NINANEST: 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.
NINANEST
Largest movements
- Cash +€71,882
up €71,882 (+56.2%), from €127,863 to €199,745
mainly Net result for the year (+€94,506) and Depreciation (+€25,723)
- Intangible fixed assets -€22,500
down €22,500 (-27.3%), from €82,541 to €60,041
- Deferred charges and accrued income -€8,470
down €8,470 (-10.5%), from €80,560 to €72,090
- Reserves +€49,506
up €49,506 (+29.3%), from €169,206 to €218,712
- Other debts +€24,614
up €24,614 (+97.1%), from €25,356 to €49,971
- Debts after one year -€23,050
down €23,050 (-43.8%), from €52,641 to €29,592
- Current portion of long-term debt -€14,257
down €14,257 (-38.2%), from €37,307 to €23,050
- Tax, wage and social debts +€9,391
new in 2025: €9,391
- Gross operating margin +€49,449
up €49,449 (+26.2%), from €189,077 to €238,526
- Financial charges -€17,909
down €17,909 (-15.5%), from €115,393 to €97,484
- Taxes +€6,591
up €6,591 (+47.6%), from €13,835 to €20,425
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 | €305,467 | €346,063 | +€40,596 | +13.3% |
| Fixed assets | 21/28 | €95,015 | €73,181 | -€21,834 | -23.0% |
| Intangible fixed assets | 21 | €82,541 | €60,041 | -€22,500 | -27.3% |
| Tangible fixed assets | 22/27 | €12,474 | €13,140 | +€666 | +5.3% |
| Land and buildings | 22 | €7,421 | €6,744 | -€677 | -9.1% |
| Furniture and vehicles | 24 | €5,054 | €6,396 | +€1,343 | +26.6% |
| Current assets | 29/58 | €210,452 | €272,882 | +€62,430 | +29.7% |
| Amounts receivable within one year | 40/41 | €2,029 | €1,048 | -€981 | -48.4% |
| Trade receivables | 40 | €930 | €1,048 | +€118 | +12.7% |
| Other amounts receivable | 41 | €1,099 | - | -€1,099 | |
| Cash at bank and in hand | 54/58 | €127,863 | €199,745 | +€71,882 | +56.2% |
| Deferred charges and accrued income | 490/1 | €80,560 | €72,090 | -€8,470 | -10.5% |
| Total equity and liabilities | 10/49 | €305,467 | €346,063 | +€40,596 | +13.3% |
| Equity | 10/15 | €184,396 | €233,902 | +€49,506 | +26.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €169,206 | €218,712 | +€49,506 | +29.3% |
| Distributable reserves | 133 | €169,206 | €218,712 | +€49,506 | +29.3% |
| Profit (loss) carried forward | 14 | €2,790 | €2,790 | = | 0.0% |
| Amounts payable | 17/49 | €121,071 | €112,161 | -€8,910 | -7.4% |
| Amounts payable after more than one year | 17 | €52,641 | €29,592 | -€23,050 | -43.8% |
| Financial debts | 170/4 | €52,641 | €29,592 | -€23,050 | -43.8% |
| Amounts payable within one year | 42/48 | €68,430 | €82,569 | +€14,140 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €37,307 | €23,050 | -€14,257 | -38.2% |
| Trade debts | 44 | €5,766 | €158 | -€5,608 | -97.3% |
| Suppliers | 440/4 | €5,766 | €158 | -€5,608 | -97.3% |
| Taxes, remuneration and social security | 45 | - | €9,391 | +€9,391 | |
| Taxes | 450/3 | - | €9,391 | +€9,391 | |
| Other amounts payable | 47/48 | €25,356 | €49,971 | +€24,614 | +97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,458 | €25,723 | +€266 | +1.0% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €189,077 | €238,526 | +€49,449 | +26.2% |
| Operating profit (loss) | 9901 | €163,235 | €212,415 | +€49,181 | +30.1% |
| Financial charges | 65/66B | €115,393 | €97,484 | -€17,909 | -15.5% |
| Recurring financial charges | 65 | €115,393 | €97,484 | -€17,909 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €47,841 | €114,931 | +€67,090 | +140.2% |
| Income taxes | 67/77 | €13,835 | €20,425 | +€6,591 | +47.6% |
| Profit (loss) for the period | 9904 | €34,006 | €94,506 | +€60,499 | +177.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,006 | €94,506 | +€60,499 | +177.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.