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
- Cash +€124,669
up €124,669 (+11.0%), from €1.1m to €1.3m
mainly Other debts (+€616,688) and Net result for the year (+€350,455)
- Tangible fixed assets +€101,466
up €101,466 (+10.1%), from €1.0m to €1.1m
of which Assets under construction and advance payments: +€151,608
- Other debts +€616,688
new in 2025: €616,688
- Reserves -€337,048
down €337,048 (-26.8%), from €1.3m to €922,035
- Debts after one year -€51,920
down €51,920 (-9.0%), from €579,172 to €527,252
of which Financial debts: -€52,950
- Tax, wage and social debts -€34,921
down €34,921 (-21.2%), from €164,475 to €129,554
of which Taxes: -€28,016
- Gross operating margin +€104,874
up €104,874 (+11.5%), from €909,917 to €1.0m
- Depreciation -€67,914
down €67,914 (-49.2%), from €138,098 to €70,184
- Financial charges +€65,276
up €65,276 (+367.7%), from €17,753 to €83,029
- Taxes +€33,514
up €33,514 (+26.8%), from €125,168 to €158,682
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 | €2,241,661 | €2,452,943 | +€211,282 | +9.4% |
| Fixed assets | 21/28 | €1,010,346 | €1,109,402 | +€99,056 | +9.8% |
| Tangible fixed assets | 22/27 | €1,006,059 | €1,107,525 | +€101,466 | +10.1% |
| Land and buildings | 22 | €943,045 | €898,875 | -€44,170 | -4.7% |
| Plant, machinery and equipment | 23 | €8,284 | €4,551 | -€3,733 | -45.1% |
| Furniture and vehicles | 24 | €54,730 | €52,491 | -€2,238 | -4.1% |
| Assets under construction and advance payments | 27 | - | €151,608 | +€151,608 | |
| Financial fixed assets | 28 | €4,287 | €1,877 | -€2,411 | -56.2% |
| Current assets | 29/58 | €1,231,315 | €1,343,542 | +€112,227 | +9.1% |
| Amounts receivable after more than one year | 29 | €1,623 | €1,623 | = | 0.0% |
| Other amounts receivable | 291 | €1,623 | €1,623 | = | 0.0% |
| Stocks and contracts in progress | 3 | €59,389 | €52,331 | -€7,058 | -11.9% |
| Stocks | 30/36 | €59,389 | €52,331 | -€7,058 | -11.9% |
| Amounts receivable within one year | 40/41 | €38,122 | €33,696 | -€4,426 | -11.6% |
| Trade receivables | 40 | €31,648 | €33,298 | +€1,650 | +5.2% |
| Other amounts receivable | 41 | €6,474 | €398 | -€6,076 | -93.8% |
| Cash at bank and in hand | 54/58 | €1,129,925 | €1,254,595 | +€124,669 | +11.0% |
| Deferred charges and accrued income | 490/1 | €2,255 | €1,297 | -€959 | -42.5% |
| Total equity and liabilities | 10/49 | €2,241,661 | €2,452,943 | +€211,282 | +9.4% |
| Equity | 10/15 | €1,377,766 | €1,040,718 | -€337,048 | -24.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,259,083 | €922,035 | -€337,048 | -26.8% |
| Distributable reserves | 133 | €1,259,083 | €922,035 | -€337,048 | -26.8% |
| Profit (loss) carried forward | 14 | €112,483 | €112,483 | = | 0.0% |
| Amounts payable | 17/49 | €863,895 | €1,412,225 | +€548,330 | +63.5% |
| Amounts payable after more than one year | 17 | €579,172 | €527,252 | -€51,920 | -9.0% |
| Financial debts | 170/4 | €579,172 | €526,222 | -€52,950 | -9.1% |
| Other amounts payable | 178/9 | - | €1,030 | +€1,030 | |
| Amounts payable within one year | 42/48 | €284,723 | €884,973 | +€600,250 | +210.8% |
| Current portion of amounts payable after more than one year | 42 | €53,834 | €53,840 | +€6 | 0.0% |
| Trade debts | 44 | €66,414 | €84,891 | +€18,477 | +27.8% |
| Suppliers | 440/4 | €66,414 | €84,891 | +€18,477 | +27.8% |
| Taxes, remuneration and social security | 45 | €164,475 | €129,554 | -€34,921 | -21.2% |
| Taxes | 450/3 | €104,590 | €76,574 | -€28,016 | -26.8% |
| Remuneration and social security | 454/9 | €59,885 | €52,980 | -€6,905 | -11.5% |
| Other amounts payable | 47/48 | - | €616,688 | +€616,688 | |
| Remuneration, social security and pensions | 62 | €339,157 | €341,033 | +€1,876 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,098 | €70,184 | -€67,914 | -49.2% |
| Other operating charges | 640/8 | €12,589 | €11,451 | -€1,138 | -9.0% |
| Gross operating margin | 9900 | €909,917 | €1,014,791 | +€104,874 | +11.5% |
| Operating profit (loss) | 9901 | €420,073 | €592,124 | +€172,051 | +41.0% |
| Financial income | 75/76B | €138 | €42 | -€96 | -69.4% |
| Recurring financial income | 75 | €138 | €42 | -€96 | -69.4% |
| Financial charges | 65/66B | €17,753 | €83,029 | +€65,276 | +367.7% |
| Recurring financial charges | 65 | €17,753 | €83,029 | +€65,276 | +367.7% |
| Profit (loss) for the period before taxes | 9903 | €402,458 | €509,138 | +€106,680 | +26.5% |
| Income taxes | 67/77 | €125,168 | €158,682 | +€33,514 | +26.8% |
| Profit (loss) for the period | 9904 | €277,290 | €350,455 | +€73,165 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €277,290 | €350,455 | +€73,165 | +26.4% |
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 5 October 2026 via checked.be.