Work@Nicoleta: 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.
Work@Nicoleta
Largest movements
- Receivables within one year +€565,748
up €565,748 (+155.7%), from €363,457 to €929,204
of which Trade receivables: +€548,948
- Current investments +€200,774
up €200,774 (+44.6%), from €450,573 to €651,347
- Cash -€144,764
down €144,764 (-67.0%), from €215,923 to €71,158
mainly Receivables within one year (-€565,748) and Current investments (-€200,774)
- Tangible fixed assets +€117,367
up €117,367 (+205.1%), from €57,231 to €174,598
of which Leasing and similar rights: +€66,909
- Reserves +€506,606
up €506,606 (+82.6%), from €613,068 to €1.1m
- Tax, wage and social debts +€161,832
up €161,832 (+68.8%), from €235,369 to €397,201
of which Remuneration and social security: +€98,344
- Trade debts +€133,528
up €133,528 (+90.7%), from €147,146 to €280,675
- Current portion of long-term debt -€82,311
down €82,311 (-78.0%), from €105,572 to €23,261
- Debts after one year +€28,122
up €28,122 (+96.1%), from €29,268 to €57,390
- Gross operating margin +€1.3m
up €1.3m (+40.3%), from €3.2m to €4.4m
- Staff costs +€1.1m
up €1.1m (+44.7%), from €2.6m to €3.7m
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 | €1,155,585 | €1,903,652 | +€748,067 | +64.7% |
| Fixed assets | 21/28 | €62,231 | €179,598 | +€117,367 | +188.6% |
| Tangible fixed assets | 22/27 | €57,231 | €174,598 | +€117,367 | +205.1% |
| Land and buildings | 22 | €24,624 | €42,470 | +€17,846 | +72.5% |
| Plant, machinery and equipment | 23 | €5,315 | €15,305 | +€9,990 | +188.0% |
| Furniture and vehicles | 24 | €27,292 | €49,914 | +€22,622 | +82.9% |
| Leasing and similar rights | 25 | - | €66,909 | +€66,909 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,093,355 | €1,724,054 | +€630,700 | +57.7% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €363,457 | €929,204 | +€565,748 | +155.7% |
| Trade receivables | 40 | €343,428 | €892,376 | +€548,948 | +159.8% |
| Other amounts receivable | 41 | €20,029 | €36,828 | +€16,799 | +83.9% |
| Current investments | 50/53 | €450,573 | €651,347 | +€200,774 | +44.6% |
| Cash at bank and in hand | 54/58 | €215,923 | €71,158 | -€144,764 | -67.0% |
| Deferred charges and accrued income | 490/1 | €13,403 | €22,345 | +€8,942 | +66.7% |
| Total equity and liabilities | 10/49 | €1,155,585 | €1,903,652 | +€748,067 | +64.7% |
| Equity | 10/15 | €638,068 | €1,144,675 | +€506,606 | +79.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €613,068 | €1,119,675 | +€506,606 | +82.6% |
| Distributable reserves | 133 | €613,068 | €1,119,675 | +€506,606 | +82.6% |
| Amounts payable | 17/49 | €517,517 | €758,977 | +€241,460 | +46.7% |
| Amounts payable after more than one year | 17 | €29,268 | €57,390 | +€28,122 | +96.1% |
| Financial debts | 170/4 | €29,268 | €57,390 | +€28,122 | +96.1% |
| Amounts payable within one year | 42/48 | €488,249 | €701,587 | +€213,338 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €105,572 | €23,261 | -€82,311 | -78.0% |
| Trade debts | 44 | €147,146 | €280,675 | +€133,528 | +90.7% |
| Suppliers | 440/4 | €147,146 | €280,675 | +€133,528 | +90.7% |
| Taxes, remuneration and social security | 45 | €235,369 | €397,201 | +€161,832 | +68.8% |
| Taxes | 450/3 | €69,248 | €132,736 | +€63,488 | +91.7% |
| Remuneration and social security | 454/9 | €166,121 | €264,465 | +€98,344 | +59.2% |
| Other amounts payable | 47/48 | €161 | €451 | +€290 | +179.9% |
| Remuneration, social security and pensions | 62 | €2,563,351 | €3,709,680 | +€1.1m | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,119 | €29,500 | +€24,381 | +476.3% |
| Other operating charges | 640/8 | €748 | €891 | +€143 | +19.2% |
| Gross operating margin | 9900 | €3,154,293 | €4,425,329 | +€1.3m | +40.3% |
| Operating profit (loss) | 9901 | €585,075 | €685,257 | +€100,183 | +17.1% |
| Financial income | 75/76B | €1,640 | €6,493 | +€4,853 | +296.0% |
| Recurring financial income | 75 | €1,640 | €6,493 | +€4,853 | +296.0% |
| Financial charges | 65/66B | €8,345 | €9,634 | +€1,289 | +15.4% |
| Recurring financial charges | 65 | €8,345 | €9,634 | +€1,289 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €578,369 | €682,117 | +€103,747 | +17.9% |
| Income taxes | 67/77 | €147,736 | €175,511 | +€27,775 | +18.8% |
| Profit (loss) for the period | 9904 | €430,633 | €506,606 | +€75,973 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €430,633 | €506,606 | +€75,973 | +17.6% |
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 11 October 2026 via checked.be.