NICO: what changed
Two fiscal 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.
NICO
Largest movements
- Tangible fixed assets +€296,990
up €296,990 (+111.1%), from €267,256 to €564,247
of which Land and buildings: +€366,942
- Cash -€200,160
down €200,160 (-7.2%), from €2.8m to €2.6m
mainly Investment in fixed assets (net) (-€395,333) and Contributions, distributions and other (-€252,182)
- Receivables within one year +€110,211
up €110,211 (+35.9%), from €307,318 to €417,529
of which Trade receivables: +€107,329
- Other debts +€197,288
up €197,288 (+60.8%), from €324,714 to €522,001
- Gross operating margin +€62,453
up €62,453 (+8.9%), from €704,206 to €766,659
- Depreciation +€51,821
up €51,821 (+111.4%), from €46,521 to €98,342
- Financial income -€51,474
down €51,474 (-60.4%), from €85,177 to €33,702
- Staff costs +€22,237
up €22,237 (+7.1%), from €312,529 to €334,766
- Taxes -€17,047
down €17,047 (-13.7%), from €124,795 to €107,748
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 | €4,116,655 | €4,348,638 | +€231,982 | +5.6% |
| Fixed assets | 21/28 | €267,532 | €564,523 | +€296,990 | +111.0% |
| Tangible fixed assets | 22/27 | €267,256 | €564,247 | +€296,990 | +111.1% |
| Land and buildings | 22 | €114,817 | €481,759 | +€366,942 | +319.6% |
| Furniture and vehicles | 24 | €115,439 | €82,488 | -€32,952 | -28.5% |
| Assets under construction and advance payments | 27 | €37,000 | - | -€37,000 | |
| Financial fixed assets | 28 | €276 | €276 | = | 0.0% |
| Current assets | 29/58 | €3,849,123 | €3,784,115 | -€65,008 | -1.7% |
| Stocks and contracts in progress | 3 | €725,866 | €730,022 | +€4,156 | +0.6% |
| Stocks | 30/36 | €725,866 | €730,022 | +€4,156 | +0.6% |
| Amounts receivable within one year | 40/41 | €307,318 | €417,529 | +€110,211 | +35.9% |
| Trade receivables | 40 | €291,009 | €398,338 | +€107,329 | +36.9% |
| Other amounts receivable | 41 | €16,308 | €19,191 | +€2,882 | +17.7% |
| Cash at bank and in hand | 54/58 | €2,792,206 | €2,592,046 | -€200,160 | -7.2% |
| Deferred charges and accrued income | 490/1 | €23,732 | €44,517 | +€20,785 | +87.6% |
| Total equity and liabilities | 10/49 | €4,116,655 | €4,348,638 | +€231,982 | +5.6% |
| Equity | 10/15 | €3,671,578 | €3,651,974 | -€19,604 | -0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,609,578 | €3,589,974 | -€19,604 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,750 | €32,750 | = | 0.0% |
| Distributable reserves | 133 | €3,570,628 | €3,551,024 | -€19,604 | -0.5% |
| Amounts payable | 17/49 | €445,077 | €696,663 | +€251,586 | +56.5% |
| Amounts payable within one year | 42/48 | €405,054 | €653,519 | +€248,465 | +61.3% |
| Trade debts | 44 | €20,416 | €36,891 | +€16,476 | +80.7% |
| Suppliers | 440/4 | €20,416 | €36,891 | +€16,476 | +80.7% |
| Advances received on contracts in progress | 46 | - | €28,811 | +€28,811 | |
| Taxes, remuneration and social security | 45 | €59,925 | €65,816 | +€5,891 | +9.8% |
| Taxes | 450/3 | €23,550 | €27,692 | +€4,142 | +17.6% |
| Remuneration and social security | 454/9 | €36,375 | €38,124 | +€1,749 | +4.8% |
| Other amounts payable | 47/48 | €324,714 | €522,001 | +€197,288 | +60.8% |
| Accrued charges and deferred income | 492/3 | €40,023 | €43,144 | +€3,121 | +7.8% |
| Remuneration, social security and pensions | 62 | €312,529 | €334,766 | +€22,237 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,521 | €98,342 | +€51,821 | +111.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €768 | -€2,974 | -€3,742 | |
| Other operating charges | 640/8 | €6,051 | €6,317 | +€266 | +4.4% |
| Gross operating margin | 9900 | €704,206 | €766,659 | +€62,453 | +8.9% |
| Operating profit (loss) | 9901 | €338,336 | €330,208 | -€8,128 | -2.4% |
| Financial income | 75/76B | €85,177 | €33,702 | -€51,474 | -60.4% |
| Recurring financial income | 75 | €85,177 | €33,702 | -€51,474 | -60.4% |
| Financial charges | 65/66B | €32,608 | €23,584 | -€9,024 | -27.7% |
| Recurring financial charges | 65 | €32,608 | €23,584 | -€9,024 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €390,905 | €340,326 | -€50,579 | -12.9% |
| Income taxes | 67/77 | €124,795 | €107,748 | -€17,047 | -13.7% |
| Profit (loss) for the period | 9904 | €266,110 | €232,578 | -€33,532 | -12.6% |
| Transfer from tax-exempt reserves | 789 | €92,620 | - | -€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €358,730 | €232,578 | -€126,152 | -35.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.