NICOLAS H: 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.
NICOLAS H
Largest movements
- Receivables within one year +€94,696
up €94,696 (+136%), from €69,696 to €164,392
of which Trade receivables: +€94,454
- Stocks and contracts +€78,002
up €78,002 (+177%), from €43,948 to €121,950
- Tangible fixed assets -€10,928
down €10,928 (-7.5%), from €145,235 to €134,307
of which Furniture and vehicles: -€15,434
- Cash +€6,768
up €6,768 (+4.6%), from €147,901 to €154,668
mainly Net result for the year (+€166,852) and Other debts (+€140,772)
- Other debts +€140,772
up €140,772 (+223%), from €63,130 to €203,902
- Trade debts +€33,413
up €33,413 (+659%), from €5,069 to €38,482
- Profit (loss) carried forward -€33,148
down €33,148 (-28.5%), from €116,467 to €83,318
- Tax, wage and social debts +€30,350
up €30,350 (+35.1%), from €86,505 to €116,855
of which Taxes: +€32,832
- Debts after one year -€7,078
down €7,078 (-7.4%), from €95,408 to €88,330
- Gross operating margin +€96,343
up €96,343 (+34.7%), from €277,372 to €373,715
- Taxes +€21,913
up €21,913 (+52.5%), from €41,772 to €63,685
- Staff costs +€20,414
up €20,414 (+32.0%), from €63,697 to €84,111
- Other operating charges -€10,694
down €10,694 (-53.4%), from €20,038 to €9,344
- Financial charges -€4,844
down €4,844 (-42.3%), from €11,442 to €6,598
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 | €410,297 | €581,531 | +€171,235 | +41.7% |
| Fixed assets | 21/28 | €145,235 | €134,307 | -€10,928 | -7.5% |
| Tangible fixed assets | 22/27 | €145,235 | €134,307 | -€10,928 | -7.5% |
| Plant, machinery and equipment | 23 | €873 | €5,033 | +€4,160 | +477% |
| Furniture and vehicles | 24 | €23,502 | €8,068 | -€15,434 | -65.7% |
| Leasing and similar rights | 25 | €120,861 | €121,206 | +€345 | +0.3% |
| Current assets | 29/58 | €265,061 | €447,224 | +€182,163 | +68.7% |
| Stocks and contracts in progress | 3 | €43,948 | €121,950 | +€78,002 | +177% |
| Stocks | 30/36 | €43,948 | €121,950 | +€78,002 | +177% |
| Amounts receivable within one year | 40/41 | €69,696 | €164,392 | +€94,696 | +136% |
| Trade receivables | 40 | €69,696 | €164,150 | +€94,454 | +136% |
| Other amounts receivable | 41 | - | €241 | +€241 | |
| Cash at bank and in hand | 54/58 | €147,901 | €154,668 | +€6,768 | +4.6% |
| Deferred charges and accrued income | 490/1 | €3,517 | €6,214 | +€2,698 | +76.7% |
| Total equity and liabilities | 10/49 | €410,297 | €581,531 | +€171,235 | +41.7% |
| Equity | 10/15 | €120,467 | €87,318 | -€33,148 | -27.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,467 | €83,318 | -€33,148 | -28.5% |
| Amounts payable | 17/49 | €289,830 | €494,213 | +€204,383 | +70.5% |
| Amounts payable after more than one year | 17 | €95,408 | €88,330 | -€7,078 | -7.4% |
| Financial debts | 170/4 | €95,408 | €88,330 | -€7,078 | -7.4% |
| Amounts payable within one year | 42/48 | €194,422 | €405,883 | +€211,461 | +109% |
| Current portion of amounts payable after more than one year | 42 | €39,719 | €46,645 | +€6,926 | +17.4% |
| Trade debts | 44 | €5,069 | €38,482 | +€33,413 | +659% |
| Suppliers | 440/4 | €5,069 | €38,482 | +€33,413 | +659% |
| Taxes, remuneration and social security | 45 | €86,505 | €116,855 | +€30,350 | +35.1% |
| Taxes | 450/3 | €76,300 | €109,133 | +€32,832 | +43.0% |
| Remuneration and social security | 454/9 | €10,204 | €7,722 | -€2,482 | -24.3% |
| Other amounts payable | 47/48 | €63,130 | €203,902 | +€140,772 | +223% |
| Remuneration, social security and pensions | 62 | €63,697 | €84,111 | +€20,414 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,854 | €42,569 | +€3,715 | +9.6% |
| Other operating charges | 640/8 | €20,038 | €9,344 | -€10,694 | -53.4% |
| Non-recurring operating charges | 66A | €1,083 | €1,474 | +€391 | +36.1% |
| Gross operating margin | 9900 | €277,372 | €373,715 | +€96,343 | +34.7% |
| Operating profit (loss) | 9901 | €153,701 | €236,218 | +€82,517 | +53.7% |
| Financial income | 75/76B | €2,606 | €916 | -€1,690 | -64.8% |
| Recurring financial income | 75 | €2,606 | €916 | -€1,690 | -64.8% |
| Financial charges | 65/66B | €11,442 | €6,598 | -€4,844 | -42.3% |
| Recurring financial charges | 65 | €11,442 | €6,598 | -€4,844 | -42.3% |
| Profit (loss) for the period before taxes | 9903 | €144,865 | €230,537 | +€85,671 | +59.1% |
| Income taxes | 67/77 | €41,772 | €63,685 | +€21,913 | +52.5% |
| Profit (loss) for the period | 9904 | €103,093 | €166,852 | +€63,758 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,093 | €166,852 | +€63,758 | +61.8% |
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 13 October 2026 via checked.be.