NIVESDUNC: 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.
NIVESDUNC
Largest movements
- Stocks and contracts -€746,581
down €746,581 (-30.8%), from €2.4m to €1.7m
- Tangible fixed assets +€711,295
new in 2025: €711,295
- Cash +€75,669
up €75,669 (+62.1%), from €121,877 to €197,546
mainly Stocks and contracts (+€746,581) and Debts after one year (+€421,209)
- Receivables within one year +€37,354
up €37,354 (+112%), from €33,420 to €70,774
of which Other amounts receivable: +€21,401
- Short-term financial debts -€583,555
down €583,555 (-73.5%), from €793,555 to €210,000
- Debts after one year +€421,209
up €421,209 (+77.6%), from €543,125 to €964,334
- Profit (loss) carried forward +€178,443
up €178,443 (+16.2%), from €1.1m to €1.3m
- Other debts +€42,652
up €42,652 (+615%), from €6,933 to €49,585
- Current portion of long-term debt +€37,187
up €37,187 (+63.7%), from €58,376 to €95,562
- Gross operating margin -€108,021
down €108,021 (-22.6%), from €477,977 to €369,956
- Depreciation +€66,619
up €66,619, from €0 to €66,619
- Financial charges -€46,192
down €46,192 (-41.0%), from €112,594 to €66,401
- Taxes -€33,661
down €33,661 (-35.7%), from €94,226 to €60,564
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 | €2,579,733 | €2,659,377 | +€79,644 | +3.1% |
| Fixed assets | 21/28 | - | €711,295 | +€711,295 | |
| Tangible fixed assets | 22/27 | - | €711,295 | +€711,295 | |
| Land and buildings | 22 | - | €711,295 | +€711,295 | |
| Current assets | 29/58 | €2,579,733 | €1,948,082 | -€631,651 | -24.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €2,421,739 | €1,675,157 | -€746,581 | -30.8% |
| Stocks | 30/36 | €2,421,739 | €1,675,157 | -€746,581 | -30.8% |
| Amounts receivable within one year | 40/41 | €33,420 | €70,774 | +€37,354 | +112% |
| Trade receivables | 40 | €4,803 | €20,756 | +€15,953 | +332% |
| Other amounts receivable | 41 | €28,617 | €50,018 | +€21,401 | +74.8% |
| Cash at bank and in hand | 54/58 | €121,877 | €197,546 | +€75,669 | +62.1% |
| Deferred charges and accrued income | 490/1 | €2,698 | €4,605 | +€1,907 | +70.7% |
| Total equity and liabilities | 10/49 | €2,579,733 | €2,659,377 | +€79,644 | +3.1% |
| Equity | 10/15 | €1,119,617 | €1,298,060 | +€178,443 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,099,157 | €1,277,600 | +€178,443 | +16.2% |
| Amounts payable | 17/49 | €1,460,116 | €1,361,317 | -€98,799 | -6.8% |
| Amounts payable after more than one year | 17 | €543,125 | €964,334 | +€421,209 | +77.6% |
| Financial debts | 170/4 | €543,125 | €964,334 | +€421,209 | +77.6% |
| Amounts payable within one year | 42/48 | €913,935 | €396,983 | -€516,951 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €58,376 | €95,562 | +€37,187 | +63.7% |
| Financial debts | 43 | €793,555 | €210,000 | -€583,555 | -73.5% |
| Credit institutions | 430/8 | €793,555 | €210,000 | -€583,555 | -73.5% |
| Trade debts | 44 | €41,604 | €24,376 | -€17,228 | -41.4% |
| Suppliers | 440/4 | €41,604 | €24,376 | -€17,228 | -41.4% |
| Advances received on contracts in progress | 46 | €0 | €14 | +€14 | |
| Taxes, remuneration and social security | 45 | €13,467 | €17,447 | +€3,981 | +29.6% |
| Taxes | 450/3 | €13,467 | €17,447 | +€3,981 | +29.6% |
| Other amounts payable | 47/48 | €6,933 | €49,585 | +€42,652 | +615% |
| Accrued charges and deferred income | 492/3 | €3,056 | €0 | -€3,056 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €66,619 | +€66,619 | |
| Other operating charges | 640/8 | €1,575 | €2,240 | +€665 | +42.2% |
| Gross operating margin | 9900 | €477,977 | €369,956 | -€108,021 | -22.6% |
| Operating profit (loss) | 9901 | €476,402 | €301,098 | -€175,304 | -36.8% |
| Financial income | 75/76B | €914 | €4,310 | +€3,396 | +372% |
| Recurring financial income | 75 | €914 | €4,310 | +€3,396 | +372% |
| Financial charges | 65/66B | €112,594 | €66,401 | -€46,192 | -41.0% |
| Recurring financial charges | 65 | €112,594 | €66,401 | -€46,192 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €364,723 | €239,007 | -€125,716 | -34.5% |
| Income taxes | 67/77 | €94,226 | €60,564 | -€33,661 | -35.7% |
| Profit (loss) for the period | 9904 | €270,497 | €178,443 | -€92,054 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €270,497 | €178,443 | -€92,054 | -34.0% |
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 27 October 2026 via checked.be.