NICASTEF: 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.
NICASTEF
Largest movements
- Receivables within one year +€22,213
up €22,213 (+20.1%), from €110,623 to €132,836
of which Trade receivables: +€17,611
- Cash -€3,393
down €3,393 (-15.5%), from €21,831 to €18,438
mainly Receivables within one year (-€22,213) and Debts after one year (-€14,915)
- Tangible fixed assets -€3,199
down €3,199 (-3.5%), from €90,585 to €87,386
of which Land and buildings: -€12,409
- Profit (loss) carried forward +€26,252
up €26,252 (+54028.3%), from €49 to €26,301
- Debts after one year -€14,915
down €14,915 (-24.8%), from €60,206 to €45,291
- Contributions +€8,060
new in 2025: €8,060
- Reserves -€8,060
down €8,060 (-5.9%), from €137,060 to €129,000
of which Non-distributable reserves: -€8,060
- Tax, wage and social debts +€2,898
up €2,898 (+21.4%), from €13,557 to €16,454
of which Remuneration and social security: +€1,800
- Gross operating margin -€2,630
down €2,630 (-5.8%), from €45,701 to €43,071
- Taxes -€1,154
down €1,154 (-14.4%), from €8,026 to €6,872
- Other operating charges +€747
new in 2025: €747
- Financial charges -€599
down €599 (-13.1%), from €4,587 to €3,988
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 | €225,264 | €240,953 | +€15,689 | +7.0% |
| Fixed assets | 21/28 | €91,025 | €87,826 | -€3,199 | -3.5% |
| Tangible fixed assets | 22/27 | €90,585 | €87,386 | -€3,199 | -3.5% |
| Land and buildings | 22 | €90,585 | €78,176 | -€12,409 | -13.7% |
| Plant, machinery and equipment | 23 | - | €9,210 | +€9,210 | |
| Financial fixed assets | 28 | €440 | €440 | = | 0.0% |
| Current assets | 29/58 | €134,239 | €153,127 | +€18,888 | +14.1% |
| Amounts receivable within one year | 40/41 | €110,623 | €132,836 | +€22,213 | +20.1% |
| Trade receivables | 40 | €8,450 | €26,061 | +€17,611 | +208.4% |
| Other amounts receivable | 41 | €102,173 | €106,775 | +€4,602 | +4.5% |
| Cash at bank and in hand | 54/58 | €21,831 | €18,438 | -€3,393 | -15.5% |
| Deferred charges and accrued income | 490/1 | €1,786 | €1,853 | +€67 | +3.8% |
| Total equity and liabilities | 10/49 | €225,264 | €240,953 | +€15,689 | +7.0% |
| Equity | 10/15 | €137,109 | €163,361 | +€26,252 | +19.1% |
| Contributions | 10/11 | - | €8,060 | +€8,060 | |
| Reserves | 13 | €137,060 | €129,000 | -€8,060 | -5.9% |
| Non-distributable reserves | 130/1 | €8,060 | - | -€8,060 | |
| Reserves not available under the articles | 1311 | €8,060 | - | -€8,060 | |
| Distributable reserves | 133 | €129,000 | €129,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49 | €26,301 | +€26,252 | +54028.3% |
| Amounts payable | 17/49 | €88,155 | €77,592 | -€10,564 | -12.0% |
| Amounts payable after more than one year | 17 | €60,206 | €45,291 | -€14,915 | -24.8% |
| Financial debts | 170/4 | €60,206 | €45,291 | -€14,915 | -24.8% |
| Amounts payable within one year | 42/48 | €27,949 | €32,300 | +€4,351 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €14,152 | €14,915 | +€763 | +5.4% |
| Trade debts | 44 | €241 | €931 | +€690 | +286.6% |
| Suppliers | 440/4 | €241 | €931 | +€690 | +286.6% |
| Taxes, remuneration and social security | 45 | €13,557 | €16,454 | +€2,898 | +21.4% |
| Taxes | 450/3 | €13,557 | €14,654 | +€1,098 | +8.1% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Non-recurring operating income | 76A | €6,113 | - | -€6,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,154 | €5,249 | +€95 | +1.8% |
| Other operating charges | 640/8 | - | €747 | +€747 | |
| Gross operating margin | 9900 | €45,701 | €43,071 | -€2,630 | -5.8% |
| Operating profit (loss) | 9901 | €40,546 | €37,074 | -€3,472 | -8.6% |
| Financial income | 75/76B | €25 | €38 | +€12 | +49.0% |
| Recurring financial income | 75 | €25 | €38 | +€12 | +49.0% |
| Financial charges | 65/66B | €4,587 | €3,988 | -€599 | -13.1% |
| Recurring financial charges | 65 | €4,587 | €3,988 | -€599 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €35,985 | €33,124 | -€2,860 | -7.9% |
| Income taxes | 67/77 | €8,026 | €6,872 | -€1,154 | -14.4% |
| Profit (loss) for the period | 9904 | €27,959 | €26,252 | -€1,706 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,959 | €26,252 | -€1,706 | -6.1% |
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.