NEELS: 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.
NEELS
Largest movements
- Financial fixed assets +€150,000
new in 2025: €150,000
- Tangible fixed assets -€75,850
down €75,850 (-79.3%), from €95,644 to €19,794
of which Furniture and vehicles: -€72,475
- Receivables after one year +€12,500
up €12,500 (+8.3%), from €150,000 to €162,500
- Cash -€11,085
down €11,085 (-74.1%), from €14,966 to €3,881
mainly Investment in fixed assets (net) (-€85,153) and Other debts (-€43,676)
- Receivables within one year +€10,697
up €10,697 (+16.7%), from €64,186 to €74,883
of which Trade receivables: +€35,436
- Debts after one year +€71,397
up €71,397 (+110%), from €65,000 to €136,397
- Other debts -€43,676
down €43,676 (-29.9%), from €146,271 to €102,595
- Current portion of long-term debt +€41,155
new in 2025: €41,155
- Reserves +€17,600
up €17,600 (+20.6%), from €85,379 to €102,979
of which Distributable reserves: +€17,600
- Tax, wage and social debts +€5,326
up €5,326 (+117%), from €4,544 to €9,870
- Gross operating margin -€40,041
down €40,041 (-53.6%), from €74,646 to €34,605
- Depreciation -€17,182
down €17,182 (-61.0%), from €28,185 to €11,003
- Financial income +€16,211
new in 2025: €16,211
- Financial charges +€7,548
up €7,548 (+492%), from €1,536 to €9,083
- Taxes -€2,059
down €2,059 (-20.4%), from €10,114 to €8,055
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 | €326,151 | €416,236 | +€90,085 | +27.6% |
| Fixed assets | 21/28 | €95,644 | €169,794 | +€74,150 | +77.5% |
| Tangible fixed assets | 22/27 | €95,644 | €19,794 | -€75,850 | -79.3% |
| Plant, machinery and equipment | 23 | €15,915 | €15,455 | -€460 | -2.9% |
| Furniture and vehicles | 24 | €76,815 | €4,339 | -€72,475 | -94.4% |
| Other tangible fixed assets | 26 | €2,915 | - | -€2,915 | |
| Financial fixed assets | 28 | - | €150,000 | +€150,000 | |
| Current assets | 29/58 | €230,507 | €246,442 | +€15,935 | +6.9% |
| Amounts receivable after more than one year | 29 | €150,000 | €162,500 | +€12,500 | +8.3% |
| Other amounts receivable | 291 | €150,000 | €162,500 | +€12,500 | +8.3% |
| Amounts receivable within one year | 40/41 | €64,186 | €74,883 | +€10,697 | +16.7% |
| Trade receivables | 40 | €22,883 | €58,320 | +€35,436 | +155% |
| Other amounts receivable | 41 | €41,303 | €16,563 | -€24,739 | -59.9% |
| Cash at bank and in hand | 54/58 | €14,966 | €3,881 | -€11,085 | -74.1% |
| Deferred charges and accrued income | 490/1 | €1,355 | €5,178 | +€3,823 | +282% |
| Total equity and liabilities | 10/49 | €326,151 | €416,236 | +€90,085 | +27.6% |
| Equity | 10/15 | €103,979 | €121,579 | +€17,600 | +16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,379 | €102,979 | +€17,600 | +20.6% |
| Tax-exempt reserves | 132 | €110 | €110 | = | 0.0% |
| Distributable reserves | 133 | €85,270 | €102,869 | +€17,600 | +20.6% |
| Amounts payable | 17/49 | €222,172 | €294,657 | +€72,485 | +32.6% |
| Amounts payable after more than one year | 17 | €65,000 | €136,397 | +€71,397 | +110% |
| Financial debts | 170/4 | €65,000 | €136,397 | +€71,397 | +110% |
| Amounts payable within one year | 42/48 | €156,251 | €155,763 | -€488 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | - | €41,155 | +€41,155 | |
| Financial debts | 43 | €1,736 | €1,494 | -€242 | -13.9% |
| Credit institutions | 430/8 | €1,736 | €1,494 | -€242 | -13.9% |
| Trade debts | 44 | €3,700 | €648 | -€3,052 | -82.5% |
| Suppliers | 440/4 | €3,700 | €648 | -€3,052 | -82.5% |
| Taxes, remuneration and social security | 45 | €4,544 | €9,870 | +€5,326 | +117% |
| Taxes | 450/3 | €4,544 | €9,870 | +€5,326 | +117% |
| Other amounts payable | 47/48 | €146,271 | €102,595 | -€43,676 | -29.9% |
| Accrued charges and deferred income | 492/3 | €921 | €2,497 | +€1,576 | +171% |
| Non-recurring operating income | 76A | - | €35,126 | +€35,126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,185 | €11,003 | -€17,182 | -61.0% |
| Other operating charges | 640/8 | €1,042 | €774 | -€267 | -25.7% |
| Non-recurring operating charges | 66A | €5,985 | - | -€5,985 | |
| Gross operating margin | 9900 | €74,646 | €34,605 | -€40,041 | -53.6% |
| Operating profit (loss) | 9901 | €39,435 | €22,827 | -€16,607 | -42.1% |
| Financial income | 75/76B | - | €16,211 | +€16,211 | |
| Recurring financial income | 75 | - | €16,211 | +€16,211 | |
| Financial charges | 65/66B | €1,536 | €9,083 | +€7,548 | +492% |
| Recurring financial charges | 65 | €1,536 | €9,083 | +€7,548 | +492% |
| Profit (loss) for the period before taxes | 9903 | €37,899 | €29,954 | -€7,945 | -21.0% |
| Income taxes | 67/77 | €10,114 | €8,055 | -€2,059 | -20.4% |
| Profit (loss) for the period | 9904 | €27,785 | €21,900 | -€5,885 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,785 | €21,900 | -€5,885 | -21.2% |
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 17 October 2026 via checked.be.