NIVALIM: 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.
NIVALIM
Largest movements
- Cash -€721,846
down €721,846 (-40.2%), from €1.8m to €1.1m
mainly Trade debts (-€1.2m) and Debts after one year (-€537,664)
- Tangible fixed assets -€558,895
down €558,895 (-17.9%), from €3.1m to €2.6m
of which Plant, machinery and equipment: -€400,893
- Intangible fixed assets -€180,181
down €180,181 (-11.8%), from €1.5m to €1.3m
- Deferred charges and accrued income -€85,204
down €85,204 (-77.4%), from €110,072 to €24,868
- Trade debts -€1.2m
down €1.2m (-57.8%), from €2.0m to €840,688
- Debts after one year -€537,664
down €537,664 (-12.9%), from €4.2m to €3.6m
- Profit (loss) carried forward +€252,141
up €252,141, from -€93,289 to €158,852
- Accrued charges and deferred income -€80,275
down €80,275 (-30.7%), from €261,400 to €181,125
- Staff costs -€1.1m
down €1.1m (-46.3%), from €2.3m to €1.2m
- Gross operating margin -€567,275
down €567,275 (-17.6%), from €3.2m to €2.7m
- Depreciation +€118,458
up €118,458 (+17.1%), from €692,927 to €811,386
- Taxes +€88,825
up €88,825 (+26,496%), from €335 to €89,160
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 | €7,530,994 | €5,979,390 | -€1.6m | -20.6% |
| Formation expenses | 20 | €21,198 | €17,431 | -€3,766 | -17.8% |
| Fixed assets | 21/28 | €4,646,632 | €3,907,555 | -€739,077 | -15.9% |
| Intangible fixed assets | 21 | €1,522,878 | €1,342,697 | -€180,181 | -11.8% |
| Tangible fixed assets | 22/27 | €3,123,754 | €2,564,859 | -€558,895 | -17.9% |
| Plant, machinery and equipment | 23 | €1,457,578 | €1,056,685 | -€400,893 | -27.5% |
| Furniture and vehicles | 24 | €318,288 | €288,775 | -€29,513 | -9.3% |
| Other tangible fixed assets | 26 | €1,347,888 | €1,219,399 | -€128,489 | -9.5% |
| Current assets | 29/58 | €2,863,164 | €2,054,404 | -€808,760 | -28.2% |
| Stocks and contracts in progress | 3 | €823,660 | €889,362 | +€65,702 | +8.0% |
| Stocks | 30/36 | €823,660 | €889,362 | +€65,702 | +8.0% |
| Amounts receivable within one year | 40/41 | €135,587 | €68,175 | -€67,412 | -49.7% |
| Trade receivables | 40 | €112,258 | €18,583 | -€93,675 | -83.4% |
| Other amounts receivable | 41 | €23,330 | €49,592 | +€26,263 | +113% |
| Cash at bank and in hand | 54/58 | €1,793,844 | €1,071,998 | -€721,846 | -40.2% |
| Deferred charges and accrued income | 490/1 | €110,072 | €24,868 | -€85,204 | -77.4% |
| Total equity and liabilities | 10/49 | €7,530,994 | €5,979,390 | -€1.6m | -20.6% |
| Equity | 10/15 | €206,711 | €472,123 | +€265,412 | +128% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | - | €13,271 | +€13,271 | |
| Non-distributable reserves | 130/1 | - | €13,271 | +€13,271 | |
| Legal reserve | 130 | - | €13,271 | +€13,271 | |
| Profit (loss) carried forward | 14 | -€93,289 | €158,852 | +€252,141 | |
| Amounts payable | 17/49 | €7,324,283 | €5,507,267 | -€1.8m | -24.8% |
| Amounts payable after more than one year | 17 | €4,153,292 | €3,615,628 | -€537,664 | -12.9% |
| Financial debts | 170/4 | €4,153,292 | €3,615,628 | -€537,664 | -12.9% |
| Amounts payable within one year | 42/48 | €2,909,591 | €1,710,514 | -€1.2m | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €505,727 | €537,664 | +€31,936 | +6.3% |
| Trade debts | 44 | €1,992,430 | €840,688 | -€1.2m | -57.8% |
| Suppliers | 440/4 | €1,992,430 | €840,688 | -€1.2m | -57.8% |
| Taxes, remuneration and social security | 45 | €319,187 | €252,115 | -€67,072 | -21.0% |
| Taxes | 450/3 | €335 | €31,182 | +€30,847 | +9,201% |
| Remuneration and social security | 454/9 | €318,852 | €220,933 | -€97,919 | -30.7% |
| Other amounts payable | 47/48 | €92,246 | €80,047 | -€12,200 | -13.2% |
| Accrued charges and deferred income | 492/3 | €261,400 | €181,125 | -€80,275 | -30.7% |
| Non-recurring operating income | 76A | €102,287 | - | -€102,287 | |
| Remuneration, social security and pensions | 62 | €2,316,958 | €1,245,358 | -€1.1m | -46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €692,927 | €811,386 | +€118,458 | +17.1% |
| Other operating charges | 640/8 | €55,528 | €47,443 | -€8,085 | -14.6% |
| Non-recurring operating charges | 66A | - | €1,108 | +€1,108 | |
| Gross operating margin | 9900 | €3,223,843 | €2,656,568 | -€567,275 | -17.6% |
| Operating profit (loss) | 9901 | €158,430 | €551,274 | +€392,844 | +248% |
| Financial income | 75/76B | €9,793 | €37,256 | +€27,463 | +280% |
| Recurring financial income | 75 | €9,793 | €37,256 | +€27,463 | +280% |
| Financial charges | 65/66B | €261,177 | €233,958 | -€27,218 | -10.4% |
| Recurring financial charges | 65 | €261,177 | €233,958 | -€27,218 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€92,954 | €354,572 | +€447,526 | |
| Income taxes | 67/77 | €335 | €89,160 | +€88,825 | +26,496% |
| Profit (loss) for the period | 9904 | -€93,289 | €265,412 | +€358,701 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,289 | €265,412 | +€358,701 |
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 18 October 2026 via checked.be.