NELARO: 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.
NELARO
Largest movements
- Receivables within one year +€161,640
up €161,640 (+1582.0%), from €10,218 to €171,858
of which Other amounts receivable: +€144,633
- Tangible fixed assets -€32,606
down €32,606 (-2.5%), from €1.3m to €1.3m
of which Land and buildings: -€31,667
- Debts after one year +€967,532
up €967,532 (+205.1%), from €471,834 to €1.4m
- Short-term financial debts -€498,490
down €498,490 (-99.0%), from €503,391 to €4,901
of which Other loans: -€500,000
- Other debts -€330,583
down €330,583 (-99.0%), from €334,081 to €3,498
- Financial charges +€31,459
up €31,459 (+120.9%), from €26,018 to €57,477
- Taxes -€5,210
down €5,210 (-37.5%), from €13,885 to €8,675
- Financial income +€4,742
up €4,742 (+7690.7%), from €62 to €4,804
- Gross operating margin +€2,948
up €2,948 (+2.2%), from €133,443 to €136,391
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 | €2,841,100 | €2,976,759 | +€135,659 | +4.8% |
| Fixed assets | 21/28 | €2,828,449 | €2,795,843 | -€32,606 | -1.2% |
| Tangible fixed assets | 22/27 | €1,285,525 | €1,252,918 | -€32,606 | -2.5% |
| Land and buildings | 22 | €1,282,703 | €1,251,036 | -€31,667 | -2.5% |
| Plant, machinery and equipment | 23 | €613 | €382 | -€230 | -37.6% |
| Furniture and vehicles | 24 | €2,209 | €1,500 | -€709 | -32.1% |
| Financial fixed assets | 28 | €1,542,924 | €1,542,924 | = | 0.0% |
| Current assets | 29/58 | €12,652 | €180,917 | +€168,265 | +1330.0% |
| Amounts receivable within one year | 40/41 | €10,218 | €171,858 | +€161,640 | +1582.0% |
| Trade receivables | 40 | €10,218 | €27,225 | +€17,007 | +166.4% |
| Other amounts receivable | 41 | - | €144,633 | +€144,633 | |
| Cash at bank and in hand | 54/58 | €1,901 | €1,919 | +€18 | +0.9% |
| Deferred charges and accrued income | 490/1 | €533 | €7,140 | +€6,607 | +1239.0% |
| Total equity and liabilities | 10/49 | €2,841,100 | €2,976,759 | +€135,659 | +4.8% |
| Equity | 10/15 | €1,398,828 | €1,426,750 | +€27,922 | +2.0% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | €160,000 | = | 0.0% |
| Issued capital | 100 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €1,238,828 | €1,266,750 | +€27,922 | +2.3% |
| Non-distributable reserves | 130/1 | €16,000 | €16,000 | = | 0.0% |
| Legal reserve | 130 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €1,222,828 | €1,250,750 | +€27,922 | +2.3% |
| Amounts payable | 17/49 | €1,442,272 | €1,550,009 | +€107,737 | +7.5% |
| Amounts payable after more than one year | 17 | €471,834 | €1,439,366 | +€967,532 | +205.1% |
| Financial debts | 170/4 | €471,834 | €1,439,366 | +€967,532 | +205.1% |
| Amounts payable within one year | 42/48 | €952,258 | €106,381 | -€845,877 | -88.8% |
| Current portion of amounts payable after more than one year | 42 | €99,333 | €85,158 | -€14,175 | -14.3% |
| Financial debts | 43 | €503,391 | €4,901 | -€498,490 | -99.0% |
| Credit institutions | 430/8 | €3,391 | €4,901 | +€1,510 | +44.5% |
| Other loans | 439 | €500,000 | €0 | -€500,000 | -100.0% |
| Trade debts | 44 | €6,991 | €8,453 | +€1,462 | +20.9% |
| Suppliers | 440/4 | €6,991 | €8,453 | +€1,462 | +20.9% |
| Taxes, remuneration and social security | 45 | €8,462 | €4,371 | -€4,090 | -48.3% |
| Taxes | 450/3 | €5,531 | €1,402 | -€4,130 | -74.7% |
| Remuneration and social security | 454/9 | €2,930 | €2,970 | +€40 | +1.4% |
| Other amounts payable | 47/48 | €334,081 | €3,498 | -€330,583 | -99.0% |
| Accrued charges and deferred income | 492/3 | €18,179 | €4,262 | -€13,917 | -76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,714 | €32,606 | -€108 | -0.3% |
| Other operating charges | 640/8 | €13,669 | €14,516 | +€847 | +6.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €133,443 | €136,391 | +€2,948 | +2.2% |
| Operating profit (loss) | 9901 | €87,060 | €89,269 | +€2,209 | +2.5% |
| Financial income | 75/76B | €62 | €4,804 | +€4,742 | +7690.7% |
| Recurring financial income | 75 | €62 | €4,804 | +€4,742 | +7690.7% |
| Financial charges | 65/66B | €26,018 | €57,477 | +€31,459 | +120.9% |
| Recurring financial charges | 65 | €26,018 | €57,477 | +€31,459 | +120.9% |
| Profit (loss) for the period before taxes | 9903 | €61,104 | €36,597 | -€24,507 | -40.1% |
| Income taxes | 67/77 | €13,885 | €8,675 | -€5,210 | -37.5% |
| Profit (loss) for the period | 9904 | €47,219 | €27,922 | -€19,298 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,219 | €27,922 | -€19,298 | -40.9% |
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 6 October 2026 via checked.be.