NAGELS: 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.
What changed
NAGELS
NACE 01.410, Raising of dairy cattle
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€55,737
2024 · €60,396-€4,659
Equity
€618,261
2024 · €562,523+€55,737
Cash
€15,233
2024 · €6,607+€8,626
Balance sheet total
€2.6m
2024 · €2.8m-€213,090
Largest movements
Assets
- Tangible fixed assets -€149,422
down €149,422 (-9.0%), from €1.7m to €1.5m
- Stocks and contracts -€62,930
down €62,930 (-6.5%), from €973,518 to €910,588
Equity and liabilities
- Trade debts -€268,263
down €268,263 (-40.0%), from €670,344 to €402,081
- Profit (loss) carried forward +€55,737
up €55,737 (+24.0%), from €232,523 to €288,261
Income statement
- Other operating charges +€10,233
up €10,233 (+139%), from €7,385 to €17,618
- Depreciation -€8,011
down €8,011 (-3.4%), from €233,141 to €225,130
- Gross operating margin -€5,096
down €5,096 (-1.3%), from €390,684 to €385,588
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.
Result 2024
€60,396
Gross operating margin
-€5,096
Staff costs
+€2,266
Depreciation
+€8,011
Other operating charges
-€10,233
Financial income
+€47
Financial charges
+€345
Result 2025
€55,737
raises the resultlowers the result
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.
From operations
+€73,477
Investment
-€71,711
Financing
+€6,860
Cash 2024
€6,607
From operations (derived)
+€73,477
Net result for the year
+€55,737
Depreciation
+€225,130
Stocks and contracts
+€62,930
Receivables within one year
+€5,132
Deferred charges and accrued income
+€235
Trade debts
-€268,263
Tax, wage and social debts
-€2,250
Other debts
-€5,174
Investment (derived)
-€71,711
Investment in fixed assets (net)
-€71,711
Financing
+€6,860
Debts after one year
-€5,046
Current portion of long-term debt
+€11,906
Cash 2025
€15,233
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,770,110 | €2,557,020 | -€213,090 | -7.7% |
| Fixed assets | 21/28 | €1,680,669 | €1,527,250 | -€153,419 | -9.1% |
| Intangible fixed assets | 21 | €13,483 | €9,486 | -€3,997 | -29.6% |
| Tangible fixed assets | 22/27 | €1,667,186 | €1,517,765 | -€149,422 | -9.0% |
| Land and buildings | 22 | €1,264,863 | €1,195,702 | -€69,162 | -5.5% |
| Plant, machinery and equipment | 23 | €251,565 | €248,493 | -€3,071 | -1.2% |
| Furniture and vehicles | 24 | €9,034 | €5,507 | -€3,527 | -39.0% |
| Leasing and similar rights | 25 | €133,863 | €68,063 | -€65,800 | -49.2% |
| Other tangible fixed assets | 26 | €7,862 | - | -€7,862 | |
| Current assets | 29/58 | €1,089,441 | €1,029,770 | -€59,671 | -5.5% |
| Stocks and contracts in progress | 3 | €973,518 | €910,588 | -€62,930 | -6.5% |
| Stocks | 30/36 | €973,518 | €910,588 | -€62,930 | -6.5% |
| Amounts receivable within one year | 40/41 | €109,081 | €103,949 | -€5,132 | -4.7% |
| Trade receivables | 40 | €97,998 | €90,450 | -€7,548 | -7.7% |
| Other amounts receivable | 41 | €11,083 | €13,498 | +€2,416 | +21.8% |
| Cash at bank and in hand | 54/58 | €6,607 | €15,233 | +€8,626 | +131% |
| Deferred charges and accrued income | 490/1 | €235 | - | -€235 | |
| Total equity and liabilities | 10/49 | €2,770,110 | €2,557,020 | -€213,090 | -7.7% |
| Equity | 10/15 | €562,523 | €618,261 | +€55,737 | +9.9% |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,523 | €288,261 | +€55,737 | +24.0% |
| Amounts payable | 17/49 | €2,207,587 | €1,938,760 | -€268,827 | -12.2% |
| Amounts payable after more than one year | 17 | €1,059,019 | €1,053,973 | -€5,046 | -0.5% |
| Financial debts | 170/4 | €1,059,019 | €1,053,973 | -€5,046 | -0.5% |
| Amounts payable within one year | 42/48 | €1,148,568 | €884,787 | -€263,781 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €169,787 | €181,692 | +€11,906 | +7.0% |
| Trade debts | 44 | €670,344 | €402,081 | -€268,263 | -40.0% |
| Suppliers | 440/4 | €670,344 | €402,081 | -€268,263 | -40.0% |
| Taxes, remuneration and social security | 45 | €7,423 | €5,174 | -€2,250 | -30.3% |
| Remuneration and social security | 454/9 | €7,423 | €5,174 | -€2,250 | -30.3% |
| Other amounts payable | 47/48 | €301,014 | €295,840 | -€5,174 | -1.7% |
| Remuneration, social security and pensions | 62 | €41,081 | €38,815 | -€2,266 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,141 | €225,130 | -€8,011 | -3.4% |
| Other operating charges | 640/8 | €7,385 | €17,618 | +€10,233 | +139% |
| Gross operating margin | 9900 | €390,684 | €385,588 | -€5,096 | -1.3% |
| Operating profit (loss) | 9901 | €109,076 | €104,025 | -€5,052 | -4.6% |
| Financial income | 75/76B | €40 | €88 | +€47 | +117% |
| Recurring financial income | 75 | €40 | €88 | +€47 | +117% |
| Financial charges | 65/66B | €48,721 | €48,375 | -€345 | -0.7% |
| Recurring financial charges | 65 | €48,721 | €48,375 | -€345 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €60,396 | €55,737 | -€4,659 | -7.7% |
| Profit (loss) for the period | 9904 | €60,396 | €55,737 | -€4,659 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,396 | €55,737 | -€4,659 | -7.7% |
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 13 October 2026 via checked.be.