FIRMA NINCLAUS: 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.
FIRMA NINCLAUS
Largest movements
- Tangible fixed assets -€102,529
down €102,529 (-6.0%), from €1.7m to €1.6m
of which Land and buildings: -€51,603
- Cash +€46,888
up €46,888 (+150%), from €31,184 to €78,072
mainly Depreciation (+€112,365) and Trade debts (+€9,704)
- Debts after one year -€29,869
down €29,869 (-74.1%), from €40,309 to €10,440
- Current portion of long-term debt -€27,762
down €27,762 (-46.4%), from €59,859 to €32,096
- Gross operating margin -€41,703
down €41,703 (-26.2%), from €158,963 to €117,260
- Taxes -€6,519
down €6,519 (-97.4%), from €6,691 to €173
- Financial charges -€2,629
down €2,629 (-31.0%), from €8,474 to €5,844
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 | €1,810,083 | €1,749,027 | -€61,056 | -3.4% |
| Fixed assets | 21/28 | €1,702,890 | €1,600,362 | -€102,529 | -6.0% |
| Tangible fixed assets | 22/27 | €1,702,890 | €1,600,362 | -€102,529 | -6.0% |
| Land and buildings | 22 | €1,615,234 | €1,563,631 | -€51,603 | -3.2% |
| Plant, machinery and equipment | 23 | €6,846 | €4,029 | -€2,817 | -41.1% |
| Furniture and vehicles | 24 | €45,625 | €32,702 | -€12,923 | -28.3% |
| Leasing and similar rights | 25 | €35,186 | €0 | -€35,186 | -100% |
| Current assets | 29/58 | €107,193 | €148,665 | +€41,472 | +38.7% |
| Stocks and contracts in progress | 3 | €28,418 | €18,908 | -€9,510 | -33.5% |
| Stocks | 30/36 | €28,418 | €18,908 | -€9,510 | -33.5% |
| Amounts receivable within one year | 40/41 | €44,158 | €47,209 | +€3,051 | +6.9% |
| Trade receivables | 40 | €32,295 | €42,339 | +€10,044 | +31.1% |
| Other amounts receivable | 41 | €11,864 | €4,870 | -€6,994 | -59.0% |
| Cash at bank and in hand | 54/58 | €31,184 | €78,072 | +€46,888 | +150% |
| Deferred charges and accrued income | 490/1 | €3,433 | €4,476 | +€1,043 | +30.4% |
| Total equity and liabilities | 10/49 | €1,810,083 | €1,749,027 | -€61,056 | -3.4% |
| Equity | 10/15 | €1,622,304 | €1,612,396 | -€9,908 | -0.6% |
| Contributions | 10/11 | €1,593,000 | €1,593,000 | = | 0.0% |
| Reserves | 13 | €29,304 | €29,304 | = | 0.0% |
| Distributable reserves | 133 | €29,304 | €29,304 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,908 | -€9,908 | |
| Amounts payable | 17/49 | €187,779 | €136,631 | -€51,148 | -27.2% |
| Amounts payable after more than one year | 17 | €40,309 | €10,440 | -€29,869 | -74.1% |
| Financial debts | 170/4 | €40,309 | €10,440 | -€29,869 | -74.1% |
| Amounts payable within one year | 42/48 | €147,470 | €126,192 | -€21,279 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €59,859 | €32,096 | -€27,762 | -46.4% |
| Financial debts | 43 | €51,690 | €51,682 | -€8 | 0.0% |
| Credit institutions | 430/8 | €51,690 | €51,682 | -€8 | 0.0% |
| Trade debts | 44 | €23,317 | €33,021 | +€9,704 | +41.6% |
| Suppliers | 440/4 | €23,317 | €33,021 | +€9,704 | +41.6% |
| Taxes, remuneration and social security | 45 | €12,604 | €9,391 | -€3,213 | -25.5% |
| Taxes | 450/3 | €12,604 | €9,391 | -€3,213 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,451 | €112,365 | +€914 | +0.8% |
| Other operating charges | 640/8 | €9,188 | €8,787 | -€402 | -4.4% |
| Gross operating margin | 9900 | €158,963 | €117,260 | -€41,703 | -26.2% |
| Operating profit (loss) | 9901 | €38,324 | -€3,891 | -€42,215 | |
| Financial income | 75/76B | €449 | €0 | -€449 | -100.0% |
| Recurring financial income | 75 | €449 | €0 | -€449 | -100.0% |
| Financial charges | 65/66B | €8,474 | €5,844 | -€2,629 | -31.0% |
| Recurring financial charges | 65 | €8,474 | €5,844 | -€2,629 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €30,299 | -€9,736 | -€40,035 | |
| Income taxes | 67/77 | €6,691 | €173 | -€6,519 | -97.4% |
| Profit (loss) for the period | 9904 | €23,608 | -€9,908 | -€33,517 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,608 | -€9,908 | -€33,517 |
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.