 | +62.5% |
| Income taxes | 67/77 | €4,442 | €6,038 | +€1,596 | +35.9% |
| Profit (loss) for the period | 9904 | €14,489 | €24,732 | +€10,244 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,489 | €24,732 | +€10,244 | +70.7% |
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 14 October 2026 via checked.be.