LORD 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.
LORD NELSON
Largest movements
- Cash +€6,175
up €6,175 (+11.9%), from €51,871 to €58,046
mainly Net result for the year (+€33,015) and Tax, wage and social debts (+€6,761)
- Receivables within one year +€3,427
up €3,427 (+78.1%), from €4,389 to €7,816
of which Other amounts receivable: +€3,427
- Tangible fixed assets -€2,540
down €2,540 (-14.5%), from €17,469 to €14,929
of which Other tangible fixed assets: -€2,028
- Reserves +€8,470
up €8,470 (+18.5%), from €45,875 to €54,345
- Tax, wage and social debts +€6,761
up €6,761 (+20.4%), from €33,091 to €39,852
of which Taxes: +€5,214
- Other debts -€6,179
down €6,179 (-100%), from €6,179 to €0
- Gross operating margin +€36,731
up €36,731 (+17.4%), from €210,953 to €247,684
- Staff costs +€9,898
up €9,898 (+5.1%), from €193,536 to €203,433
- Taxes +€3,448
up €3,448 (+298%), from €1,156 to €4,605
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 | €113,076 | €121,093 | +€8,016 | +7.1% |
| Fixed assets | 21/28 | €22,427 | €19,886 | -€2,540 | -11.3% |
| Tangible fixed assets | 22/27 | €17,469 | €14,929 | -€2,540 | -14.5% |
| Plant, machinery and equipment | 23 | €513 | €0 | -€513 | -100% |
| Other tangible fixed assets | 26 | €16,956 | €14,929 | -€2,028 | -12.0% |
| Financial fixed assets | 28 | €4,958 | €4,958 | = | 0.0% |
| Current assets | 29/58 | €90,649 | €101,206 | +€10,557 | +11.6% |
| Stocks and contracts in progress | 3 | €3,987 | €5,010 | +€1,023 | +25.6% |
| Stocks | 30/36 | €3,987 | €5,010 | +€1,023 | +25.6% |
| Amounts receivable within one year | 40/41 | €4,389 | €7,816 | +€3,427 | +78.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,389 | €7,816 | +€3,427 | +78.1% |
| Current investments | 50/53 | €30,207 | €30,298 | +€92 | +0.3% |
| Cash at bank and in hand | 54/58 | €51,871 | €58,046 | +€6,175 | +11.9% |
| Deferred charges and accrued income | 490/1 | €195 | €36 | -€159 | -81.6% |
| Total equity and liabilities | 10/49 | €113,076 | €121,093 | +€8,016 | +7.1% |
| Equity | 10/15 | €52,073 | €60,542 | +€8,470 | +16.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €45,875 | €54,345 | +€8,470 | +18.5% |
| Distributable reserves | 133 | €45,875 | €54,345 | +€8,470 | +18.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €61,003 | €60,550 | -€453 | -0.7% |
| Amounts payable within one year | 42/48 | €56,253 | €55,800 | -€453 | -0.8% |
| Trade debts | 44 | €16,983 | €15,948 | -€1,035 | -6.1% |
| Suppliers | 440/4 | €16,983 | €15,948 | -€1,035 | -6.1% |
| Taxes, remuneration and social security | 45 | €33,091 | €39,852 | +€6,761 | +20.4% |
| Taxes | 450/3 | €15,287 | €20,501 | +€5,214 | +34.1% |
| Remuneration and social security | 454/9 | €17,805 | €19,352 | +€1,547 | +8.7% |
| Other amounts payable | 47/48 | €6,179 | €0 | -€6,179 | -100% |
| Accrued charges and deferred income | 492/3 | €4,750 | €4,750 | = | 0.0% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €193,536 | €203,433 | +€9,898 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,728 | €2,540 | -€187 | -6.9% |
| Other operating charges | 640/8 | €2,032 | €1,820 | -€212 | -10.4% |
| Gross operating margin | 9900 | €210,953 | €247,684 | +€36,731 | +17.4% |
| Operating profit (loss) | 9901 | €12,658 | €39,891 | +€27,233 | +215% |
| Financial income | 75/76B | €227 | €132 | -€95 | -42.0% |
| Recurring financial income | 75 | €227 | €132 | -€95 | -42.0% |
| Financial charges | 65/66B | €2,286 | €2,403 | +€117 | +5.1% |
| Recurring financial charges | 65 | €2,286 | €2,403 | +€117 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €10,600 | €37,620 | +€27,020 | +255% |
| Income taxes | 67/77 | €1,156 | €4,605 | +€3,448 | +298% |
| Profit (loss) for the period | 9904 | €9,443 | €33,015 | +€23,572 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €9,443 | €33,015 | +€23,572 | +250% |
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 18 October 2026 via checked.be.