NICKELSON: 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.
NICKELSON
Largest movements
- Receivables within one year +€982,121
up €982,121 (+21.0%), from €4.7m to €5.7m
of which Other amounts receivable: +€1.8m
- Financial fixed assets -€182,525
down €182,525 (-4.4%), from €4.2m to €4.0m
- Receivables after one year -€161,592
down €161,592 (-25.8%), from €626,000 to €464,408
- Other debts +€1.3m
up €1.3m (+37.2%), from €3.6m to €4.9m
- Debts after one year -€534,028
down €534,028 (-19.1%), from €2.8m to €2.3m
- Current portion of long-term debt -€267,520
down €267,520 (-33.4%), from €801,547 to €534,028
- Reserves +€155,475
up €155,475 (+8.3%), from €1.9m to €2.0m
- Accrued charges and deferred income -€134,631
no longer reported in 2025 (was €134,631)
- Gross operating margin -€472,645
down €472,645 (-32.5%), from €1.5m to €980,636
- Financial charges +€342,236
up €342,236 (+129%), from €265,739 to €607,975
of which Non-recurring financial charges: +€199,224
- Taxes -€156,426
down €156,426 (-54.1%), from €289,082 to €132,656
- Financial income +€27,679
new in 2025: €27,679
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 | €9,540,343 | €10,165,276 | +€624,933 | +6.6% |
| Fixed assets | 21/28 | €4,220,037 | €4,014,563 | -€205,474 | -4.9% |
| Tangible fixed assets | 22/27 | €30,037 | €7,088 | -€22,949 | -76.4% |
| Furniture and vehicles | 24 | - | €7,088 | +€7,088 | |
| Leasing and similar rights | 25 | €30,037 | - | -€30,037 | |
| Financial fixed assets | 28 | €4,190,000 | €4,007,475 | -€182,525 | -4.4% |
| Current assets | 29/58 | €5,320,306 | €6,150,713 | +€830,407 | +15.6% |
| Amounts receivable after more than one year | 29 | €626,000 | €464,408 | -€161,592 | -25.8% |
| Other amounts receivable | 291 | €626,000 | €464,408 | -€161,592 | -25.8% |
| Amounts receivable within one year | 40/41 | €4,681,933 | €5,664,054 | +€982,121 | +21.0% |
| Trade receivables | 40 | €782,357 | - | -€782,357 | |
| Other amounts receivable | 41 | €3,899,576 | €5,664,054 | +€1.8m | +45.2% |
| Cash at bank and in hand | 54/58 | €11,259 | €10,078 | -€1,181 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,114 | €12,173 | +€11,059 | +993% |
| Total equity and liabilities | 10/49 | €9,540,343 | €10,165,276 | +€624,933 | +6.6% |
| Equity | 10/15 | €1,874,067 | €2,029,542 | +€155,475 | +8.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,864,067 | €2,019,542 | +€155,475 | +8.3% |
| Distributable reserves | 133 | €1,864,067 | €2,019,542 | +€155,475 | +8.3% |
| Amounts payable | 17/49 | €7,666,276 | €8,135,734 | +€469,458 | +6.1% |
| Amounts payable after more than one year | 17 | €2,802,928 | €2,268,900 | -€534,028 | -19.1% |
| Financial debts | 170/4 | €2,802,928 | €2,268,900 | -€534,028 | -19.1% |
| Amounts payable within one year | 42/48 | €4,728,717 | €5,866,834 | +€1.1m | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €801,547 | €534,028 | -€267,520 | -33.4% |
| Financial debts | 43 | €66,903 | €40,370 | -€26,533 | -39.7% |
| Credit institutions | 430/8 | €66,903 | €40,370 | -€26,533 | -39.7% |
| Trade debts | 44 | €12,181 | €73,982 | +€61,801 | +507% |
| Suppliers | 440/4 | €12,181 | €73,982 | +€61,801 | +507% |
| Taxes, remuneration and social security | 45 | €246,882 | €278,966 | +€32,083 | +13.0% |
| Taxes | 450/3 | €246,882 | €278,966 | +€32,083 | +13.0% |
| Other amounts payable | 47/48 | €3,601,204 | €4,939,488 | +€1.3m | +37.2% |
| Accrued charges and deferred income | 492/3 | €134,631 | - | -€134,631 | |
| Non-recurring operating income | 76A | €65,019 | €14,421 | -€50,598 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,156 | €30,640 | -€9,516 | -23.7% |
| Other operating charges | 640/8 | €5,539 | €4,882 | -€657 | -11.9% |
| Non-recurring operating charges | 66A | - | €76,686 | +€76,686 | |
| Gross operating margin | 9900 | €1,453,281 | €980,636 | -€472,645 | -32.5% |
| Operating profit (loss) | 9901 | €1,407,585 | €868,428 | -€539,158 | -38.3% |
| Financial income | 75/76B | - | €27,679 | +€27,679 | |
| Recurring financial income | 75 | - | €27,679 | +€27,679 | |
| Financial charges | 65/66B | €265,739 | €607,975 | +€342,236 | +129% |
| Recurring financial charges | 65 | €265,739 | €408,752 | +€143,012 | +53.8% |
| Non-recurring financial charges | 66B | - | €199,224 | +€199,224 | |
| Profit (loss) for the period before taxes | 9903 | €1,141,846 | €288,131 | -€853,715 | -74.8% |
| Income taxes | 67/77 | €289,082 | €132,656 | -€156,426 | -54.1% |
| Profit (loss) for the period | 9904 | €852,764 | €155,475 | -€697,289 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €852,764 | €155,475 | -€697,289 | -81.8% |
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 13 October 2026 via checked.be.