NINORTA: 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.
NINORTA
Largest movements
- Stocks and contracts -€19,806
down €19,806 (-100%), from €19,806 to €0
- Cash -€6,171
down €6,171 (-32.2%), from €19,192 to €13,021
mainly Net result for the year (-€20,009) and Receivables within one year (-€5,715)
- Receivables within one year +€5,715
up €5,715 (+65.2%), from €8,765 to €14,480
of which Other amounts receivable: +€10,215
- Tangible fixed assets -€725
down €725 (-36.2%), from €2,005 to €1,280
of which Other tangible fixed assets: -€540
- Profit (loss) carried forward -€20,009
down €20,009 (-82.7%), from €24,199 to €4,190
- Tax, wage and social debts -€706
down €706 (-72.9%), from €968 to €263
- Write-downs +€19,806
new in 2025: €19,806
- Gross operating margin +€5,400
up €5,400, from -€4,549 to €851
- Other operating charges -€2,462
down €2,462 (-92.7%), from €2,656 to €194
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 | €49,768 | €28,780 | -€20,987 | -42.2% |
| Fixed assets | 21/28 | €2,005 | €1,280 | -€725 | -36.2% |
| Tangible fixed assets | 22/27 | €2,005 | €1,280 | -€725 | -36.2% |
| Land and buildings | 22 | €925 | €740 | -€185 | -20.0% |
| Other tangible fixed assets | 26 | €1,080 | €540 | -€540 | -50.0% |
| Current assets | 29/58 | €47,763 | €27,501 | -€20,263 | -42.4% |
| Stocks and contracts in progress | 3 | €19,806 | €0 | -€19,806 | -100% |
| Stocks | 30/36 | €19,806 | €0 | -€19,806 | -100% |
| Amounts receivable within one year | 40/41 | €8,765 | €14,480 | +€5,715 | +65.2% |
| Trade receivables | 40 | €4,500 | €0 | -€4,500 | -100% |
| Other amounts receivable | 41 | €4,265 | €14,480 | +€10,215 | +240% |
| Cash at bank and in hand | 54/58 | €19,192 | €13,021 | -€6,171 | -32.2% |
| Total equity and liabilities | 10/49 | €49,768 | €28,780 | -€20,987 | -42.2% |
| Equity | 10/15 | €45,099 | €25,090 | -€20,009 | -44.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,199 | €4,190 | -€20,009 | -82.7% |
| Amounts payable | 17/49 | €4,669 | €3,691 | -€978 | -20.9% |
| Amounts payable within one year | 42/48 | €4,669 | €3,691 | -€978 | -20.9% |
| Trade debts | 44 | €3,700 | €3,428 | -€272 | -7.4% |
| Suppliers | 440/4 | €3,700 | €3,428 | -€272 | -7.4% |
| Taxes, remuneration and social security | 45 | €968 | €263 | -€706 | -72.9% |
| Taxes | 450/3 | €968 | €263 | -€706 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €725 | €725 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,806 | +€19,806 | |
| Other operating charges | 640/8 | €2,656 | €194 | -€2,462 | -92.7% |
| Gross operating margin | 9900 | -€4,549 | €851 | +€5,400 | |
| Operating profit (loss) | 9901 | -€7,930 | -€19,874 | -€11,944 | -151% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100% |
| Financial charges | 65/66B | €92 | €47 | -€45 | -49.1% |
| Recurring financial charges | 65 | €92 | €47 | -€45 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,014 | -€19,921 | -€11,907 | -149% |
| Income taxes | 67/77 | €66 | €88 | +€22 | +34.2% |
| Profit (loss) for the period | 9904 | -€8,080 | -€20,009 | -€11,930 | -148% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,080 | -€20,009 | -€11,930 | -148% |
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 15 October 2026 via checked.be.