IMMO Nicaise: what changed
IMMO Nicaise
Largest movements
- Receivables within one year +€7,851
up €7,851 (+237%), from €3,307 to €11,158
of which Trade receivables: +€5,724
- Tangible fixed assets +€4,992
up €4,992 (+282%), from €1,767 to €6,759
- Cash -€2,056
down €2,056 (-8.7%), from €23,517 to €21,462
mainly Receivables within one year (-€7,851) and Investment in fixed assets (net) (-€6,080)
- Formation expenses -€791
down €791 (-100%), from €791 to €0
- Trade debts +€4,416
up €4,416 (+243%), from €1,817 to €6,232
- Contributions +€3,000
new in 2025: €3,000
- Reserves -€3,000
no longer reported in 2025 (was €3,000)
- Profit (loss) carried forward +€2,969
up €2,969 (+16.3%), from €18,269 to €21,238
- Tax, wage and social debts +€2,737
up €2,737 (+43.5%), from €6,296 to €9,033
- Gross operating margin -€17,089
down €17,089 (-70.3%), from €24,300 to €7,212
- Taxes -€3,354
down €3,354 (-71.4%), from €4,699 to €1,345
- Depreciation +€999
up €999 (+114%), from €880 to €1,879
- Other operating charges +€505
up €505 (+133%), from €380 to €885
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,382 | €39,504 | +€10,121 | +34.4% |
| Formation expenses | 20 | €791 | €0 | -€791 | -100% |
| Fixed assets | 21/28 | €1,767 | €6,759 | +€4,992 | +282% |
| Tangible fixed assets | 22/27 | €1,767 | €6,759 | +€4,992 | +282% |
| Furniture and vehicles | 24 | €1,767 | €6,759 | +€4,992 | +282% |
| Current assets | 29/58 | €26,825 | €32,745 | +€5,921 | +22.1% |
| Amounts receivable within one year | 40/41 | €3,307 | €11,158 | +€7,851 | +237% |
| Trade receivables | 40 | €2,176 | €7,900 | +€5,724 | +263% |
| Other amounts receivable | 41 | €1,131 | €3,258 | +€2,127 | +188% |
| Cash at bank and in hand | 54/58 | €23,517 | €21,462 | -€2,056 | -8.7% |
| Deferred charges and accrued income | 490/1 | - | €125 | +€125 | |
| Total equity and liabilities | 10/49 | €29,382 | €39,504 | +€10,121 | +34.4% |
| Equity | 10/15 | €21,269 | €24,238 | +€2,969 | +14.0% |
| Contributions | 10/11 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €3,000 | - | -€3,000 | |
| Non-distributable reserves | 130/1 | €3,000 | - | -€3,000 | |
| Reserves not available under the articles | 1311 | €3,000 | - | -€3,000 | |
| Profit (loss) carried forward | 14 | €18,269 | €21,238 | +€2,969 | +16.3% |
| Amounts payable | 17/49 | €8,113 | €15,265 | +€7,152 | +88.2% |
| Amounts payable within one year | 42/48 | €8,113 | €15,265 | +€7,152 | +88.2% |
| Trade debts | 44 | €1,817 | €6,232 | +€4,416 | +243% |
| Suppliers | 440/4 | €1,817 | €6,232 | +€4,416 | +243% |
| Taxes, remuneration and social security | 45 | €6,296 | €9,033 | +€2,737 | +43.5% |
| Taxes | 450/3 | €6,296 | €9,033 | +€2,737 | +43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €880 | €1,879 | +€999 | +114% |
| Other operating charges | 640/8 | €380 | €885 | +€505 | +133% |
| Gross operating margin | 9900 | €24,300 | €7,212 | -€17,089 | -70.3% |
| Operating profit (loss) | 9901 | €23,040 | €4,448 | -€18,593 | -80.7% |
| Financial income | 75/76B | €23 | €13 | -€10 | -43.3% |
| Recurring financial income | 75 | €23 | €13 | -€10 | -43.3% |
| Financial charges | 65/66B | €95 | €146 | +€52 | +54.5% |
| Recurring financial charges | 65 | €95 | €146 | +€52 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €22,968 | €4,314 | -€18,654 | -81.2% |
| Income taxes | 67/77 | €4,699 | €1,345 | -€3,354 | -71.4% |
| Profit (loss) for the period | 9904 | €18,269 | €2,969 | -€15,300 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,269 | €2,969 | -€15,300 | -83.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.