DR. NELE BOLLEN: 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.
DR. NELE BOLLEN
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Cash -€63,006
down €63,006 (-45.2%), from €139,336 to €76,331
mainly Contributions, distributions and other (-€160,000) and Current investments (-€80,000)
- Tangible fixed assets +€55,331
up €55,331 (+671%), from €8,241 to €63,572
of which Furniture and vehicles: +€55,906
- Receivables within one year -€9,681
down €9,681 (-61.3%), from €15,803 to €6,122
- Debts after one year +€46,798
new in 2025: €46,798
- Current portion of long-term debt +€10,843
new in 2025: €10,843
- Profit (loss) carried forward +€6,807
up €6,807 (+4.2%), from €160,752 to €167,560
- Gross operating margin +€19,661
up €19,661 (+9.7%), from €201,943 to €221,604
- Depreciation -€8,154
down €8,154 (-77.9%), from €10,465 to €2,310
- Taxes +€5,705
up €5,705 (+12.8%), from €44,544 to €50,249
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 | €169,127 | €232,430 | +€63,303 | +37.4% |
| Fixed assets | 21/28 | €8,241 | €63,572 | +€55,331 | +671% |
| Tangible fixed assets | 22/27 | €8,241 | €63,572 | +€55,331 | +671% |
| Furniture and vehicles | 24 | €3,179 | €59,085 | +€55,906 | +1,759% |
| Other tangible fixed assets | 26 | €5,062 | €4,487 | -€575 | -11.4% |
| Current assets | 29/58 | €160,885 | €168,858 | +€7,972 | +5.0% |
| Amounts receivable within one year | 40/41 | €15,803 | €6,122 | -€9,681 | -61.3% |
| Other amounts receivable | 41 | €15,803 | €6,122 | -€9,681 | -61.3% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €139,336 | €76,331 | -€63,006 | -45.2% |
| Deferred charges and accrued income | 490/1 | €5,746 | €6,405 | +€659 | +11.5% |
| Total equity and liabilities | 10/49 | €169,127 | €232,430 | +€63,303 | +37.4% |
| Equity | 10/15 | €166,752 | €173,560 | +€6,807 | +4.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,752 | €167,560 | +€6,807 | +4.2% |
| Amounts payable | 17/49 | €2,375 | €58,870 | +€56,496 | +2,379% |
| Amounts payable after more than one year | 17 | - | €46,798 | +€46,798 | |
| Financial debts | 170/4 | - | €46,798 | +€46,798 | |
| Amounts payable within one year | 42/48 | €2,375 | €12,072 | +€9,698 | +408% |
| Current portion of amounts payable after more than one year | 42 | - | €10,843 | +€10,843 | |
| Trade debts | 44 | €980 | €980 | = | 0.0% |
| Suppliers | 440/4 | €980 | €980 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,395 | €249 | -€1,145 | -82.1% |
| Taxes | 450/3 | €1,395 | €249 | -€1,145 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,465 | €2,310 | -€8,154 | -77.9% |
| Other operating charges | 640/8 | €777 | €1,907 | +€1,130 | +145% |
| Gross operating margin | 9900 | €201,943 | €221,604 | +€19,661 | +9.7% |
| Operating profit (loss) | 9901 | €190,701 | €217,386 | +€26,685 | +14.0% |
| Financial income | 75/76B | €1 | €0 | -€0 | -20.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -20.0% |
| Financial charges | 65/66B | €153 | €330 | +€177 | +115% |
| Recurring financial charges | 65 | €153 | €330 | +€177 | +115% |
| Profit (loss) for the period before taxes | 9903 | €190,548 | €217,057 | +€26,508 | +13.9% |
| Income taxes | 67/77 | €44,544 | €50,249 | +€5,705 | +12.8% |
| Profit (loss) for the period | 9904 | €146,005 | €166,807 | +€20,803 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €146,005 | €166,807 | +€20,803 | +14.2% |
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 20 October 2026 via checked.be.