NIC'EAU: what changed
Two fiscal 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.
NIC'EAU
Largest movements
- Cash +€26,748
up €26,748 (+45.9%), from €58,308 to €85,056
mainly Net result for the year (+€27,762) and Depreciation (+€11,577)
- Receivables within one year -€10,339
down €10,339 (-48.9%), from €21,151 to €10,811
of which Trade receivables: -€9,524
- Tangible fixed assets -€5,777
down €5,777 (-16.6%), from €34,705 to €28,928
of which Leasing and similar rights: -€6,840
- Stocks and contracts +€4,137
new in 2025: €4,137
- Reserves +€27,762
up €27,762 (+48.8%), from €56,846 to €84,609
- Trade debts -€15,386
down €15,386 (-87.2%), from €17,644 to €2,258
- Tax, wage and social debts +€10,198
up €10,198 (+218.4%), from €4,669 to €14,867
- Debts after one year -€6,482
down €6,482 (-42.8%), from €15,148 to €8,666
- Other debts -€1,584
down €1,584 (-14.9%), from €10,660 to €9,076
- Gross operating margin +€28,531
up €28,531 (+104.6%), from €27,264 to €55,796
- Taxes +€9,338
up €9,338 (+223.1%), from €4,185 to €13,523
- Other operating charges +€1,344
up €1,344 (+256.3%), from €525 to €1,869
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.
Cash bridge derived
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 | €114,163 | €128,958 | +€14,795 | +13.0% |
| Fixed assets | 21/28 | €34,705 | €28,928 | -€5,777 | -16.6% |
| Tangible fixed assets | 22/27 | €34,705 | €28,928 | -€5,777 | -16.6% |
| Plant, machinery and equipment | 23 | €11,849 | €13,434 | +€1,584 | +13.4% |
| Furniture and vehicles | 24 | €593 | €71 | -€521 | -88.0% |
| Leasing and similar rights | 25 | €22,263 | €15,423 | -€6,840 | -30.7% |
| Current assets | 29/58 | €79,458 | €100,031 | +€20,572 | +25.9% |
| Stocks and contracts in progress | 3 | - | €4,137 | +€4,137 | |
| Stocks | 30/36 | - | €4,137 | +€4,137 | |
| Amounts receivable within one year | 40/41 | €21,151 | €10,811 | -€10,339 | -48.9% |
| Trade receivables | 40 | €20,336 | €10,811 | -€9,524 | -46.8% |
| Other amounts receivable | 41 | €815 | - | -€815 | |
| Cash at bank and in hand | 54/58 | €58,308 | €85,056 | +€26,748 | +45.9% |
| Deferred charges and accrued income | 490/1 | - | €27 | +€27 | |
| Total equity and liabilities | 10/49 | €114,163 | €128,958 | +€14,795 | +13.0% |
| Equity | 10/15 | €59,846 | €87,609 | +€27,762 | +46.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €56,846 | €84,609 | +€27,762 | +48.8% |
| Distributable reserves | 133 | €56,846 | €84,609 | +€27,762 | +48.8% |
| Amounts payable | 17/49 | €54,317 | €41,350 | -€12,967 | -23.9% |
| Amounts payable after more than one year | 17 | €15,148 | €8,666 | -€6,482 | -42.8% |
| Financial debts | 170/4 | €15,148 | €8,666 | -€6,482 | -42.8% |
| Amounts payable within one year | 42/48 | €39,168 | €32,684 | -€6,485 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €6,195 | €6,482 | +€287 | +4.6% |
| Trade debts | 44 | €17,644 | €2,258 | -€15,386 | -87.2% |
| Suppliers | 440/4 | €17,644 | €2,258 | -€15,386 | -87.2% |
| Taxes, remuneration and social security | 45 | €4,669 | €14,867 | +€10,198 | +218.4% |
| Taxes | 450/3 | €4,669 | €14,867 | +€10,198 | +218.4% |
| Other amounts payable | 47/48 | €10,660 | €9,076 | -€1,584 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,391 | €11,577 | +€186 | +1.6% |
| Other operating charges | 640/8 | €525 | €1,869 | +€1,344 | +256.3% |
| Gross operating margin | 9900 | €27,264 | €55,796 | +€28,531 | +104.6% |
| Operating profit (loss) | 9901 | €15,349 | €42,350 | +€27,001 | +175.9% |
| Financial income | 75/76B | €446 | €141 | -€305 | -68.5% |
| Recurring financial income | 75 | €446 | €141 | -€305 | -68.5% |
| Financial charges | 65/66B | €1,605 | €1,205 | -€400 | -24.9% |
| Recurring financial charges | 65 | €1,605 | €1,205 | -€400 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €14,189 | €41,285 | +€27,096 | +191.0% |
| Income taxes | 67/77 | €4,185 | €13,523 | +€9,338 | +223.1% |
| Profit (loss) for the period | 9904 | €10,004 | €27,762 | +€17,758 | +177.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,004 | €27,762 | +€17,758 | +177.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.