NILUWA: 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.
NILUWA
Largest movements
- Cash +€25,719
up €25,719 (+218%), from €11,784 to €37,503
mainly Depreciation (+€15,378) and Tax, wage and social debts (+€10,871)
- Tangible fixed assets -€8,098
down €8,098 (-49.9%), from €16,242 to €8,144
of which Furniture and vehicles: -€6,377
- Intangible fixed assets -€4,125
down €4,125 (-28.3%), from €14,594 to €10,469
- Receivables within one year -€1,641
down €1,641 (-27.6%), from €5,951 to €4,310
of which Other amounts receivable: -€2,792
- Tax, wage and social debts +€10,871
up €10,871 (+150%), from €7,244 to €18,115
of which Remuneration and social security: +€6,103
- Reserves +€5,718
up €5,718 (+67.4%), from €8,483 to €14,201
- Trade debts -€5,368
down €5,368 (-93.7%), from €5,726 to €358
- Other debts -€3,366
no longer reported in 2025 (was €3,366)
- Profit (loss) carried forward +€3,075
up €3,075 (+53.8%), from €5,718 to €8,793
- Gross operating margin +€42,026
up €42,026 (+35.0%), from €120,087 to €162,113
- Staff costs +€26,876
up €26,876 (+26.2%), from €102,484 to €129,360
- Depreciation -€2,763
down €2,763 (-15.2%), from €18,141 to €15,378
- Taxes +€2,420
up €2,420 (+1,613%), from €150 to €2,570
- Financial charges +€1,709
up €1,709 (+111%), from €1,536 to €3,245
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 | €50,537 | €62,825 | +€12,288 | +24.3% |
| Fixed assets | 21/28 | €30,836 | €18,613 | -€12,223 | -39.6% |
| Intangible fixed assets | 21 | €14,594 | €10,469 | -€4,125 | -28.3% |
| Tangible fixed assets | 22/27 | €16,242 | €8,144 | -€8,098 | -49.9% |
| Plant, machinery and equipment | 23 | €5,805 | €4,084 | -€1,721 | -29.6% |
| Furniture and vehicles | 24 | €10,437 | €4,060 | -€6,377 | -61.1% |
| Current assets | 29/58 | €19,701 | €44,212 | +€24,511 | +124% |
| Stocks and contracts in progress | 3 | €1,966 | €2,399 | +€433 | +22.0% |
| Stocks | 30/36 | €1,966 | €2,399 | +€433 | +22.0% |
| Amounts receivable within one year | 40/41 | €5,951 | €4,310 | -€1,641 | -27.6% |
| Trade receivables | 40 | €3,007 | €4,158 | +€1,151 | +38.3% |
| Other amounts receivable | 41 | €2,944 | €152 | -€2,792 | -94.8% |
| Cash at bank and in hand | 54/58 | €11,784 | €37,503 | +€25,719 | +218% |
| Total equity and liabilities | 10/49 | €50,537 | €62,825 | +€12,288 | +24.3% |
| Equity | 10/15 | €34,201 | €42,994 | +€8,793 | +25.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,483 | €14,201 | +€5,718 | +67.4% |
| Distributable reserves | 133 | €8,483 | €14,201 | +€5,718 | +67.4% |
| Profit (loss) carried forward | 14 | €5,718 | €8,793 | +€3,075 | +53.8% |
| Amounts payable | 17/49 | €16,336 | €19,831 | +€3,495 | +21.4% |
| Amounts payable within one year | 42/48 | €16,336 | €18,473 | +€2,137 | +13.1% |
| Trade debts | 44 | €5,726 | €358 | -€5,368 | -93.7% |
| Suppliers | 440/4 | €5,726 | €358 | -€5,368 | -93.7% |
| Taxes, remuneration and social security | 45 | €7,244 | €18,115 | +€10,871 | +150% |
| Taxes | 450/3 | - | €4,768 | +€4,768 | |
| Remuneration and social security | 454/9 | €7,244 | €13,347 | +€6,103 | +84.2% |
| Other amounts payable | 47/48 | €3,366 | - | -€3,366 | |
| Accrued charges and deferred income | 492/3 | - | €1,358 | +€1,358 | |
| Remuneration, social security and pensions | 62 | €102,484 | €129,360 | +€26,876 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,141 | €15,378 | -€2,763 | -15.2% |
| Other operating charges | 640/8 | €2,629 | €2,767 | +€138 | +5.2% |
| Gross operating margin | 9900 | €120,087 | €162,113 | +€42,026 | +35.0% |
| Operating profit (loss) | 9901 | -€3,167 | €14,608 | +€17,775 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €1,536 | €3,245 | +€1,709 | +111% |
| Recurring financial charges | 65 | €1,536 | €3,245 | +€1,709 | +111% |
| Profit (loss) for the period before taxes | 9903 | -€4,701 | €11,363 | +€16,064 | |
| Income taxes | 67/77 | €150 | €2,570 | +€2,420 | +1,613% |
| Profit (loss) for the period | 9904 | -€4,851 | €8,793 | +€13,644 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,851 | €8,793 | +€13,644 |
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 17 October 2026 via checked.be.