NIPACO: 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.
NIPACO
Largest movements
- Cash +€32,968
up €32,968 (+53.6%), from €61,551 to €94,519
mainly Depreciation (+€16,900) and Net result for the year (+€15,631)
- Tangible fixed assets -€16,900
down €16,900 (-7.2%), from €233,675 to €216,775
- Reserves +€15,631
up €15,631 (+4.7%), from €331,216 to €346,848
of which Distributable reserves: +€15,866
- Gross operating margin +€2,518
up €2,518 (+6.2%), from €40,665 to €43,183
- Taxes +€1,665
up €1,665 (+29.0%), from €5,741 to €7,406
- Financial income +€1,620
up €1,620 (+56.2%), from €2,880 to €4,500
- Depreciation -€1,153
down €1,153 (-6.4%), from €18,053 to €16,900
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 | €434,003 | €454,623 | +€20,619 | +4.8% |
| Fixed assets | 21/28 | €233,675 | €216,775 | -€16,900 | -7.2% |
| Tangible fixed assets | 22/27 | €233,675 | €216,775 | -€16,900 | -7.2% |
| Land and buildings | 22 | €233,675 | €216,775 | -€16,900 | -7.2% |
| Current assets | 29/58 | €200,329 | €237,847 | +€37,519 | +18.7% |
| Amounts receivable within one year | 40/41 | €144 | €402 | +€258 | +180% |
| Other amounts receivable | 41 | €144 | €402 | +€258 | +180% |
| Current investments | 50/53 | €137,000 | €140,000 | +€3,000 | +2.2% |
| Cash at bank and in hand | 54/58 | €61,551 | €94,519 | +€32,968 | +53.6% |
| Deferred charges and accrued income | 490/1 | €1,634 | €2,926 | +€1,293 | +79.1% |
| Total equity and liabilities | 10/49 | €434,003 | €454,623 | +€20,619 | +4.8% |
| Equity | 10/15 | €393,216 | €408,848 | +€15,631 | +4.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €331,216 | €346,848 | +€15,631 | +4.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,361 | €3,127 | -€235 | -7.0% |
| Distributable reserves | 133 | €321,655 | €337,521 | +€15,866 | +4.9% |
| Provisions and deferred taxes | 16 | €1,120 | €1,042 | -€78 | -7.0% |
| Deferred taxes | 168 | €1,120 | €1,042 | -€78 | -7.0% |
| Amounts payable | 17/49 | €39,667 | €44,733 | +€5,066 | +12.8% |
| Amounts payable after more than one year | 17 | €35,562 | €37,512 | +€1,950 | +5.5% |
| Other amounts payable | 178/9 | €35,562 | €37,512 | +€1,950 | +5.5% |
| Amounts payable within one year | 42/48 | €294 | €3,562 | +€3,268 | +1,111% |
| Trade debts | 44 | €294 | €1,990 | +€1,696 | +577% |
| Suppliers | 440/4 | €294 | €1,990 | +€1,696 | +577% |
| Taxes, remuneration and social security | 45 | €0 | €1,572 | +€1,572 | |
| Taxes | 450/3 | €0 | €1,572 | +€1,572 | |
| Accrued charges and deferred income | 492/3 | €3,810 | €3,658 | -€152 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,053 | €16,900 | -€1,153 | -6.4% |
| Other operating charges | 640/8 | €4,925 | €5,079 | +€154 | +3.1% |
| Gross operating margin | 9900 | €40,665 | €43,183 | +€2,518 | +6.2% |
| Operating profit (loss) | 9901 | €17,687 | €21,204 | +€3,517 | +19.9% |
| Financial income | 75/76B | €2,880 | €4,500 | +€1,620 | +56.2% |
| Recurring financial income | 75 | €2,880 | €4,500 | +€1,620 | +56.2% |
| Financial charges | 65/66B | €2,933 | €2,745 | -€189 | -6.4% |
| Recurring financial charges | 65 | €2,933 | €2,745 | -€189 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €17,634 | €22,959 | +€5,325 | +30.2% |
| Transfer from deferred taxes | 780 | €78 | €78 | = | 0.0% |
| Income taxes | 67/77 | €5,741 | €7,406 | +€1,665 | +29.0% |
| Profit (loss) for the period | 9904 | €11,971 | €15,631 | +€3,660 | +30.6% |
| Transfer from tax-exempt reserves | 789 | €235 | €235 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,206 | €15,866 | +€3,660 | +30.0% |
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 13 October 2026 via checked.be.