NICOLI LAFOR: 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.
NICOLI LAFOR
Largest movements
- Cash +€9,907
up €9,907 (+10.5%), from €94,256 to €104,163
mainly Net result for the year (+€7,365) and Depreciation (+€1,092)
- Profit (loss) carried forward +€7,365
up €7,365 (+8.3%), from €88,597 to €95,961
- Gross operating margin +€13,015
up €13,015 (+32.9%), from €39,590 to €52,605
- Staff costs +€6,393
up €6,393 (+19.3%), from €33,195 to €39,588
- Taxes +€1,363
up €1,363 (+179%), from €760 to €2,124
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 | €108,604 | €117,176 | +€8,572 | +7.9% |
| Fixed assets | 21/28 | €1,882 | €790 | -€1,092 | -58.0% |
| Tangible fixed assets | 22/27 | €1,762 | €670 | -€1,092 | -62.0% |
| Plant, machinery and equipment | 23 | €1,762 | €670 | -€1,092 | -62.0% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €106,723 | €116,386 | +€9,664 | +9.1% |
| Stocks and contracts in progress | 3 | €743 | €588 | -€156 | -21.0% |
| Stocks | 30/36 | €743 | €588 | -€156 | -21.0% |
| Amounts receivable within one year | 40/41 | €11,723 | €11,635 | -€87 | -0.7% |
| Trade receivables | 40 | €9,073 | €10,632 | +€1,559 | +17.2% |
| Other amounts receivable | 41 | €2,650 | €1,004 | -€1,646 | -62.1% |
| Cash at bank and in hand | 54/58 | €94,256 | €104,163 | +€9,907 | +10.5% |
| Total equity and liabilities | 10/49 | €108,604 | €117,176 | +€8,572 | +7.9% |
| Equity | 10/15 | €90,457 | €97,821 | +€7,365 | +8.1% |
| 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 | €88,597 | €95,961 | +€7,365 | +8.3% |
| Amounts payable | 17/49 | €18,148 | €19,355 | +€1,207 | +6.6% |
| Amounts payable within one year | 42/48 | €18,148 | €19,355 | +€1,207 | +6.6% |
| Trade debts | 44 | €6,345 | €6,873 | +€528 | +8.3% |
| Suppliers | 440/4 | €6,345 | €6,873 | +€528 | +8.3% |
| Taxes, remuneration and social security | 45 | €5,492 | €6,010 | +€519 | +9.4% |
| Taxes | 450/3 | €5,235 | €5,703 | +€468 | +8.9% |
| Remuneration and social security | 454/9 | €257 | €308 | +€51 | +19.9% |
| Other amounts payable | 47/48 | €6,311 | €6,471 | +€160 | +2.5% |
| Remuneration, social security and pensions | 62 | €33,195 | €39,588 | +€6,393 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,123 | €1,092 | -€31 | -2.8% |
| Other operating charges | 640/8 | €1,758 | €2,276 | +€518 | +29.5% |
| Gross operating margin | 9900 | €39,590 | €52,605 | +€13,015 | +32.9% |
| Operating profit (loss) | 9901 | €3,514 | €9,649 | +€6,135 | +175% |
| Financial income | 75/76B | €3 | €4 | +€1 | +22.2% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +22.2% |
| Financial charges | 65/66B | €163 | €164 | +€1 | +0.3% |
| Recurring financial charges | 65 | €163 | €164 | +€1 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €3,353 | €9,489 | +€6,135 | +183% |
| Income taxes | 67/77 | €760 | €2,124 | +€1,363 | +179% |
| Profit (loss) for the period | 9904 | €2,593 | €7,365 | +€4,772 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €2,593 | €7,365 | +€4,772 | +184% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.