NICOLAS HVM: 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 HVM
Largest movements
- Current investments -€991,547
down €991,547 (-28.7%), from €3.5m to €2.5m
- Cash +€54,473
up €54,473 (+122.3%), from €44,549 to €99,022
mainly Current investments (+€991,547) and Net result for the year (+€5,864)
- Short-term financial debts -€897,500
down €897,500 (-50.0%), from €1.8m to €897,500
- Tax, wage and social debts -€39,226
down €39,226 (-39.9%), from €98,281 to €59,054
- Financial charges +€102,356
up €102,356 (+102.5%), from €99,815 to €202,171
- Financial income +€79,958
up €79,958 (+45.6%), from €175,157 to €255,115
- Taxes +€22,716
up €22,716 (+125.0%), from €18,169 to €40,885
- Other operating charges +€611
up €611 (+157.8%), from €387 to €998
- Gross operating margin -€273
down €273 (-5.5%), from -€4,924 to -€5,197
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 | €3,648,783 | €2,716,085 | -€932,697 | -25.6% |
| Fixed assets | 21/28 | €2,500 | €2,500 | = | 0.0% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €3,646,283 | €2,713,585 | -€932,697 | -25.6% |
| Amounts receivable within one year | 40/41 | €146,589 | €150,966 | +€4,378 | +3.0% |
| Other amounts receivable | 41 | €146,589 | €150,966 | +€4,378 | +3.0% |
| Current investments | 50/53 | €3,455,145 | €2,463,598 | -€991,547 | -28.7% |
| Cash at bank and in hand | 54/58 | €44,549 | €99,022 | +€54,473 | +122.3% |
| Total equity and liabilities | 10/49 | €3,648,783 | €2,716,085 | -€932,697 | -25.6% |
| Equity | 10/15 | €1,749,432 | €1,755,296 | +€5,864 | +0.3% |
| Contributions | 10/11 | €2,023,769 | €2,023,769 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€274,337 | -€268,472 | +€5,864 | +2.1% |
| Amounts payable | 17/49 | €1,899,351 | €960,789 | -€938,561 | -49.4% |
| Amounts payable within one year | 42/48 | €1,899,351 | €960,789 | -€938,561 | -49.4% |
| Financial debts | 43 | €1,795,000 | €897,500 | -€897,500 | -50.0% |
| Credit institutions | 430/8 | €1,795,000 | €897,500 | -€897,500 | -50.0% |
| Trade debts | 44 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Suppliers | 440/4 | €6,070 | €4,235 | -€1,835 | -30.2% |
| Taxes, remuneration and social security | 45 | €98,281 | €59,054 | -€39,226 | -39.9% |
| Taxes | 450/3 | €98,281 | €59,054 | -€39,226 | -39.9% |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +157.8% |
| Gross operating margin | 9900 | -€4,924 | -€5,197 | -€273 | -5.5% |
| Operating profit (loss) | 9901 | -€5,311 | -€6,195 | -€884 | -16.6% |
| Financial income | 75/76B | €175,157 | €255,115 | +€79,958 | +45.6% |
| Recurring financial income | 75 | €175,157 | €255,115 | +€79,958 | +45.6% |
| Financial charges | 65/66B | €99,815 | €202,171 | +€102,356 | +102.5% |
| Recurring financial charges | 65 | €99,815 | €202,171 | +€102,356 | +102.5% |
| Profit (loss) for the period before taxes | 9903 | €70,031 | €46,749 | -€23,282 | -33.2% |
| Income taxes | 67/77 | €18,169 | €40,885 | +€22,716 | +125.0% |
| Profit (loss) for the period | 9904 | €51,862 | €5,864 | -€45,998 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,862 | €5,864 | -€45,998 | -88.7% |
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 11 October 2026 via checked.be.