NELCEL: 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.
NELCEL
Largest movements
- Receivables after one year -€46,750
down €46,750 (-100.0%), from €46,750 to €0
- Tangible fixed assets +€43,253
up €43,253 (+137.7%), from €31,417 to €74,670
of which Furniture and vehicles: +€43,884
- Cash -€7,353
down €7,353 (-24.9%), from €29,554 to €22,202
mainly Contributions, distributions and other (-€98,040) and Investment in fixed assets (net) (-€53,760)
- Receivables within one year -€5,537
down €5,537 (-23.4%), from €23,664 to €18,127
of which Other amounts receivable: -€7,434
- Reserves -€51,111
down €51,111 (-45.0%), from €113,480 to €62,369
- Debts after one year +€15,372
new in 2025: €15,372
- Other debts +€14,065
new in 2025: €14,065
- Current portion of long-term debt +€9,832
new in 2025: €9,832
- Trade debts -€2,767
down €2,767 (-56.1%), from €4,932 to €2,165
- Gross operating margin +€25,212
up €25,212 (+55.4%), from €45,469 to €70,680
- Depreciation +€5,608
up €5,608 (+114.5%), from €4,899 to €10,507
- Taxes +€5,276
up €5,276 (+71.5%), from €7,373 to €12,649
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 | €133,078 | €117,358 | -€15,719 | -11.8% |
| Fixed assets | 21/28 | €31,417 | €74,670 | +€43,253 | +137.7% |
| Tangible fixed assets | 22/27 | €31,417 | €74,670 | +€43,253 | +137.7% |
| Plant, machinery and equipment | 23 | €818 | €3,680 | +€2,862 | +350.1% |
| Furniture and vehicles | 24 | €3,090 | €46,973 | +€43,884 | +1420.4% |
| Other tangible fixed assets | 26 | €27,510 | €24,017 | -€3,493 | -12.7% |
| Current assets | 29/58 | €101,661 | €42,688 | -€58,973 | -58.0% |
| Amounts receivable after more than one year | 29 | €46,750 | €0 | -€46,750 | -100.0% |
| Other amounts receivable | 291 | €46,750 | €0 | -€46,750 | -100.0% |
| Amounts receivable within one year | 40/41 | €23,664 | €18,127 | -€5,537 | -23.4% |
| Trade receivables | 40 | €15,338 | €17,236 | +€1,898 | +12.4% |
| Other amounts receivable | 41 | €8,326 | €891 | -€7,434 | -89.3% |
| Cash at bank and in hand | 54/58 | €29,554 | €22,202 | -€7,353 | -24.9% |
| Deferred charges and accrued income | 490/1 | €1,692 | €2,359 | +€667 | +39.4% |
| Total equity and liabilities | 10/49 | €133,078 | €117,358 | -€15,719 | -11.8% |
| Equity | 10/15 | €118,480 | €67,369 | -€51,111 | -43.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €113,480 | €62,369 | -€51,111 | -45.0% |
| Distributable reserves | 133 | €113,480 | €62,369 | -€51,111 | -45.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,597 | €49,989 | +€35,392 | +242.5% |
| Amounts payable after more than one year | 17 | - | €15,372 | +€15,372 | |
| Financial debts | 170/4 | - | €15,372 | +€15,372 | |
| Amounts payable within one year | 42/48 | €14,525 | €34,617 | +€20,091 | +138.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,832 | +€9,832 | |
| Trade debts | 44 | €4,932 | €2,165 | -€2,767 | -56.1% |
| Suppliers | 440/4 | €4,932 | €2,165 | -€2,767 | -56.1% |
| Taxes, remuneration and social security | 45 | €9,593 | €8,554 | -€1,039 | -10.8% |
| Taxes | 450/3 | €9,593 | €8,554 | -€1,039 | -10.8% |
| Other amounts payable | 47/48 | - | €14,065 | +€14,065 | |
| Accrued charges and deferred income | 492/3 | €72 | €0 | -€72 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,899 | €10,507 | +€5,608 | +114.5% |
| Other operating charges | 640/8 | €956 | €987 | +€31 | +3.2% |
| Gross operating margin | 9900 | €45,469 | €70,680 | +€25,212 | +55.4% |
| Operating profit (loss) | 9901 | €39,614 | €59,186 | +€19,573 | +49.4% |
| Financial income | 75/76B | €1,979 | €2,037 | +€58 | +2.9% |
| Recurring financial income | 75 | €1,979 | €2,037 | +€58 | +2.9% |
| Financial charges | 65/66B | €1,520 | €1,645 | +€126 | +8.3% |
| Recurring financial charges | 65 | €1,520 | €1,645 | +€126 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €40,073 | €59,578 | +€19,505 | +48.7% |
| Income taxes | 67/77 | €7,373 | €12,649 | +€5,276 | +71.5% |
| Profit (loss) for the period | 9904 | €32,700 | €46,929 | +€14,229 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €32,700 | €46,929 | +€14,229 | +43.5% |
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 8 October 2026 via checked.be.