Jacques NICOLAY: 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.
Jacques NICOLAY
Largest movements
- Cash +€326,641
up €326,641 (+47.5%), from €687,783 to €1.0m
mainly Net result for the year (+€193,504) and Stocks and contracts (+€106,527)
- Stocks and contracts -€106,527
down €106,527 (-35.5%), from €300,313 to €193,785
- Receivables within one year -€47,037
down €47,037 (-39.8%), from €118,149 to €71,112
of which Other amounts receivable: -€53,503
- Tangible fixed assets -€34,890
down €34,890 (-6.5%), from €538,776 to €503,885
of which Furniture and vehicles: -€31,254
- Reserves +€193,504
up €193,504 (+15.2%), from €1.3m to €1.5m
- Other debts -€120,000
no longer reported in 2025 (was €120,000)
- Tax, wage and social debts +€59,622
up €59,622 (+125%), from €47,574 to €107,196
- Gross operating margin +€81,383
up €81,383 (+28.5%), from €285,866 to €367,249
- Taxes +€38,292
up €38,292 (+73.7%), from €51,952 to €90,244
- Depreciation +€10,658
up €10,658 (+13.7%), from €77,522 to €88,180
- Financial income +€4,633
up €4,633 (+74.0%), from €6,258 to €10,891
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 | €1,652,132 | €1,790,600 | +€138,468 | +8.4% |
| Fixed assets | 21/28 | €538,776 | €503,885 | -€34,890 | -6.5% |
| Tangible fixed assets | 22/27 | €538,776 | €503,885 | -€34,890 | -6.5% |
| Land and buildings | 22 | €293,350 | €263,544 | -€29,806 | -10.2% |
| Plant, machinery and equipment | 23 | €91,077 | €117,247 | +€26,170 | +28.7% |
| Furniture and vehicles | 24 | €154,348 | €123,094 | -€31,254 | -20.2% |
| Current assets | 29/58 | €1,113,356 | €1,286,714 | +€173,358 | +15.6% |
| Stocks and contracts in progress | 3 | €300,313 | €193,785 | -€106,527 | -35.5% |
| Stocks | 30/36 | €300,313 | €193,785 | -€106,527 | -35.5% |
| Amounts receivable within one year | 40/41 | €118,149 | €71,112 | -€47,037 | -39.8% |
| Trade receivables | 40 | €62,994 | €69,460 | +€6,465 | +10.3% |
| Other amounts receivable | 41 | €55,155 | €1,652 | -€53,503 | -97.0% |
| Cash at bank and in hand | 54/58 | €687,783 | €1,014,424 | +€326,641 | +47.5% |
| Deferred charges and accrued income | 490/1 | €7,111 | €7,393 | +€282 | +4.0% |
| Total equity and liabilities | 10/49 | €1,652,132 | €1,790,600 | +€138,468 | +8.4% |
| Equity | 10/15 | €1,462,206 | €1,655,710 | +€193,504 | +13.2% |
| Contributions | 10/11 | €190,878 | €190,878 | = | 0.0% |
| Reserves | 13 | €1,271,328 | €1,464,832 | +€193,504 | +15.2% |
| Distributable reserves | 133 | €1,271,328 | €1,464,832 | +€193,504 | +15.2% |
| Amounts payable | 17/49 | €189,926 | €134,890 | -€55,036 | -29.0% |
| Amounts payable within one year | 42/48 | €189,926 | €134,890 | -€55,036 | -29.0% |
| Trade debts | 44 | €22,352 | €27,694 | +€5,342 | +23.9% |
| Suppliers | 440/4 | €22,352 | €27,694 | +€5,342 | +23.9% |
| Taxes, remuneration and social security | 45 | €47,574 | €107,196 | +€59,622 | +125% |
| Taxes | 450/3 | €47,574 | €107,196 | +€59,622 | +125% |
| Other amounts payable | 47/48 | €120,000 | - | -€120,000 | |
| Remuneration, social security and pensions | 62 | €3,553 | €1,688 | -€1,865 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,522 | €88,180 | +€10,658 | +13.7% |
| Other operating charges | 640/8 | €3,685 | €4,387 | +€702 | +19.0% |
| Non-recurring operating charges | 66A | €1,555 | - | -€1,555 | |
| Gross operating margin | 9900 | €285,866 | €367,249 | +€81,383 | +28.5% |
| Operating profit (loss) | 9901 | €199,550 | €272,993 | +€73,443 | +36.8% |
| Financial income | 75/76B | €6,258 | €10,891 | +€4,633 | +74.0% |
| Recurring financial income | 75 | €6,258 | €10,891 | +€4,633 | +74.0% |
| Financial charges | 65/66B | €448 | €136 | -€312 | -69.6% |
| Recurring financial charges | 65 | €448 | €136 | -€312 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €205,360 | €283,748 | +€78,388 | +38.2% |
| Income taxes | 67/77 | €51,952 | €90,244 | +€38,292 | +73.7% |
| Profit (loss) for the period | 9904 | €153,408 | €193,504 | +€40,096 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,408 | €193,504 | +€40,096 | +26.1% |
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 24 October 2026 via checked.be.