NICOVAST: 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.
What changed
NICOVAST
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€248,363
2024 · €148,687+€99,675
Equity
€2.1m
2024 · €1.9m+€198,363
Cash
€7,293
2024 · €18,427-€11,134
Balance sheet total
€3.2m
2024 · €3.2m+€32,035
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€198,363
up €198,363 (+11.9%), from €1.7m to €1.9m
of which Distributable reserves: +€200,125
- Debts after one year -€90,838
down €90,838 (-8.3%), from €1.1m to €1.0m
- Other debts -€58,045
down €58,045 (-53.7%), from €108,045 to €50,000
Income statement
- Financial income +€80,459
up €80,459 (+47.3%), from €170,000 to €250,459
- Other operating income +€61,180
up €61,180 (+333%), from €18,348 to €79,528
- Services and other goods +€38,255
up €38,255 (+25.9%), from €147,636 to €185,891
- Turnover -€6,815
down €6,815 (-2.7%), from €249,187 to €242,372
- Financial charges -€6,713
down €6,713 (-21.8%), from €30,768 to €24,055
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.
Result 2024
€148,687
Turnover
-€6,815
Other operating income
+€61,180
Services and other goods
-€38,255
Staff costs
-€1,774
Depreciation
+€813
Other operating charges
-€1,542
Other operating items
-€3,654
Financial income
+€80,459
Financial charges
+€6,713
Taxes
+€2,552
Result 2025
€248,363
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€168,743
Investment
-€39,603
Financing
-€140,275
Cash 2024
€18,427
From operations (derived)
+€168,743
Net result for the year
+€248,363
Depreciation
+€45,204
Receivables after one year
-€30,000
Receivables within one year
-€17,442
Deferred charges and accrued income
-€1,328
Provisions
-€587
Trade debts
-€1,283
Tax, wage and social debts
-€11,370
Other debts
-€58,045
Accrued charges and deferred income
-€4,767
Investment (derived)
-€39,603
Investment in fixed assets (net)
-€39,603
Financing
-€140,275
Debts after one year
-€90,838
Current portion of long-term debt
+€564
Contributions, distributions and other
-€50,000
Cash 2025
€7,293
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,208,962 | €3,240,997 | +€32,035 | +1.0% |
| Fixed assets | 21/28 | €3,145,466 | €3,139,865 | -€5,601 | -0.2% |
| Tangible fixed assets | 22/27 | €2,044,508 | €2,038,907 | -€5,601 | -0.3% |
| Land and buildings | 22 | €2,024,804 | €2,010,824 | -€13,980 | -0.7% |
| Furniture and vehicles | 24 | €704 | - | -€704 | |
| Other tangible fixed assets | 26 | €19,000 | €28,083 | +€9,083 | +47.8% |
| Financial fixed assets | 28 | €1,100,958 | €1,100,958 | = | 0.0% |
| Affiliated companies | 280/1 | €1,100,000 | €1,100,000 | = | 0.0% |
| Participating interests | 280 | €1,100,000 | €1,100,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €958 | €958 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €958 | €958 | = | 0.0% |
| Current assets | 29/58 | €63,496 | €101,133 | +€37,636 | +59.3% |
| Amounts receivable after more than one year | 29 | €30,000 | €60,000 | +€30,000 | +100% |
| Other amounts receivable | 291 | €30,000 | €60,000 | +€30,000 | +100% |
| Amounts receivable within one year | 40/41 | €10,164 | €27,606 | +€17,442 | +172% |
| Trade receivables | 40 | €1,098 | €5,152 | +€4,054 | +369% |
| Other amounts receivable | 41 | €9,066 | €22,454 | +€13,388 | +148% |
| Cash at bank and in hand | 54/58 | €18,427 | €7,293 | -€11,134 | -60.4% |
| Deferred charges and accrued income | 490/1 | €4,906 | €6,234 | +€1,328 | +27.1% |
| Total equity and liabilities | 10/49 | €3,208,962 | €3,240,997 | +€32,035 | +1.0% |
