NEL & CO: 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.
NEL & CO
Largest movements
- Receivables within one year +€66,082
up €66,082 (+286%), from €23,101 to €89,183
of which Trade receivables: +€50,519
- Tangible fixed assets -€19,196
down €19,196 (-2.9%), from €668,235 to €649,040
of which Land and buildings: -€15,519
- Cash -€13,651
down €13,651 (-23.0%), from €59,296 to €45,645
mainly Debts after one year (-€70,480) and Receivables within one year (-€66,082)
- Profit (loss) carried forward +€101,008
up €101,008 (+47.5%), from €212,767 to €313,775
- Debts after one year -€70,480
down €70,480 (-10.0%), from €704,698 to €634,218
- Gross operating margin +€92,825
up €92,825 (+45.2%), from €205,349 to €298,175
- Financial charges +€88,123
up €88,123 (+491%), from €17,935 to €106,058
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 | €1,169,627 | €1,214,292 | +€44,665 | +3.8% |
| Fixed assets | 21/28 | €1,075,609 | €1,056,414 | -€19,196 | -1.8% |
| Tangible fixed assets | 22/27 | €668,235 | €649,040 | -€19,196 | -2.9% |
| Land and buildings | 22 | €646,312 | €630,793 | -€15,519 | -2.4% |
| Plant, machinery and equipment | 23 | €2,360 | €2,252 | -€108 | -4.6% |
| Furniture and vehicles | 24 | €19,564 | €12,495 | -€7,069 | -36.1% |
| Other tangible fixed assets | 26 | - | €3,500 | +€3,500 | |
| Financial fixed assets | 28 | €407,374 | €407,374 | = | 0.0% |
| Current assets | 29/58 | €94,018 | €157,879 | +€63,861 | +67.9% |
| Amounts receivable within one year | 40/41 | €23,101 | €89,183 | +€66,082 | +286% |
| Trade receivables | 40 | €23,101 | €73,620 | +€50,519 | +219% |
| Other amounts receivable | 41 | - | €15,563 | +€15,563 | |
| Cash at bank and in hand | 54/58 | €59,296 | €45,645 | -€13,651 | -23.0% |
| Deferred charges and accrued income | 490/1 | €11,622 | €23,051 | +€11,430 | +98.4% |
| Total equity and liabilities | 10/49 | €1,169,627 | €1,214,292 | +€44,665 | +3.8% |
| Equity | 10/15 | €233,227 | €334,235 | +€101,008 | +43.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €212,767 | €313,775 | +€101,008 | +47.5% |
| Amounts payable | 17/49 | €936,400 | €880,057 | -€56,343 | -6.0% |
| Amounts payable after more than one year | 17 | €704,698 | €634,218 | -€70,480 | -10.0% |
| Financial debts | 170/4 | €704,698 | €634,218 | -€70,480 | -10.0% |
| Amounts payable within one year | 42/48 | €216,014 | €219,258 | +€3,244 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €68,978 | €70,480 | +€1,503 | +2.2% |
| Trade debts | 44 | €4,549 | €7,699 | +€3,150 | +69.2% |
| Suppliers | 440/4 | €4,549 | €7,699 | +€3,150 | +69.2% |
| Taxes, remuneration and social security | 45 | €36,152 | €25,383 | -€10,769 | -29.8% |
| Taxes | 450/3 | €36,152 | €25,383 | -€10,769 | -29.8% |
| Other amounts payable | 47/48 | €106,335 | €115,696 | +€9,361 | +8.8% |
| Accrued charges and deferred income | 492/3 | €15,688 | €26,580 | +€10,893 | +69.4% |
| Non-recurring operating income | 76A | - | €2,326 | +€2,326 | |
| Remuneration, social security and pensions | 62 | €2,713 | €3,778 | +€1,066 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,503 | €46,441 | -€62 | -0.1% |
| Other operating charges | 640/8 | €11,859 | €11,488 | -€370 | -3.1% |
| Gross operating margin | 9900 | €205,349 | €298,175 | +€92,825 | +45.2% |
| Operating profit (loss) | 9901 | €144,275 | €236,467 | +€92,192 | +63.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €17,935 | €106,058 | +€88,123 | +491% |
| Recurring financial charges | 65 | €17,935 | €106,058 | +€88,123 | +491% |
| Profit (loss) for the period before taxes | 9903 | €126,340 | €130,410 | +€4,070 | +3.2% |
| Income taxes | 67/77 | €31,140 | €29,402 | -€1,738 | -5.6% |
| Profit (loss) for the period | 9904 | €95,200 | €101,008 | +€5,808 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,200 | €101,008 | +€5,808 | +6.1% |
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 19 October 2026 via checked.be.