NIFREM: 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.
NIFREM
Largest movements
- Receivables after one year -€29,000
down €29,000 (-50.8%), from €57,125 to €28,125
- Receivables within one year -€11,869
down €11,869 (-54.7%), from €21,696 to €9,827
of which Trade receivables: -€7,752
- Profit (loss) carried forward -€11,687
new in 2025: -€11,687
- Other debts -€11,201
down €11,201 (-76.5%), from €14,651 to €3,450
- Tax, wage and social debts -€8,332
down €8,332 (-68.7%), from €12,124 to €3,793
- Current portion of long-term debt -€6,473
down €6,473 (-100%), from €6,473 to €0
- Trade debts -€2,387
down €2,387 (-94.3%), from €2,531 to €144
- Gross operating margin -€45,795
down €45,795, from €35,337 to -€10,458
- Taxes -€10,388
down €10,388 (-98.2%), from €10,579 to €190
- Financial income -€3,048
down €3,048 (-90.3%), from €3,374 to €326
- Financial charges -€446
down €446 (-43.7%), from €1,021 to €575
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 | €188,933 | €148,854 | -€40,079 | -21.2% |
| Fixed assets | 21/28 | €399 | €129 | -€269 | -67.6% |
| Tangible fixed assets | 22/27 | €399 | €129 | -€269 | -67.6% |
| Plant, machinery and equipment | 23 | €399 | €129 | -€269 | -67.6% |
| Current assets | 29/58 | €188,534 | €148,725 | -€39,810 | -21.1% |
| Amounts receivable after more than one year | 29 | €57,125 | €28,125 | -€29,000 | -50.8% |
| Other amounts receivable | 291 | €57,125 | €28,125 | -€29,000 | -50.8% |
| Amounts receivable within one year | 40/41 | €21,696 | €9,827 | -€11,869 | -54.7% |
| Trade receivables | 40 | €13,006 | €5,254 | -€7,752 | -59.6% |
| Other amounts receivable | 41 | €8,690 | €4,573 | -€4,118 | -47.4% |
| Current investments | 50/53 | €41,000 | €41,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €67,179 | €69,065 | +€1,886 | +2.8% |
| Deferred charges and accrued income | 490/1 | €1,534 | €707 | -€827 | -53.9% |
| Total equity and liabilities | 10/49 | €188,933 | €148,854 | -€40,079 | -21.2% |
| Equity | 10/15 | €153,154 | €141,468 | -€11,687 | -7.6% |
| Reserves | 13 | €153,154 | €153,154 | = | 0.0% |
| Distributable reserves | 133 | €153,154 | €153,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€11,687 | -€11,687 | |
| Amounts payable | 17/49 | €35,779 | €7,386 | -€28,392 | -79.4% |
| Amounts payable within one year | 42/48 | €35,779 | €7,386 | -€28,392 | -79.4% |
| Current portion of amounts payable after more than one year | 42 | €6,473 | €0 | -€6,473 | -100% |
| Trade debts | 44 | €2,531 | €144 | -€2,387 | -94.3% |
| Suppliers | 440/4 | €2,531 | €144 | -€2,387 | -94.3% |
| Taxes, remuneration and social security | 45 | €12,124 | €3,793 | -€8,332 | -68.7% |
| Taxes | 450/3 | €12,124 | €3,793 | -€8,332 | -68.7% |
| Other amounts payable | 47/48 | €14,651 | €3,450 | -€11,201 | -76.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €269 | €269 | = | 0.0% |
| Other operating charges | 640/8 | €217 | €520 | +€303 | +140% |
| Gross operating margin | 9900 | €35,337 | -€10,458 | -€45,795 | |
| Operating profit (loss) | 9901 | €34,850 | -€11,247 | -€46,098 | |
| Financial income | 75/76B | €3,374 | €326 | -€3,048 | -90.3% |
| Recurring financial income | 75 | €3,374 | €326 | -€3,048 | -90.3% |
| Financial charges | 65/66B | €1,021 | €575 | -€446 | -43.7% |
| Recurring financial charges | 65 | €1,021 | €575 | -€446 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €37,203 | -€11,496 | -€48,700 | |
| Income taxes | 67/77 | €10,579 | €190 | -€10,388 | -98.2% |
| Profit (loss) for the period | 9904 | €26,625 | -€11,687 | -€38,312 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,625 | -€11,687 | -€38,312 |
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 24 October 2026 via checked.be.