NIWARO: 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.
NIWARO
Largest movements
- Stocks and contracts +€41,350
up €41,350 (+13.6%), from €304,337 to €345,687
- Cash +€30,047
up €30,047 (+26.3%), from €114,462 to €144,509
mainly Other debts (+€162,260) and Net result for the year (+€107,588)
- Receivables within one year +€29,140
up €29,140 (+41.4%), from €70,421 to €99,561
of which Trade receivables: +€28,710
- Intangible fixed assets -€20,000
down €20,000 (-35.3%), from €56,667 to €36,667
- Tangible fixed assets +€16,725
up €16,725 (+52.2%), from €32,068 to €48,793
of which Plant, machinery and equipment: +€12,658
- Other debts +€162,260
up €162,260 (+283.2%), from €57,295 to €219,554
- Profit (loss) carried forward -€92,412
down €92,412 (-34.0%), from €271,797 to €179,385
- Tax, wage and social debts +€38,963
up €38,963 (+65.1%), from €59,833 to €98,796
of which Taxes: +€30,332
- Debts after one year -€13,085
down €13,085 (-53.9%), from €24,261 to €11,176
- Trade debts +€8,832
up €8,832 (+10.6%), from €83,554 to €92,386
- Financial income -€25,958
no longer reported in 2025 (was €25,958)
of which Financial income: -€25,958
- Staff costs -€12,413
down €12,413 (-8.9%), from €139,755 to €127,342
- Gross operating margin +€9,292
up €9,292 (+3.1%), from €298,259 to €307,551
- Taxes -€5,192
down €5,192 (-13.4%), from €38,871 to €33,678
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 | €581,465 | €677,622 | +€96,156 | +16.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €88,734 | €85,460 | -€3,275 | -3.7% |
| Intangible fixed assets | 21 | €56,667 | €36,667 | -€20,000 | -35.3% |
| Tangible fixed assets | 22/27 | €32,068 | €48,793 | +€16,725 | +52.2% |
| Plant, machinery and equipment | 23 | €16,953 | €29,611 | +€12,658 | +74.7% |
| Furniture and vehicles | 24 | €13,263 | €17,984 | +€4,721 | +35.6% |
| Other tangible fixed assets | 26 | €1,852 | €1,198 | -€654 | -35.3% |
| Current assets | 29/58 | €492,731 | €592,162 | +€99,431 | +20.2% |
| Stocks and contracts in progress | 3 | €304,337 | €345,687 | +€41,350 | +13.6% |
| Stocks | 30/36 | €304,337 | €345,687 | +€41,350 | +13.6% |
| Amounts receivable within one year | 40/41 | €70,421 | €99,561 | +€29,140 | +41.4% |
| Trade receivables | 40 | €37,420 | €66,129 | +€28,710 | +76.7% |
| Other amounts receivable | 41 | €33,001 | €33,432 | +€430 | +1.3% |
| Cash at bank and in hand | 54/58 | €114,462 | €144,509 | +€30,047 | +26.3% |
| Deferred charges and accrued income | 490/1 | €3,511 | €2,405 | -€1,105 | -31.5% |
| Total equity and liabilities | 10/49 | €581,465 | €677,622 | +€96,156 | +16.5% |
| Equity | 10/15 | €306,104 | €213,692 | -€92,412 | -30.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €13,847 | €13,847 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,847 | €13,847 | = | 0.0% |
| Profit (loss) carried forward | 14 | €271,797 | €179,385 | -€92,412 | -34.0% |
| Amounts payable | 17/49 | €275,361 | €463,930 | +€188,569 | +68.5% |
| Amounts payable after more than one year | 17 | €24,261 | €11,176 | -€13,085 | -53.9% |
| Financial debts | 170/4 | €24,261 | €11,176 | -€13,085 | -53.9% |
| Amounts payable within one year | 42/48 | €251,100 | €452,754 | +€201,654 | +80.3% |
| Current portion of amounts payable after more than one year | 42 | €50,418 | €42,018 | -€8,400 | -16.7% |
| Trade debts | 44 | €83,554 | €92,386 | +€8,832 | +10.6% |
| Suppliers | 440/4 | €83,554 | €92,386 | +€8,832 | +10.6% |
| Taxes, remuneration and social security | 45 | €59,833 | €98,796 | +€38,963 | +65.1% |
| Taxes | 450/3 | €46,207 | €76,539 | +€30,332 | +65.6% |
| Remuneration and social security | 454/9 | €13,626 | €22,257 | +€8,631 | +63.3% |
| Other amounts payable | 47/48 | €57,295 | €219,554 | +€162,260 | +283.2% |
| Remuneration, social security and pensions | 62 | €139,755 | €127,342 | -€12,413 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,048 | €28,404 | +€1,356 | +5.0% |
| Other operating charges | 640/8 | €2,386 | €321 | -€2,065 | -86.5% |
| Gross operating margin | 9900 | €298,259 | €307,551 | +€9,292 | +3.1% |
| Operating profit (loss) | 9901 | €129,070 | €151,484 | +€22,414 | +17.4% |
| Financial income | 75/76B | €25,958 | - | -€25,958 | |
| Recurring financial income | 75 | €25,958 | - | -€25,958 | |
| Non-recurring financial income | 76B | €25,958 | - | -€25,958 | |
| Financial charges | 65/66B | €7,384 | €10,218 | +€2,834 | +38.4% |
| Recurring financial charges | 65 | €7,384 | €10,218 | +€2,834 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €147,645 | €141,266 | -€6,378 | -4.3% |
| Income taxes | 67/77 | €38,871 | €33,678 | -€5,192 | -13.4% |
| Profit (loss) for the period | 9904 | €108,774 | €107,588 | -€1,186 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,774 | €107,588 | -€1,186 | -1.1% |
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 12 October 2026 via checked.be.