NICOVAL: what changed
Two fiscal 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.
NICOVAL
Largest movements
- Receivables within one year -€200,319
down €200,319 (-83.8%), from €239,054 to €38,735
- Tangible fixed assets +€189,508
up €189,508 (+1.9%), from €10.0m to €10.2m
of which Land and buildings: +€190,640
- Other debts +€296,743
up €296,743 (+2.1%), from €14.0m to €14.3m
- Trade debts -€253,483
down €253,483 (-37.3%), from €679,956 to €426,472
- Profit (loss) carried forward -€223,410
down €223,410 (-2.7%), from -€8.3m to -€8.6m
- Debts after one year +€216,155
up €216,155 (+5.8%), from €3.7m to €3.9m
- Gross operating margin +€133,063
up €133,063 (+37.0%), from €360,015 to €493,078
- Depreciation +€23,099
up €23,099 (+4.8%), from €477,557 to €500,656
- Other operating charges +€22,955
up €22,955 (+115.0%), from €19,967 to €42,923
- Financial charges +€10,244
up €10,244 (+6.3%), from €162,718 to €172,962
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 | €10,328,350 | €10,369,162 | +€40,812 | +0.4% |
| Fixed assets | 21/28 | €10,043,530 | €10,233,038 | +€189,508 | +1.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €10,027,693 | €10,217,202 | +€189,508 | +1.9% |
| Land and buildings | 22 | €10,023,632 | €10,214,272 | +€190,640 | +1.9% |
| Furniture and vehicles | 24 | €4,062 | €2,930 | -€1,131 | -27.9% |
| Financial fixed assets | 28 | €15,836 | €15,836 | = | 0.0% |
| Current assets | 29/58 | €284,821 | €136,124 | -€148,697 | -52.2% |
| Amounts receivable within one year | 40/41 | €239,054 | €38,735 | -€200,319 | -83.8% |
| Trade receivables | 40 | €239,054 | €38,735 | -€200,319 | -83.8% |
| Cash at bank and in hand | 54/58 | €45,766 | €94,499 | +€48,732 | +106.5% |
| Deferred charges and accrued income | 490/1 | - | €2,891 | +€2,891 | |
| Total equity and liabilities | 10/49 | €10,328,350 | €10,369,162 | +€40,812 | +0.4% |
| Equity | 10/15 | -€8,333,078 | -€8,556,488 | -€223,410 | -2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,339,278 | -€8,562,688 | -€223,410 | -2.7% |
| Amounts payable | 17/49 | €18,661,428 | €18,925,650 | +€264,222 | +1.4% |
| Amounts payable after more than one year | 17 | €3,695,031 | €3,911,185 | +€216,155 | +5.8% |
| Financial debts | 170/4 | €3,695,031 | €3,911,185 | +€216,155 | +5.8% |
| Amounts payable within one year | 42/48 | €14,966,398 | €14,985,897 | +€19,500 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €235,710 | €242,782 | +€7,071 | +3.0% |
| Trade debts | 44 | €679,956 | €426,472 | -€253,483 | -37.3% |
| Suppliers | 440/4 | €679,956 | €426,472 | -€253,483 | -37.3% |
| Taxes, remuneration and social security | 45 | €41,132 | €10,300 | -€30,832 | -75.0% |
| Taxes | 450/3 | €41,132 | €10,300 | -€30,832 | -75.0% |
| Other amounts payable | 47/48 | €14,009,600 | €14,306,343 | +€296,743 | +2.1% |
| Accrued charges and deferred income | 492/3 | €0 | €28,567 | +€28,567 | |
| Non-recurring operating income | 76A | €6,536 | €0 | -€6,536 | -100.0% |
| Remuneration, social security and pensions | 62 | €336 | €0 | -€336 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €477,557 | €500,656 | +€23,099 | +4.8% |
| Other operating charges | 640/8 | €19,967 | €42,923 | +€22,955 | +115.0% |
| Non-recurring operating charges | 66A | €964 | €0 | -€964 | -100.0% |
| Gross operating margin | 9900 | €360,015 | €493,078 | +€133,063 | +37.0% |
| Operating profit (loss) | 9901 | -€138,809 | -€50,500 | +€88,309 | +63.6% |
| Financial income | 75/76B | €0 | €52 | +€52 | |
| Recurring financial income | 75 | €0 | €52 | +€52 | |
| Financial charges | 65/66B | €162,718 | €172,962 | +€10,244 | +6.3% |
| Recurring financial charges | 65 | €162,718 | €172,962 | +€10,244 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | -€301,527 | -€223,410 | +€78,117 | +25.9% |
| Profit (loss) for the period | 9904 | -€301,527 | -€223,410 | +€78,117 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€301,527 | -€223,410 | +€78,117 | +25.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.