NIRA: 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.
NIRA
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-45.2%), from €3.2m to €1.7m
- Tangible fixed assets -€801,278
down €801,278 (-37.7%), from €2.1m to €1.3m
of which Other tangible fixed assets: -€1.7m
- Receivables within one year -€585,858
down €585,858 (-93.1%), from €629,239 to €43,381
of which Trade receivables: -€585,493
- Short-term financial debts -€2.6m
down €2.6m (-75.0%), from €3.4m to €850,205
- Contributions -€1.7m
down €1.7m (-81.7%), from €2.1m to €391,620
- Other debts +€923,880
up €923,880 (+7,623%), from €12,120 to €936,000
- Reserves +€443,269
up €443,269, from €0 to €443,269
- Debts after one year -€83,715
down €83,715 (-28.0%), from €298,715 to €215,000
- Gross operating margin +€724,998
up €724,998 (+288%), from €252,000 to €976,998
- Write-downs -€509,872
down €509,872 (-100%), from €509,872 to €0
- Staff costs +€205,717
up €205,717 (+443%), from €46,389 to €252,106
- Taxes +€76,250
up €76,250 (+2,478%), from €3,077 to €79,327
- Depreciation -€21,810
down €21,810 (-28.6%), from €76,361 to €54,552
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 | €5,961,666 | €3,142,603 | -€2.8m | -47.3% |
| Fixed assets | 21/28 | €2,124,218 | €1,322,940 | -€801,278 | -37.7% |
| Tangible fixed assets | 22/27 | €2,124,218 | €1,322,940 | -€801,278 | -37.7% |
| Land and buildings | 22 | €382,899 | €1,319,455 | +€936,557 | +245% |
| Plant, machinery and equipment | 23 | €1,058 | €0 | -€1,058 | -100% |
| Furniture and vehicles | 24 | €3,985 | €3,485 | -€500 | -12.5% |
| Other tangible fixed assets | 26 | €1,736,276 | €0 | -€1.7m | -100% |
| Current assets | 29/58 | €3,837,448 | €1,819,663 | -€2.0m | -52.6% |
| Stocks and contracts in progress | 3 | €3,165,463 | €1,733,937 | -€1.4m | -45.2% |
| Stocks | 30/36 | €3,165,463 | €1,733,937 | -€1.4m | -45.2% |
| Amounts receivable within one year | 40/41 | €629,239 | €43,381 | -€585,858 | -93.1% |
| Trade receivables | 40 | €613,766 | €28,274 | -€585,493 | -95.4% |
| Other amounts receivable | 41 | €15,473 | €15,107 | -€366 | -2.4% |
| Cash at bank and in hand | 54/58 | €35,048 | €34,970 | -€77 | -0.2% |
| Deferred charges and accrued income | 490/1 | €7,698 | €7,375 | -€323 | -4.2% |
| Total equity and liabilities | 10/49 | €5,961,666 | €3,142,603 | -€2.8m | -47.3% |
| Equity | 10/15 | €2,073,341 | €834,889 | -€1.2m | -59.7% |
| Contributions | 10/11 | €2,139,620 | €391,620 | -€1.7m | -81.7% |
| Reserves | 13 | €0 | €443,269 | +€443,269 | |
| Distributable reserves | 133 | €0 | €443,269 | +€443,269 | |
| Profit (loss) carried forward | 14 | -€66,279 | €0 | +€66,279 | |
| Amounts payable | 17/49 | €3,888,325 | €2,307,714 | -€1.6m | -40.7% |
| Amounts payable after more than one year | 17 | €298,715 | €215,000 | -€83,715 | -28.0% |
| Financial debts | 170/4 | €298,715 | €215,000 | -€83,715 | -28.0% |
| Amounts payable within one year | 42/48 | €3,581,824 | €2,084,640 | -€1.5m | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €82,889 | €83,715 | +€826 | +1.0% |
| Financial debts | 43 | €3,405,064 | €850,205 | -€2.6m | -75.0% |
| Credit institutions | 430/8 | €3,405,064 | €850,205 | -€2.6m | -75.0% |
| Trade debts | 44 | €79,875 | €132,107 | +€52,232 | +65.4% |
| Suppliers | 440/4 | €79,875 | €132,107 | +€52,232 | +65.4% |
| Taxes, remuneration and social security | 45 | €1,876 | €82,613 | +€80,737 | +4,305% |
| Taxes | 450/3 | €876 | €82,613 | +€81,737 | +9,335% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €12,120 | €936,000 | +€923,880 | +7,623% |
| Accrued charges and deferred income | 492/3 | €7,785 | €8,074 | +€289 | +3.7% |
| Non-recurring operating income | 76A | €6,509 | €1,001,689 | +€995,180 | +15,289% |
| Remuneration, social security and pensions | 62 | €46,389 | €252,106 | +€205,717 | +443% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,361 | €54,552 | -€21,810 | -28.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €509,872 | €0 | -€509,872 | -100% |
| Other operating charges | 640/8 | €17,912 | €22,823 | +€4,912 | +27.4% |
| Gross operating margin | 9900 | €252,000 | €976,998 | +€724,998 | +288% |
| Operating profit (loss) | 9901 | -€398,533 | €647,517 | +€1.0m | |
| Financial income | 75/76B | €53,597 | €36,076 | -€17,521 | -32.7% |
| Recurring financial income | 75 | €53,597 | €36,076 | -€17,521 | -32.7% |
| Financial charges | 65/66B | €114,647 | €94,718 | -€19,929 | -17.4% |
| Recurring financial charges | 65 | €114,647 | €94,718 | -€19,929 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | -€459,583 | €588,874 | +€1.0m | |
| Income taxes | 67/77 | €3,077 | €79,327 | +€76,250 | +2,478% |
| Profit (loss) for the period | 9904 | -€462,660 | €509,547 | +€972,208 | |
| Profit (loss) for the period to be appropriated | 9905 | -€462,660 | €509,547 | +€972,208 |
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.