NICSAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 4 filings
Equity
-€47,514▼ 0.9%
2024 · -€47,068
Net result
-€446
2024 · €30,697
Total assets
€359,825▲ 255%
2024 · €101,398
Solvency
-13.2%▲ 33.2pp
2024 · -46.4%
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€6,520
▼ 85.1%
2025
20222025
Net result
-€446
2025
lowest quarter of the sector
20222025
Equity
-€47,514
▼ 0.9%
2025
lowest quarter of the sector
20222025
Total assets
€359,825
▲ 255%
2025
middle half of the sector
20222025
Debt
€355,676
▲ 267%
2025
20222025
Working capital
€9,850
2025
middle half of the sector
20222025
Solvency
-13.2%
▲ 33.2pp
2025
lowest quarter of the sector
20222025
Current ratio
1.14
▲ 0.29
2025
middle half of the sector
20222025
Return on assets (ROA)
-0.1%
▼ 30.4pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€16,369-€36,866▲ 125%€43,681▲ 18.5%€6,520▼ 85.1%
Net result€13,866within the sector's middle half-€26,089within the sector's middle half▲ 88.2%€30,697within the sector's middle half▲ 17.7%-€446below the sector's middle half
Equity-€103,854below the sector's middle half--€77,765below the sector's middle half▲ 25.1%-€47,068below the sector's middle half▲ 39.5%-€47,514below the sector's middle half▼ 0.9%
Total assets€89,598below the sector's middle half-€109,379below the sector's middle half▲ 22.1%€101,398below the sector's middle half▼ 7.3%€359,825within the sector's middle half▲ 255%
Debt€141,790-€135,482▼ 4.4%€96,803▼ 28.5%€355,676▲ 267%
Working capital-€72,098below the sector's middle half--€45,526below the sector's middle half▲ 36.9%-€14,710within the sector's middle half▲ 67.7%€9,850within the sector's middle half
Solvency-115.9%below the sector's middle half--71.1%below the sector's middle half▲ 44.8pp-46.4%below the sector's middle half▲ 24.7pp-13.2%below the sector's middle half▲ 33.2pp
Current ratio0.45below the sector's middle half-0.65below the sector's middle half▲ 0.200.84within the sector's middle half▲ 0.201.14within the sector's middle half▲ 0.29
Return on assets (ROA)15.5%within the sector's middle half-23.9%within the sector's middle half▲ 8.4pp30.3%above the sector's middle half▲ 6.4pp-0.1%below the sector's middle half▼ 30.4pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 85% lower than in 2024 and the lowest since 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €359,825
Fixed assets
€278,177 ▲ 13×
Current assets
€81,648 ▲ 2.5%
Equity and liabilities
Equity-€47,514
Debt€355,676
Equity is negative. Debt (€355,676) exceeds the balance-sheet total (€359,825).
Key figures and ratios
Debt ≤ 1 year
€71,799▼
2024 · €94,366
Debt > 1 year
€283,185▲
2024 · €2,437
Income taxes
€4,498▼
2024 · €11,726
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €250,000 |
| Carrying value of the mortgaged assets | - | - | - | €250,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €15,974 | €2,086 | €2,075 | €309,429 |
| Depreciation and write-downs of the year | €6,047 | €6,600 | €5,691 | €52,994 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €75 awarded · €75 paidAnnual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,047 | €6,600 | €5,691 | €52,994 | ▲ 831% |
| Other operating charges640/8 | €2,041 | €1,930 | €2,229 | €2,044 | ▼ 8.3% |
| Non-recurring operating charges66A | - | - | €615 | €0 | ▼ 100% |
| Gross operating margin9900 | €24,457 | €45,395 | €52,216 | €61,557 | ▲ 17.9% |
| Operating profit (loss)9901 | €16,369 | €36,866 | €43,681 | €6,520 | ▼ 85.1% |
| Financial income75/76B | €808 | €818 | €886 | €892 | ▲ 0.7% |
| Recurring financial income75 | €808 | €818 | €886 | €892 | ▲ 0.7% |
| Financial charges65/66B | €1,710 | €1,409 | €2,143 | €3,360 | ▲ 56.7% |
| Recurring financial charges65 | €1,710 | €1,409 | €2,143 | €3,360 | ▲ 56.7% |
