Nicodeme Luc: 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.
Nicodeme Luc
Largest movements
- Cash +€46,490
up €46,490 (+91.5%), from €50,804 to €97,295
mainly Net result for the year (+€47,493) and Other debts (+€36,838)
- Tangible fixed assets -€12,338
down €12,338 (-4.6%), from €267,169 to €254,831
of which Leasing and similar rights: -€7,598
- Other debts +€36,838
up €36,838 (+120%), from €30,798 to €67,635
- Debts after one year -€7,691
down €7,691 (-3.2%), from €242,879 to €235,188
- Tax, wage and social debts +€6,584
up €6,584 (+51.1%), from €12,883 to €19,467
of which Taxes: +€8,604
- Reserves -€5,907
down €5,907 (-3.6%), from €163,604 to €157,697
- Gross operating margin -€15,090
down €15,090 (-12.0%), from €125,820 to €110,731
- Taxes -€4,934
down €4,934 (-21.0%), from €23,466 to €18,532
- Financial charges +€2,341
up €2,341 (+33.8%), from €6,922 to €9,263
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 | €479,197 | €512,944 | +€33,747 | +7.0% |
| Fixed assets | 21/28 | €267,169 | €254,831 | -€12,338 | -4.6% |
| Tangible fixed assets | 22/27 | €267,169 | €254,831 | -€12,338 | -4.6% |
| Land and buildings | 22 | €74,740 | €74,740 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,396 | €2,677 | +€280 | +11.7% |
| Furniture and vehicles | 24 | €2,827 | €3,317 | +€491 | +17.4% |
| Leasing and similar rights | 25 | €26,592 | €18,994 | -€7,598 | -28.6% |
| Other tangible fixed assets | 26 | €160,614 | €155,103 | -€5,511 | -3.4% |
| Current assets | 29/58 | €212,028 | €258,113 | +€46,085 | +21.7% |
| Stocks and contracts in progress | 3 | €8,746 | €7,790 | -€957 | -10.9% |
| Stocks | 30/36 | €8,746 | €7,790 | -€957 | -10.9% |
| Amounts receivable within one year | 40/41 | €35,845 | €37,824 | +€1,979 | +5.5% |
| Trade receivables | 40 | €35,202 | €35,417 | +€215 | +0.6% |
| Other amounts receivable | 41 | €643 | €2,407 | +€1,764 | +274% |
| Current investments | 50/53 | €115,000 | €114,312 | -€688 | -0.6% |
| Cash at bank and in hand | 54/58 | €50,804 | €97,295 | +€46,490 | +91.5% |
| Deferred charges and accrued income | 490/1 | €1,633 | €893 | -€740 | -45.3% |
| Total equity and liabilities | 10/49 | €479,197 | €512,944 | +€33,747 | +7.0% |
| Equity | 10/15 | €182,204 | €176,297 | -€5,907 | -3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €163,604 | €157,697 | -€5,907 | -3.6% |
| Distributable reserves | 133 | €163,604 | €157,697 | -€5,907 | -3.6% |
| Amounts payable | 17/49 | €296,993 | €336,647 | +€39,654 | +13.4% |
| Amounts payable after more than one year | 17 | €242,879 | €235,188 | -€7,691 | -3.2% |
| Financial debts | 170/4 | €242,879 | €235,188 | -€7,691 | -3.2% |
| Amounts payable within one year | 42/48 | €53,843 | €101,423 | +€47,580 | +88.4% |
| Current portion of amounts payable after more than one year | 42 | €7,525 | €7,691 | +€166 | +2.2% |
| Trade debts | 44 | €2,637 | €6,629 | +€3,992 | +151% |
| Suppliers | 440/4 | €2,637 | €6,629 | +€3,992 | +151% |
| Taxes, remuneration and social security | 45 | €12,883 | €19,467 | +€6,584 | +51.1% |
| Taxes | 450/3 | €6,704 | €15,308 | +€8,604 | +128% |
| Remuneration and social security | 454/9 | €6,179 | €4,159 | -€2,020 | -32.7% |
| Other amounts payable | 47/48 | €30,798 | €67,635 | +€36,838 | +120% |
| Accrued charges and deferred income | 492/3 | €271 | €36 | -€235 | -86.6% |
| Remuneration, social security and pensions | 62 | €19,422 | €20,117 | +€695 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,822 | €16,519 | +€698 | +4.4% |
| Other operating charges | 640/8 | €2,037 | €2,083 | +€45 | +2.2% |
| Gross operating margin | 9900 | €125,820 | €110,731 | -€15,090 | -12.0% |
| Operating profit (loss) | 9901 | €88,539 | €72,012 | -€16,528 | -18.7% |
| Financial income | 75/76B | €2,556 | €3,276 | +€720 | +28.2% |
| Recurring financial income | 75 | €2,556 | €3,276 | +€720 | +28.2% |
| Financial charges | 65/66B | €6,922 | €9,263 | +€2,341 | +33.8% |
| Recurring financial charges | 65 | €6,922 | €9,263 | +€2,341 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €84,174 | €66,025 | -€18,149 | -21.6% |
| Income taxes | 67/77 | €23,466 | €18,532 | -€4,934 | -21.0% |
| Profit (loss) for the period | 9904 | €60,708 | €47,493 | -€13,215 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,708 | €47,493 | -€13,215 | -21.8% |
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 23 October 2026 via checked.be.