NICHOLSON PROJECT: 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.
NICHOLSON PROJECT
Largest movements
- Tangible fixed assets -€222,133
down €222,133 (-16.1%), from €1.4m to €1.2m
of which Land and buildings: -€220,971
- Receivables within one year -€14,582
down €14,582 (-35.6%), from €41,010 to €26,428
of which Other amounts receivable: -€14,818
- Contributions -€325,000
down €325,000 (-35.1%), from €925,000 to €600,000
- Reserves +€97,110
up €97,110 (+147.8%), from €65,707 to €162,817
- Debts after one year -€37,138
down €37,138 (-10.1%), from €367,210 to €330,072
- Other debts +€23,105
up €23,105 (+168.0%), from €13,750 to €36,855
- Gross operating margin +€126,987
up €126,987 (+116.7%), from €108,783 to €235,770
- Taxes +€39,591
up €39,591 (+283.8%), from €13,952 to €53,543
- Depreciation -€4,918
down €4,918 (-10.9%), from €44,989 to €40,071
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 | €1,431,264 | €1,195,502 | -€235,762 | -16.5% |
| Fixed assets | 21/28 | €1,381,387 | €1,159,254 | -€222,133 | -16.1% |
| Tangible fixed assets | 22/27 | €1,381,387 | €1,159,254 | -€222,133 | -16.1% |
| Land and buildings | 22 | €1,355,887 | €1,134,916 | -€220,971 | -16.3% |
| Plant, machinery and equipment | 23 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Furniture and vehicles | 24 | €22,500 | €22,338 | -€162 | -0.7% |
| Current assets | 29/58 | €49,877 | €36,248 | -€13,629 | -27.3% |
| Amounts receivable within one year | 40/41 | €41,010 | €26,428 | -€14,582 | -35.6% |
| Trade receivables | 40 | €655 | €890 | +€235 | +35.9% |
| Other amounts receivable | 41 | €40,355 | €25,537 | -€14,818 | -36.7% |
| Cash at bank and in hand | 54/58 | €7,298 | €6,391 | -€907 | -12.4% |
| Deferred charges and accrued income | 490/1 | €1,569 | €3,429 | +€1,860 | +118.6% |
| Total equity and liabilities | 10/49 | €1,431,264 | €1,195,502 | -€235,762 | -16.5% |
| Equity | 10/15 | €990,707 | €762,817 | -€227,890 | -23.0% |
| Contributions | 10/11 | €925,000 | €600,000 | -€325,000 | -35.1% |
| Reserves | 13 | €65,707 | €162,817 | +€97,110 | +147.8% |
| Distributable reserves | 133 | €65,707 | €162,817 | +€97,110 | +147.8% |
| Amounts payable | 17/49 | €440,558 | €432,685 | -€7,872 | -1.8% |
| Amounts payable after more than one year | 17 | €367,210 | €330,072 | -€37,138 | -10.1% |
| Financial debts | 170/4 | €367,210 | €330,072 | -€37,138 | -10.1% |
| Amounts payable within one year | 42/48 | €73,348 | €102,613 | +€29,266 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €44,186 | €53,008 | +€8,822 | +20.0% |
| Trade debts | 44 | €8,960 | €2,583 | -€6,377 | -71.2% |
| Suppliers | 440/4 | €8,960 | €2,583 | -€6,377 | -71.2% |
| Taxes, remuneration and social security | 45 | €6,452 | €10,168 | +€3,716 | +57.6% |
| Taxes | 450/3 | €6,452 | €8,543 | +€2,091 | +32.4% |
| Remuneration and social security | 454/9 | - | €1,625 | +€1,625 | |
| Other amounts payable | 47/48 | €13,750 | €36,855 | +€23,105 | +168.0% |
| Remuneration, social security and pensions | 62 | - | €320 | +€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,989 | €40,071 | -€4,918 | -10.9% |
| Other operating charges | 640/8 | €16,312 | €17,331 | +€1,019 | +6.2% |
| Gross operating margin | 9900 | €108,783 | €235,770 | +€126,987 | +116.7% |
| Operating profit (loss) | 9901 | €47,482 | €178,047 | +€130,565 | +275.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €7,273 | €7,394 | +€122 | +1.7% |
| Recurring financial charges | 65 | €7,273 | €7,394 | +€122 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €40,209 | €170,653 | +€130,444 | +324.4% |
| Income taxes | 67/77 | €13,952 | €53,543 | +€39,591 | +283.8% |
| Profit (loss) for the period | 9904 | €26,258 | €117,110 | +€90,853 | +346.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,258 | €117,110 | +€90,853 | +346.0% |
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 10 October 2026 via checked.be.