PUT NICO: 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.
PUT NICO
Largest movements
- Receivables within one year +€416,877
up €416,877 (+615.1%), from €67,773 to €484,650
of which Other amounts receivable: +€416,877
- Tangible fixed assets -€70,046
down €70,046 (-2.7%), from €2.6m to €2.5m
of which Land and buildings: -€52,586
- Financial fixed assets +€66,671
up €66,671 (+4.5%), from €1.5m to €1.6m
- Short-term financial debts +€450,000
new in 2025: €450,000
- Debts after one year -€289,334
down €289,334 (-13.2%), from €2.2m to €1.9m
- Reserves +€100,821
up €100,821 (+44.4%), from €227,138 to €327,958
- Contributions +€66,667
up €66,667 (+190.5%), from €35,000 to €101,667
- Current portion of long-term debt +€56,937
up €56,937 (+32.6%), from €174,846 to €231,784
- Gross operating margin +€140,280
up €140,280 (+57.9%), from €242,098 to €382,378
- Taxes +€49,979
up €49,979 (+559.5%), from €8,933 to €58,911
- Financial charges +€28,197
up €28,197 (+36.8%), from €76,582 to €104,779
- Depreciation +€16,954
up €16,954 (+22.1%), from €76,673 to €93,627
- Other operating charges +€9,903
up €9,903 (+68.2%), from €14,531 to €24,434
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 | €4,201,323 | €4,644,981 | +€443,658 | +10.6% |
| Fixed assets | 21/28 | €4,055,175 | €4,051,800 | -€3,375 | -0.1% |
| Tangible fixed assets | 22/27 | €2,560,875 | €2,490,829 | -€70,046 | -2.7% |
| Land and buildings | 22 | €2,515,786 | €2,463,200 | -€52,586 | -2.1% |
| Plant, machinery and equipment | 23 | €7 | - | -€7 | |
| Furniture and vehicles | 24 | €45,081 | €27,629 | -€17,452 | -38.7% |
| Financial fixed assets | 28 | €1,494,300 | €1,560,971 | +€66,671 | +4.5% |
| Current assets | 29/58 | €146,148 | €593,181 | +€447,033 | +305.9% |
| Amounts receivable within one year | 40/41 | €67,773 | €484,650 | +€416,877 | +615.1% |
| Trade receivables | 40 | €21,560 | €21,560 | = | 0.0% |
| Other amounts receivable | 41 | €46,213 | €463,090 | +€416,877 | +902.1% |
| Current investments | 50/53 | €67,530 | €79,525 | +€11,995 | +17.8% |
| Cash at bank and in hand | 54/58 | €10,844 | €29,006 | +€18,162 | +167.5% |
| Total equity and liabilities | 10/49 | €4,201,323 | €4,644,981 | +€443,658 | +10.6% |
| Equity | 10/15 | €951,097 | €1,118,584 | +€167,487 | +17.6% |
| Contributions | 10/11 | €35,000 | €101,667 | +€66,667 | +190.5% |
| Reserves | 13 | €227,138 | €327,958 | +€100,821 | +44.4% |
| Distributable reserves | 133 | €227,138 | €327,958 | +€100,821 | +44.4% |
| Profit (loss) carried forward | 14 | €688,959 | €688,959 | = | 0.0% |
| Provisions and deferred taxes | 16 | €929 | €929 | = | 0.0% |
| Deferred taxes | 168 | €929 | €929 | = | 0.0% |
| Amounts payable | 17/49 | €3,249,297 | €3,525,467 | +€276,170 | +8.5% |
| Amounts payable after more than one year | 17 | €2,195,846 | €1,906,512 | -€289,334 | -13.2% |
| Financial debts | 170/4 | €2,195,846 | €1,906,512 | -€289,334 | -13.2% |
| Amounts payable within one year | 42/48 | €1,053,451 | €1,618,956 | +€565,505 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €174,846 | €231,784 | +€56,937 | +32.6% |
| Financial debts | 43 | - | €450,000 | +€450,000 | |
| Credit institutions | 430/8 | - | €450,000 | +€450,000 | |
| Trade debts | 44 | €11,923 | €12,648 | +€725 | +6.1% |
| Suppliers | 440/4 | €11,923 | €12,648 | +€725 | +6.1% |
| Taxes, remuneration and social security | 45 | €14,710 | €30,194 | +€15,483 | +105.3% |
| Taxes | 450/3 | €14,710 | €30,194 | +€15,483 | +105.3% |
| Other amounts payable | 47/48 | €851,971 | €894,330 | +€42,359 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,673 | €93,627 | +€16,954 | +22.1% |
| Other operating charges | 640/8 | €14,531 | €24,434 | +€9,903 | +68.2% |
| Non-recurring operating charges | 66A | €46,303 | - | -€46,303 | |
| Gross operating margin | 9900 | €242,098 | €382,378 | +€140,280 | +57.9% |
| Operating profit (loss) | 9901 | €104,592 | €264,317 | +€159,725 | +152.7% |
| Financial income | 75/76B | - | €193 | +€193 | |
| Recurring financial income | 75 | - | €193 | +€193 | |
| Financial charges | 65/66B | €76,582 | €104,779 | +€28,197 | +36.8% |
| Recurring financial charges | 65 | €76,582 | €104,779 | +€28,197 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €28,010 | €159,732 | +€131,722 | +470.3% |
| Income taxes | 67/77 | €8,933 | €58,911 | +€49,979 | +559.5% |
| Profit (loss) for the period | 9904 | €19,078 | €100,821 | +€81,743 | +428.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,078 | €100,821 | +€81,743 | +428.5% |
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 12 October 2026 via checked.be.