NINAO: 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.
NINAO
Largest movements
- Receivables within one year -€35,056
down €35,056 (-53.9%), from €65,055 to €29,999
of which Other amounts receivable: -€43,967
- Deferred charges and accrued income +€8,300
up €8,300 (+235.8%), from €3,520 to €11,820
- Intangible fixed assets -€7,000
down €7,000 (-13.9%), from €50,472 to €43,472
- Tangible fixed assets -€3,517
down €3,517 (-3.8%), from €92,262 to €88,745
- Cash +€3,007
up €3,007 (+343.8%), from €875 to €3,882
mainly Net result for the year (+€36,986) and Receivables within one year (+€35,056)
- Profit (loss) carried forward -€43,014
down €43,014 (-51.7%), from €83,245 to €40,231
- Current portion of long-term debt +€20,046
up €20,046 (+105.5%), from €19,004 to €39,050
- Debts after one year -€19,550
down €19,550 (-20.9%), from €93,706 to €74,156
- Trade debts +€7,368
up €7,368 (+377.3%), from €1,953 to €9,321
- Gross operating margin +€8,757
up €8,757 (+17.8%), from €49,318 to €58,075
- Taxes +€1,744
up €1,744 (+23.2%), from €7,503 to €9,247
- Other operating charges -€1,473
no longer reported in 2025 (was €1,473)
- Financial income -€1,305
down €1,305 (-37.1%), from €3,520 to €2,216
- Financial charges -€719
down €719 (-16.9%), from €4,260 to €3,541
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 | €212,269 | €178,004 | -€34,265 | -16.1% |
| Fixed assets | 21/28 | €142,820 | €132,303 | -€10,517 | -7.4% |
| Intangible fixed assets | 21 | €50,472 | €43,472 | -€7,000 | -13.9% |
| Tangible fixed assets | 22/27 | €92,262 | €88,745 | -€3,517 | -3.8% |
| Land and buildings | 22 | €92,262 | €88,745 | -€3,517 | -3.8% |
| Financial fixed assets | 28 | €86 | €86 | = | 0.0% |
| Current assets | 29/58 | €69,449 | €45,701 | -€23,748 | -34.2% |
| Amounts receivable within one year | 40/41 | €65,055 | €29,999 | -€35,056 | -53.9% |
| Trade receivables | 40 | €2,196 | €11,107 | +€8,911 | +405.9% |
| Other amounts receivable | 41 | €62,859 | €18,892 | -€43,967 | -69.9% |
| Cash at bank and in hand | 54/58 | €875 | €3,882 | +€3,007 | +343.8% |
| Deferred charges and accrued income | 490/1 | €3,520 | €11,820 | +€8,300 | +235.8% |
| Total equity and liabilities | 10/49 | €212,269 | €178,004 | -€34,265 | -16.1% |
| Equity | 10/15 | €89,245 | €46,231 | -€43,014 | -48.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,245 | €40,231 | -€43,014 | -51.7% |
| Amounts payable | 17/49 | €123,025 | €131,773 | +€8,749 | +7.1% |
| Amounts payable after more than one year | 17 | €93,706 | €74,156 | -€19,550 | -20.9% |
| Financial debts | 170/4 | €93,706 | €74,156 | -€19,550 | -20.9% |
| Amounts payable within one year | 42/48 | €29,319 | €57,617 | +€28,299 | +96.5% |
| Current portion of amounts payable after more than one year | 42 | €19,004 | €39,050 | +€20,046 | +105.5% |
| Trade debts | 44 | €1,953 | €9,321 | +€7,368 | +377.3% |
| Suppliers | 440/4 | €1,953 | €9,321 | +€7,368 | +377.3% |
| Taxes, remuneration and social security | 45 | €7,503 | €9,247 | +€1,744 | +23.2% |
| Taxes | 450/3 | €7,503 | €9,247 | +€1,744 | +23.2% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,517 | €10,517 | = | 0.0% |
| Other operating charges | 640/8 | €1,473 | - | -€1,473 | |
| Gross operating margin | 9900 | €49,318 | €58,075 | +€8,757 | +17.8% |
| Operating profit (loss) | 9901 | €37,328 | €47,558 | +€10,230 | +27.4% |
| Financial income | 75/76B | €3,520 | €2,216 | -€1,305 | -37.1% |
| Recurring financial income | 75 | €3,520 | €2,216 | -€1,305 | -37.1% |
| Financial charges | 65/66B | €4,260 | €3,541 | -€719 | -16.9% |
| Recurring financial charges | 65 | €4,260 | €3,541 | -€719 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €36,588 | €46,233 | +€9,645 | +26.4% |
| Income taxes | 67/77 | €7,503 | €9,247 | +€1,744 | +23.2% |
| Profit (loss) for the period | 9904 | €29,085 | €36,986 | +€7,901 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,085 | €36,986 | +€7,901 | +27.2% |
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 12 October 2026 via checked.be.