NICKEL: 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.
NICKEL
Largest movements
- Stocks and contracts -€141,400
down €141,400 (-97.1%), from €145,648 to €4,248
- Cash +€22,651
up €22,651 (+318.5%), from €7,112 to €29,763
- Receivables within one year +€2,189
up €2,189 (+4.0%), from €54,994 to €57,183
of which Other amounts receivable: +€34,304
- Profit (loss) carried forward -€58,870
new in 2025: -€58,870
- Debts after one year -€29,881
down €29,881 (-50.6%), from €59,022 to €29,141
- Trade debts -€24,271
down €24,271 (-95.3%), from €25,479 to €1,208
- Tax, wage and social debts -€2,926
down €2,926 (-41.6%), from €7,042 to €4,116
- Gross operating margin -€66,831
down €66,831, from €19,498 to -€47,333
- Other operating charges -€4,434
down €4,434 (-62.2%), from €7,128 to €2,694
- Depreciation +€1,912
up €1,912 (+58.6%), from €3,265 to €5,177
- Financial income +€1,756
up €1,756 (+199.1%), from €882 to €2,638
- Taxes -€1,500
down €1,500, from €1,364 to -€136
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €215,621 | €101,285 | -€114,336 | -53.0% |
| Fixed assets | 21/28 | €7,867 | €8,760 | +€893 | +11.3% |
| Tangible fixed assets | 22/27 | €7,867 | €8,760 | +€893 | +11.3% |
| Land and buildings | 22 | €7,867 | €4,210 | -€3,657 | -46.5% |
| Plant, machinery and equipment | 23 | - | €1,816 | +€1,816 | |
| Furniture and vehicles | 24 | - | €2,734 | +€2,734 | |
| Current assets | 29/58 | €207,754 | €92,525 | -€115,229 | -55.5% |
| Stocks and contracts in progress | 3 | €145,648 | €4,248 | -€141,400 | -97.1% |
| Stocks | 30/36 | €145,648 | €4,248 | -€141,400 | -97.1% |
| Amounts receivable within one year | 40/41 | €54,994 | €57,183 | +€2,189 | +4.0% |
| Trade receivables | 40 | €38,604 | €6,489 | -€32,115 | -83.2% |
| Other amounts receivable | 41 | €16,390 | €50,694 | +€34,304 | +209.3% |
| Cash at bank and in hand | 54/58 | €7,112 | €29,763 | +€22,651 | +318.5% |
| Deferred charges and accrued income | 490/1 | - | €1,331 | +€1,331 | |
| Total equity and liabilities | 10/49 | €215,621 | €101,285 | -€114,336 | -53.0% |
| Equity | 10/15 | €105,492 | €46,623 | -€58,869 | -55.8% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Contributions outside capital | 11 | €44,000 | €44,000 | = | 0.0% |
| Other | 1109/19 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €61,492 | €61,492 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,500 | €1,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,500 | €1,500 | = | 0.0% |
| Distributable reserves | 133 | €59,992 | €59,992 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€58,870 | -€58,870 | |
| Amounts payable | 17/49 | €110,129 | €54,662 | -€55,467 | -50.4% |
| Amounts payable after more than one year | 17 | €59,022 | €29,141 | -€29,881 | -50.6% |
| Financial debts | 170/4 | €59,022 | €29,141 | -€29,881 | -50.6% |
| Amounts payable within one year | 42/48 | €51,107 | €25,522 | -€25,585 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €18,586 | €20,198 | +€1,612 | +8.7% |
| Trade debts | 44 | €25,479 | €1,208 | -€24,271 | -95.3% |
| Suppliers | 440/4 | €25,479 | €1,208 | -€24,271 | -95.3% |
| Taxes, remuneration and social security | 45 | €7,042 | €4,116 | -€2,926 | -41.6% |
| Taxes | 450/3 | €7,042 | €4,116 | -€2,926 | -41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,265 | €5,177 | +€1,912 | +58.6% |
| Other operating charges | 640/8 | €7,128 | €2,694 | -€4,434 | -62.2% |
| Non-recurring operating charges | 66A | €1,397 | - | -€1,397 | |
| Gross operating margin | 9900 | €19,498 | -€47,333 | -€66,831 | |
| Operating profit (loss) | 9901 | €7,708 | -€55,204 | -€62,912 | |
| Financial income | 75/76B | €882 | €2,638 | +€1,756 | +199.1% |
| Recurring financial income | 75 | €882 | €2,638 | +€1,756 | +199.1% |
| Financial charges | 65/66B | €6,370 | €6,440 | +€70 | +1.1% |
| Recurring financial charges | 65 | €6,370 | €6,440 | +€70 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €2,220 | -€59,006 | -€61,226 | |
| Income taxes | 67/77 | €1,364 | -€136 | -€1,500 | |
| Profit (loss) for the period | 9904 | €856 | -€58,870 | -€59,726 | |
| Profit (loss) for the period to be appropriated | 9905 | €856 | -€58,870 | -€59,726 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.