NICOVAN: 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.
NICOVAN
Largest movements
- Receivables within one year -€28,644
down €28,644 (-38.0%), from €75,450 to €46,806
of which Trade receivables: -€28,033
- Stocks and contracts +€22,798
up €22,798 (+748.9%), from €3,044 to €25,842
of which Contracts in progress: +€20,464
- Cash +€22,638
up €22,638 (+111.9%), from €20,237 to €42,875
mainly Receivables within one year (+€28,644) and Depreciation (+€20,630)
- Tangible fixed assets -€13,689
down €13,689 (-7.1%), from €193,906 to €180,217
of which Furniture and vehicles: -€10,680
- Reserves +€19,655
up €19,655 (+21.5%), from €91,537 to €111,192
- Debts after one year -€13,417
down €13,417 (-12.5%), from €107,306 to €93,890
- Trade debts +€4,289
up €4,289 (+25.6%), from €16,723 to €21,012
- Current portion of long-term debt -€4,226
down €4,226 (-24.0%), from €17,643 to €13,417
- Gross operating margin +€5,808
up €5,808 (+5.1%), from €114,202 to €120,010
- Staff costs +€4,112
up €4,112 (+6.6%), from €62,418 to €66,530
- Depreciation +€1,780
up €1,780 (+9.4%), from €18,850 to €20,630
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 | €297,109 | €301,873 | +€4,764 | +1.6% |
| Fixed assets | 21/28 | €193,906 | €180,217 | -€13,689 | -7.1% |
| Tangible fixed assets | 22/27 | €193,906 | €180,217 | -€13,689 | -7.1% |
| Land and buildings | 22 | €159,678 | €156,856 | -€2,822 | -1.8% |
| Plant, machinery and equipment | 23 | €187 | - | -€187 | |
| Furniture and vehicles | 24 | €34,041 | €23,362 | -€10,680 | -31.4% |
| Current assets | 29/58 | €103,202 | €121,656 | +€18,453 | +17.9% |
| Stocks and contracts in progress | 3 | €3,044 | €25,842 | +€22,798 | +748.9% |
| Stocks | 30/36 | €1,508 | €3,842 | +€2,334 | +154.7% |
| Contracts in progress | 37 | €1,536 | €22,000 | +€20,464 | +1332.3% |
| Amounts receivable within one year | 40/41 | €75,450 | €46,806 | -€28,644 | -38.0% |
| Trade receivables | 40 | €72,612 | €44,579 | -€28,033 | -38.6% |
| Other amounts receivable | 41 | €2,838 | €2,226 | -€611 | -21.5% |
| Cash at bank and in hand | 54/58 | €20,237 | €42,875 | +€22,638 | +111.9% |
| Deferred charges and accrued income | 490/1 | €4,471 | €6,133 | +€1,661 | +37.1% |
| Total equity and liabilities | 10/49 | €297,109 | €301,873 | +€4,764 | +1.6% |
| Equity | 10/15 | €110,537 | €130,192 | +€19,655 | +17.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €91,537 | €111,192 | +€19,655 | +21.5% |
| Distributable reserves | 133 | €91,537 | €111,192 | +€19,655 | +21.5% |
| Amounts payable | 17/49 | €186,572 | €171,682 | -€14,891 | -8.0% |
| Amounts payable after more than one year | 17 | €107,306 | €93,890 | -€13,417 | -12.5% |
| Financial debts | 170/4 | €107,306 | €93,890 | -€13,417 | -12.5% |
| Amounts payable within one year | 42/48 | €79,266 | €77,642 | -€1,624 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €17,643 | €13,417 | -€4,226 | -24.0% |
| Trade debts | 44 | €16,723 | €21,012 | +€4,289 | +25.6% |
| Suppliers | 440/4 | €16,723 | €21,012 | +€4,289 | +25.6% |
| Taxes, remuneration and social security | 45 | €18,193 | €15,774 | -€2,419 | -13.3% |
| Taxes | 450/3 | €15,920 | €11,821 | -€4,100 | -25.8% |
| Remuneration and social security | 454/9 | €2,273 | €3,953 | +€1,681 | +73.9% |
| Other amounts payable | 47/48 | €26,707 | €27,439 | +€732 | +2.7% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Non-recurring operating income | 76A | €83 | - | -€83 | |
| Remuneration, social security and pensions | 62 | €62,418 | €66,530 | +€4,112 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,850 | €20,630 | +€1,780 | +9.4% |
| Other operating charges | 640/8 | €1,565 | €1,720 | +€155 | +9.9% |
| Gross operating margin | 9900 | €114,202 | €120,010 | +€5,808 | +5.1% |
| Operating profit (loss) | 9901 | €31,369 | €31,129 | -€240 | -0.8% |
| Financial income | 75/76B | €63 | €58 | -€5 | -7.7% |
| Recurring financial income | 75 | €63 | €58 | -€5 | -7.7% |
| Financial charges | 65/66B | €4,378 | €4,359 | -€19 | -0.4% |
| Recurring financial charges | 65 | €4,378 | €4,359 | -€19 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €27,054 | €26,829 | -€225 | -0.8% |
| Income taxes | 67/77 | €8,085 | €7,174 | -€911 | -11.3% |
| Profit (loss) for the period | 9904 | €18,969 | €19,655 | +€686 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,969 | €19,655 | +€686 | +3.6% |
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 8 October 2026 via checked.be.