NIPAFON: what changed
Two fiscal 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.
NIPAFON
Largest movements
- Current investments +€51,200
up €51,200 (+24.0%), from €213,324 to €264,524
- Cash -€29,599
down €29,599 (-38.2%), from €77,409 to €47,810
mainly Current investments (-€51,200) and Deferred charges and accrued income (-€1,305)
- Tangible fixed assets -€11,911
down €11,911 (-7.4%), from €161,027 to €149,116
- Reserves +€10,541
up €10,541 (+62.7%), from €16,804 to €27,345
of which Non-distributable reserves: +€11,784
- Gross operating margin +€2,607
up €2,607 (+10.3%), from €25,411 to €28,017
- Taxes +€1,444
up €1,444 (+49.5%), from €2,915 to €4,360
- Financial income +€627
up €627 (+12.8%), from €4,898 to €5,525
- Depreciation -€348
down €348 (-2.8%), from €12,259 to €11,911
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 | €452,987 | €462,967 | +€9,980 | +2.2% |
| Fixed assets | 21/28 | €161,027 | €149,116 | -€11,911 | -7.4% |
| Tangible fixed assets | 22/27 | €161,027 | €149,116 | -€11,911 | -7.4% |
| Land and buildings | 22 | €161,027 | €149,116 | -€11,911 | -7.4% |
| Current assets | 29/58 | €291,960 | €313,851 | +€21,891 | +7.5% |
| Amounts receivable within one year | 40/41 | €1,227 | €212 | -€1,015 | -82.7% |
| Trade receivables | 40 | - | €212 | +€212 | |
| Other amounts receivable | 41 | €1,227 | €0 | -€1,227 | -100.0% |
| Current investments | 50/53 | €213,324 | €264,524 | +€51,200 | +24.0% |
| Cash at bank and in hand | 54/58 | €77,409 | €47,810 | -€29,599 | -38.2% |
| Deferred charges and accrued income | 490/1 | - | €1,305 | +€1,305 | |
| Total equity and liabilities | 10/49 | €452,987 | €462,967 | +€9,980 | +2.2% |
| Equity | 10/15 | €423,349 | €433,890 | +€10,541 | +2.5% |
| Contributions | 10/11 | €406,545 | €406,545 | = | 0.0% |
| Capital | 10 | €406,545 | €406,545 | = | 0.0% |
| Issued capital | 100 | €406,545 | €406,545 | = | 0.0% |
| Reserves | 13 | €16,804 | €27,345 | +€10,541 | +62.7% |
| Non-distributable reserves | 130/1 | €13,076 | €24,860 | +€11,784 | +90.1% |
| Legal reserve | 130 | €13,076 | €24,860 | +€11,784 | +90.1% |
| Tax-exempt reserves | 132 | €3,728 | €2,485 | -€1,243 | -33.3% |
| Provisions and deferred taxes | 16 | €2,609 | €1,739 | -€870 | -33.3% |
| Deferred taxes | 168 | €2,609 | €1,739 | -€870 | -33.3% |
| Amounts payable | 17/49 | €27,029 | €27,337 | +€308 | +1.1% |
| Amounts payable within one year | 42/48 | €26,260 | €25,797 | -€463 | -1.8% |
| Trade debts | 44 | €116 | €715 | +€599 | +516.1% |
| Suppliers | 440/4 | €116 | €715 | +€599 | +516.1% |
| Taxes, remuneration and social security | 45 | €1,952 | €731 | -€1,221 | -62.5% |
| Taxes | 450/3 | €1,952 | €731 | -€1,221 | -62.5% |
| Other amounts payable | 47/48 | €24,192 | €24,351 | +€159 | +0.7% |
| Accrued charges and deferred income | 492/3 | €769 | €1,540 | +€771 | +100.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,259 | €11,911 | -€348 | -2.8% |
| Other operating charges | 640/8 | €6,117 | €5,906 | -€211 | -3.5% |
| Gross operating margin | 9900 | €25,411 | €28,017 | +€2,607 | +10.3% |
| Operating profit (loss) | 9901 | €7,034 | €10,200 | +€3,166 | +45.0% |
| Financial income | 75/76B | €4,898 | €5,525 | +€627 | +12.8% |
| Recurring financial income | 75 | €4,898 | €5,525 | +€627 | +12.8% |
| Financial charges | 65/66B | €1,851 | €1,694 | -€157 | -8.5% |
| Recurring financial charges | 65 | €1,851 | €1,694 | -€157 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €10,081 | €14,031 | +€3,950 | +39.2% |
| Transfer from deferred taxes | 780 | €870 | €870 | = | 0.0% |
| Income taxes | 67/77 | €2,915 | €4,360 | +€1,444 | +49.5% |
| Profit (loss) for the period | 9904 | €8,035 | €10,541 | +€2,506 | +31.2% |
| Transfer from tax-exempt reserves | 789 | €1,243 | €1,243 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,278 | €11,784 | +€2,506 | +27.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.