NICOLE MEN: 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.
NICOLE MEN
Largest movements
- Stocks and contracts +€29,787
up €29,787 (+11.6%), from €257,720 to €287,507
- Cash -€17,121
down €17,121 (-5.8%), from €296,721 to €279,600
mainly Investment in fixed assets (net) (-€34,598) and Stocks and contracts (-€29,787)
- Tangible fixed assets +€8,870
up €8,870 (+8.5%), from €104,220 to €113,090
of which Other tangible fixed assets: +€24,446
- Reserves +€40,000
up €40,000 (+17.4%), from €229,627 to €269,627
of which Distributable reserves: +€40,000
- Debts after one year -€27,264
down €27,264 (-50.5%), from €53,985 to €26,721
- Tax, wage and social debts +€17,421
up €17,421 (+15.6%), from €111,437 to €128,859
of which Taxes: +€11,766
- Trade debts -€12,923
down €12,923 (-11.7%), from €110,621 to €97,699
- Staff costs +€49,501
up €49,501 (+11.5%), from €432,205 to €481,706
- Gross operating margin -€18,270
down €18,270 (-2.9%), from €629,669 to €611,399
- Taxes -€12,939
down €12,939 (-24.1%), from €53,603 to €40,664
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 | €703,602 | €723,842 | +€20,240 | +2.9% |
| Fixed assets | 21/28 | €105,193 | €114,063 | +€8,870 | +8.4% |
| Tangible fixed assets | 22/27 | €104,220 | €113,090 | +€8,870 | +8.5% |
| Plant, machinery and equipment | 23 | €3,913 | €2,304 | -€1,608 | -41.1% |
| Furniture and vehicles | 24 | €44,991 | €31,023 | -€13,968 | -31.0% |
| Other tangible fixed assets | 26 | €55,317 | €79,763 | +€24,446 | +44.2% |
| Financial fixed assets | 28 | €973 | €973 | = | 0.0% |
| Current assets | 29/58 | €598,409 | €609,780 | +€11,371 | +1.9% |
| Stocks and contracts in progress | 3 | €257,720 | €287,507 | +€29,787 | +11.6% |
| Stocks | 30/36 | €257,720 | €287,507 | +€29,787 | +11.6% |
| Amounts receivable within one year | 40/41 | €43,968 | €42,673 | -€1,295 | -2.9% |
| Trade receivables | 40 | €21,269 | €22,098 | +€829 | +3.9% |
| Other amounts receivable | 41 | €22,699 | €20,575 | -€2,124 | -9.4% |
| Cash at bank and in hand | 54/58 | €296,721 | €279,600 | -€17,121 | -5.8% |
| Total equity and liabilities | 10/49 | €703,602 | €723,842 | +€20,240 | +2.9% |
| Equity | 10/15 | €251,362 | €293,300 | +€41,938 | +16.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €229,627 | €269,627 | +€40,000 | +17.4% |
| Tax-exempt reserves | 132 | €404 | €404 | = | 0.0% |
| Distributable reserves | 133 | €229,224 | €269,224 | +€40,000 | +17.5% |
| Profit (loss) carried forward | 14 | €3,135 | €5,073 | +€1,938 | +61.8% |
| Amounts payable | 17/49 | €452,240 | €430,542 | -€21,698 | -4.8% |
| Amounts payable after more than one year | 17 | €53,985 | €26,721 | -€27,264 | -50.5% |
| Financial debts | 170/4 | €53,985 | €26,721 | -€27,264 | -50.5% |
| Amounts payable within one year | 42/48 | €398,255 | €403,822 | +€5,567 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €26,197 | €27,264 | +€1,068 | +4.1% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €110,621 | €97,699 | -€12,923 | -11.7% |
| Suppliers | 440/4 | €110,621 | €97,699 | -€12,923 | -11.7% |
| Taxes, remuneration and social security | 45 | €111,437 | €128,859 | +€17,421 | +15.6% |
| Taxes | 450/3 | €60,683 | €72,449 | +€11,766 | +19.4% |
| Remuneration and social security | 454/9 | €50,754 | €56,409 | +€5,655 | +11.1% |
| Remuneration, social security and pensions | 62 | €432,205 | €481,706 | +€49,501 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,655 | €25,729 | +€74 | +0.3% |
| Other operating charges | 640/8 | €8,947 | €10,096 | +€1,149 | +12.8% |
| Gross operating margin | 9900 | €629,669 | €611,399 | -€18,270 | -2.9% |
| Operating profit (loss) | 9901 | €162,861 | €93,868 | -€68,994 | -42.4% |
| Financial income | 75/76B | €5,883 | €3,113 | -€2,771 | -47.1% |
| Recurring financial income | 75 | €5,883 | €3,113 | -€2,771 | -47.1% |
| Financial charges | 65/66B | €15,646 | €14,378 | -€1,269 | -8.1% |
| Recurring financial charges | 65 | €15,646 | €14,378 | -€1,269 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €153,098 | €82,602 | -€70,496 | -46.0% |
| Income taxes | 67/77 | €53,603 | €40,664 | -€12,939 | -24.1% |
| Profit (loss) for the period | 9904 | €99,495 | €41,938 | -€57,557 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,495 | €41,938 | -€57,557 | -57.8% |
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 27 October 2026 via checked.be.