DR. B. NICKMANS: 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.
DR. B. NICKMANS
Largest movements
- Receivables within one year -€990,276
down €990,276 (-81.9%), from €1.2m to €218,765
of which Other amounts receivable: -€1.0m
- Current investments +€580,093
up €580,093 (+32.1%), from €1.8m to €2.4m
- Tangible fixed assets -€208,163
down €208,163 (-5.8%), from €3.6m to €3.4m
of which Land and buildings: -€204,381
- Cash -€75,667
down €75,667 (-17.3%), from €437,045 to €361,378
mainly Contributions, distributions and other (-€1.3m) and Current investments (-€580,093)
- Reserves -€288,929
down €288,929 (-8.4%), from €3.4m to €3.1m
- Debts after one year -€245,271
down €245,271 (-12.3%), from €2.0m to €1.7m
- Trade debts -€121,484
down €121,484 (-40.4%), from €300,487 to €179,003
- Financial income +€131,324
up €131,324 (+96.2%), from €136,549 to €267,873
- Gross operating margin -€39,817
down €39,817 (-2.0%), from €2.0m to €2.0m
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 | €7,042,021 | €6,351,506 | -€690,515 | -9.8% |
| Fixed assets | 21/28 | €3,587,715 | €3,379,553 | -€208,163 | -5.8% |
| Tangible fixed assets | 22/27 | €3,587,715 | €3,379,553 | -€208,163 | -5.8% |
| Land and buildings | 22 | €3,078,298 | €2,873,917 | -€204,381 | -6.6% |
| Furniture and vehicles | 24 | €509,417 | €505,636 | -€3,782 | -0.7% |
| Current assets | 29/58 | €3,454,306 | €2,971,953 | -€482,353 | -14.0% |
| Amounts receivable within one year | 40/41 | €1,209,041 | €218,765 | -€990,276 | -81.9% |
| Trade receivables | 40 | €190,595 | €218,765 | +€28,171 | +14.8% |
| Other amounts receivable | 41 | €1,018,446 | €0 | -€1.0m | -100.0% |
| Current investments | 50/53 | €1,806,230 | €2,386,323 | +€580,093 | +32.1% |
| Cash at bank and in hand | 54/58 | €437,045 | €361,378 | -€75,667 | -17.3% |
| Deferred charges and accrued income | 490/1 | €1,990 | €5,487 | +€3,497 | +175.7% |
| Total equity and liabilities | 10/49 | €7,042,021 | €6,351,506 | -€690,515 | -9.8% |
| Equity | 10/15 | €3,425,770 | €3,136,841 | -€288,929 | -8.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,419,570 | €3,130,641 | -€288,929 | -8.4% |
| Distributable reserves | 133 | €3,419,570 | €3,130,641 | -€288,929 | -8.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,616,251 | €3,214,665 | -€401,586 | -11.1% |
| Amounts payable after more than one year | 17 | €1,986,286 | €1,741,015 | -€245,271 | -12.3% |
| Financial debts | 170/4 | €1,986,286 | €1,741,015 | -€245,271 | -12.3% |
| Amounts payable within one year | 42/48 | €1,622,997 | €1,467,069 | -€155,928 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €337,123 | €335,901 | -€1,222 | -0.4% |
| Financial debts | 43 | €84,565 | €80,474 | -€4,091 | -4.8% |
| Credit institutions | 430/8 | €84,565 | €80,474 | -€4,091 | -4.8% |
| Trade debts | 44 | €300,487 | €179,003 | -€121,484 | -40.4% |
| Suppliers | 440/4 | €300,487 | €179,003 | -€121,484 | -40.4% |
| Taxes, remuneration and social security | 45 | €308,056 | €342,183 | +€34,128 | +11.1% |
| Taxes | 450/3 | €258,940 | €291,424 | +€32,483 | +12.5% |
| Remuneration and social security | 454/9 | €49,116 | €50,760 | +€1,644 | +3.3% |
| Other amounts payable | 47/48 | €592,766 | €529,508 | -€63,259 | -10.7% |
| Accrued charges and deferred income | 492/3 | €6,968 | €6,581 | -€387 | -5.6% |
| Remuneration, social security and pensions | 62 | €466,107 | €454,300 | -€11,807 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,015 | €335,167 | +€6,152 | +1.9% |
| Other operating charges | 640/8 | €10,341 | €10,911 | +€570 | +5.5% |
| Gross operating margin | 9900 | €2,033,997 | €1,994,180 | -€39,817 | -2.0% |
| Operating profit (loss) | 9901 | €1,228,533 | €1,193,802 | -€34,732 | -2.8% |
| Financial income | 75/76B | €136,549 | €267,873 | +€131,324 | +96.2% |
| Recurring financial income | 75 | €136,549 | €267,873 | +€131,324 | +96.2% |
| Financial charges | 65/66B | €72,478 | €82,206 | +€9,728 | +13.4% |
| Recurring financial charges | 65 | €72,478 | €82,206 | +€9,728 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €1,292,605 | €1,379,469 | +€86,864 | +6.7% |
| Income taxes | 67/77 | €420,513 | €408,964 | -€11,549 | -2.7% |
| Profit (loss) for the period | 9904 | €872,092 | €970,505 | +€98,413 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €872,092 | €970,505 | +€98,413 | +11.3% |
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.