NIVAC: 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.
NIVAC
Largest movements
- Current investments +€99,748
up €99,748 (+36.9%), from €269,981 to €369,729
- Cash -€61,508
down €61,508 (-28.8%), from €213,347 to €151,839
mainly Contributions, distributions and other (-€130,577) and Current investments (-€99,748)
- Receivables after one year -€31,013
down €31,013 (-51.8%), from €59,886 to €28,873
- Other debts +€44,282
up €44,282 (+51.0%), from €86,835 to €131,117
- Reserves -€41,707
down €41,707 (-7.8%), from €532,646 to €490,939
- Tax, wage and social debts +€10,669
up €10,669 (+72.2%), from €14,773 to €25,442
- Gross operating margin +€12,213
up €12,213 (+10.6%), from €114,705 to €126,918
- Taxes +€3,273
up €3,273 (+9.7%), from €33,619 to €36,893
- Financial income -€2,031
down €2,031 (-28.3%), from €7,168 to €5,137
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 | €647,753 | €661,870 | +€14,117 | +2.2% |
| Fixed assets | 21/28 | €8,508 | €6,511 | -€1,997 | -23.5% |
| Tangible fixed assets | 22/27 | €8,508 | €6,511 | -€1,997 | -23.5% |
| Plant, machinery and equipment | 23 | €938 | €598 | -€340 | -36.2% |
| Furniture and vehicles | 24 | €6,844 | €5,359 | -€1,484 | -21.7% |
| Other tangible fixed assets | 26 | €727 | €554 | -€173 | -23.8% |
| Current assets | 29/58 | €639,245 | €655,359 | +€16,114 | +2.5% |
| Amounts receivable after more than one year | 29 | €59,886 | €28,873 | -€31,013 | -51.8% |
| Other amounts receivable | 291 | €59,886 | €28,873 | -€31,013 | -51.8% |
| Amounts receivable within one year | 40/41 | €86,827 | €93,117 | +€6,290 | +7.2% |
| Trade receivables | 40 | €56,312 | €62,100 | +€5,788 | +10.3% |
| Other amounts receivable | 41 | €30,515 | €31,017 | +€502 | +1.6% |
| Current investments | 50/53 | €269,981 | €369,729 | +€99,748 | +36.9% |
| Cash at bank and in hand | 54/58 | €213,347 | €151,839 | -€61,508 | -28.8% |
| Deferred charges and accrued income | 490/1 | €9,204 | €11,801 | +€2,597 | +28.2% |
| Total equity and liabilities | 10/49 | €647,753 | €661,870 | +€14,117 | +2.2% |
| Equity | 10/15 | €545,046 | €503,339 | -€41,707 | -7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €532,646 | €490,939 | -€41,707 | -7.8% |
| Distributable reserves | 133 | €532,646 | €490,939 | -€41,707 | -7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €102,707 | €158,532 | +€55,824 | +54.4% |
| Amounts payable within one year | 42/48 | €102,707 | €158,520 | +€55,812 | +54.3% |
| Trade debts | 44 | €1,100 | €1,961 | +€861 | +78.3% |
| Suppliers | 440/4 | €1,100 | €1,961 | +€861 | +78.3% |
| Taxes, remuneration and social security | 45 | €14,773 | €25,442 | +€10,669 | +72.2% |
| Taxes | 450/3 | €14,773 | €25,442 | +€10,669 | +72.2% |
| Other amounts payable | 47/48 | €86,835 | €131,117 | +€44,282 | +51.0% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,269 | €2,692 | +€423 | +18.6% |
| Other operating charges | 640/8 | €505 | €637 | +€132 | +26.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €114,705 | €126,918 | +€12,213 | +10.6% |
| Operating profit (loss) | 9901 | €111,931 | €123,589 | +€11,658 | +10.4% |
| Financial income | 75/76B | €7,168 | €5,137 | -€2,031 | -28.3% |
| Recurring financial income | 75 | €7,168 | €5,137 | -€2,031 | -28.3% |
| Financial charges | 65/66B | €3,420 | €2,964 | -€456 | -13.3% |
| Recurring financial charges | 65 | €3,420 | €2,964 | -€456 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €115,679 | €125,762 | +€10,083 | +8.7% |
| Income taxes | 67/77 | €33,619 | €36,893 | +€3,273 | +9.7% |
| Profit (loss) for the period | 9904 | €82,060 | €88,870 | +€6,810 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,060 | €88,870 | +€6,810 | +8.3% |
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 20 October 2026 via checked.be.