NIVESO: 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.
NIVESO
Largest movements
- Tangible fixed assets +€608,081
up €608,081 (+117.0%), from €519,764 to €1.1m
of which Land and buildings: +€505,152
- Stocks and contracts +€87,364
up €87,364 (+27.4%), from €318,646 to €406,010
- Receivables within one year -€36,779
down €36,779 (-38.1%), from €96,560 to €59,781
of which Trade receivables: -€58,515
- Cash -€27,899
down €27,899 (-73.8%), from €37,799 to €9,900
mainly Investment in fixed assets (net) (-€728,527) and Stocks and contracts (-€87,364)
- Debts after one year +€446,320
up €446,320 (+150.2%), from €297,200 to €743,520
- Other debts +€248,416
up €248,416 (+74.3%), from €334,297 to €582,713
- Profit (loss) carried forward -€74,958
down €74,958, from €64,832 to -€10,126
- Gross operating margin -€214,320
down €214,320 (-78.9%), from €271,744 to €57,424
- Taxes -€53,650
no longer reported in 2025 (was €53,650)
- Depreciation +€38,365
up €38,365 (+46.7%), from €82,081 to €120,446
- Financial charges -€21,391
down €21,391 (-66.1%), from €32,339 to €10,948
- Financial income +€5,449
new in 2025: €5,449
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.
Cash bridge derived
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 | €1,014,277 | €1,641,823 | +€627,546 | +61.9% |
| Fixed assets | 21/28 | €521,751 | €1,129,832 | +€608,081 | +116.5% |
| Tangible fixed assets | 22/27 | €519,764 | €1,127,845 | +€608,081 | +117.0% |
| Land and buildings | 22 | €343,212 | €848,364 | +€505,152 | +147.2% |
| Plant, machinery and equipment | 23 | €162,444 | €270,590 | +€108,146 | +66.6% |
| Furniture and vehicles | 24 | €14,108 | €8,891 | -€5,217 | -37.0% |
| Financial fixed assets | 28 | €1,987 | €1,987 | = | 0.0% |
| Current assets | 29/58 | €492,526 | €511,991 | +€19,465 | +4.0% |
| Amounts receivable after more than one year | 29 | €36,300 | €36,300 | = | 0.0% |
| Trade receivables | 290 | €36,300 | €36,300 | = | 0.0% |
| Stocks and contracts in progress | 3 | €318,646 | €406,010 | +€87,364 | +27.4% |
| Stocks | 30/36 | €318,646 | €406,010 | +€87,364 | +27.4% |
| Amounts receivable within one year | 40/41 | €96,560 | €59,781 | -€36,779 | -38.1% |
| Trade receivables | 40 | €83,832 | €25,317 | -€58,515 | -69.8% |
| Other amounts receivable | 41 | €12,728 | €34,464 | +€21,736 | +170.8% |
| Cash at bank and in hand | 54/58 | €37,799 | €9,900 | -€27,899 | -73.8% |
| Deferred charges and accrued income | 490/1 | €3,221 | - | -€3,221 | |
| Total equity and liabilities | 10/49 | €1,014,277 | €1,641,823 | +€627,546 | +61.9% |
| Equity | 10/15 | €281,292 | €206,334 | -€74,958 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €197,860 | €197,860 | = | 0.0% |
| Distributable reserves | 133 | €197,860 | €197,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,832 | -€10,126 | -€74,958 | |
| Amounts payable | 17/49 | €732,985 | €1,435,489 | +€702,504 | +95.8% |
| Amounts payable after more than one year | 17 | €297,200 | €743,520 | +€446,320 | +150.2% |
| Financial debts | 170/4 | €297,200 | €743,520 | +€446,320 | +150.2% |
| Amounts payable within one year | 42/48 | €435,785 | €691,969 | +€256,184 | +58.8% |
| Current portion of amounts payable after more than one year | 42 | €43,633 | €53,680 | +€10,047 | +23.0% |
| Trade debts | 44 | €37,951 | €48,820 | +€10,869 | +28.6% |
| Suppliers | 440/4 | €37,951 | €48,820 | +€10,869 | +28.6% |
| Taxes, remuneration and social security | 45 | €19,904 | €6,756 | -€13,148 | -66.1% |
| Taxes | 450/3 | €19,904 | €6,756 | -€13,148 | -66.1% |
| Other amounts payable | 47/48 | €334,297 | €582,713 | +€248,416 | +74.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,081 | €120,446 | +€38,365 | +46.7% |
| Other operating charges | 640/8 | €6,244 | €6,437 | +€193 | +3.1% |
| Gross operating margin | 9900 | €271,744 | €57,424 | -€214,320 | -78.9% |
| Operating profit (loss) | 9901 | €183,419 | -€69,459 | -€252,878 | |
| Financial income | 75/76B | - | €5,449 | +€5,449 | |
| Recurring financial income | 75 | - | €5,449 | +€5,449 | |
| Financial charges | 65/66B | €32,339 | €10,948 | -€21,391 | -66.1% |
| Recurring financial charges | 65 | €32,339 | €10,948 | -€21,391 | -66.1% |
| Profit (loss) for the period before taxes | 9903 | €151,080 | -€74,958 | -€226,038 | |
| Income taxes | 67/77 | €53,650 | - | -€53,650 | |
| Profit (loss) for the period | 9904 | €97,430 | -€74,958 | -€172,388 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,430 | -€74,958 | -€172,388 |
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 10 October 2026 via checked.be.