GEORGES NICOLIS: 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.
GEORGES NICOLIS
Largest movements
- Tangible fixed assets +€17,592
up €17,592 (+401%), from €4,390 to €21,982
of which Furniture and vehicles: +€19,180
- Receivables within one year -€15,742
down €15,742 (-46.0%), from €34,240 to €18,498
of which Other amounts receivable: -€17,085
- Cash -€1,324
down €1,324 (-7.6%), from €17,528 to €16,204
mainly Investment in fixed assets (net) (-€26,259) and Net result for the year (-€6,994)
- Deferred charges and accrued income +€674
up €674 (+378%), from €178 to €852
- Profit (loss) carried forward -€6,993
down €6,993 (-20.4%), from €34,292 to €27,299
- Short-term financial debts +€5,477
new in 2025: €5,477
- Trade debts +€2,164
up €2,164 (+115%), from €1,884 to €4,048
- Gross operating margin -€45,558
down €45,558 (-91.0%), from €50,062 to €4,504
- Taxes -€13,905
down €13,905 (-98.8%), from €14,078 to €173
- Depreciation +€6,526
up €6,526 (+305%), from €2,141 to €8,667
- Financial income -€2,289
down €2,289 (-72.0%), from €3,180 to €891
- Other operating charges +€1,593
up €1,593 (+303%), from €526 to €2,119
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 | €56,636 | €57,835 | +€1,199 | +2.1% |
| Fixed assets | 21/28 | €4,690 | €22,282 | +€17,592 | +375% |
| Tangible fixed assets | 22/27 | €4,390 | €21,982 | +€17,592 | +401% |
| Plant, machinery and equipment | 23 | €1,938 | €666 | -€1,272 | -65.7% |
| Furniture and vehicles | 24 | €1,783 | €20,963 | +€19,180 | +1,076% |
| Other tangible fixed assets | 26 | €669 | €353 | -€316 | -47.2% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €51,946 | €35,554 | -€16,392 | -31.6% |
| Amounts receivable within one year | 40/41 | €34,240 | €18,498 | -€15,742 | -46.0% |
| Trade receivables | 40 | €11,819 | €13,162 | +€1,343 | +11.4% |
| Other amounts receivable | 41 | €22,421 | €5,336 | -€17,085 | -76.2% |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €17,528 | €16,204 | -€1,324 | -7.6% |
| Deferred charges and accrued income | 490/1 | €178 | €852 | +€674 | +378% |
| Total equity and liabilities | 10/49 | €56,636 | €57,835 | +€1,199 | +2.1% |
| Equity | 10/15 | €54,752 | €47,759 | -€6,993 | -12.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,292 | €27,299 | -€6,993 | -20.4% |
| Amounts payable | 17/49 | €1,884 | €10,076 | +€8,192 | +435% |
| Amounts payable within one year | 42/48 | €1,884 | €10,076 | +€8,192 | +435% |
| Financial debts | 43 | - | €5,477 | +€5,477 | |
| Credit institutions | 430/8 | - | €5,477 | +€5,477 | |
| Trade debts | 44 | €1,884 | €4,048 | +€2,164 | +115% |
| Suppliers | 440/4 | €1,884 | €4,048 | +€2,164 | +115% |
| Taxes, remuneration and social security | 45 | - | €552 | +€552 | |
| Taxes | 450/3 | - | €552 | +€552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,141 | €8,667 | +€6,526 | +305% |
| Other operating charges | 640/8 | €526 | €2,119 | +€1,593 | +303% |
| Gross operating margin | 9900 | €50,062 | €4,504 | -€45,558 | -91.0% |
| Operating profit (loss) | 9901 | €47,395 | -€6,282 | -€53,677 | |
| Financial income | 75/76B | €3,180 | €891 | -€2,289 | -72.0% |
| Recurring financial income | 75 | €3,180 | €891 | -€2,289 | -72.0% |
| Financial charges | 65/66B | €956 | €1,430 | +€474 | +49.6% |
| Recurring financial charges | 65 | €956 | €1,430 | +€474 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €49,619 | -€6,821 | -€56,440 | |
| Income taxes | 67/77 | €14,078 | €173 | -€13,905 | -98.8% |
| Profit (loss) for the period | 9904 | €35,541 | -€6,994 | -€42,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,541 | -€6,994 | -€42,535 |
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 31 October 2026 via checked.be.