NICOGEER: 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.
NICOGEER
Largest movements
- Stocks and contracts +€31,935
up €31,935 (+130%), from €24,500 to €56,435
- Tangible fixed assets +€13,345
up €13,345 (+2,026%), from €659 to €14,004
of which Plant, machinery and equipment: +€12,022
- Cash -€12,544
no longer reported in 2025 (was €12,544)
mainly Stocks and contracts (-€31,935) and Investment in fixed assets (net) (-€15,391)
- Receivables within one year -€5,709
down €5,709 (-33.0%), from €17,317 to €11,607
of which Other amounts receivable: -€5,869
- Deferred charges and accrued income +€4,215
up €4,215 (+192%), from €2,200 to €6,414
- Profit (loss) carried forward +€23,519
up €23,519 (+324%), from €7,266 to €30,784
- Tax, wage and social debts +€7,069
up €7,069 (+383%), from €1,846 to €8,914
of which Taxes: +€7,060
- Short-term financial debts +€1,737
new in 2025: €1,737
- Trade debts -€896
down €896 (-12.1%), from €7,423 to €6,527
- Gross operating margin +€14,047
up €14,047 (+55.7%), from €25,228 to €39,275
- Taxes +€9,770
up €9,770 (+1,816%), from €538 to €10,308
- Depreciation -€4,494
down €4,494 (-68.7%), from €6,540 to €2,046
- Other operating charges +€1,261
up €1,261 (+126%), from €1,003 to €2,264
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 | €57,219 | €88,461 | +€31,241 | +54.6% |
| Fixed assets | 21/28 | €659 | €14,004 | +€13,345 | +2,026% |
| Tangible fixed assets | 22/27 | €659 | €14,004 | +€13,345 | +2,026% |
| Plant, machinery and equipment | 23 | €659 | €12,681 | +€12,022 | +1,825% |
| Furniture and vehicles | 24 | - | €1,323 | +€1,323 | |
| Current assets | 29/58 | €56,561 | €74,457 | +€17,896 | +31.6% |
| Stocks and contracts in progress | 3 | €24,500 | €56,435 | +€31,935 | +130% |
| Stocks | 30/36 | €24,500 | €56,435 | +€31,935 | +130% |
| Amounts receivable within one year | 40/41 | €17,317 | €11,607 | -€5,709 | -33.0% |
| Trade receivables | 40 | €10,087 | €10,246 | +€159 | +1.6% |
| Other amounts receivable | 41 | €7,230 | €1,361 | -€5,869 | -81.2% |
| Cash at bank and in hand | 54/58 | €12,544 | - | -€12,544 | |
| Deferred charges and accrued income | 490/1 | €2,200 | €6,414 | +€4,215 | +192% |
| Total equity and liabilities | 10/49 | €57,219 | €88,461 | +€31,241 | +54.6% |
| Equity | 10/15 | €21,526 | €45,044 | +€23,519 | +109% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,266 | €30,784 | +€23,519 | +324% |
| Amounts payable | 17/49 | €35,694 | €43,416 | +€7,723 | +21.6% |
| Amounts payable after more than one year | 17 | €26,261 | €26,064 | -€197 | -0.8% |
| Financial debts | 170/4 | €26,261 | €26,064 | -€197 | -0.8% |
| Amounts payable within one year | 42/48 | €9,269 | €17,178 | +€7,909 | +85.3% |
| Financial debts | 43 | - | €1,737 | +€1,737 | |
| Credit institutions | 430/8 | - | €1,737 | +€1,737 | |
| Trade debts | 44 | €7,423 | €6,527 | -€896 | -12.1% |
| Suppliers | 440/4 | €7,423 | €6,527 | -€896 | -12.1% |
| Taxes, remuneration and social security | 45 | €1,846 | €8,914 | +€7,069 | +383% |
| Taxes | 450/3 | €249 | €7,308 | +€7,060 | +2,838% |
| Remuneration and social security | 454/9 | €1,597 | €1,606 | +€9 | +0.6% |
| Accrued charges and deferred income | 492/3 | €164 | €174 | +€11 | +6.4% |
| Non-recurring operating income | 76A | - | €6,955 | +€6,955 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,540 | €2,046 | -€4,494 | -68.7% |
| Other operating charges | 640/8 | €1,003 | €2,264 | +€1,261 | +126% |
| Gross operating margin | 9900 | €25,228 | €39,275 | +€14,047 | +55.7% |
| Operating profit (loss) | 9901 | €17,685 | €34,965 | +€17,280 | +97.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,482 | €1,138 | -€343 | -23.2% |
| Recurring financial charges | 65 | €1,482 | €1,138 | -€343 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €16,204 | €33,827 | +€17,623 | +109% |
| Income taxes | 67/77 | €538 | €10,308 | +€9,770 | +1,816% |
| Profit (loss) for the period | 9904 | €15,666 | €23,519 | +€7,853 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,666 | €23,519 | +€7,853 | +50.1% |
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.