N-E-L: what changed
Two fiscal 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.
N-E-L
Largest movements
- Tangible fixed assets +€22,235
up €22,235 (+187.1%), from €11,884 to €34,119
of which Furniture and vehicles: +€22,993
- Receivables within one year +€9,346
up €9,346, from €0 to €9,346
of which Trade receivables: +€7,324
- Cash +€5,211
up €5,211 (+55.5%), from €9,391 to €14,602
mainly Debts after one year (+€23,248) and Trade debts (+€10,129)
- Stocks and contracts -€1,236
down €1,236 (-30.2%), from €4,099 to €2,863
- Deferred charges and accrued income +€1,063
up €1,063 (+35.4%), from €3,000 to €4,063
- Debts after one year +€23,248
up €23,248 (+1402.8%), from €1,657 to €24,906
- Trade debts +€10,129
up €10,129 (+786.5%), from €1,288 to €11,417
- Profit (loss) carried forward +€4,790
up €4,790 (+45.8%), from -€10,457 to -€5,666
- Tax, wage and social debts -€940
down €940 (-34.9%), from €2,690 to €1,750
- Gross operating margin +€9,552
up €9,552 (+3118.9%), from €306 to €9,859
- Financial charges +€2,287
up €2,287 (+758.9%), from €301 to €2,588
- Financial income +€1,615
new in 2025: €1,615
of which Non-recurring financial income: +€1,560
- Depreciation -€1,603
down €1,603 (-31.5%), from €5,085 to €3,482
- Other operating charges -€415
down €415 (-36.1%), from €1,149 to €733
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 | €28,374 | €64,993 | +€36,620 | +129.1% |
| Fixed assets | 21/28 | €11,884 | €34,119 | +€22,235 | +187.1% |
| Tangible fixed assets | 22/27 | €11,884 | €34,119 | +€22,235 | +187.1% |
| Land and buildings | 22 | €2,003 | €1,655 | -€348 | -17.4% |
| Furniture and vehicles | 24 | €6,311 | €29,304 | +€22,993 | +364.3% |
| Other tangible fixed assets | 26 | €3,570 | €3,160 | -€410 | -11.5% |
| Current assets | 29/58 | €16,490 | €30,874 | +€14,385 | +87.2% |
| Stocks and contracts in progress | 3 | €4,099 | €2,863 | -€1,236 | -30.2% |
| Stocks | 30/36 | €4,099 | €2,863 | -€1,236 | -30.2% |
| Amounts receivable within one year | 40/41 | €0 | €9,346 | +€9,346 | |
| Trade receivables | 40 | €0 | €7,324 | +€7,324 | |
| Other amounts receivable | 41 | - | €2,022 | +€2,022 | |
| Cash at bank and in hand | 54/58 | €9,391 | €14,602 | +€5,211 | +55.5% |
| Deferred charges and accrued income | 490/1 | €3,000 | €4,063 | +€1,063 | +35.4% |
| Total equity and liabilities | 10/49 | €28,374 | €64,993 | +€36,620 | +129.1% |
| Equity | 10/15 | -€3,656 | €1,134 | +€4,790 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €600 | €600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €207 | - | -€207 | |
| Reserves not available under the articles | 1311 | €207 | - | -€207 | |
| Distributable reserves | 133 | €394 | €600 | +€207 | +52.5% |
| Profit (loss) carried forward | 14 | -€10,457 | -€5,666 | +€4,790 | +45.8% |
| Amounts payable | 17/49 | €32,030 | €63,860 | +€31,829 | +99.4% |
| Amounts payable after more than one year | 17 | €1,657 | €24,906 | +€23,248 | +1402.8% |
| Financial debts | 170/4 | €1,657 | €24,906 | +€23,248 | +1402.8% |
| Amounts payable within one year | 42/48 | €30,373 | €38,954 | +€8,581 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €3,257 | €2,629 | -€628 | -19.3% |
| Trade debts | 44 | €1,288 | €11,417 | +€10,129 | +786.5% |
| Suppliers | 440/4 | €1,288 | €11,417 | +€10,129 | +786.5% |
| Taxes, remuneration and social security | 45 | €2,690 | €1,750 | -€940 | -34.9% |
| Taxes | 450/3 | €2,690 | €1,750 | -€940 | -34.9% |
| Other amounts payable | 47/48 | €23,139 | €23,158 | +€20 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,085 | €3,482 | -€1,603 | -31.5% |
| Other operating charges | 640/8 | €1,149 | €733 | -€415 | -36.1% |
| Gross operating margin | 9900 | €306 | €9,859 | +€9,552 | +3118.9% |
| Operating profit (loss) | 9901 | -€5,928 | €5,643 | +€11,571 | |
| Financial income | 75/76B | - | €1,615 | +€1,615 | |
| Recurring financial income | 75 | - | €55 | +€55 | |
| Non-recurring financial income | 76B | - | €1,560 | +€1,560 | |
| Financial charges | 65/66B | €301 | €2,588 | +€2,287 | +758.9% |
| Recurring financial charges | 65 | €301 | €2,588 | +€2,287 | +758.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,229 | €4,670 | +€10,899 | |
| Income taxes | 67/77 | €151 | €81 | -€70 | -46.3% |
| Profit (loss) for the period | 9904 | -€6,380 | €4,589 | +€10,969 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,380 | €4,589 | +€10,969 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.