NICOLAI MODE: 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.
NICOLAI MODE
Largest movements
- Tangible fixed assets -€37,584
down €37,584 (-18.9%), from €199,338 to €161,753
of which Land and buildings: -€34,441
- Stocks and contracts +€5,868
up €5,868 (+4.9%), from €119,179 to €125,047
- Receivables within one year +€5,169
up €5,169 (+906%), from €571 to €5,740
- Debts after one year -€33,056
down €33,056 (-39.3%), from €84,195 to €51,139
- Reserves +€15,732
up €15,732 (+15.6%), from €100,802 to €116,534
of which Distributable reserves: +€15,732
- Other debts -€13,623
down €13,623 (-10.9%), from €124,540 to €110,918
- Tax, wage and social debts +€8,015
up €8,015 (+30.0%), from €26,739 to €34,755
of which Remuneration and social security: +€9,312
- Gross operating margin -€12,020
down €12,020 (-7.6%), from €159,151 to €147,131
- Staff costs -€7,191
down €7,191 (-7.9%), from €90,479 to €83,288
- Other operating charges +€3,399
up €3,399 (+55.3%), from €6,147 to €9,547
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 | €497,896 | €471,120 | -€26,776 | -5.4% |
| Fixed assets | 21/28 | €199,338 | €161,753 | -€37,584 | -18.9% |
| Tangible fixed assets | 22/27 | €199,338 | €161,753 | -€37,584 | -18.9% |
| Land and buildings | 22 | €163,433 | €128,992 | -€34,441 | -21.1% |
| Plant, machinery and equipment | 23 | €9,141 | €9,256 | +€115 | +1.3% |
| Other tangible fixed assets | 26 | €26,764 | €23,506 | -€3,259 | -12.2% |
| Current assets | 29/58 | €298,558 | €309,366 | +€10,808 | +3.6% |
| Stocks and contracts in progress | 3 | €119,179 | €125,047 | +€5,868 | +4.9% |
| Stocks | 30/36 | €119,179 | €125,047 | +€5,868 | +4.9% |
| Amounts receivable within one year | 40/41 | €571 | €5,740 | +€5,169 | +906% |
| Trade receivables | 40 | €571 | €5,740 | +€5,169 | +906% |
| Cash at bank and in hand | 54/58 | €175,970 | €176,632 | +€661 | +0.4% |
| Deferred charges and accrued income | 490/1 | €2,838 | €1,948 | -€890 | -31.4% |
| Total equity and liabilities | 10/49 | €497,896 | €471,120 | -€26,776 | -5.4% |
| Equity | 10/15 | €220,039 | €235,770 | +€15,732 | +7.1% |
| Contributions | 10/11 | €119,237 | €119,237 | = | 0.0% |
| Capital | 10 | €119,237 | €119,237 | = | 0.0% |
| Issued capital | 100 | €119,237 | €119,237 | = | 0.0% |
| Reserves | 13 | €100,802 | €116,534 | +€15,732 | +15.6% |
| Non-distributable reserves | 130/1 | €19,908 | €19,908 | = | 0.0% |
| Legal reserve | 130 | €19,908 | €19,908 | = | 0.0% |
| Distributable reserves | 133 | €80,894 | €96,626 | +€15,732 | +19.4% |
| Amounts payable | 17/49 | €277,857 | €235,349 | -€42,507 | -15.3% |
| Amounts payable after more than one year | 17 | €84,195 | €51,139 | -€33,056 | -39.3% |
| Financial debts | 170/4 | €84,195 | €51,139 | -€33,056 | -39.3% |
| Amounts payable within one year | 42/48 | €193,614 | €184,211 | -€9,403 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €37,034 | €33,056 | -€3,978 | -10.7% |
| Trade debts | 44 | €5,299 | €5,482 | +€183 | +3.4% |
| Suppliers | 440/4 | €5,299 | €5,482 | +€183 | +3.4% |
| Taxes, remuneration and social security | 45 | €26,739 | €34,755 | +€8,015 | +30.0% |
| Taxes | 450/3 | €16,831 | €15,534 | -€1,297 | -7.7% |
| Remuneration and social security | 454/9 | €9,909 | €19,221 | +€9,312 | +94.0% |
| Other amounts payable | 47/48 | €124,540 | €110,918 | -€13,623 | -10.9% |
| Accrued charges and deferred income | 492/3 | €48 | €0 | -€48 | -100% |
| Non-recurring operating income | 76A | €0 | €8,677 | +€8,677 | |
| Remuneration, social security and pensions | 62 | €90,479 | €83,288 | -€7,191 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,885 | €39,378 | +€494 | +1.3% |
| Other operating charges | 640/8 | €6,147 | €9,547 | +€3,399 | +55.3% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €159,151 | €147,131 | -€12,020 | -7.6% |
| Operating profit (loss) | 9901 | €23,641 | €14,918 | -€8,723 | -36.9% |
| Financial income | 75/76B | €9,204 | €9,966 | +€761 | +8.3% |
| Recurring financial income | 75 | €9,204 | €9,966 | +€761 | +8.3% |
| Financial charges | 65/66B | €8,454 | €7,110 | -€1,343 | -15.9% |
| Recurring financial charges | 65 | €8,454 | €7,110 | -€1,343 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €24,391 | €17,773 | -€6,618 | -27.1% |
| Income taxes | 67/77 | €2,851 | €2,042 | -€809 | -28.4% |
| Profit (loss) for the period | 9904 | €21,541 | €15,732 | -€5,809 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,541 | €15,732 | -€5,809 | -27.0% |
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 14 October 2026 via checked.be.