NIROWICA: 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.
NIROWICA
Largest movements
- Current investments +€241,080
up €241,080 (+24.7%), from €976,369 to €1.2m
- Tangible fixed assets +€185,546
up €185,546 (+29.8%), from €623,033 to €808,578
of which Plant, machinery and equipment: +€146,308
- Stocks and contracts +€53,543
up €53,543 (+1,574%), from €3,401 to €56,944
- Receivables within one year +€31,301
up €31,301 (+47.8%), from €65,505 to €96,806
of which Other amounts receivable: +€33,509
- Receivables after one year +€29,462
up €29,462 (+5.9%), from €500,000 to €529,462
- Reserves +€453,024
up €453,024 (+32.8%), from €1.4m to €1.8m
- Other debts +€114,104
up €114,104 (+69.1%), from €165,121 to €279,225
- Gross operating margin +€81,354
up €81,354 (+8.3%), from €985,338 to €1.1m
- Depreciation +€21,154
up €21,154 (+22.8%), from €92,694 to €113,848
- Taxes +€18,387
up €18,387 (+11.3%), from €162,161 to €180,548
- Staff costs -€16,261
down €16,261 (-17.1%), from €95,302 to €79,041
- Financial income +€15,088
up €15,088 (+23.6%), from €63,962 to €79,050
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 | €2,238,275 | €2,807,363 | +€569,088 | +25.4% |
| Fixed assets | 21/28 | €623,515 | €813,131 | +€189,616 | +30.4% |
| Intangible fixed assets | 21 | €382 | €4,453 | +€4,070 | +1,064% |
| Tangible fixed assets | 22/27 | €623,033 | €808,578 | +€185,546 | +29.8% |
| Plant, machinery and equipment | 23 | €621,632 | €767,939 | +€146,308 | +23.5% |
| Furniture and vehicles | 24 | €1,401 | €40,639 | +€39,238 | +2,800% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,614,760 | €1,994,232 | +€379,473 | +23.5% |
| Amounts receivable after more than one year | 29 | €500,000 | €529,462 | +€29,462 | +5.9% |
| Other amounts receivable | 291 | €500,000 | €529,462 | +€29,462 | +5.9% |
| Stocks and contracts in progress | 3 | €3,401 | €56,944 | +€53,543 | +1,574% |
| Stocks | 30/36 | €3,401 | €56,944 | +€53,543 | +1,574% |
| Amounts receivable within one year | 40/41 | €65,505 | €96,806 | +€31,301 | +47.8% |
| Trade receivables | 40 | €21,601 | €19,392 | -€2,209 | -10.2% |
| Other amounts receivable | 41 | €43,904 | €77,414 | +€33,509 | +76.3% |
| Current investments | 50/53 | €976,369 | €1,217,448 | +€241,080 | +24.7% |
| Cash at bank and in hand | 54/58 | €49,794 | €76,405 | +€26,611 | +53.4% |
| Deferred charges and accrued income | 490/1 | €19,691 | €17,168 | -€2,523 | -12.8% |
| Total equity and liabilities | 10/49 | €2,238,275 | €2,807,363 | +€569,088 | +25.4% |
| Equity | 10/15 | €1,606,950 | €2,069,265 | +€462,315 | +28.8% |
| Contributions | 10/11 | €227,100 | €227,100 | = | 0.0% |
| Reserves | 13 | €1,379,850 | €1,832,874 | +€453,024 | +32.8% |
| Distributable reserves | 133 | €1,379,850 | €1,832,874 | +€453,024 | +32.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | - | €9,291 | +€9,291 | |
| Amounts payable | 17/49 | €631,325 | €738,099 | +€106,774 | +16.9% |
| Amounts payable after more than one year | 17 | €371,386 | €383,657 | +€12,271 | +3.3% |
| Financial debts | 170/4 | €67,871 | €53,909 | -€13,962 | -20.6% |
| Other amounts payable | 178/9 | €303,515 | €329,748 | +€26,233 | +8.6% |
| Amounts payable within one year | 42/48 | €250,648 | €346,834 | +€96,185 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,499 | €10,954 | -€4,546 | -29.3% |
| Suppliers | 440/4 | €15,499 | €10,954 | -€4,546 | -29.3% |
| Taxes, remuneration and social security | 45 | €70,029 | €56,655 | -€13,373 | -19.1% |
| Taxes | 450/3 | €63,106 | €55,764 | -€7,341 | -11.6% |
| Remuneration and social security | 454/9 | €6,923 | €891 | -€6,032 | -87.1% |
| Other amounts payable | 47/48 | €165,121 | €279,225 | +€114,104 | +69.1% |
| Accrued charges and deferred income | 492/3 | €9,290 | €7,607 | -€1,683 | -18.1% |
| Remuneration, social security and pensions | 62 | €95,302 | €79,041 | -€16,261 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,694 | €113,848 | +€21,154 | +22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,452 | €0 | -€2,452 | -100% |
| Other operating charges | 640/8 | €145,107 | €151,950 | +€6,844 | +4.7% |
| Gross operating margin | 9900 | €985,338 | €1,066,692 | +€81,354 | +8.3% |
| Operating profit (loss) | 9901 | €649,783 | €721,852 | +€72,069 | +11.1% |
| Financial income | 75/76B | €63,962 | €79,050 | +€15,088 | +23.6% |
| Recurring financial income | 75 | €63,962 | €79,050 | +€15,088 | +23.6% |
| Financial charges | 65/66B | €11,047 | €8,142 | -€2,906 | -26.3% |
| Recurring financial charges | 65 | €11,047 | €8,142 | -€2,906 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €702,699 | €792,760 | +€90,062 | +12.8% |
| Income taxes | 67/77 | €162,161 | €180,548 | +€18,387 | +11.3% |
| Profit (loss) for the period | 9904 | €540,538 | €612,212 | +€71,675 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €540,538 | €612,212 | +€71,675 | +13.3% |
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 22 October 2026 via checked.be.