NiProject: 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.
NiProject
Largest movements
- Receivables within one year +€88,781
up €88,781 (+78.2%), from €113,586 to €202,367
of which Other amounts receivable: +€47,267
- Cash +€86,291
up €86,291 (+73.4%), from €117,514 to €203,805
mainly Net result for the year (+€271,346) and Current investments (+€50,000)
- Current investments -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Tangible fixed assets +€15,542
up €15,542 (+24.5%), from €63,458 to €79,000
- Profit (loss) carried forward +€306,546
up €306,546 (+260.5%), from €117,670 to €424,215
- Trade debts -€140,483
down €140,483 (-59.8%), from €235,046 to €94,563
- Reserves -€84,200
no longer reported in 2025 (was €84,200)
- Other debts +€49,000
up €49,000 (+318.9%), from €15,367 to €64,367
- Tax, wage and social debts +€20,804
up €20,804 (+40.3%), from €51,582 to €72,386
of which Taxes: +€10,705
- Gross operating margin +€259,494
up €259,494 (+97.4%), from €266,469 to €525,964
- Taxes +€57,081
up €57,081 (+322.7%), from €17,689 to €74,770
- Depreciation +€10,702
up €10,702 (+47.2%), from €22,686 to €33,388
- Staff costs +€10,256
up €10,256 (+8.0%), from €128,835 to €139,091
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 | €589,580 | €738,571 | +€148,991 | +25.3% |
| Fixed assets | 21/28 | €70,807 | €88,289 | +€17,482 | +24.7% |
| Intangible fixed assets | 21 | €5,894 | €7,835 | +€1,940 | +32.9% |
| Tangible fixed assets | 22/27 | €63,458 | €79,000 | +€15,542 | +24.5% |
| Furniture and vehicles | 24 | €63,458 | €79,000 | +€15,542 | +24.5% |
| Financial fixed assets | 28 | €1,455 | €1,455 | = | 0.0% |
| Current assets | 29/58 | €518,773 | €650,282 | +€131,509 | +25.3% |
| Stocks and contracts in progress | 3 | €25,142 | €30,207 | +€5,066 | +20.1% |
| Stocks | 30/36 | €25,142 | €30,207 | +€5,066 | +20.1% |
| Amounts receivable within one year | 40/41 | €113,586 | €202,367 | +€88,781 | +78.2% |
| Trade receivables | 40 | €81,275 | €122,789 | +€41,513 | +51.1% |
| Other amounts receivable | 41 | €32,311 | €79,578 | +€47,267 | +146.3% |
| Current investments | 50/53 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €117,514 | €203,805 | +€86,291 | +73.4% |
| Deferred charges and accrued income | 490/1 | €12,532 | €13,903 | +€1,371 | +10.9% |
| Total equity and liabilities | 10/49 | €589,580 | €738,571 | +€148,991 | +25.3% |
| Equity | 10/15 | €211,870 | €434,215 | +€222,346 | +104.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €84,200 | - | -€84,200 | |
| Tax-exempt reserves | 132 | €84,200 | - | -€84,200 | |
| Profit (loss) carried forward | 14 | €117,670 | €424,215 | +€306,546 | +260.5% |
| Amounts payable | 17/49 | €377,711 | €304,356 | -€73,355 | -19.4% |
| Amounts payable after more than one year | 17 | €35,776 | €43,841 | +€8,065 | +22.5% |
| Financial debts | 170/4 | €35,776 | €43,841 | +€8,065 | +22.5% |
| Amounts payable within one year | 42/48 | €341,934 | €260,515 | -€81,420 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €39,940 | €29,199 | -€10,741 | -26.9% |
| Trade debts | 44 | €235,046 | €94,563 | -€140,483 | -59.8% |
| Suppliers | 440/4 | €235,046 | €94,563 | -€140,483 | -59.8% |
| Taxes, remuneration and social security | 45 | €51,582 | €72,386 | +€20,804 | +40.3% |
| Taxes | 450/3 | €31,781 | €42,486 | +€10,705 | +33.7% |
| Remuneration and social security | 454/9 | €19,801 | €29,900 | +€10,099 | +51.0% |
| Other amounts payable | 47/48 | €15,367 | €64,367 | +€49,000 | +318.9% |
| Remuneration, social security and pensions | 62 | €128,835 | €139,091 | +€10,256 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,686 | €33,388 | +€10,702 | +47.2% |
| Other operating charges | 640/8 | €2,542 | €3,563 | +€1,021 | +40.2% |
| Gross operating margin | 9900 | €266,469 | €525,964 | +€259,494 | +97.4% |
| Operating profit (loss) | 9901 | €112,406 | €349,922 | +€237,515 | +211.3% |
| Financial income | 75/76B | €4 | €44 | +€40 | +900.9% |
| Recurring financial income | 75 | €4 | €44 | +€40 | +900.9% |
| Financial charges | 65/66B | €2,742 | €3,850 | +€1,109 | +40.4% |
| Recurring financial charges | 65 | €2,742 | €3,850 | +€1,109 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €109,669 | €346,116 | +€236,447 | +215.6% |
| Income taxes | 67/77 | €17,689 | €74,770 | +€57,081 | +322.7% |
| Profit (loss) for the period | 9904 | €91,980 | €271,346 | +€179,366 | +195.0% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,980 | €355,546 | +€263,566 | +286.5% |
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 7 October 2026 via checked.be.