NICOLORS: 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.
NICOLORS
Largest movements
- Cash +€62,363
up €62,363 (+444%), from €14,046 to €76,409
mainly Trade debts (+€78,888) and Stocks and contracts (+€13,935)
- Tangible fixed assets +€37,800
up €37,800 (+217%), from €17,458 to €55,258
of which Furniture and vehicles: +€28,553
- Stocks and contracts -€13,935
down €13,935 (-83.8%), from €16,632 to €2,696
of which Contracts in progress: -€15,132
- Trade debts +€78,888
up €78,888 (+375%), from €21,014 to €99,902
- Profit (loss) carried forward +€12,761
up €12,761 (+15.5%), from €82,144 to €94,905
- Gross operating margin +€52,730
up €52,730 (+17.0%), from €309,786 to €362,517
- Staff costs +€41,068
up €41,068 (+14.2%), from €288,723 to €329,791
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 | €164,102 | €252,311 | +€88,209 | +53.8% |
| Fixed assets | 21/28 | €17,458 | €55,258 | +€37,800 | +217% |
| Tangible fixed assets | 22/27 | €17,458 | €55,258 | +€37,800 | +217% |
| Plant, machinery and equipment | 23 | €1,078 | €10,324 | +€9,246 | +858% |
| Furniture and vehicles | 24 | €16,381 | €44,934 | +€28,553 | +174% |
| Current assets | 29/58 | €146,644 | €197,053 | +€50,410 | +34.4% |
| Stocks and contracts in progress | 3 | €16,632 | €2,696 | -€13,935 | -83.8% |
| Stocks | 30/36 | €1,500 | €2,696 | +€1,196 | +79.8% |
| Contracts in progress | 37 | €15,132 | - | -€15,132 | |
| Amounts receivable within one year | 40/41 | €115,636 | €115,346 | -€290 | -0.3% |
| Trade receivables | 40 | €105,385 | €91,709 | -€13,676 | -13.0% |
| Other amounts receivable | 41 | €10,251 | €23,636 | +€13,386 | +131% |
| Cash at bank and in hand | 54/58 | €14,046 | €76,409 | +€62,363 | +444% |
| Deferred charges and accrued income | 490/1 | €330 | €2,602 | +€2,271 | +687% |
| Total equity and liabilities | 10/49 | €164,102 | €252,311 | +€88,209 | +53.8% |
| Equity | 10/15 | €102,604 | €115,365 | +€12,761 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,144 | €94,905 | +€12,761 | +15.5% |
| Amounts payable | 17/49 | €61,498 | €136,946 | +€75,448 | +123% |
| Amounts payable after more than one year | 17 | €1,805 | - | -€1,805 | |
| Financial debts | 170/4 | €1,805 | - | -€1,805 | |
| Amounts payable within one year | 42/48 | €59,693 | €136,946 | +€77,253 | +129% |
| Current portion of amounts payable after more than one year | 42 | €4,291 | €1,805 | -€2,486 | -57.9% |
| Trade debts | 44 | €21,014 | €99,902 | +€78,888 | +375% |
| Suppliers | 440/4 | €21,014 | €99,902 | +€78,888 | +375% |
| Taxes, remuneration and social security | 45 | €2,801 | €3,998 | +€1,197 | +42.7% |
| Taxes | 450/3 | €2,500 | €3,200 | +€700 | +28.0% |
| Remuneration and social security | 454/9 | €301 | €798 | +€497 | +165% |
| Other amounts payable | 47/48 | €31,586 | €31,240 | -€346 | -1.1% |
| Remuneration, social security and pensions | 62 | €288,723 | €329,791 | +€41,068 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,670 | €9,001 | +€1,331 | +17.4% |
| Other operating charges | 640/8 | €2,677 | €2,210 | -€468 | -17.5% |
| Non-recurring operating charges | 66A | €635 | €713 | +€78 | +12.3% |
| Gross operating margin | 9900 | €309,786 | €362,517 | +€52,730 | +17.0% |
| Operating profit (loss) | 9901 | €10,082 | €20,802 | +€10,720 | +106% |
| Financial income | 75/76B | €18 | €12 | -€5 | -29.9% |
| Recurring financial income | 75 | €18 | €12 | -€5 | -29.9% |
| Financial charges | 65/66B | €371 | €849 | +€477 | +128% |
| Recurring financial charges | 65 | €371 | €849 | +€477 | +128% |
| Profit (loss) for the period before taxes | 9903 | €9,728 | €19,966 | +€10,238 | +105% |
| Income taxes | 67/77 | €6,385 | €7,205 | +€819 | +12.8% |
| Profit (loss) for the period | 9904 | €3,343 | €12,761 | +€9,419 | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €3,343 | €12,761 | +€9,419 | +282% |
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 19 October 2026 via checked.be.