NICOLAS: 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.
NICOLAS
Largest movements
- Tangible fixed assets +€341,530
up €341,530 (+295.6%), from €115,557 to €457,087
of which Plant, machinery and equipment: +€326,516
- Cash +€21,640
up €21,640 (+224.5%), from €9,641 to €31,281
mainly Debts after one year (+€351,987) and Depreciation (+€38,386)
- Stocks and contracts -€9,813
down €9,813 (-36.9%), from €26,563 to €16,750
- Receivables within one year -€9,239
down €9,239 (-20.7%), from €44,736 to €35,498
of which Other amounts receivable: -€6,429
- Debts after one year +€351,987
up €351,987 (+322.2%), from €109,235 to €461,222
of which Financial debts: +€301,987
- Profit (loss) carried forward -€30,435
down €30,435, from €12,565 to -€17,870
- Current portion of long-term debt +€29,986
up €29,986 (+192.0%), from €15,621 to €45,607
- Trade debts +€21,838
up €21,838 (+255.2%), from €8,558 to €30,396
- Short-term financial debts -€19,173
no longer reported in 2025 (was €19,173)
- Depreciation +€24,618
up €24,618 (+178.8%), from €13,768 to €38,386
- Financial charges +€9,591
up €9,591 (+106.6%), from €9,000 to €18,591
- Other operating charges -€1,953
down €1,953 (-32.0%), from €6,095 to €4,142
- Gross operating margin +€1,853
up €1,853 (+6.8%), from €27,137 to €28,990
- Financial income -€369
down €369 (-17.9%), from €2,064 to €1,694
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 | €196,820 | €545,560 | +€348,740 | +177.2% |
| Fixed assets | 21/28 | €115,716 | €457,337 | +€341,621 | +295.2% |
| Tangible fixed assets | 22/27 | €115,557 | €457,087 | +€341,530 | +295.6% |
| Land and buildings | 22 | €115,557 | €130,571 | +€15,014 | +13.0% |
| Plant, machinery and equipment | 23 | - | €326,516 | +€326,516 | |
| Financial fixed assets | 28 | €159 | €250 | +€91 | +57.5% |
| Current assets | 29/58 | €81,104 | €88,222 | +€7,118 | +8.8% |
| Stocks and contracts in progress | 3 | €26,563 | €16,750 | -€9,813 | -36.9% |
| Stocks | 30/36 | €26,563 | €16,750 | -€9,813 | -36.9% |
| Amounts receivable within one year | 40/41 | €44,736 | €35,498 | -€9,239 | -20.7% |
| Trade receivables | 40 | €4,255 | €1,445 | -€2,810 | -66.0% |
| Other amounts receivable | 41 | €40,482 | €34,053 | -€6,429 | -15.9% |
| Cash at bank and in hand | 54/58 | €9,641 | €31,281 | +€21,640 | +224.5% |
| Deferred charges and accrued income | 490/1 | €164 | €4,694 | +€4,530 | +2770.1% |
| Total equity and liabilities | 10/49 | €196,820 | €545,560 | +€348,740 | +177.2% |
| Equity | 10/15 | €32,975 | €2,540 | -€30,435 | -92.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,565 | -€17,870 | -€30,435 | |
| Amounts payable | 17/49 | €163,845 | €543,020 | +€379,175 | +231.4% |
| Amounts payable after more than one year | 17 | €109,235 | €461,222 | +€351,987 | +322.2% |
| Financial debts | 170/4 | €109,235 | €411,222 | +€301,987 | +276.5% |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €52,583 | €80,688 | +€28,105 | +53.4% |
| Current portion of amounts payable after more than one year | 42 | €15,621 | €45,607 | +€29,986 | +192.0% |
| Financial debts | 43 | €19,173 | - | -€19,173 | |
| Credit institutions | 430/8 | €19,173 | - | -€19,173 | |
| Trade debts | 44 | €8,558 | €30,396 | +€21,838 | +255.2% |
| Suppliers | 440/4 | €8,558 | €30,396 | +€21,838 | +255.2% |
| Taxes, remuneration and social security | 45 | €9,231 | €4,686 | -€4,545 | -49.2% |
| Taxes | 450/3 | €9,231 | €4,686 | -€4,545 | -49.2% |
| Accrued charges and deferred income | 492/3 | €2,028 | €1,110 | -€918 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,768 | €38,386 | +€24,618 | +178.8% |
| Other operating charges | 640/8 | €6,095 | €4,142 | -€1,953 | -32.0% |
| Gross operating margin | 9900 | €27,137 | €28,990 | +€1,853 | +6.8% |
| Operating profit (loss) | 9901 | €7,274 | -€13,538 | -€20,812 | |
| Financial income | 75/76B | €2,064 | €1,694 | -€369 | -17.9% |
| Recurring financial income | 75 | €2,064 | €1,694 | -€369 | -17.9% |
| Financial charges | 65/66B | €9,000 | €18,591 | +€9,591 | +106.6% |
| Recurring financial charges | 65 | €9,000 | €18,591 | +€9,591 | +106.6% |
| Profit (loss) for the period before taxes | 9903 | €337 | -€30,435 | -€30,772 | |
| Income taxes | 67/77 | €70 | -€0 | -€70 | |
| Profit (loss) for the period | 9904 | €267 | -€30,435 | -€30,702 | |
| Profit (loss) for the period to be appropriated | 9905 | €267 | -€30,435 | -€30,702 |
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 2 October 2026 via checked.be.