Niko: 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.
What changed
Niko
NACE 27.900, Manufacture of electrical equipment
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€25.5m
2024 · €15.6m+€9.9m
Equity
€85.4m
2024 · €85.5m-€42,521
Cash
€223,930
2024 · €270,878-€46,948
Balance sheet total
€138.7m
2024 · €151.3m-€12.7m
Largest movements
Assets
- Intangible fixed assets -€6.7m
down €6.7m (-48.3%), from €13.9m to €7.2m
- Receivables within one year -€2.0m
down €2.0m (-2.5%), from €81.7m to €79.6m
of which Trade receivables: -€3.7m
- Stocks and contracts -€1.9m
down €1.9m (-8.7%), from €21.3m to €19.4m
Equity and liabilities
- Trade debts -€12.6m
down €12.6m (-48.8%), from €25.8m to €13.2m
Income statement
- Depreciation -€5.4m
down €5.4m (-17.0%), from €31.6m to €26.2m
- Staff costs -€3.9m
down €3.9m (-10.2%), from €38.6m to €34.7m
- Services and other goods +€3.4m
up €3.4m (+8.6%), from €39.2m to €42.6m
- Turnover +€3.3m
up €3.3m (+2.4%), from €139.3m to €142.5m
- Other operating income +€1.7m
up €1.7m (+25.9%), from €6.7m to €8.4m
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.
Result 2024
€15.6m
Turnover
+€3.3m
Other operating income
+€1.7m
Goods and materials
-€241,388
Services and other goods
-€3.4m
Staff costs
+€3.9m
Depreciation
+€5.4m
Provisions
+€235,656
Other operating charges
+€507,891
Other operating items
+€309,398
Financial income
-€489,788
Financial charges
-€37,119
Taxes
-€1.4m
Result 2025
€25.5m
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.
From operations
+€43.9m
Investment
-€18.4m
Financing
-€25.6m
Cash 2024
€270,878
From operations (derived)
+€43.9m
Net result for the year
+€25.5m
Depreciation
+€26.2m
Stocks and contracts
+€1.9m
Receivables within one year
+€2.0m
Deferred charges and accrued income
+€886,968
Provisions
+€295,135
Trade debts
-€12.6m
Tax, wage and social debts
-€589,043
Other debts
-€137,997
Accrued charges and deferred income
+€393,838
Investment (derived)
-€18.4m
Investment in fixed assets (net)
-€18.4m
Current investments
-€50
Financing
-€25.6m
Contributions, distributions and other
-€25.6m
Cash 2025
€223,930
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,345,047 | €138,675,016 | -€12.7m | -8.4% |
| Fixed assets | 21/28 | €45,040,597 | €37,212,616 | -€7.8m | -17.4% |
| Intangible fixed assets | 21 | €13,891,474 | €7,183,775 | -€6.7m | -48.3% |
| Tangible fixed assets | 22/27 | €30,709,073 | €29,588,991 | -€1.1m | -3.6% |
| Land and buildings | 22 | €5,659,985 | €5,003,662 | -€656,323 | -11.6% |
| Plant, machinery and equipment | 23 | €16,183,747 | €15,925,187 | -€258,560 | -1.6% |
| Furniture and vehicles | 24 | €965,381 | €1,273,864 | +€308,483 | +32.0% |
| Other tangible fixed assets | 26 | €4,725,268 | €4,090,974 | -€634,294 | -13.4% |
| Assets under construction and advance payments | 27 | €3,174,691 | €3,295,304 | +€120,612 | +3.8% |
| Financial fixed assets | 28 | €440,050 | €439,850 | -€200 | 0.0% |
| Affiliated companies | 280/1 | €64,689 | €64,689 | = | 0.0% |
| Participating interests | 280 | €64,689 | €64,689 | = | 0.0% |
| Other financial fixed assets | 284/8 | €375,361 | €375,161 | -€200 | -0.1% |
| Shares | 284 | €14,874 | €14,874 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €360,488 | €360,288 | -€200 | -0.1% |
| Current assets | 29/58 | €106,304,450 | €101,462,400 | -€4.8m | -4.6% |
| Stocks and contracts in progress | 3 | €21,304,479 | €19,442,458 | -€1.9m | -8.7% |
| Stocks | 30/36 | €21,304,479 | €19,442,458 | -€1.9m | -8.7% |
| Raw materials and consumables | 30/31 | €7,126,837 | €5,903,900 | -€1.2m | -17.2% |
| Work in progress | 32 | €6,182,300 | €6,593,923 | +€411,623 | +6.7% |
| Finished goods | 33 | €4,594,609 | €3,770,799 | -€823,810 | -17.9% |
| Goods purchased for resale | 34 | €3,400,733 | €3,173,835 | -€226,898 | -6.7% |
| Amounts receivable within one year | 40/41 | €81,658,955 | €79,612,792 | -€2.0m | -2.5% |
| Trade receivables | 40 | €33,681,697 | €30,020,947 | -€3.7m | -10.9% |
| Other amounts receivable | 41 | €47,977,258 | €49,591,845 | +€1.6m | +3.4% |
| Current investments | 50/53 | €14,347 | €14,397 | +€50 | +0.4% |
| Other investments | 51/53 | €14,347 | €14,397 | +€50 | +0.4% |
| Cash at bank and in hand | 54/58 | €270,878 | €223,930 | -€46,948 | -17.3% |
| Deferred charges and accrued income | 490/1 | €3,055,791 | €2,168,823 | -€886,968 | -29.0% |
| Total equity and liabilities | 10/49 | €151,345,047 | €138,675,016 | -€12.7m | -8.4% |
