NILAM: 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.
NILAM
Largest movements
- Tangible fixed assets +€467,242
up €467,242 (+1957.4%), from €23,870 to €491,112
of which Other tangible fixed assets: +€329,191
- Receivables within one year +€141,092
up €141,092 (+164.1%), from €85,995 to €227,087
of which Trade receivables: +€139,934
- Stocks and contracts +€22,499
up €22,499 (+25.7%), from €87,463 to €109,962
- Intangible fixed assets +€18,688
new in 2025: €18,688
- Cash -€11,466
down €11,466 (-30.5%), from €37,644 to €26,178
mainly Investment in fixed assets (net) (-€551,691) and Net result for the year (-€171,714)
- Trade debts +€448,454
up €448,454 (+388.8%), from €115,340 to €563,794
- Debts after one year +€327,137
new in 2025: €327,137
- Profit (loss) carried forward -€171,714
down €171,714, from €95,280 to -€76,434
- Tax, wage and social debts +€24,835
up €24,835 (+104.5%), from €23,760 to €48,595
of which Remuneration and social security: +€42,357
- Current portion of long-term debt +€9,842
new in 2025: €9,842
- Gross operating margin -€76,615
down €76,615 (-51.5%), from €148,663 to €72,048
- Staff costs +€55,399
up €55,399 (+57.8%), from €95,901 to €151,300
- Depreciation +€54,298
up €54,298 (+473.7%), from €11,463 to €65,761
- Other operating charges +€14,818
new in 2025: €14,818
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €246,380 | €885,689 | +€639,309 | +259.5% |
| Fixed assets | 21/28 | €31,669 | €517,599 | +€485,930 | +1534.4% |
| Intangible fixed assets | 21 | - | €18,688 | +€18,688 | |
| Tangible fixed assets | 22/27 | €23,870 | €491,112 | +€467,242 | +1957.4% |
| Furniture and vehicles | 24 | €23,870 | €161,921 | +€138,051 | +578.3% |
| Other tangible fixed assets | 26 | - | €329,191 | +€329,191 | |
| Financial fixed assets | 28 | €7,799 | €7,799 | = | 0.0% |
| Current assets | 29/58 | €214,711 | €368,090 | +€153,379 | +71.4% |
| Stocks and contracts in progress | 3 | €87,463 | €109,962 | +€22,499 | +25.7% |
| Stocks | 30/36 | €87,463 | €109,962 | +€22,499 | +25.7% |
| Amounts receivable within one year | 40/41 | €85,995 | €227,087 | +€141,092 | +164.1% |
| Trade receivables | 40 | €67,208 | €207,142 | +€139,934 | +208.2% |
| Other amounts receivable | 41 | €18,787 | €19,945 | +€1,158 | +6.2% |
| Cash at bank and in hand | 54/58 | €37,644 | €26,178 | -€11,466 | -30.5% |
| Deferred charges and accrued income | 490/1 | €3,609 | €4,863 | +€1,254 | +34.7% |
| Total equity and liabilities | 10/49 | €246,380 | €885,689 | +€639,309 | +259.5% |
| Equity | 10/15 | €107,280 | -€64,434 | -€171,714 | |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,280 | -€76,434 | -€171,714 | |
| Amounts payable | 17/49 | €139,100 | €950,123 | +€811,023 | +583.1% |
| Amounts payable after more than one year | 17 | - | €327,137 | +€327,137 | |
| Financial debts | 170/4 | - | €327,137 | +€327,137 | |
| Amounts payable within one year | 42/48 | €139,100 | €622,231 | +€483,131 | +347.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,842 | +€9,842 | |
| Trade debts | 44 | €115,340 | €563,794 | +€448,454 | +388.8% |
| Suppliers | 440/4 | €115,340 | €563,794 | +€448,454 | +388.8% |
| Taxes, remuneration and social security | 45 | €23,760 | €48,595 | +€24,835 | +104.5% |
| Taxes | 450/3 | €23,760 | €6,238 | -€17,522 | -73.7% |
| Remuneration and social security | 454/9 | - | €42,357 | +€42,357 | |
| Accrued charges and deferred income | 492/3 | - | €755 | +€755 | |
| Remuneration, social security and pensions | 62 | €95,901 | €151,300 | +€55,399 | +57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,463 | €65,761 | +€54,298 | +473.7% |
| Other operating charges | 640/8 | - | €14,818 | +€14,818 | |
| Gross operating margin | 9900 | €148,663 | €72,048 | -€76,615 | -51.5% |
| Operating profit (loss) | 9901 | €41,299 | -€159,831 | -€201,130 | |
| Financial charges | 65/66B | €10,796 | €11,883 | +€1,087 | +10.1% |
| Recurring financial charges | 65 | €10,796 | €11,883 | +€1,087 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €30,503 | -€171,714 | -€202,217 | |
| Profit (loss) for the period | 9904 | €30,503 | -€171,714 | -€202,217 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,503 | -€171,714 | -€202,217 |
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 10 October 2026 via checked.be.