NICOLAS C&S: 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.
What changed
NICOLAS C&S
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€460,997
2024 · €572,458-€111,461
Equity
€1.8m
2024 · €1.4m+€460,997
Cash
€106,679
2024 · €117,695-€11,017
Balance sheet total
€6.8m
2024 · €6.5m+€359,995
Largest movements
Assets
- Financial fixed assets +€441,000
up €441,000 (+9.3%), from €4.8m to €5.2m
Equity and liabilities
- Profit (loss) carried forward +€250,497
up €250,497 (+73.6%), from €340,239 to €590,736
- Reserves +€210,500
up €210,500 (+76.9%), from €273,650 to €484,150
- Advances received -€128,551
no longer reported in 2025 (was €128,551)
Income statement
- Gross operating margin +€471,058
up €471,058 (+68.7%), from €685,710 to €1.2m
- Financial income -€299,563
down €299,563 (-99.2%), from €302,048 to €2,486
- Staff costs +€153,842
up €153,842 (+69.3%), from €222,142 to €375,984
- Taxes +€58,210
up €58,210 (+63.7%), from €91,392 to €149,601
- Financial charges +€39,830
up €39,830 (+65.9%), from €60,470 to €100,300
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.
Result 2024
€572,458
Gross operating margin
+€471,058
Staff costs
-€153,842
Depreciation
-€30,880
Other operating charges
-€194
Financial income
-€299,563
Financial charges
-€39,830
Taxes
-€58,210
Result 2025
€460,997
raises the resultlowers the result
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.
From operations
+€447,396
Investment
-€444,075
Financing
-€14,338
Cash 2024
€117,695
From operations (derived)
+€447,396
Net result for the year
+€460,997
Depreciation
+€66,995
Receivables within one year
+€6,194
Deferred charges and accrued income
-€127
Trade debts
+€14,443
Tax, wage and social debts
+€34,401
Advances received
-€128,551
Other debts
+€30,436
Accrued charges and deferred income
-€37,392
Investment (derived)
-€444,075
Investment in fixed assets (net)
-€444,075
Financing
-€14,338
Debts after one year
-€59,371
Current portion of long-term debt
+€50,019
Short-term financial debts
-€4,986
Cash 2025
€106,679
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,463,046 | €6,823,041 | +€359,995 | +5.6% |
| Fixed assets | 21/28 | €6,319,310 | €6,696,389 | +€377,079 | +6.0% |
| Tangible fixed assets | 22/27 | €1,567,917 | €1,503,997 | -€63,921 | -4.1% |
| Land and buildings | 22 | €1,401,114 | €1,369,346 | -€31,768 | -2.3% |
| Plant, machinery and equipment | 23 | €10,748 | €8,606 | -€2,142 | -19.9% |
| Furniture and vehicles | 24 | €156,055 | €126,044 | -€30,011 | -19.2% |
| Financial fixed assets | 28 | €4,751,393 | €5,192,393 | +€441,000 | +9.3% |
| Current assets | 29/58 | €143,736 | €126,652 | -€17,084 | -11.9% |
| Amounts receivable within one year | 40/41 | €10,608 | €4,414 | -€6,194 | -58.4% |
| Other amounts receivable | 41 | €10,608 | €4,414 | -€6,194 | -58.4% |
| Cash at bank and in hand | 54/58 | €117,695 | €106,679 | -€11,017 | -9.4% |
| Deferred charges and accrued income | 490/1 | €15,432 | €15,559 | +€127 | +0.8% |
| Total equity and liabilities | 10/49 | €6,463,046 | €6,823,041 | +€359,995 | +5.6% |
| Equity | 10/15 | €1,369,349 | €1,830,346 | +€460,997 | +33.7% |
| Contributions | 10/11 | €755,460 | €755,460 | = | 0.0% |
| Reserves | 13 | €273,650 | €484,150 | +€210,500 | +76.9% |
| Tax-exempt reserves | 132 | €273,650 | €484,150 | +€210,500 | +76.9% |
| Profit (loss) carried forward | 14 | €340,239 | €590,736 | +€250,497 | +73.6% |
| Amounts payable | 17/49 | €5,093,697 | €4,992,695 | -€101,002 | -2.0% |
| Amounts payable after more than one year | 17 | €4,331,110 | €4,271,739 | -€59,371 | -1.4% |
| Financial debts | 170/4 | €2,784,610 | €2,310,239 | -€474,371 | -17.0% |
| Other amounts payable | 178/9 | €1,546,500 | €1,961,500 | +€415,000 | +26.8% |
| Amounts payable within one year | 42/48 | €719,123 | €714,885 | -€4,238 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €461,584 | €511,603 | +€50,019 | +10.8% |
| Financial debts | 43 | €18,513 | €13,526 | -€4,986 | -26.9% |
| Credit institutions | 430/8 | €18,513 | €13,526 | -€4,986 | -26.9% |
| Trade debts | 44 | €13,593 | €28,035 | +€14,443 | +106% |
| Suppliers | 440/4 | €13,593 | €28,035 | +€14,443 | +106% |
| Advances received on contracts in progress | 46 | €128,551 | - | -€128,551 | |
| Taxes, remuneration and social security | 45 | €47,488 | €81,889 | +€34,401 | +72.4% |
| Taxes | 450/3 | €23,155 | €31,133 | +€7,978 | +34.5% |
| Remuneration and social security | 454/9 | €24,332 | €50,756 | +€26,423 | +109% |
| Other amounts payable | 47/48 | €49,395 | €79,831 | +€30,436 | +61.6% |
| Accrued charges and deferred income | 492/3 | €43,464 | €6,072 | -€37,392 | -86.0% |
| Remuneration, social security and pensions | 62 | €222,142 | €375,984 | +€153,842 | +69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,115 | €66,995 | +€30,880 | +85.5% |
| Other operating charges | 640/8 | €5,182 | €5,377 | +€194 | +3.8% |
| Gross operating margin | 9900 | €685,710 | €1,156,768 | +€471,058 | +68.7% |
| Operating profit (loss) | 9901 | €422,271 | €708,412 | +€286,141 | +67.8% |
| Financial income | 75/76B | €302,048 | €2,486 | -€299,563 | -99.2% |
| Recurring financial income | 75 | €302,048 | €2,486 | -€299,563 | -99.2% |
| Financial charges | 65/66B | €60,470 | €100,300 | +€39,830 | +65.9% |
| Recurring financial charges | 65 | €60,470 | €100,300 | +€39,830 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | €663,850 | €610,598 | -€53,252 | -8.0% |
| Income taxes | 67/77 | €91,392 | €149,601 | +€58,210 | +63.7% |
| Profit (loss) for the period | 9904 | €572,458 | €460,997 | -€111,461 | -19.5% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €210,500 | +€105,250 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €467,208 | €250,497 | -€216,711 | -46.4% |
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 22 October 2026 via checked.be.