NICDO: 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.
What changed
NICDO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · €1.1m-€2.2m
Equity
€29.6m
2024 · €30.7m-€1.1m
Cash
€79,960
2024 · €2.3m-€2.2m
Balance sheet total
€34.5m
2024 · €31.2m+€3.3m
Largest movements
Assets
- Current investments +€6.8m
up €6.8m (+87.6%), from €7.8m to €14.6m
- Cash -€2.2m
down €2.2m (-96.5%), from €2.3m to €79,960
mainly Current investments (-€6.8m) and Net result for the year (-€1.1m)
- Financial fixed assets -€1.5m
down €1.5m (-13.1%), from €11.2m to €9.7m
Equity and liabilities
- Other debts +€4.6m
up €4.6m (+14,416%), from €31,587 to €4.6m
- Reserves -€1.1m
down €1.1m (-3.6%), from €29.4m to €28.3m
of which Distributable reserves: -€1.0m
Income statement
- Financial income -€1.5m
down €1.5m (-78.7%), from €1.9m to €396,497
- Gross operating margin -€586,541
down €586,541 (-65.6%), from €894,262 to €307,721
- Financial charges +€383,447
up €383,447 (+33.9%), from €1.1m to €1.5m
of which Financial charges: +€383,447
- Taxes -€84,577
down €84,577 (-81.8%), from €103,449 to €18,872
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.
Result 2024
€1.1m
Gross operating margin
-€586,541
Depreciation
+€7,408
Other operating charges
-€1,083
Financial income
-€1.5m
Financial charges
-€383,447
Taxes
+€84,577
Deferred taxes and other
+€136,361
Result 2025
-€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.4m
Investment
-€5.4m
Financing
-€143,992
Cash 2024
€2.3m
From operations (derived)
+€3.4m
Net result for the year
-€1.1m
Depreciation
+€222,669
Receivables after one year
-€88,321
Receivables within one year
-€200,194
Smaller working-capital items
-€22,398
Tax, wage and social debts
-€32,140
Advances received
-€31,940
Other debts
+€4.6m
Accrued charges and deferred income
+€66,053
Investment (derived)
-€5.4m
Investment in fixed assets (net)
+€1.4m
Current investments
-€6.8m
Financing
-€143,992
Debts after one year
-€133,114
Current portion of long-term debt
-€10,878
Cash 2025
€79,960
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,215,291 | €34,542,743 | +€3.3m | +10.7% |
| Fixed assets | 21/28 | €17,406,545 | €15,825,898 | -€1.6m | -9.1% |
| Tangible fixed assets | 22/27 | €6,195,012 | €6,081,357 | -€113,655 | -1.8% |
| Land and buildings | 22 | €5,942,076 | €5,804,786 | -€137,290 | -2.3% |
| Furniture and vehicles | 24 | €252,936 | €276,571 | +€23,636 | +9.3% |
| Financial fixed assets | 28 | €11,211,533 | €9,744,541 | -€1.5m | -13.1% |
| Current assets | 29/58 | €13,808,746 | €18,716,845 | +€4.9m | +35.5% |
| Amounts receivable after more than one year | 29 | €2,684,908 | €2,773,229 | +€88,321 | +3.3% |
| Other amounts receivable | 291 | €2,684,908 | €2,773,229 | +€88,321 | +3.3% |
| Amounts receivable within one year | 40/41 | €1,104,657 | €1,304,851 | +€200,194 | +18.1% |
| Trade receivables | 40 | €40,303 | €73,424 | +€33,120 | +82.2% |
| Other amounts receivable | 41 | €1,064,354 | €1,231,427 | +€167,073 | +15.7% |
| Current investments | 50/53 | €7,758,997 | €14,554,819 | +€6.8m | +87.6% |
| Cash at bank and in hand | 54/58 | €2,256,292 | €79,960 | -€2.2m | -96.5% |
