NISA: 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.
NISA
Largest movements
- Receivables within one year -€111,958
down €111,958 (-76.0%), from €147,373 to €35,415
of which Trade receivables: -€56,839
- Tangible fixed assets -€86,697
down €86,697 (-37.1%), from €233,921 to €147,224
of which Land and buildings: -€59,060
- Stocks and contracts -€75,511
down €75,511 (-42.6%), from €177,154 to €101,642
- Cash -€52,944
down €52,944 (-78.9%), from €67,078 to €14,134
mainly Trade debts (-€378,388) and Debts after one year (-€63,583)
- Trade debts -€378,388
down €378,388 (-70.0%), from €540,713 to €162,325
- Other debts +€140,435
new in 2025: €140,435
- Debts after one year -€63,583
down €63,583 (-57.7%), from €110,259 to €46,676
- Tax, wage and social debts -€22,883
down €22,883 (-44.4%), from €51,498 to €28,615
of which Remuneration and social security: -€21,560
- Current portion of long-term debt -€7,994
down €7,994 (-12.0%), from €66,520 to €58,526
- Gross operating margin -€218,357
down €218,357 (-55.9%), from €390,742 to €172,385
- Staff costs -€148,305
down €148,305 (-59.7%), from €248,436 to €100,131
- Depreciation -€20,637
down €20,637 (-38.8%), from €53,202 to €32,565
- Financial charges -€19,395
down €19,395 (-38.8%), from €49,938 to €30,543
- Financial income -€9,577
down €9,577 (-100.0%), from €9,580 to €3
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 | €641,231 | €312,034 | -€329,197 | -51.3% |
| Fixed assets | 21/28 | €241,876 | €154,069 | -€87,807 | -36.3% |
| Tangible fixed assets | 22/27 | €233,921 | €147,224 | -€86,697 | -37.1% |
| Land and buildings | 22 | €80,755 | €21,695 | -€59,060 | -73.1% |
| Plant, machinery and equipment | 23 | €153,166 | €121,888 | -€31,279 | -20.4% |
| Furniture and vehicles | 24 | - | €3,641 | +€3,641 | |
| Financial fixed assets | 28 | €7,955 | €6,845 | -€1,110 | -14.0% |
| Current assets | 29/58 | €399,355 | €157,965 | -€241,390 | -60.4% |
| Stocks and contracts in progress | 3 | €177,154 | €101,642 | -€75,511 | -42.6% |
| Stocks | 30/36 | €177,154 | €101,642 | -€75,511 | -42.6% |
| Amounts receivable within one year | 40/41 | €147,373 | €35,415 | -€111,958 | -76.0% |
| Trade receivables | 40 | €70,493 | €13,655 | -€56,839 | -80.6% |
| Other amounts receivable | 41 | €76,880 | €21,760 | -€55,119 | -71.7% |
| Cash at bank and in hand | 54/58 | €67,078 | €14,134 | -€52,944 | -78.9% |
| Deferred charges and accrued income | 490/1 | €7,751 | €6,774 | -€976 | -12.6% |
| Total equity and liabilities | 10/49 | €641,231 | €312,034 | -€329,197 | -51.3% |
| Equity | 10/15 | -€180,765 | -€177,942 | +€2,824 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €135,827 | €135,827 | = | 0.0% |
| Distributable reserves | 133 | €135,827 | €135,827 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€335,192 | -€332,369 | +€2,824 | +0.8% |
| Amounts payable | 17/49 | €821,997 | €489,976 | -€332,021 | -40.4% |
| Amounts payable after more than one year | 17 | €110,259 | €46,676 | -€63,583 | -57.7% |
| Financial debts | 170/4 | €110,259 | €46,676 | -€63,583 | -57.7% |
| Amounts payable within one year | 42/48 | €708,731 | €439,901 | -€268,830 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €66,520 | €58,526 | -€7,994 | -12.0% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €540,713 | €162,325 | -€378,388 | -70.0% |
| Suppliers | 440/4 | €540,713 | €162,325 | -€378,388 | -70.0% |
| Taxes, remuneration and social security | 45 | €51,498 | €28,615 | -€22,883 | -44.4% |
| Taxes | 450/3 | €7,806 | €6,483 | -€1,323 | -16.9% |
| Remuneration and social security | 454/9 | €43,692 | €22,132 | -€21,560 | -49.3% |
| Other amounts payable | 47/48 | - | €140,435 | +€140,435 | |
| Accrued charges and deferred income | 492/3 | €3,007 | €3,400 | +€393 | +13.1% |
| Remuneration, social security and pensions | 62 | €248,436 | €100,131 | -€148,305 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,202 | €32,565 | -€20,637 | -38.8% |
| Other operating charges | 640/8 | €10,734 | €6,325 | -€4,410 | -41.1% |
| Gross operating margin | 9900 | €390,742 | €172,385 | -€218,357 | -55.9% |
| Operating profit (loss) | 9901 | €78,369 | €33,364 | -€45,005 | -57.4% |
| Financial income | 75/76B | €9,580 | €3 | -€9,577 | -100.0% |
| Recurring financial income | 75 | €9,580 | €3 | -€9,577 | -100.0% |
| Financial charges | 65/66B | €49,938 | €30,543 | -€19,395 | -38.8% |
| Recurring financial charges | 65 | €49,938 | €30,543 | -€19,395 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €38,011 | €2,824 | -€35,188 | -92.6% |
| Income taxes | 67/77 | €3,456 | €0 | -€3,456 | -100% |
| Profit (loss) for the period | 9904 | €34,556 | €2,824 | -€31,732 | -91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,556 | €2,824 | -€31,732 | -91.8% |
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 25 October 2026 via checked.be.