NIWALEX: 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.
NIWALEX
Largest movements
- Receivables within one year +€201,163
up €201,163 (+24.1%), from €835,314 to €1.0m
of which Trade receivables: +€192,541
- Cash +€194,849
up €194,849 (+124%), from €156,583 to €351,432
mainly Other debts (+€477,081) and Net result for the year (+€375,432)
- Intangible fixed assets -€148,158
down €148,158 (-65.3%), from €226,880 to €78,722
- Other debts +€477,081
up €477,081 (+477%), from €100,000 to €577,081
- Debts after one year -€225,241
down €225,241 (-64.1%), from €351,433 to €126,192
- Reserves -€201,649
no longer reported in 2025 (was €201,649)
- Current portion of long-term debt +€150,357
up €150,357 (+52.9%), from €284,382 to €434,739
- Accrued charges and deferred income +€35,839
up €35,839 (+45.0%), from €79,684 to €115,523
- Gross operating margin +€292,944
up €292,944 (+34.3%), from €853,722 to €1.1m
- Taxes +€70,365
up €70,365 (+125%), from €56,315 to €126,680
- Staff costs +€16,675
up €16,675 (+3.6%), from €458,929 to €475,603
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 | €1,235,042 | €1,486,592 | +€251,549 | +20.4% |
| Fixed assets | 21/28 | €237,280 | €90,460 | -€146,820 | -61.9% |
| Intangible fixed assets | 21 | €226,880 | €78,722 | -€148,158 | -65.3% |
| Tangible fixed assets | 22/27 | €9,826 | €11,164 | +€1,338 | +13.6% |
| Plant, machinery and equipment | 23 | €6,951 | €8,677 | +€1,726 | +24.8% |
| Furniture and vehicles | 24 | €2,875 | €2,487 | -€388 | -13.5% |
| Financial fixed assets | 28 | €574 | €574 | = | 0.0% |
| Current assets | 29/58 | €997,762 | €1,396,132 | +€398,370 | +39.9% |
| Amounts receivable within one year | 40/41 | €835,314 | €1,036,477 | +€201,163 | +24.1% |
| Trade receivables | 40 | €729,776 | €922,317 | +€192,541 | +26.4% |
| Other amounts receivable | 41 | €105,538 | €114,160 | +€8,622 | +8.2% |
| Cash at bank and in hand | 54/58 | €156,583 | €351,432 | +€194,849 | +124% |
| Deferred charges and accrued income | 490/1 | €5,865 | €8,222 | +€2,357 | +40.2% |
| Total equity and liabilities | 10/49 | €1,235,042 | €1,486,592 | +€251,549 | +20.4% |
| Equity | 10/15 | €276,649 | €75,000 | -€201,649 | -72.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €201,649 | - | -€201,649 | |
| Distributable reserves | 133 | €201,649 | - | -€201,649 | |
| Amounts payable | 17/49 | €958,393 | €1,411,592 | +€453,199 | +47.3% |
| Amounts payable after more than one year | 17 | €351,433 | €126,192 | -€225,241 | -64.1% |
| Financial debts | 170/4 | €351,433 | €126,192 | -€225,241 | -64.1% |
| Amounts payable within one year | 42/48 | €527,276 | €1,169,876 | +€642,601 | +122% |
| Current portion of amounts payable after more than one year | 42 | €284,382 | €434,739 | +€150,357 | +52.9% |
| Trade debts | 44 | €49,920 | €56,272 | +€6,352 | +12.7% |
| Suppliers | 440/4 | €49,920 | €56,272 | +€6,352 | +12.7% |
| Taxes, remuneration and social security | 45 | €92,974 | €101,784 | +€8,811 | +9.5% |
| Taxes | 450/3 | €31,864 | €27,227 | -€4,637 | -14.6% |
| Remuneration and social security | 454/9 | €61,110 | €74,557 | +€13,447 | +22.0% |
| Other amounts payable | 47/48 | €100,000 | €577,081 | +€477,081 | +477% |
| Accrued charges and deferred income | 492/3 | €79,684 | €115,523 | +€35,839 | +45.0% |
| Remuneration, social security and pensions | 62 | €458,929 | €475,603 | +€16,675 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,264 | €154,982 | -€4,281 | -2.7% |
| Other operating charges | 640/8 | €3,069 | €3,202 | +€133 | +4.3% |
| Gross operating margin | 9900 | €853,722 | €1,146,666 | +€292,944 | +34.3% |
| Operating profit (loss) | 9901 | €232,461 | €512,878 | +€280,417 | +121% |
| Financial income | 75/76B | €874 | €2,144 | +€1,270 | +145% |
| Recurring financial income | 75 | €874 | €2,144 | +€1,270 | +145% |
| Financial charges | 65/66B | €16,485 | €12,910 | -€3,575 | -21.7% |
| Recurring financial charges | 65 | €16,485 | €12,910 | -€3,575 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €216,850 | €502,112 | +€285,262 | +132% |
| Income taxes | 67/77 | €56,315 | €126,680 | +€70,365 | +125% |
| Profit (loss) for the period | 9904 | €160,535 | €375,432 | +€214,897 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €160,535 | €375,432 | +€214,897 | +134% |
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 21 October 2026 via checked.be.