| Equity | 10/15 | €85,490,196 | €85,447,674 | -€42,521 | 0.0% |
| Contributions | 10/11 | €11,896,016 | €11,896,016 | = | 0.0% |
| Capital | 10 | €9,003,131 | €9,003,131 | = | 0.0% |
| Issued capital | 100 | €9,003,131 | €9,003,131 | = | 0.0% |
| Contributions outside capital | 11 | €2,892,885 | €2,892,885 | = | 0.0% |
| Share premium | 1100/10 | €2,892,885 | €2,892,885 | = | 0.0% |
| Reserves | 13 | €30,579,863 | €30,579,863 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,054,032 | €1,054,032 | = | 0.0% |
| Legal reserve | 130 | €1,052,400 | €1,052,400 | = | 0.0% |
| Other | 1319 | €1,632 | €1,632 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,280,130 | €754,005 | -€1.5m | -66.9% |
| Distributable reserves | 133 | €27,245,701 | €28,771,826 | +€1.5m | +5.6% |
| Profit (loss) carried forward | 14 | €42,834,943 | €42,835,049 | +€106 | 0.0% |
| Investment grants | 15 | €179,374 | €136,746 | -€42,628 | -23.8% |
| Provisions and deferred taxes | 16 | €6,347,440 | €6,642,575 | +€295,135 | +4.6% |
| Provisions for liabilities and charges | 160/5 | €6,347,440 | €6,642,575 | +€295,135 | +4.6% |
| Other liabilities and charges | 164/5 | €6,347,440 | €6,642,575 | +€295,135 | +4.6% |
| Amounts payable | 17/49 | €59,507,411 | €46,584,767 | -€12.9m | -21.7% |
| Amounts payable within one year | 42/48 | €59,357,652 | €46,041,169 | -€13.3m | -22.4% |
| Trade debts | 44 | €25,818,794 | €13,229,352 | -€12.6m | -48.8% |
| Suppliers | 440/4 | €25,818,794 | €13,229,352 | -€12.6m | -48.8% |
| Taxes, remuneration and social security | 45 | €7,893,205 | €7,304,162 | -€589,043 | -7.5% |
| Taxes | 450/3 | €1,156,818 | €1,477,160 | +€320,342 | +27.7% |
| Remuneration and social security | 454/9 | €6,736,387 | €5,827,002 | -€909,385 | -13.5% |
| Other amounts payable | 47/48 | €25,645,653 | €25,507,656 | -€137,997 | -0.5% |
| Accrued charges and deferred income | 492/3 | €149,760 | €543,597 | +€393,838 | +263.0% |
| Operating income | 70/76A | €158,509,543 | €163,826,682 | +€5.3m | +3.4% |
| Turnover | 70 | €139,258,816 | €142,541,300 | +€3.3m | +2.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,923,977 | -€1,051,057 | +€1.9m | +64.1% |
| Own construction capitalised | 72 | €15,523,085 | €13,959,562 | -€1.6m | -10.1% |
| Other operating income | 74 | €6,651,620 | €8,376,876 | +€1.7m | +25.9% |
| Operating charges | 60/66A | €139,380,738 | €132,953,746 | -€6.4m | -4.6% |
| Goods for resale, raw materials and consumables | 60 | €28,365,159 | €28,606,547 | +€241,388 | +0.9% |
| Purchases | 600/8 | €24,634,415 | €27,156,712 | +€2.5m | +10.2% |
| Change in stocks: decrease (increase) | 609 | €3,730,744 | €1,449,835 | -€2.3m | -61.1% |
| Services and other goods | 61 | €39,231,962 | €42,605,889 | +€3.4m | +8.6% |
| Remuneration, social security and pensions | 62 | €38,618,986 | €34,697,852 | -€3.9m | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,607,205 | €26,229,580 | -€5.4m | -17.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €530,791 | €295,135 | -€235,656 | -44.4% |
| Other operating charges | 640/8 | €1,026,635 | €518,744 | -€507,891 | -49.5% |
| Operating profit (loss) | 9901 | €19,128,805 | €30,872,935 | +€11.7m | +61.4% |
| Financial income | 75/76B | €1,659,926 | €1,170,138 | -€489,788 | -29.5% |
| Recurring financial income | 75 | €1,659,926 | €1,170,138 | -€489,788 | -29.5% |
| Income from financial fixed assets | 750 | €0 | €4,344 | +€4,344 | |
| Income from current assets | 751 | €1,240,926 | €981,296 | -€259,630 | -20.9% |
| Other financial income | 752/9 | €419,000 | €184,498 | -€234,502 | -56.0% |
| Financial charges | 65/66B | €161,888 | €199,007 | +€37,119 | +22.9% |
| Recurring financial charges | 65 | €161,888 | €199,007 | +€37,119 | +22.9% |
| Debt charges | 650 | €3,323 | €0 | -€3,323 | -100.0% |
| Other financial charges | 652/9 | €158,565 | €199,007 | +€40,442 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €20,626,844 | €31,844,066 | +€11.2m | +54.4% |
| Income taxes | 67/77 | €4,980,038 | €6,336,304 | +€1.4m | +27.2% |
| Taxes | 670/3 | €4,980,038 | €6,336,304 | +€1.4m | +27.2% |
| Profit (loss) for the period | 9904 | €15,646,806 | €25,507,762 | +€9.9m | +63.0% |
| Transfer from tax-exempt reserves | 789 | €1,052,500 | €1,526,125 | +€473,625 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,699,306 | €27,033,887 | +€10.3m | +61.9% |
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 11 October 2026 via checked.be.