| Equity | 10/15 | €1,855,356 | €2,053,719 | +€198,363 | +10.7% |
| Contributions | 10/11 | €188,208 | €188,208 | = | 0.0% |
| Reserves | 13 | €1,667,148 | €1,865,511 | +€198,363 | +11.9% |
| Non-distributable reserves | 130/1 | €19,441 | €19,441 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,441 | €19,441 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,653 | €48,891 | -€1,762 | -3.5% |
| Distributable reserves | 133 | €1,597,055 | €1,797,180 | +€200,125 | +12.5% |
| Provisions and deferred taxes | 16 | €16,884 | €16,297 | -€587 | -3.5% |
| Deferred taxes | 168 | €16,884 | €16,297 | -€587 | -3.5% |
| Amounts payable | 17/49 | €1,336,722 | €1,170,981 | -€165,740 | -12.4% |
| Amounts payable after more than one year | 17 | €1,095,063 | €1,004,225 | -€90,838 | -8.3% |
| Financial debts | 170/4 | €1,095,063 | €1,004,225 | -€90,838 | -8.3% |
| Credit institutions | 173 | €1,095,063 | €1,004,225 | -€90,838 | -8.3% |
| Amounts payable within one year | 42/48 | €231,519 | €161,384 | -€70,135 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €90,275 | €90,838 | +€564 | +0.6% |
| Trade debts | 44 | €5,885 | €4,602 | -€1,283 | -21.8% |
| Suppliers | 440/4 | €5,885 | €4,602 | -€1,283 | -21.8% |
| Taxes, remuneration and social security | 45 | €27,314 | €15,944 | -€11,370 | -41.6% |
| Taxes | 450/3 | €21,758 | €10,189 | -€11,569 | -53.2% |
| Remuneration and social security | 454/9 | €5,556 | €5,754 | +€198 | +3.6% |
| Other amounts payable | 47/48 | €108,045 | €50,000 | -€58,045 | -53.7% |
| Accrued charges and deferred income | 492/3 | €10,140 | €5,372 | -€4,767 | -47.0% |
| Operating income | 70/76A | €271,190 | €321,900 | +€50,710 | +18.7% |
| Turnover | 70 | €249,187 | €242,372 | -€6,815 | -2.7% |
| Other operating income | 74 | €18,348 | €79,528 | +€61,180 | +333% |
| Non-recurring operating income | 76A | €3,654 | - | -€3,654 | |
| Operating charges | 60/66A | €258,053 | €298,811 | +€40,758 | +15.8% |
| Services and other goods | 61 | €147,636 | €185,891 | +€38,255 | +25.9% |
| Remuneration, social security and pensions | 62 | €51,768 | €53,541 | +€1,774 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,017 | €45,204 | -€813 | -1.8% |
| Other operating charges | 640/8 | €12,632 | €14,175 | +€1,542 | +12.2% |
| Operating profit (loss) | 9901 | €13,137 | €23,089 | +€9,952 | +75.8% |
| Financial income | 75/76B | €170,000 | €250,459 | +€80,459 | +47.3% |
| Recurring financial income | 75 | €170,000 | €250,459 | +€80,459 | +47.3% |
| Income from financial fixed assets | 750 | €170,000 | €250,159 | +€80,159 | +47.2% |
| Other financial income | 752/9 | €0 | €300 | +€300 | +3,000,000% |
| Financial charges | 65/66B | €30,768 | €24,055 | -€6,713 | -21.8% |
| Recurring financial charges | 65 | €30,768 | €24,055 | -€6,713 | -21.8% |
| Debt charges | 650 | €29,880 | €23,112 | -€6,768 | -22.7% |
| Other financial charges | 652/9 | €887 | €943 | +€55 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €152,369 | €249,493 | +€97,124 | +63.7% |
| Transfer from deferred taxes | 780 | €587 | €587 | = | 0.0% |
| Income taxes | 67/77 | €4,269 | €1,718 | -€2,552 | -59.8% |
| Taxes | 670/3 | €4,269 | €1,718 | -€2,552 | -59.8% |
| Profit (loss) for the period | 9904 | €148,687 | €248,363 | +€99,675 | +67.0% |
| Transfer from tax-exempt reserves | 789 | €1,762 | €1,762 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €150,449 | €250,125 | +€99,675 | +66.3% |
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 21 October 2026 via checked.be.