NINA: 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.
NINA
Largest movements
- Cash -€246,334
down €246,334 (-22.8%), from €1.1m to €835,894
mainly Contributions, distributions and other (-€810,524) and Receivables within one year (-€123,565)
- Financial fixed assets -€140,301
down €140,301 (-27.6%), from €508,470 to €368,170
- Receivables within one year +€123,565
up €123,565 (+22.3%), from €553,787 to €677,352
of which Trade receivables: +€142,358
- Stocks and contracts +€105,100
up €105,100 (+39.0%), from €269,542 to €374,642
- Reserves -€365,839
down €365,839 (-17.0%), from €2.2m to €1.8m
- Tax, wage and social debts +€118,708
up €118,708 (+157%), from €75,630 to €194,338
of which Taxes: +€99,649
- Other debts +€116,832
up €116,832 (+104,688%), from €112 to €116,943
- Trade debts -€40,187
down €40,187 (-34.2%), from €117,366 to €77,179
- Gross operating margin +€205,706
up €205,706 (+21.2%), from €971,076 to €1.2m
- Staff costs +€69,381
up €69,381 (+20.5%), from €338,792 to €408,173
- Taxes +€50,916
up €50,916 (+33.0%), from €154,522 to €205,438
- Other operating charges -€12,611
down €12,611 (-15.7%), from €80,385 to €67,774
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 | €3,337,190 | €3,169,034 | -€168,157 | -5.0% |
| Fixed assets | 21/28 | €1,407,787 | €1,255,137 | -€152,651 | -10.8% |
| Tangible fixed assets | 22/27 | €899,317 | €886,967 | -€12,350 | -1.4% |
| Land and buildings | 22 | €7,174 | €6,522 | -€652 | -9.1% |
| Plant, machinery and equipment | 23 | €16,884 | €6,298 | -€10,585 | -62.7% |
| Furniture and vehicles | 24 | €82,152 | €34,215 | -€47,937 | -58.4% |
| Other tangible fixed assets | 26 | €793,107 | €839,932 | +€46,824 | +5.9% |
| Financial fixed assets | 28 | €508,470 | €368,170 | -€140,301 | -27.6% |
| Current assets | 29/58 | €1,929,403 | €1,913,897 | -€15,506 | -0.8% |
| Stocks and contracts in progress | 3 | €269,542 | €374,642 | +€105,100 | +39.0% |
| Stocks | 30/36 | €269,542 | €374,642 | +€105,100 | +39.0% |
| Amounts receivable within one year | 40/41 | €553,787 | €677,352 | +€123,565 | +22.3% |
| Trade receivables | 40 | €520,394 | €662,752 | +€142,358 | +27.4% |
| Other amounts receivable | 41 | €33,393 | €14,599 | -€18,793 | -56.3% |
| Cash at bank and in hand | 54/58 | €1,082,228 | €835,894 | -€246,334 | -22.8% |
| Deferred charges and accrued income | 490/1 | €23,847 | €26,009 | +€2,163 | +9.1% |
| Total equity and liabilities | 10/49 | €3,337,190 | €3,169,034 | -€168,157 | -5.0% |
| Equity | 10/15 | €3,100,980 | €2,735,141 | -€365,839 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,151,043 | €1,785,204 | -€365,839 | -17.0% |
| Distributable reserves | 133 | €2,151,043 | €1,785,204 | -€365,839 | -17.0% |
| Profit (loss) carried forward | 14 | €931,337 | €931,337 | = | 0.0% |
| Amounts payable | 17/49 | €236,210 | €433,893 | +€197,682 | +83.7% |
| Amounts payable within one year | 42/48 | €235,333 | €430,495 | +€195,162 | +82.9% |
| Current portion of amounts payable after more than one year | 42 | €42,225 | €42,035 | -€190 | -0.5% |
| Trade debts | 44 | €117,366 | €77,179 | -€40,187 | -34.2% |
| Suppliers | 440/4 | €117,366 | €77,179 | -€40,187 | -34.2% |
| Taxes, remuneration and social security | 45 | €75,630 | €194,338 | +€118,708 | +157% |
| Taxes | 450/3 | €48,979 | €148,628 | +€99,649 | +203% |
| Remuneration and social security | 454/9 | €26,651 | €45,710 | +€19,059 | +71.5% |
| Other amounts payable | 47/48 | €112 | €116,943 | +€116,832 | +104,688% |
| Accrued charges and deferred income | 492/3 | €877 | €3,398 | +€2,520 | +287% |
| Non-recurring operating income | 76A | €69,659 | €70,757 | +€1,098 | +1.6% |
| Remuneration, social security and pensions | 62 | €338,792 | €408,173 | +€69,381 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,589 | €84,067 | -€7,523 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€30,722 | -€30,679 | +€44 | +0.1% |
| Other operating charges | 640/8 | €80,385 | €67,774 | -€12,611 | -15.7% |
| Non-recurring operating charges | 66A | €0 | €50 | +€50 | |
| Gross operating margin | 9900 | €971,076 | €1,176,782 | +€205,706 | +21.2% |
| Operating profit (loss) | 9901 | €491,032 | €647,397 | +€156,364 | +31.8% |
| Financial income | 75/76B | €6,007 | €6,277 | +€270 | +4.5% |
| Recurring financial income | 75 | €6,007 | €6,277 | +€270 | +4.5% |
| Financial charges | 65/66B | €4,100 | €3,551 | -€549 | -13.4% |
| Recurring financial charges | 65 | €4,100 | €3,551 | -€549 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €492,939 | €650,123 | +€157,184 | +31.9% |
| Income taxes | 67/77 | €154,522 | €205,438 | +€50,916 | +33.0% |
| Profit (loss) for the period | 9904 | €338,417 | €444,685 | +€106,267 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €338,417 | €444,685 | +€106,267 | +31.4% |
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 20 October 2026 via checked.be.