NICAM: 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.
NICAM
Largest movements
- Current investments +€116,321
up €116,321 (+49.5%), from €235,208 to €351,528
- Tangible fixed assets -€30,797
down €30,797 (-12.2%), from €252,909 to €222,112
of which Land and buildings: -€19,098
- Cash -€9,565
down €9,565 (-8.9%), from €107,212 to €97,648
mainly Current investments (-€116,321) and Debts after one year (-€12,320)
- Reserves +€84,004
up €84,004 (+19.2%), from €438,016 to €522,021
- Tax, wage and social debts +€15,853
up €15,853 (+70.3%), from €22,558 to €38,411
of which Taxes: +€16,353
- Debts after one year -€12,320
down €12,320 (-43.5%), from €28,324 to €16,003
- Other debts -€9,149
down €9,149 (-9.1%), from €100,981 to €91,832
- Gross operating margin +€30,103
up €30,103 (+26.0%), from €115,928 to €146,030
- Financial income +€11,130
up €11,130 (+583%), from €1,909 to €13,038
- Taxes +€9,383
up €9,383 (+44.7%), from €20,969 to €30,352
- Depreciation +€1,530
up €1,530 (+4.1%), from €37,339 to €38,868
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 | €612,278 | €690,110 | +€77,832 | +12.7% |
| Fixed assets | 21/28 | €252,909 | €222,112 | -€30,797 | -12.2% |
| Tangible fixed assets | 22/27 | €252,909 | €222,112 | -€30,797 | -12.2% |
| Land and buildings | 22 | €195,869 | €176,770 | -€19,098 | -9.8% |
| Plant, machinery and equipment | 23 | €855 | €655 | -€200 | -23.4% |
| Furniture and vehicles | 24 | €56,185 | €44,687 | -€11,498 | -20.5% |
| Current assets | 29/58 | €359,369 | €467,998 | +€108,629 | +30.2% |
| Amounts receivable within one year | 40/41 | €15,402 | €17,183 | +€1,782 | +11.6% |
| Trade receivables | 40 | €13,400 | €1,687 | -€11,713 | -87.4% |
| Other amounts receivable | 41 | €2,002 | €15,497 | +€13,495 | +674% |
| Current investments | 50/53 | €235,208 | €351,528 | +€116,321 | +49.5% |
| Cash at bank and in hand | 54/58 | €107,212 | €97,648 | -€9,565 | -8.9% |
| Deferred charges and accrued income | 490/1 | €1,547 | €1,638 | +€91 | +5.9% |
| Total equity and liabilities | 10/49 | €612,278 | €690,110 | +€77,832 | +12.7% |
| Equity | 10/15 | €444,216 | €528,221 | +€84,004 | +18.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €438,016 | €522,021 | +€84,004 | +19.2% |
| Distributable reserves | 133 | €438,016 | €522,021 | +€84,004 | +19.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,062 | €161,890 | -€6,172 | -3.7% |
| Amounts payable after more than one year | 17 | €28,324 | €16,003 | -€12,320 | -43.5% |
| Financial debts | 170/4 | €28,324 | €16,003 | -€12,320 | -43.5% |
| Amounts payable within one year | 42/48 | €138,788 | €144,936 | +€6,148 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €11,907 | €12,320 | +€413 | +3.5% |
| Trade debts | 44 | €3,342 | €2,374 | -€968 | -29.0% |
| Suppliers | 440/4 | €3,342 | €2,374 | -€968 | -29.0% |
| Taxes, remuneration and social security | 45 | €22,558 | €38,411 | +€15,853 | +70.3% |
| Taxes | 450/3 | €22,058 | €38,411 | +€16,353 | +74.1% |
| Remuneration and social security | 454/9 | €500 | €0 | -€500 | -100% |
| Other amounts payable | 47/48 | €100,981 | €91,832 | -€9,149 | -9.1% |
| Accrued charges and deferred income | 492/3 | €950 | €950 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,339 | €38,868 | +€1,530 | +4.1% |
| Other operating charges | 640/8 | €2,243 | €2,370 | +€126 | +5.6% |
| Gross operating margin | 9900 | €115,928 | €146,030 | +€30,103 | +26.0% |
| Operating profit (loss) | 9901 | €76,346 | €104,793 | +€28,447 | +37.3% |
| Financial income | 75/76B | €1,909 | €13,038 | +€11,130 | +583% |
| Recurring financial income | 75 | €1,909 | €13,038 | +€11,130 | +583% |
| Financial charges | 65/66B | €1,799 | €1,475 | -€324 | -18.0% |
| Recurring financial charges | 65 | €1,799 | €1,475 | -€324 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €76,456 | €116,356 | +€39,901 | +52.2% |
| Income taxes | 67/77 | €20,969 | €30,352 | +€9,383 | +44.7% |
| Profit (loss) for the period | 9904 | €55,487 | €86,004 | +€30,517 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,487 | €86,004 | +€30,517 | +55.0% |
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 17 October 2026 via checked.be.