NIRGUA: 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.
NIRGUA
Largest movements
- Deferred charges and accrued income +€421,137
new in 2025: €421,137
- Receivables within one year -€349,491
down €349,491 (-47.4%), from €737,566 to €388,076
of which Other amounts receivable: -€314,660
- Tangible fixed assets -€132,141
down €132,141 (-8.2%), from €1.6m to €1.5m
of which Furniture and vehicles: -€115,357
- Stocks and contracts -€114,897
down €114,897 (-16.6%), from €690,640 to €575,744
- Cash -€44,834
down €44,834 (-17.0%), from €264,499 to €219,665
mainly Deferred charges and accrued income (-€421,137) and Net result for the year (-€376,797)
- Profit (loss) carried forward -€376,797
down €376,797 (-39.6%), from -€950,466 to -€1.3m
- Trade debts +€263,439
up €263,439 (+13.3%), from €2.0m to €2.3m
- Debts after one year -€93,455
down €93,455 (-5.5%), from €1.7m to €1.6m
of which Financial debts: -€147,343
- Short-term financial debts +€81,893
up €81,893 (+28.2%), from €290,784 to €372,677
- Other debts -€67,030
down €67,030 (-100.0%), from €67,030 to €0
- Staff costs -€1.2m
down €1.2m (-80.6%), from €1.5m to €297,919
- Gross operating margin -€908,804
down €908,804 (-71.9%), from €1.3m to €355,880
- Depreciation -€232,118
down €232,118 (-52.6%), from €440,870 to €208,752
- Other operating charges -€39,103
down €39,103 (-65.4%), from €59,804 to €20,701
- Financial income -€21,231
down €21,231 (-32.4%), from €65,550 to €44,319
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,801,998 | €3,545,040 | -€256,958 | -6.8% |
| Formation expenses | 20 | €8,206 | €0 | -€8,206 | -100.0% |
| Fixed assets | 21/28 | €2,101,087 | €1,940,419 | -€160,668 | -7.6% |
| Intangible fixed assets | 21 | €480,041 | €451,513 | -€28,527 | -5.9% |
| Tangible fixed assets | 22/27 | €1,621,047 | €1,488,906 | -€132,141 | -8.2% |
| Land and buildings | 22 | €118,873 | €112,330 | -€6,543 | -5.5% |
| Plant, machinery and equipment | 23 | €19,428 | €55,426 | +€35,999 | +185.3% |
| Furniture and vehicles | 24 | €657,533 | €542,177 | -€115,357 | -17.5% |
| Other tangible fixed assets | 26 | €825,212 | €778,972 | -€46,240 | -5.6% |
| Current assets | 29/58 | €1,692,705 | €1,604,621 | -€88,084 | -5.2% |
| Stocks and contracts in progress | 3 | €690,640 | €575,744 | -€114,897 | -16.6% |
| Stocks | 30/36 | €690,640 | €575,744 | -€114,897 | -16.6% |
| Amounts receivable within one year | 40/41 | €737,566 | €388,076 | -€349,491 | -47.4% |
| Trade receivables | 40 | €151,478 | €116,647 | -€34,831 | -23.0% |
| Other amounts receivable | 41 | €586,089 | €271,429 | -€314,660 | -53.7% |
| Cash at bank and in hand | 54/58 | €264,499 | €219,665 | -€44,834 | -17.0% |
| Deferred charges and accrued income | 490/1 | - | €421,137 | +€421,137 | |
| Total equity and liabilities | 10/49 | €3,801,998 | €3,545,040 | -€256,958 | -6.8% |
| Equity | 10/15 | -€750,466 | -€1,127,263 | -€376,797 | -50.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€950,466 | -€1,327,263 | -€376,797 | -39.6% |
| Amounts payable | 17/49 | €4,552,465 | €4,672,303 | +€119,839 | +2.6% |
| Amounts payable after more than one year | 17 | €1,710,088 | €1,616,633 | -€93,455 | -5.5% |
| Financial debts | 170/4 | €1,710,088 | €1,562,745 | -€147,343 | -8.6% |
| Other amounts payable | 178/9 | - | €53,888 | +€53,888 | |
| Amounts payable within one year | 42/48 | €2,842,377 | €3,023,560 | +€181,184 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €371,814 | €324,148 | -€47,666 | -12.8% |
| Financial debts | 43 | €290,784 | €372,677 | +€81,893 | +28.2% |
| Credit institutions | 430/8 | €290,784 | €372,677 | +€81,893 | +28.2% |
| Trade debts | 44 | €1,987,555 | €2,250,994 | +€263,439 | +13.3% |
| Suppliers | 440/4 | €1,987,555 | €2,250,994 | +€263,439 | +13.3% |
| Taxes, remuneration and social security | 45 | €125,193 | €75,741 | -€49,453 | -39.5% |
| Taxes | 450/3 | €32 | €3,453 | +€3,421 | +10597.6% |
| Remuneration and social security | 454/9 | €125,161 | €72,287 | -€52,873 | -42.2% |
| Other amounts payable | 47/48 | €67,030 | €0 | -€67,030 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €32,110 | +€32,110 | |
| Non-recurring operating income | 76A | - | €472,950 | +€472,950 | |
| Remuneration, social security and pensions | 62 | €1,535,205 | €297,919 | -€1.2m | -80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440,870 | €208,752 | -€232,118 | -52.6% |
| Other operating charges | 640/8 | €59,804 | €20,701 | -€39,103 | -65.4% |
| Non-recurring operating charges | 66A | - | €840 | +€840 | |
| Gross operating margin | 9900 | €1,264,684 | €355,880 | -€908,804 | -71.9% |
| Operating profit (loss) | 9901 | -€771,195 | -€172,332 | +€598,863 | +77.7% |
| Financial income | 75/76B | €65,550 | €44,319 | -€21,231 | -32.4% |
| Recurring financial income | 75 | €65,550 | €44,319 | -€21,231 | -32.4% |
| Financial charges | 65/66B | €244,789 | €248,784 | +€3,995 | +1.6% |
| Recurring financial charges | 65 | €244,789 | €171,162 | -€73,627 | -30.1% |
| Non-recurring financial charges | 66B | - | €77,622 | +€77,622 | |
| Profit (loss) for the period before taxes | 9903 | -€950,434 | -€376,797 | +€573,637 | +60.4% |
| Income taxes | 67/77 | €32 | €0 | -€32 | -100.0% |
| Profit (loss) for the period | 9904 | -€950,466 | -€376,797 | +€573,669 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€950,466 | -€376,797 | +€573,669 | +60.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.