NIRAGARA: 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.
NIRAGARA
Largest movements
- Cash -€17,579
down €17,579 (-74.2%), from €23,703 to €6,124
mainly Contributions, distributions and other (-€20,000) and Tax, wage and social debts (-€13,895)
- Receivables within one year -€4,204
down €4,204 (-7.0%), from €60,194 to €55,991
of which Other amounts receivable: -€2,845
- Tangible fixed assets -€2,058
down €2,058 (-32.9%), from €6,250 to €4,193
of which Furniture and vehicles: -€1,529
- Reserves -€20,000
down €20,000 (-55.6%), from €36,000 to €16,000
- Tax, wage and social debts -€13,895
down €13,895 (-61.0%), from €22,778 to €8,882
of which Remuneration and social security: -€14,313
- Other debts +€13,700
up €13,700 (+274%), from €5,000 to €18,700
- Trade debts -€3,695
down €3,695 (-94.5%), from €3,912 to €217
- Current portion of long-term debt +€2,444
up €2,444 (+38.5%), from €6,341 to €8,785
- Gross operating margin +€13,381
up €13,381 (+12.0%), from €111,200 to €124,582
- Other operating charges +€8,172
up €8,172 (+5,232%), from €156 to €8,329
- Staff costs +€6,745
up €6,745 (+6.8%), from €98,895 to €105,641
- Financial charges +€3,637
up €3,637 (+105%), from €3,461 to €7,098
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 | €90,511 | €66,670 | -€23,841 | -26.3% |
| Fixed assets | 21/28 | €6,613 | €4,556 | -€2,058 | -31.1% |
| Tangible fixed assets | 22/27 | €6,250 | €4,193 | -€2,058 | -32.9% |
| Plant, machinery and equipment | 23 | €2,468 | €1,939 | -€529 | -21.4% |
| Furniture and vehicles | 24 | €3,783 | €2,254 | -€1,529 | -40.4% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €83,897 | €62,114 | -€21,783 | -26.0% |
| Amounts receivable within one year | 40/41 | €60,194 | €55,991 | -€4,204 | -7.0% |
| Trade receivables | 40 | €23,791 | €22,432 | -€1,359 | -5.7% |
| Other amounts receivable | 41 | €36,404 | €33,559 | -€2,845 | -7.8% |
| Cash at bank and in hand | 54/58 | €23,703 | €6,124 | -€17,579 | -74.2% |
| Total equity and liabilities | 10/49 | €90,511 | €66,670 | -€23,841 | -26.3% |
| Equity | 10/15 | €52,480 | €30,086 | -€22,394 | -42.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,000 | €16,000 | -€20,000 | -55.6% |
| Distributable reserves | 133 | €36,000 | €16,000 | -€20,000 | -55.6% |
| Profit (loss) carried forward | 14 | €11,480 | €9,086 | -€2,394 | -20.9% |
| Amounts payable | 17/49 | €38,031 | €36,584 | -€1,447 | -3.8% |
| Amounts payable within one year | 42/48 | €38,031 | €36,584 | -€1,447 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €6,341 | €8,785 | +€2,444 | +38.5% |
| Trade debts | 44 | €3,912 | €217 | -€3,695 | -94.5% |
| Suppliers | 440/4 | €3,912 | €217 | -€3,695 | -94.5% |
| Taxes, remuneration and social security | 45 | €22,778 | €8,882 | -€13,895 | -61.0% |
| Taxes | 450/3 | €882 | €1,300 | +€418 | +47.3% |
| Remuneration and social security | 454/9 | €21,896 | €7,582 | -€14,313 | -65.4% |
| Other amounts payable | 47/48 | €5,000 | €18,700 | +€13,700 | +274% |
| Remuneration, social security and pensions | 62 | €98,895 | €105,641 | +€6,745 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €934 | €2,058 | +€1,123 | +120% |
| Other operating charges | 640/8 | €156 | €8,329 | +€8,172 | +5,232% |
| Gross operating margin | 9900 | €111,200 | €124,582 | +€13,381 | +12.0% |
| Operating profit (loss) | 9901 | €11,215 | €8,555 | -€2,660 | -23.7% |
| Financial charges | 65/66B | €3,461 | €7,098 | +€3,637 | +105% |
| Recurring financial charges | 65 | €3,461 | €7,098 | +€3,637 | +105% |
| Profit (loss) for the period before taxes | 9903 | €7,753 | €1,456 | -€6,297 | -81.2% |
| Income taxes | 67/77 | €4,484 | €3,850 | -€633 | -14.1% |
| Profit (loss) for the period | 9904 | €3,270 | -€2,394 | -€5,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,270 | -€2,394 | -€5,664 |
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 24 October 2026 via checked.be.