NICKELL: 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.
NICKELL
Largest movements
- Cash +€36,679
up €36,679 (+60.5%), from €60,607 to €97,286
mainly Net result for the year (+€38,846) and Other debts (+€37,206)
- Receivables within one year -€8,245
down €8,245 (-15.5%), from €53,136 to €44,891
of which Other amounts receivable: -€5,281
- Tangible fixed assets -€7,100
down €7,100 (-2.4%), from €291,599 to €284,499
of which Land and buildings: -€8,455
- Other debts +€37,206
up €37,206 (+1,069%), from €3,480 to €40,687
- Debts after one year -€14,089
down €14,089 (-7.8%), from €180,957 to €166,867
- Reserves -€9,154
down €9,154 (-4.7%), from €193,806 to €184,651
- Contributions +€6,150
up €6,150 (+49.6%), from €12,400 to €18,550
- Gross operating margin +€38,802
up €38,802 (+124%), from €31,254 to €70,056
- Depreciation -€28,582
down €28,582 (-72.3%), from €39,517 to €10,935
- Taxes +€8,529
up €8,529 (+3,893%), from €219 to €8,748
- Financial charges +€3,583
up €3,583 (+72.7%), from €4,929 to €8,512
- Staff costs +€1,920
new in 2025: €1,920
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 | €410,050 | €431,075 | +€21,024 | +5.1% |
| Fixed assets | 21/28 | €291,599 | €284,499 | -€7,100 | -2.4% |
| Tangible fixed assets | 22/27 | €291,599 | €284,499 | -€7,100 | -2.4% |
| Land and buildings | 22 | €285,396 | €276,942 | -€8,455 | -3.0% |
| Plant, machinery and equipment | 23 | €714 | €0 | -€714 | -100% |
| Furniture and vehicles | 24 | €5,489 | €7,557 | +€2,069 | +37.7% |
| Current assets | 29/58 | €118,451 | €146,576 | +€28,124 | +23.7% |
| Amounts receivable within one year | 40/41 | €53,136 | €44,891 | -€8,245 | -15.5% |
| Trade receivables | 40 | €47,856 | €44,891 | -€2,965 | -6.2% |
| Other amounts receivable | 41 | €5,281 | - | -€5,281 | |
| Cash at bank and in hand | 54/58 | €60,607 | €97,286 | +€36,679 | +60.5% |
| Deferred charges and accrued income | 490/1 | €4,708 | €4,399 | -€309 | -6.6% |
| Total equity and liabilities | 10/49 | €410,050 | €431,075 | +€21,024 | +5.1% |
| Equity | 10/15 | €206,206 | €203,201 | -€3,004 | -1.5% |
| Contributions | 10/11 | €12,400 | €18,550 | +€6,150 | +49.6% |
| Reserves | 13 | €193,806 | €184,651 | -€9,154 | -4.7% |
| Distributable reserves | 133 | €193,806 | €184,651 | -€9,154 | -4.7% |
| Amounts payable | 17/49 | €203,845 | €227,874 | +€24,029 | +11.8% |
| Amounts payable after more than one year | 17 | €180,957 | €166,867 | -€14,089 | -7.8% |
| Financial debts | 170/4 | €180,957 | €166,867 | -€14,089 | -7.8% |
| Amounts payable within one year | 42/48 | €22,231 | €60,395 | +€38,163 | +172% |
| Current portion of amounts payable after more than one year | 42 | €14,657 | €15,239 | +€582 | +4.0% |
| Trade debts | 44 | €1,408 | €1,583 | +€175 | +12.5% |
| Suppliers | 440/4 | €1,408 | €1,583 | +€175 | +12.5% |
| Taxes, remuneration and social security | 45 | €2,687 | €2,886 | +€200 | +7.4% |
| Taxes | 450/3 | €2,687 | €2,886 | +€200 | +7.4% |
| Other amounts payable | 47/48 | €3,480 | €40,687 | +€37,206 | +1,069% |
| Accrued charges and deferred income | 492/3 | €657 | €612 | -€45 | -6.9% |
| Remuneration, social security and pensions | 62 | - | €1,920 | +€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,517 | €10,935 | -€28,582 | -72.3% |
| Other operating charges | 640/8 | €1,035 | €1,095 | +€60 | +5.8% |
| Gross operating margin | 9900 | €31,254 | €70,056 | +€38,802 | +124% |
| Operating profit (loss) | 9901 | -€9,298 | €56,106 | +€65,404 | |
| Financial charges | 65/66B | €4,929 | €8,512 | +€3,583 | +72.7% |
| Recurring financial charges | 65 | €4,929 | €8,512 | +€3,583 | +72.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,227 | €47,594 | +€61,820 | |
| Income taxes | 67/77 | €219 | €8,748 | +€8,529 | +3,893% |
| Profit (loss) for the period | 9904 | -€14,446 | €38,846 | +€53,291 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,446 | €38,846 | +€53,291 |
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.