| Profit (loss) for the period before taxes9903 | €15,467 | €36,275 | €42,423 | €4,052 | ▼ 90.4% |
| Income taxes67/77 | €1,601 | €10,185 | €11,726 | €4,498 | ▼ 61.6% |
| Profit (loss) for the period9904 | €13,866 | €26,089 | €30,697 | -€446 | - |
| Profit (loss) for the period to be appropriated9905 | €13,866 | €26,089 | €30,697 | -€446 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €89,598 | €109,379 | €101,398 | €359,825 | ▲ 255% |
| Fixed assets21/28 | €30,487 | €25,973 | €21,742 | €278,177 | ▲ 13× |
| Tangible fixed assets22/27 | €30,487 | €25,973 | €21,742 | €278,177 | ▲ 13× |
| Land and buildings22 | - | - | - | €250,000 | - |
| Plant, machinery and equipment23 | €6,473 | €4,437 | €2,998 | €1,865 | ▼ 37.8% |
| Furniture and vehicles24 | €5,523 | €3,239 | €1,719 | €7,847 | ▲ 356% |
| Other tangible fixed assets26 | €18,491 | €18,298 | €17,025 | €18,465 | ▲ 8.5% |
| Current assets29/58 | €59,111 | €83,406 | €79,656 | €81,648 | ▲ 2.5% |
| Amounts receivable after more than one year29 | €221 | - | - | - | - |
| Other amounts receivable291 | €221 | - | - | - | - |
| Stocks and contracts in progress3 | - | €1,000 | €1,500 | €1,500 | = |
| Stocks30/36 | - | €1,000 | €1,500 | €1,500 | = |
| Amounts receivable within one year40/41 | €43,321 | €61,957 | €62,315 | €59,553 | ▼ 4.4% |
| Trade receivables40 | €23,771 | €38,701 | €35,719 | €49,977 | ▲ 39.9% |
| Other amounts receivable41 | €19,550 | €23,255 | €26,595 | €9,577 | ▼ 64.0% |
| Cash at bank and in hand54/58 | €14,761 | €19,558 | €14,615 | €20,174 | ▲ 38.0% |
| Deferred charges and accrued income490/1 | €808 | €892 | €1,226 | €421 | ▼ 65.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €89,598 | €109,379 | €101,398 | €359,825 | ▲ 255% |
| Equity10/15 | -€103,854 | -€77,765 | -€47,068 | -€47,514 | ▼ 0.9% |
| Contributions10/11 | €51,000 | €51,000 | €51,000 | €51,000 | = |
| Profit (loss) carried forward14 | -€154,854 | -€128,765 | -€98,068 | -€98,514 | ▼ 0.5% |
| Provisions and deferred taxes16 | €51,663 | €51,663 | €51,663 | €51,663 | = |
| Provisions for liabilities and charges160/5 | €51,663 | €51,663 | €51,663 | €51,663 | = |
| Pensions and similar obligations160 | €51,663 | €51,663 | €51,663 | €51,663 | = |
| Amounts payable17/49 | €141,790 | €135,482 | €96,803 | €355,676 | ▲ 267% |
| Amounts payable after more than one year17 | €10,581 | €6,550 | €2,437 | €283,185 | ▲ 116× |
| Financial debts170/4 | €10,581 | €6,550 | €2,437 | €283,185 | ▲ 116× |
| Amounts payable within one year42/48 | €131,209 | €128,932 | €94,366 | €71,799 | ▼ 23.9% |
| Current portion of amounts payable after more than one year42 | €3,952 | €4,032 | €4,113 | €9,252 | ▲ 125% |
| Financial debts43 | €5,000 | - | - | - | - |
| Other loans439 | €5,000 | - | - | - | - |
| Trade debts44 | €6,263 | €21,597 | €16,780 | €6,514 | ▼ 61.2% |
| Suppliers440/4 | €6,263 | €21,597 | €16,780 | €6,514 | ▼ 61.2% |
| Advances received on contracts in progress46 | - | €7,978 | €0 | - | - |
| Taxes, remuneration and social security45 | €12,512 | €5,692 | €12,008 | €21,024 | ▲ 75.1% |
| Taxes450/3 | €12,512 | €5,692 | €12,008 | €21,024 | ▲ 75.1% |
| Other amounts payable47/48 | €103,481 | €89,633 | €61,466 | €35,009 | ▼ 43.0% |
| Accrued charges and deferred income492/3 | - | - | - | €693 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,866 | €26,089 | €30,697 | -€446 | - |
| + Depreciation and write-downs630 | €6,047 | €6,600 | €5,691 | €52,994 | ▲ 831% |
| Operating cash flow (approximation) | €19,914 | €32,689 | €36,388 | €52,548 | ▲ 44.4% |
| Investment in fixed assets (approximation) | - | -€2,086 | -€1,460 | -€309,429 | ▼ 21,099% |
| Change in cash | - | €4,798 | -€4,943 | €5,559 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.