Niels Nicolas: 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.
Niels Nicolas
Largest movements
- Cash +€18,178
up €18,178 (+57.1%), from €31,834 to €50,012
mainly Other debts (+€16,675) and Depreciation (+€16,345)
- Intangible fixed assets -€8,579
down €8,579 (-3.6%), from €235,158 to €226,579
- Tangible fixed assets -€4,543
down €4,543 (-35.3%), from €12,863 to €8,320
of which Furniture and vehicles: -€4,147
- Other debts +€16,675
up €16,675 (+66.9%), from €24,917 to €41,592
- Debts after one year -€13,600
down €13,600 (-6.0%), from €227,392 to €213,792
- Gross operating margin +€18,798
up €18,798 (+64.8%), from €29,025 to €47,823
- Taxes +€4,078
up €4,078 (+367%), from €1,110 to €5,188
- Financial charges -€2,962
down €2,962 (-25.3%), from €11,727 to €8,765
- Depreciation -€1,629
down €1,629 (-9.1%), from €17,974 to €16,345
- Other operating charges +€680
up €680 (+62.4%), from €1,089 to €1,769
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 | €283,808 | €286,328 | +€2,520 | +0.9% |
| Fixed assets | 21/28 | €248,104 | €234,982 | -€13,122 | -5.3% |
| Intangible fixed assets | 21 | €235,158 | €226,579 | -€8,579 | -3.6% |
| Tangible fixed assets | 22/27 | €12,863 | €8,320 | -€4,543 | -35.3% |
| Land and buildings | 22 | €2,805 | €2,504 | -€301 | -10.7% |
| Plant, machinery and equipment | 23 | €888 | €793 | -€95 | -10.7% |
| Furniture and vehicles | 24 | €9,170 | €5,023 | -€4,147 | -45.2% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €35,704 | €51,346 | +€15,642 | +43.8% |
| Amounts receivable within one year | 40/41 | €2,290 | - | -€2,290 | |
| Trade receivables | 40 | €600 | - | -€600 | |
| Other amounts receivable | 41 | €1,690 | - | -€1,690 | |
| Cash at bank and in hand | 54/58 | €31,834 | €50,012 | +€18,178 | +57.1% |
| Deferred charges and accrued income | 490/1 | €1,580 | €1,334 | -€246 | -15.6% |
| Total equity and liabilities | 10/49 | €283,808 | €286,328 | +€2,520 | +0.9% |
| Equity | 10/15 | €15,090 | €15,846 | +€756 | +5.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,590 | €13,346 | +€756 | +6.0% |
| Amounts payable | 17/49 | €268,718 | €270,482 | +€1,764 | +0.7% |
| Amounts payable after more than one year | 17 | €227,392 | €213,792 | -€13,600 | -6.0% |
| Financial debts | 170/4 | €227,392 | €213,792 | -€13,600 | -6.0% |
| Amounts payable within one year | 42/48 | €41,326 | €56,690 | +€15,364 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €14,209 | €13,600 | -€609 | -4.3% |
| Trade debts | 44 | €2,200 | €810 | -€1,390 | -63.2% |
| Suppliers | 440/4 | €2,200 | €810 | -€1,390 | -63.2% |
| Taxes, remuneration and social security | 45 | - | €688 | +€688 | |
| Taxes | 450/3 | - | €688 | +€688 | |
| Other amounts payable | 47/48 | €24,917 | €41,592 | +€16,675 | +66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,974 | €16,345 | -€1,629 | -9.1% |
| Other operating charges | 640/8 | €1,089 | €1,769 | +€680 | +62.4% |
| Gross operating margin | 9900 | €29,025 | €47,823 | +€18,798 | +64.8% |
| Operating profit (loss) | 9901 | €9,962 | €29,709 | +€19,747 | +198% |
| Financial charges | 65/66B | €11,727 | €8,765 | -€2,962 | -25.3% |
| Recurring financial charges | 65 | €11,727 | €8,765 | -€2,962 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,765 | €20,944 | +€22,709 | |
| Income taxes | 67/77 | €1,110 | €5,188 | +€4,078 | +367% |
| Profit (loss) for the period | 9904 | -€2,875 | €15,756 | +€18,631 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,875 | €15,756 | +€18,631 |
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 25 October 2026 via checked.be.