Ni-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.
Ni-Co
Largest movements
- Tangible fixed assets -€10,978
down €10,978 (-10.3%), from €106,780 to €95,802
of which Plant, machinery and equipment: -€27,953
- Receivables within one year -€4,613
down €4,613 (-45.5%), from €10,137 to €5,524
of which Trade receivables: -€5,627
- Cash +€3,657
up €3,657 (+9.5%), from €38,474 to €42,131
mainly Net result for the year (+€12,111) and Depreciation (+€10,978)
- Other debts -€18,379
down €18,379 (-99.1%), from €18,550 to €171
- Debts after one year -€14,029
down €14,029 (-16.4%), from €85,521 to €71,493
- Reserves +€12,111
up €12,111 (+143%), from €8,442 to €20,553
- Trade debts +€7,285
up €7,285 (+43.7%), from €16,664 to €23,949
- Gross operating margin -€4,808
down €4,808 (-13.3%), from €36,254 to €31,446
- Financial charges -€648
down €648 (-14.6%), from €4,446 to €3,798
- Taxes -€375
down €375 (-8.6%), from €4,361 to €3,986
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 | €155,882 | €143,731 | -€12,151 | -7.8% |
| Fixed assets | 21/28 | €106,780 | €95,802 | -€10,978 | -10.3% |
| Tangible fixed assets | 22/27 | €106,780 | €95,802 | -€10,978 | -10.3% |
| Land and buildings | 22 | €50,000 | €76,264 | +€26,264 | +52.5% |
| Plant, machinery and equipment | 23 | €28,322 | €369 | -€27,953 | -98.7% |
| Furniture and vehicles | 24 | €28,458 | €19,169 | -€9,289 | -32.6% |
| Current assets | 29/58 | €49,102 | €47,929 | -€1,173 | -2.4% |
| Amounts receivable within one year | 40/41 | €10,137 | €5,524 | -€4,613 | -45.5% |
| Trade receivables | 40 | €10,137 | €4,510 | -€5,627 | -55.5% |
| Other amounts receivable | 41 | €0 | €1,014 | +€1,014 | |
| Cash at bank and in hand | 54/58 | €38,474 | €42,131 | +€3,657 | +9.5% |
| Deferred charges and accrued income | 490/1 | €491 | €274 | -€217 | -44.2% |
| Total equity and liabilities | 10/49 | €155,882 | €143,731 | -€12,151 | -7.8% |
| Equity | 10/15 | €14,642 | €26,753 | +€12,111 | +82.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,442 | €20,553 | +€12,111 | +143% |
| Distributable reserves | 133 | €8,442 | €20,553 | +€12,111 | +143% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €141,240 | €116,978 | -€24,262 | -17.2% |
| Amounts payable after more than one year | 17 | €85,521 | €71,493 | -€14,029 | -16.4% |
| Financial debts | 170/4 | €85,521 | €71,493 | -€14,029 | -16.4% |
| Amounts payable within one year | 42/48 | €55,369 | €45,165 | -€10,204 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €13,658 | €14,029 | +€371 | +2.7% |
| Trade debts | 44 | €16,664 | €23,949 | +€7,285 | +43.7% |
| Suppliers | 440/4 | €16,664 | €23,949 | +€7,285 | +43.7% |
| Taxes, remuneration and social security | 45 | €6,497 | €7,016 | +€519 | +8.0% |
| Taxes | 450/3 | €6,497 | €7,016 | +€519 | +8.0% |
| Other amounts payable | 47/48 | €18,550 | €171 | -€18,379 | -99.1% |
| Accrued charges and deferred income | 492/3 | €350 | €320 | -€30 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,909 | €10,978 | +€69 | +0.6% |
| Other operating charges | 640/8 | €637 | €609 | -€28 | -4.3% |
| Gross operating margin | 9900 | €36,254 | €31,446 | -€4,808 | -13.3% |
| Operating profit (loss) | 9901 | €24,708 | €19,859 | -€4,849 | -19.6% |
| Financial income | 75/76B | €67 | €36 | -€31 | -45.8% |
| Recurring financial income | 75 | €67 | €36 | -€31 | -45.8% |
| Financial charges | 65/66B | €4,446 | €3,798 | -€648 | -14.6% |
| Recurring financial charges | 65 | €4,446 | €3,798 | -€648 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €20,329 | €16,097 | -€4,232 | -20.8% |
| Income taxes | 67/77 | €4,361 | €3,986 | -€375 | -8.6% |
| Profit (loss) for the period | 9904 | €15,968 | €12,111 | -€3,856 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,968 | €12,111 | -€3,856 | -24.2% |
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 15 October 2026 via checked.be.