NINORETEC: 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.
NINORETEC
Largest movements
- Cash +€221,757
up €221,757 (+99.8%), from €222,104 to €443,860
mainly Current investments (+€150,000) and Net result for the year (+€46,054)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Tangible fixed assets -€31,363
down €31,363 (-40.3%), from €77,896 to €46,533
- Reserves +€46,054
up €46,054 (+12.3%), from €375,296 to €421,350
- Advances received -€8,000
no longer reported in 2025 (was €8,000)
- Trade debts -€7,621
down €7,621 (-63.0%), from €12,090 to €4,469
- Tax, wage and social debts +€7,576
up €7,576 (+42.5%), from €17,832 to €25,408
- Gross operating margin -€24,451
down €24,451 (-19.2%), from €127,390 to €102,939
- Taxes -€7,480
down €7,480 (-24.3%), from €30,728 to €23,248
- Financial income +€1,638
up €1,638 (+312%), from €525 to €2,163
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 | €453,115 | €493,517 | +€40,402 | +8.9% |
| Fixed assets | 21/28 | €77,896 | €46,533 | -€31,363 | -40.3% |
| Tangible fixed assets | 22/27 | €77,896 | €46,533 | -€31,363 | -40.3% |
| Furniture and vehicles | 24 | €77,896 | €46,533 | -€31,363 | -40.3% |
| Current assets | 29/58 | €375,219 | €446,984 | +€71,765 | +19.1% |
| Stocks and contracts in progress | 3 | €992 | €780 | -€212 | -21.4% |
| Stocks | 30/36 | €992 | €780 | -€212 | -21.4% |
| Amounts receivable within one year | 40/41 | €2,123 | €2,344 | +€221 | +10.4% |
| Trade receivables | 40 | €2,026 | €660 | -€1,366 | -67.4% |
| Other amounts receivable | 41 | €97 | €1,684 | +€1,587 | +1,634% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €222,104 | €443,860 | +€221,757 | +99.8% |
| Total equity and liabilities | 10/49 | €453,115 | €493,517 | +€40,402 | +8.9% |
| Equity | 10/15 | €381,963 | €428,017 | +€46,054 | +12.1% |
| Contributions | 10/11 | €6,667 | €6,667 | = | 0.0% |
| Reserves | 13 | €375,296 | €421,350 | +€46,054 | +12.3% |
| Distributable reserves | 133 | €375,296 | €421,350 | +€46,054 | +12.3% |
| Amounts payable | 17/49 | €71,152 | €65,500 | -€5,652 | -7.9% |
| Amounts payable within one year | 42/48 | €70,565 | €65,500 | -€5,065 | -7.2% |
| Trade debts | 44 | €12,090 | €4,469 | -€7,621 | -63.0% |
| Suppliers | 440/4 | €12,090 | €4,469 | -€7,621 | -63.0% |
| Advances received on contracts in progress | 46 | €8,000 | - | -€8,000 | |
| Taxes, remuneration and social security | 45 | €17,832 | €25,408 | +€7,576 | +42.5% |
| Taxes | 450/3 | €17,832 | €25,408 | +€7,576 | +42.5% |
| Other amounts payable | 47/48 | €32,644 | €35,623 | +€2,979 | +9.1% |
| Accrued charges and deferred income | 492/3 | €587 | - | -€587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,501 | €32,370 | -€130 | -0.4% |
| Other operating charges | 640/8 | €3,984 | €2,797 | -€1,187 | -29.8% |
| Gross operating margin | 9900 | €127,390 | €102,939 | -€24,451 | -19.2% |
| Operating profit (loss) | 9901 | €90,906 | €67,772 | -€23,134 | -25.4% |
| Financial income | 75/76B | €525 | €2,163 | +€1,638 | +312% |
| Recurring financial income | 75 | €525 | €2,163 | +€1,638 | +312% |
| Financial charges | 65/66B | €362 | €633 | +€270 | +74.6% |
| Recurring financial charges | 65 | €362 | €633 | +€270 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | €91,069 | €69,303 | -€21,766 | -23.9% |
| Income taxes | 67/77 | €30,728 | €23,248 | -€7,480 | -24.3% |
| Profit (loss) for the period | 9904 | €60,340 | €46,054 | -€14,286 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,340 | €46,054 | -€14,286 | -23.7% |
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 14 October 2026 via checked.be.