NIMA: what changed
Two fiscal 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.
NIMA
Largest movements
- Tangible fixed assets +€697,902
up €697,902 (+39.9%), from €1.8m to €2.4m
of which Land and buildings: +€778,703
- Cash -€121,516
down €121,516 (-24.4%), from €498,690 to €377,174
mainly Investment in fixed assets (net) (-€1.1m) and Other debts (-€125,000)
- Receivables within one year -€55,920
down €55,920 (-5.5%), from €1.0m to €955,620
of which Trade receivables: -€52,956
- Debts after one year +€454,307
up €454,307 (+47.1%), from €964,191 to €1.4m
- Reserves +€375,561
up €375,561 (+24.1%), from €1.6m to €1.9m
of which Distributable reserves: +€272,737
- Other debts -€125,000
down €125,000 (-100.0%), from €125,011 to €11
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Trade debts -€66,285
down €66,285 (-40.4%), from €163,963 to €97,679
- Gross operating margin -€284,868
down €284,868 (-15.0%), from €1.9m to €1.6m
- Staff costs -€210,285
down €210,285 (-28.6%), from €735,084 to €524,799
- Depreciation -€179,128
down €179,128 (-30.1%), from €594,560 to €415,432
- Other operating charges +€92,452
up €92,452 (+325.4%), from €28,414 to €120,866
- Financial charges -€31,167
down €31,167 (-35.8%), from €87,090 to €55,923
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 | €3,559,968 | €4,090,543 | +€530,575 | +14.9% |
| Fixed assets | 21/28 | €1,778,027 | €2,478,829 | +€700,802 | +39.4% |
| Tangible fixed assets | 22/27 | €1,751,322 | €2,449,224 | +€697,902 | +39.9% |
| Land and buildings | 22 | €757,122 | €1,535,825 | +€778,703 | +102.9% |
| Plant, machinery and equipment | 23 | €671,551 | €745,790 | +€74,239 | +11.1% |
| Furniture and vehicles | 24 | €97,942 | €50,312 | -€47,630 | -48.6% |
| Leasing and similar rights | 25 | €224,706 | €117,297 | -€107,410 | -47.8% |
| Financial fixed assets | 28 | €26,705 | €29,605 | +€2,900 | +10.9% |
| Current assets | 29/58 | €1,781,941 | €1,611,714 | -€170,227 | -9.6% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,011,540 | €955,620 | -€55,920 | -5.5% |
| Trade receivables | 40 | €708,145 | €655,189 | -€52,956 | -7.5% |
| Other amounts receivable | 41 | €303,394 | €300,431 | -€2,963 | -1.0% |
| Cash at bank and in hand | 54/58 | €498,690 | €377,174 | -€121,516 | -24.4% |
| Deferred charges and accrued income | 490/1 | €21,711 | €28,920 | +€7,209 | +33.2% |
| Total equity and liabilities | 10/49 | €3,559,968 | €4,090,543 | +€530,575 | +14.9% |
| Equity | 10/15 | €1,608,407 | €1,983,968 | +€375,561 | +23.3% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €1,559,807 | €1,935,368 | +€375,561 | +24.1% |
| Tax-exempt reserves | 132 | €37,320 | €140,144 | +€102,824 | +275.5% |
| Distributable reserves | 133 | €1,522,487 | €1,795,224 | +€272,737 | +17.9% |
| Provisions and deferred taxes | 16 | €58,774 | €93,048 | +€34,275 | +58.3% |
| Provisions for liabilities and charges | 160/5 | €58,774 | €58,774 | = | 0.0% |
| Pensions and similar obligations | 160 | €58,774 | €58,774 | = | 0.0% |
| Deferred taxes | 168 | - | €34,275 | +€34,275 | |
| Amounts payable | 17/49 | €1,892,787 | €2,013,526 | +€120,739 | +6.4% |
| Amounts payable after more than one year | 17 | €964,191 | €1,418,498 | +€454,307 | +47.1% |
| Financial debts | 170/4 | €964,191 | €1,418,498 | +€454,307 | +47.1% |
| Amounts payable within one year | 42/48 | €928,596 | €591,405 | -€337,191 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €475,284 | €410,212 | -€65,072 | -13.7% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €163,963 | €97,679 | -€66,285 | -40.4% |
| Suppliers | 440/4 | €163,963 | €97,679 | -€66,285 | -40.4% |
| Taxes, remuneration and social security | 45 | €64,337 | €83,503 | +€19,166 | +29.8% |
| Taxes | 450/3 | €7,837 | €25,677 | +€17,840 | +227.7% |
| Remuneration and social security | 454/9 | €56,501 | €57,826 | +€1,326 | +2.3% |
| Other amounts payable | 47/48 | €125,011 | €11 | -€125,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €3,623 | +€3,623 | |
| Non-recurring operating income | 76A | - | €400,952 | +€400,952 | |
| Remuneration, social security and pensions | 62 | €735,084 | €524,799 | -€210,285 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €594,560 | €415,432 | -€179,128 | -30.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,091 | +€9,091 | |
| Other operating charges | 640/8 | €28,414 | €120,866 | +€92,452 | +325.4% |
| Non-recurring operating charges | 66A | €110,828 | €6,684 | -€104,144 | -94.0% |
| Gross operating margin | 9900 | €1,902,170 | €1,617,301 | -€284,868 | -15.0% |
| Operating profit (loss) | 9901 | €433,284 | €540,429 | +€107,145 | +24.7% |
| Financial income | 75/76B | €15,590 | €11,948 | -€3,642 | -23.4% |
| Recurring financial income | 75 | €15,590 | €11,948 | -€3,642 | -23.4% |
| Financial charges | 65/66B | €87,090 | €55,923 | -€31,167 | -35.8% |
| Recurring financial charges | 65 | €87,090 | €55,923 | -€31,167 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €361,785 | €496,455 | +€134,670 | +37.2% |
| Transfer from deferred taxes | 780 | - | €34 | +€34 | |
| Transfer to deferred taxes | 680 | - | €34,309 | +€34,309 | |
| Income taxes | 67/77 | €91,314 | €86,619 | -€4,695 | -5.1% |
| Profit (loss) for the period | 9904 | €270,471 | €375,561 | +€105,091 | +38.9% |
| Transfer from tax-exempt reserves | 789 | - | €102 | +€102 | |
| Transfer to tax-exempt reserves | 689 | - | €102,926 | +€102,926 | |
| Profit (loss) for the period to be appropriated | 9905 | €270,471 | €272,737 | +€2,267 | +0.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.