Lady Nelson: 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.
Lady Nelson
Largest movements
- Current investments +€49,912
up €49,912 (+99.6%), from €50,088 to €100,000
- Tangible fixed assets -€11,404
down €11,404 (-13.6%), from €84,086 to €72,682
- Receivables within one year -€8,951
down €8,951 (-74.4%), from €12,027 to €3,076
of which Other amounts receivable: -€4,527
- Cash +€6,086
up €6,086 (+7.9%), from €76,943 to €83,029
mainly Net result for the year (+€63,746) and Depreciation (+€11,895)
- Reserves +€63,746
up €63,746 (+127%), from €50,214 to €113,960
- Debts after one year -€22,558
down €22,558 (-41.7%), from €54,074 to €31,515
- Trade debts -€7,851
down €7,851 (-17.1%), from €45,888 to €38,036
- Gross operating margin +€12,654
up €12,654 (+11.4%), from €110,735 to €123,389
- Taxes +€6,145
up €6,145 (+62.7%), from €9,797 to €15,942
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 | €241,870 | €278,196 | +€36,326 | +15.0% |
| Fixed assets | 21/28 | €94,389 | €83,275 | -€11,115 | -11.8% |
| Intangible fixed assets | 21 | €1,304 | €1,593 | +€289 | +22.2% |
| Tangible fixed assets | 22/27 | €84,086 | €72,682 | -€11,404 | -13.6% |
| Plant, machinery and equipment | 23 | €34,204 | €29,278 | -€4,926 | -14.4% |
| Furniture and vehicles | 24 | €6,868 | €5,634 | -€1,234 | -18.0% |
| Other tangible fixed assets | 26 | €43,014 | €37,770 | -€5,244 | -12.2% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €147,481 | €194,921 | +€47,441 | +32.2% |
| Stocks and contracts in progress | 3 | €6,771 | €7,457 | +€686 | +10.1% |
| Stocks | 30/36 | €6,771 | €7,457 | +€686 | +10.1% |
| Amounts receivable within one year | 40/41 | €12,027 | €3,076 | -€8,951 | -74.4% |
| Trade receivables | 40 | €6,769 | €2,344 | -€4,424 | -65.4% |
| Other amounts receivable | 41 | €5,258 | €731 | -€4,527 | -86.1% |
| Current investments | 50/53 | €50,088 | €100,000 | +€49,912 | +99.6% |
| Cash at bank and in hand | 54/58 | €76,943 | €83,029 | +€6,086 | +7.9% |
| Deferred charges and accrued income | 490/1 | €1,652 | €1,360 | -€292 | -17.7% |
| Total equity and liabilities | 10/49 | €241,870 | €278,196 | +€36,326 | +15.0% |
| Equity | 10/15 | €92,214 | €155,960 | +€63,746 | +69.1% |
| Contributions | 10/11 | €42,000 | €42,000 | = | 0.0% |
| Reserves | 13 | €50,214 | €113,960 | +€63,746 | +127% |
| Distributable reserves | 133 | €50,214 | €113,960 | +€63,746 | +127% |
| Amounts payable | 17/49 | €149,657 | €122,236 | -€27,420 | -18.3% |
| Amounts payable after more than one year | 17 | €54,074 | €31,515 | -€22,558 | -41.7% |
| Financial debts | 170/4 | €54,074 | €31,515 | -€22,558 | -41.7% |
| Amounts payable within one year | 42/48 | €77,817 | €72,967 | -€4,849 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €21,674 | €22,558 | +€884 | +4.1% |
| Trade debts | 44 | €45,888 | €38,036 | -€7,851 | -17.1% |
| Suppliers | 440/4 | €45,888 | €38,036 | -€7,851 | -17.1% |
| Advances received on contracts in progress | 46 | €255 | - | -€255 | |
| Taxes, remuneration and social security | 45 | €7,837 | €9,977 | +€2,140 | +27.3% |
| Taxes | 450/3 | €3,478 | €4,213 | +€734 | +21.1% |
| Remuneration and social security | 454/9 | €4,359 | €5,764 | +€1,405 | +32.2% |
| Other amounts payable | 47/48 | €2,163 | €2,396 | +€233 | +10.8% |
| Accrued charges and deferred income | 492/3 | €17,766 | €17,753 | -€13 | -0.1% |
| Remuneration, social security and pensions | 62 | €26,617 | €27,156 | +€539 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,599 | €11,895 | +€295 | +2.5% |
| Other operating charges | 640/8 | €382 | €416 | +€34 | +8.9% |
| Gross operating margin | 9900 | €110,735 | €123,389 | +€12,654 | +11.4% |
| Operating profit (loss) | 9901 | €72,137 | €83,922 | +€11,785 | +16.3% |
| Financial income | 75/76B | €125 | €867 | +€742 | +594% |
| Recurring financial income | 75 | €125 | €867 | +€742 | +594% |
| Financial charges | 65/66B | €6,254 | €5,101 | -€1,153 | -18.4% |
| Recurring financial charges | 65 | €6,254 | €5,101 | -€1,153 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €66,008 | €79,688 | +€13,680 | +20.7% |
| Income taxes | 67/77 | €9,797 | €15,942 | +€6,145 | +62.7% |
| Profit (loss) for the period | 9904 | €56,211 | €63,746 | +€7,535 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €56,211 | €63,746 | +€7,535 | +13.4% |
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 19 October 2026 via checked.be.