N.I.Co: 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.
N.I.Co
Largest movements
- Receivables within one year -€43,276
down €43,276 (-17.8%), from €243,581 to €200,305
of which Trade receivables: -€43,238
- Cash +€33,643
up €33,643 (+120%), from €28,149 to €61,792
mainly Net result for the year (+€48,251) and Receivables within one year (+€43,276)
- Tangible fixed assets +€20,763
up €20,763 (+766%), from €2,709 to €23,472
- Reserves +€13,224
up €13,224 (+5.8%), from €226,419 to €239,644
- Trade debts -€2,875
down €2,875 (-65.7%), from €4,376 to €1,500
- Gross operating margin +€3,775
up €3,775 (+5.4%), from €69,691 to €73,465
- Depreciation +€1,945
up €1,945 (+193%), from €1,006 to €2,950
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 | €275,547 | €287,015 | +€11,468 | +4.2% |
| Fixed assets | 21/28 | €2,709 | €23,472 | +€20,763 | +766% |
| Tangible fixed assets | 22/27 | €2,709 | €23,472 | +€20,763 | +766% |
| Furniture and vehicles | 24 | €2,709 | €23,472 | +€20,763 | +766% |
| Current assets | 29/58 | €272,837 | €263,543 | -€9,294 | -3.4% |
| Amounts receivable within one year | 40/41 | €243,581 | €200,305 | -€43,276 | -17.8% |
| Trade receivables | 40 | €237,400 | €194,163 | -€43,238 | -18.2% |
| Other amounts receivable | 41 | €6,181 | €6,142 | -€38 | -0.6% |
| Current investments | 50/53 | €32 | €0 | -€32 | -100% |
| Cash at bank and in hand | 54/58 | €28,149 | €61,792 | +€33,643 | +120% |
| Deferred charges and accrued income | 490/1 | €1,076 | €1,446 | +€370 | +34.4% |
| Total equity and liabilities | 10/49 | €275,547 | €287,015 | +€11,468 | +4.2% |
| Equity | 10/15 | €232,619 | €245,844 | +€13,224 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €226,419 | €239,644 | +€13,224 | +5.8% |
| Distributable reserves | 133 | €226,419 | €239,644 | +€13,224 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,927 | €41,171 | -€1,756 | -4.1% |
| Amounts payable within one year | 42/48 | €42,927 | €41,171 | -€1,756 | -4.1% |
| Financial debts | 43 | €11 | €12 | +€1 | +9.1% |
| Credit institutions | 430/8 | €11 | €0 | -€11 | -100% |
| Other loans | 439 | - | €12 | +€12 | |
| Trade debts | 44 | €4,376 | €1,500 | -€2,875 | -65.7% |
| Suppliers | 440/4 | €4,376 | €1,500 | -€2,875 | -65.7% |
| Taxes, remuneration and social security | 45 | €1,829 | €3,196 | +€1,367 | +74.7% |
| Taxes | 450/3 | €1,829 | €1,871 | +€42 | +2.3% |
| Remuneration and social security | 454/9 | - | €1,325 | +€1,325 | |
| Other amounts payable | 47/48 | €36,712 | €36,463 | -€248 | -0.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,006 | €2,950 | +€1,945 | +193% |
| Other operating charges | 640/8 | €828 | €972 | +€144 | +17.4% |
| Gross operating margin | 9900 | €69,691 | €73,465 | +€3,775 | +5.4% |
| Operating profit (loss) | 9901 | €67,857 | €69,543 | +€1,686 | +2.5% |
| Financial income | 75/76B | €0 | €117 | +€117 | |
| Recurring financial income | 75 | €0 | €117 | +€117 | |
| Financial charges | 65/66B | €3,041 | €2,791 | -€250 | -8.2% |
| Recurring financial charges | 65 | €3,041 | €2,791 | -€250 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €64,816 | €66,869 | +€2,054 | +3.2% |
| Income taxes | 67/77 | €17,893 | €18,619 | +€725 | +4.1% |
| Profit (loss) for the period | 9904 | €46,922 | €48,251 | +€1,328 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,922 | €48,251 | +€1,328 | +2.8% |
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 27 October 2026 via checked.be.