NIVAGO: 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.
NIVAGO
Largest movements
- Receivables within one year +€55,193
up €55,193 (+27.1%), from €203,426 to €258,620
of which Other amounts receivable: +€66,509
- Cash +€31,752
up €31,752 (+88.8%), from €35,765 to €67,517
mainly Net result for the year (+€118,674) and Other debts (+€115,000)
- Tangible fixed assets -€22,441
down €22,441 (-3.7%), from €606,399 to €583,958
of which Land and buildings: -€22,207
- Other debts +€115,000
new in 2025: €115,000
- Debts after one year -€35,337
down €35,337 (-28.7%), from €123,331 to €87,994
- Trade debts -€25,220
down €25,220 (-86.5%), from €29,167 to €3,947
- Tax, wage and social debts +€12,531
up €12,531 (+30.1%), from €41,633 to €54,165
of which Taxes: +€12,043
- Gross operating margin +€64,798
up €64,798 (+41.3%), from €157,082 to €221,880
- Taxes +€43,344
up €43,344 (+151%), from €28,696 to €72,040
- Depreciation -€14,201
down €14,201 (-36.0%), from €39,458 to €25,257
- Staff costs -€10,808
no longer reported in 2025 (was €10,808)
- Other operating charges -€4,946
down €4,946 (-46.7%), from €10,596 to €5,650
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 | €850,408 | €921,669 | +€71,261 | +8.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €606,474 | €584,033 | -€22,441 | -3.7% |
| Tangible fixed assets | 22/27 | €606,399 | €583,958 | -€22,441 | -3.7% |
| Land and buildings | 22 | €585,825 | €563,617 | -€22,207 | -3.8% |
| Furniture and vehicles | 24 | €16,953 | €17,241 | +€288 | +1.7% |
| Other tangible fixed assets | 26 | €3,621 | €3,100 | -€521 | -14.4% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €243,934 | €337,636 | +€93,702 | +38.4% |
| Amounts receivable within one year | 40/41 | €203,426 | €258,620 | +€55,193 | +27.1% |
| Trade receivables | 40 | €42,774 | €31,458 | -€11,316 | -26.5% |
| Other amounts receivable | 41 | €160,653 | €227,162 | +€66,509 | +41.4% |
| Cash at bank and in hand | 54/58 | €35,765 | €67,517 | +€31,752 | +88.8% |
| Deferred charges and accrued income | 490/1 | €4,743 | €11,499 | +€6,756 | +142% |
| Total equity and liabilities | 10/49 | €850,408 | €921,669 | +€71,261 | +8.4% |
| Equity | 10/15 | €621,552 | €625,227 | +€3,674 | +0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €435,837 | €439,337 | +€3,500 | +0.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,177 | €1,177 | = | 0.0% |
| Distributable reserves | 133 | €432,800 | €436,300 | +€3,500 | +0.8% |
| Profit (loss) carried forward | 14 | €179,516 | €179,690 | +€174 | +0.1% |
| Amounts payable | 17/49 | €228,856 | €296,443 | +€67,587 | +29.5% |
| Amounts payable after more than one year | 17 | €123,331 | €87,994 | -€35,337 | -28.7% |
| Financial debts | 170/4 | €123,331 | €87,994 | -€35,337 | -28.7% |
| Amounts payable within one year | 42/48 | €105,525 | €208,449 | +€102,924 | +97.5% |
| Current portion of amounts payable after more than one year | 42 | €34,725 | €35,337 | +€613 | +1.8% |
| Trade debts | 44 | €29,167 | €3,947 | -€25,220 | -86.5% |
| Suppliers | 440/4 | €29,167 | €3,947 | -€25,220 | -86.5% |
| Taxes, remuneration and social security | 45 | €41,633 | €54,165 | +€12,531 | +30.1% |
| Taxes | 450/3 | €37,131 | €49,175 | +€12,043 | +32.4% |
| Remuneration and social security | 454/9 | €4,502 | €4,990 | +€488 | +10.8% |
| Other amounts payable | 47/48 | - | €115,000 | +€115,000 | |
| Remuneration, social security and pensions | 62 | €10,808 | - | -€10,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,458 | €25,257 | -€14,201 | -36.0% |
| Other operating charges | 640/8 | €10,596 | €5,650 | -€4,946 | -46.7% |
| Non-recurring operating charges | 66A | €74,735 | - | -€74,735 | |
| Gross operating margin | 9900 | €157,082 | €221,880 | +€64,798 | +41.3% |
| Operating profit (loss) | 9901 | €21,485 | €190,973 | +€169,488 | +789% |
| Financial income | 75/76B | €3,229 | €4,563 | +€1,334 | +41.3% |
| Recurring financial income | 75 | €3,229 | €4,563 | +€1,334 | +41.3% |
| Financial charges | 65/66B | €6,177 | €4,822 | -€1,355 | -21.9% |
| Recurring financial charges | 65 | €6,177 | €4,822 | -€1,355 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €18,537 | €190,715 | +€172,178 | +929% |
| Income taxes | 67/77 | €28,696 | €72,040 | +€43,344 | +151% |
| Profit (loss) for the period | 9904 | -€10,159 | €118,674 | +€128,834 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,159 | €118,674 | +€128,834 |
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 14 October 2026 via checked.be.