| Deferred charges and accrued income | 490/1 | €3,892 | €3,985 | +€93 | +2.4% |
| Total equity and liabilities | 10/49 | €31,215,291 | €34,542,743 | +€3.3m | +10.7% |
| Equity | 10/15 | €30,686,108 | €29,624,174 | -€1.1m | -3.5% |
| Contributions | 10/11 | €1,313,000 | €1,313,000 | = | 0.0% |
| Capital | 10 | €1,313,000 | €1,313,000 | = | 0.0% |
| Issued capital | 100 | €1,313,000 | €1,313,000 | = | 0.0% |
| Reserves | 13 | €29,373,108 | €28,311,174 | -€1.1m | -3.6% |
| Non-distributable reserves | 130/1 | €131,300 | €131,300 | = | 0.0% |
| Legal reserve | 130 | €131,300 | €131,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €522,655 | €499,866 | -€22,789 | -4.4% |
| Distributable reserves | 133 | €28,719,153 | €27,680,009 | -€1.0m | -3.6% |
| Provisions and deferred taxes | 16 | €130,664 | €124,966 | -€5,697 | -4.4% |
| Deferred taxes | 168 | €130,664 | €124,966 | -€5,697 | -4.4% |
| Amounts payable | 17/49 | €398,519 | €4,793,602 | +€4.4m | +1,103% |
| Amounts payable after more than one year | 17 | €133,114 | €0 | -€133,114 | -100% |
| Financial debts | 170/4 | €133,114 | €0 | -€133,114 | -100% |
| Amounts payable within one year | 42/48 | €265,405 | €4,727,549 | +€4.5m | +1,681% |
| Current portion of amounts payable after more than one year | 42 | €143,992 | €133,114 | -€10,878 | -7.6% |
| Trade debts | 44 | €17,560 | €953 | -€16,607 | -94.6% |
| Suppliers | 440/4 | €17,560 | €953 | -€16,607 | -94.6% |
| Advances received on contracts in progress | 46 | €31,940 | €0 | -€31,940 | -100% |
| Taxes, remuneration and social security | 45 | €40,326 | €8,185 | -€32,140 | -79.7% |
| Taxes | 450/3 | €40,326 | €8,185 | -€32,140 | -79.7% |
| Other amounts payable | 47/48 | €31,587 | €4,585,297 | +€4.6m | +14,416% |
| Accrued charges and deferred income | 492/3 | - | €66,053 | +€66,053 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €230,077 | €222,669 | -€7,408 | -3.2% |
| Other operating charges | 640/8 | €15,178 | €16,261 | +€1,083 | +7.1% |
| Gross operating margin | 9900 | €894,262 | €307,721 | -€586,541 | -65.6% |
| Operating profit (loss) | 9901 | €649,007 | €68,791 | -€580,216 | -89.4% |
| Financial income | 75/76B | €1,863,517 | €396,497 | -€1.5m | -78.7% |
| Recurring financial income | 75 | €1,863,517 | €396,497 | -€1.5m | -78.7% |
| Financial charges | 65/66B | €1,130,600 | €1,514,047 | +€383,447 | +33.9% |
| Recurring financial charges | 65 | €1,130,600 | €1,514,047 | +€383,447 | +33.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,381,924 | -€1,048,759 | -€2.4m | |
| Transfer from deferred taxes | 780 | €5,489 | €5,697 | +€208 | +3.8% |
| Transfer to deferred taxes | 680 | €136,153 | €0 | -€136,153 | -100% |
| Income taxes | 67/77 | €103,449 | €18,872 | -€84,577 | -81.8% |
| Profit (loss) for the period | 9904 | €1,147,811 | -€1,061,934 | -€2.2m | |
| Transfer from tax-exempt reserves | 789 | €21,956 | €22,789 | +€833 | +3.8% |
| Transfer to tax-exempt reserves | 689 | €544,611 | €0 | -€544,611 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €625,156 | -€1,039,144 | -€1.7m |
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 30 October 2026 via checked.be.