NIPAU: 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.
NIPAU
Largest movements
- Receivables within one year +€52,689
up €52,689 (+19.9%), from €265,239 to €317,928
of which Trade receivables: +€52,508
- Tangible fixed assets -€15,812
down €15,812 (-11.1%), from €142,741 to €126,929
of which Land and buildings: -€15,588
- Cash -€14,695
down €14,695 (-30.3%), from €48,574 to €33,879
mainly Receivables within one year (-€52,689) and Net result for the year (-€27,798)
- Stocks and contracts -€12,134
down €12,134 (-46.1%), from €26,312 to €14,178
- Trade debts +€40,912
up €40,912 (+83.4%), from €49,072 to €89,985
- Reserves -€27,798
down €27,798 (-9.3%), from €297,924 to €270,126
of which Distributable reserves: -€27,798
- Debts after one year -€10,891
down €10,891 (-15.6%), from €69,607 to €58,716
- Tax, wage and social debts +€7,585
up €7,585 (+55.1%), from €13,759 to €21,344
of which Taxes: +€9,985
- Staff costs -€9,526
down €9,526 (-25.4%), from €37,436 to €27,910
- Financial income -€2,731
down €2,731 (-11.6%), from €23,602 to €20,871
- Gross operating margin +€2,248
up €2,248 (+9.0%), from €25,076 to €27,323
- Financial charges -€2,105
down €2,105 (-8.6%), from €24,404 to €22,299
- Depreciation +€1,253
up €1,253 (+6.4%), from €19,640 to €20,893
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 | €485,413 | €495,738 | +€10,325 | +2.1% |
| Fixed assets | 21/28 | €143,085 | €127,273 | -€15,812 | -11.1% |
| Tangible fixed assets | 22/27 | €142,741 | €126,929 | -€15,812 | -11.1% |
| Land and buildings | 22 | €139,784 | €124,196 | -€15,588 | -11.2% |
| Plant, machinery and equipment | 23 | €1,053 | €829 | -€224 | -21.2% |
| Other tangible fixed assets | 26 | €1,904 | €1,904 | = | 0.0% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €342,328 | €368,465 | +€26,137 | +7.6% |
| Stocks and contracts in progress | 3 | €26,312 | €14,178 | -€12,134 | -46.1% |
| Stocks | 30/36 | €26,312 | €14,178 | -€12,134 | -46.1% |
| Amounts receivable within one year | 40/41 | €265,239 | €317,928 | +€52,689 | +19.9% |
| Trade receivables | 40 | €158,307 | €210,815 | +€52,508 | +33.2% |
| Other amounts receivable | 41 | €106,932 | €107,113 | +€181 | +0.2% |
| Cash at bank and in hand | 54/58 | €48,574 | €33,879 | -€14,695 | -30.3% |
| Deferred charges and accrued income | 490/1 | €2,203 | €2,479 | +€276 | +12.5% |
| Total equity and liabilities | 10/49 | €485,413 | €495,738 | +€10,325 | +2.1% |
| Equity | 10/15 | €322,924 | €295,126 | -€27,798 | -8.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €297,924 | €270,126 | -€27,798 | -9.3% |
| Tax-exempt reserves | 132 | €41,832 | €41,832 | = | 0.0% |
| Distributable reserves | 133 | €256,091 | €228,294 | -€27,798 | -10.9% |
| Amounts payable | 17/49 | €162,490 | €200,612 | +€38,122 | +23.5% |
| Amounts payable after more than one year | 17 | €69,607 | €58,716 | -€10,891 | -15.6% |
| Financial debts | 170/4 | €69,607 | €58,716 | -€10,891 | -15.6% |
| Amounts payable within one year | 42/48 | €82,879 | €132,460 | +€49,581 | +59.8% |
| Current portion of amounts payable after more than one year | 42 | €10,743 | €10,891 | +€148 | +1.4% |
| Trade debts | 44 | €49,072 | €89,985 | +€40,912 | +83.4% |
| Suppliers | 440/4 | €49,072 | €89,985 | +€40,912 | +83.4% |
| Advances received on contracts in progress | 46 | €530 | €530 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €13,759 | €21,344 | +€7,585 | +55.1% |
| Taxes | 450/3 | €8,675 | €18,660 | +€9,985 | +115% |
| Remuneration and social security | 454/9 | €5,084 | €2,685 | -€2,399 | -47.2% |
| Other amounts payable | 47/48 | €8,775 | €9,710 | +€935 | +10.7% |
| Accrued charges and deferred income | 492/3 | €10,004 | €9,436 | -€567 | -5.7% |
| Remuneration, social security and pensions | 62 | €37,436 | €27,910 | -€9,526 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,640 | €20,893 | +€1,253 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,345 | €4,427 | +€82 | +1.9% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €25,076 | €27,323 | +€2,248 | +9.0% |
| Operating profit (loss) | 9901 | -€36,795 | -€26,369 | +€10,426 | +28.3% |
| Financial income | 75/76B | €23,602 | €20,871 | -€2,731 | -11.6% |
| Recurring financial income | 75 | €23,602 | €20,871 | -€2,731 | -11.6% |
| Financial charges | 65/66B | €24,404 | €22,299 | -€2,105 | -8.6% |
| Recurring financial charges | 65 | €24,404 | €22,299 | -€2,105 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€37,598 | -€27,798 | +€9,800 | +26.1% |
| Profit (loss) for the period | 9904 | -€37,598 | -€27,798 | +€9,800 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,598 | -€27,798 | +€9,800 | +26.1% |
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 17 October 2026 via checked.be.