NINAPA: 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.
NINAPA
Largest movements
- Tangible fixed assets -€165,617
down €165,617 (-3.5%), from €4.7m to €4.6m
of which Land and buildings: -€159,478
- Cash -€160,266
down €160,266 (-56.6%), from €282,980 to €122,714
mainly Debts after one year (-€359,575) and Current portion of long-term debt (-€157,010)
- Receivables within one year -€93,110
down €93,110 (-12.9%), from €721,454 to €628,343
of which Other amounts receivable: -€93,882
- Debts after one year -€359,575
down €359,575 (-10.1%), from €3.5m to €3.2m
- Current portion of long-term debt -€157,010
down €157,010 (-37.4%), from €419,586 to €262,576
- Short-term financial debts +€97,218
up €97,218, from €0 to €97,218
- Profit (loss) carried forward +€97,211
up €97,211 (+6.4%), from -€1.5m to -€1.4m
- Reserves -€81,514
down €81,514 (-3.2%), from €2.5m to €2.4m
of which Tax-exempt reserves: -€81,514
- Gross operating margin -€75,978
down €75,978 (-14.7%), from €515,814 to €439,836
- Other operating charges +€17,547
up €17,547 (+44.1%), from €39,776 to €57,324
- Financial charges -€11,039
down €11,039 (-11.8%), from €93,472 to €82,433
- Staff costs +€5,692
up €5,692 (+3.6%), from €156,525 to €162,218
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 | €5,782,914 | €5,384,109 | -€398,805 | -6.9% |
| Fixed assets | 21/28 | €4,720,719 | €4,555,103 | -€165,617 | -3.5% |
| Tangible fixed assets | 22/27 | €4,720,719 | €4,555,103 | -€165,617 | -3.5% |
| Land and buildings | 22 | €4,672,278 | €4,512,799 | -€159,478 | -3.4% |
| Plant, machinery and equipment | 23 | €48,442 | €42,303 | -€6,138 | -12.7% |
| Current assets | 29/58 | €1,062,194 | €829,006 | -€233,188 | -22.0% |
| Stocks and contracts in progress | 3 | €30,661 | €24,999 | -€5,662 | -18.5% |
| Stocks | 30/36 | €30,661 | €24,999 | -€5,662 | -18.5% |
| Amounts receivable within one year | 40/41 | €721,454 | €628,343 | -€93,110 | -12.9% |
| Trade receivables | 40 | €395,573 | €396,345 | +€772 | +0.2% |
| Other amounts receivable | 41 | €325,881 | €231,999 | -€93,882 | -28.8% |
| Cash at bank and in hand | 54/58 | €282,980 | €122,714 | -€160,266 | -56.6% |
| Deferred charges and accrued income | 490/1 | €27,100 | €52,950 | +€25,850 | +95.4% |
| Total equity and liabilities | 10/49 | €5,782,914 | €5,384,109 | -€398,805 | -6.9% |
| Equity | 10/15 | €1,099,048 | €1,114,745 | +€15,698 | +1.4% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Capital | 10 | €111,552 | €111,552 | = | 0.0% |
| Issued capital | 100 | €111,552 | €111,552 | = | 0.0% |
| Reserves | 13 | €2,514,518 | €2,433,005 | -€81,514 | -3.2% |
| Non-distributable reserves | 130/1 | €11,155 | €11,155 | = | 0.0% |
| Legal reserve | 130 | €11,155 | €11,155 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,788,167 | €1,706,654 | -€81,514 | -4.6% |
| Distributable reserves | 133 | €715,196 | €715,196 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,527,023 | -€1,429,811 | +€97,211 | +6.4% |
| Provisions and deferred taxes | 16 | €643,354 | €568,885 | -€74,470 | -11.6% |
| Provisions for liabilities and charges | 160/5 | €47,299 | €0 | -€47,299 | -100% |
| Pensions and similar obligations | 160 | €47,299 | €0 | -€47,299 | -100% |
| Deferred taxes | 168 | €596,056 | €568,885 | -€27,171 | -4.6% |
| Amounts payable | 17/49 | €4,040,512 | €3,700,479 | -€340,033 | -8.4% |
| Amounts payable after more than one year | 17 | €3,543,954 | €3,184,379 | -€359,575 | -10.1% |
| Financial debts | 170/4 | €3,543,954 | €3,184,379 | -€359,575 | -10.1% |
| Amounts payable within one year | 42/48 | €496,558 | €516,100 | +€19,543 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €419,586 | €262,576 | -€157,010 | -37.4% |
| Financial debts | 43 | €0 | €97,218 | +€97,218 | |
| Credit institutions | 430/8 | €0 | €97,218 | +€97,218 | |
| Trade debts | 44 | €54,410 | €135,791 | +€81,382 | +150% |
| Suppliers | 440/4 | €54,410 | €135,791 | +€81,382 | +150% |
| Taxes, remuneration and social security | 45 | €22,562 | €20,515 | -€2,046 | -9.1% |
| Taxes | 450/3 | €5,010 | €2,048 | -€2,962 | -59.1% |
| Remuneration and social security | 454/9 | €17,551 | €18,467 | +€915 | +5.2% |
| Remuneration, social security and pensions | 62 | €156,525 | €162,218 | +€5,692 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,617 | €165,617 | = | 0.0% |
| Other operating charges | 640/8 | €39,776 | €57,324 | +€17,547 | +44.1% |
| Gross operating margin | 9900 | €515,814 | €439,836 | -€75,978 | -14.7% |
| Operating profit (loss) | 9901 | €153,896 | €54,678 | -€99,218 | -64.5% |
| Financial income | 75/76B | €11,840 | €16,596 | +€4,756 | +40.2% |
| Recurring financial income | 75 | €11,840 | €16,596 | +€4,756 | +40.2% |
| Financial charges | 65/66B | €93,472 | €82,433 | -€11,039 | -11.8% |
| Recurring financial charges | 65 | €93,472 | €82,433 | -€11,039 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €72,264 | -€11,159 | -€83,423 | |
| Transfer from deferred taxes | 780 | €27,286 | €27,171 | -€115 | -0.4% |
| Income taxes | 67/77 | €324 | €314 | -€10 | -3.2% |
| Profit (loss) for the period | 9904 | €99,225 | €15,698 | -€83,528 | -84.2% |
| Transfer from tax-exempt reserves | 789 | €81,858 | €81,514 | -€345 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €181,084 | €97,211 | -€83,872 | -46.3% |
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.