NELCO: 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.
NELCO
Largest movements
- Cash -€376,309
down €376,309 (-61.1%), from €616,193 to €239,883
mainly Receivables after one year (-€200,000) and Receivables within one year (-€158,424)
- Receivables after one year +€200,000
new in 2025: €200,000
- Receivables within one year +€158,424
up €158,424 (+46.1%), from €343,552 to €501,976
of which Trade receivables: +€167,723
- Tangible fixed assets -€15,749
down €15,749 (-9.8%), from €160,695 to €144,946
of which Furniture and vehicles: -€15,013
- Other debts -€16,899
down €16,899 (-68.7%), from €24,587 to €7,688
- Reserves +€16,778
up €16,778 (+1.8%), from €952,046 to €968,824
of which Distributable reserves: +€122,028
- Trade debts -€15,937
down €15,937 (-12.3%), from €129,911 to €113,974
- Gross operating margin -€100,211
down €100,211 (-38.7%), from €258,950 to €158,739
- Taxes -€20,110
down €20,110 (-47.3%), from €42,510 to €22,401
- Staff costs +€19,557
up €19,557 (+24.8%), from €78,894 to €98,451
- Financial income +€11,263
up €11,263 (+153.9%), from €7,318 to €18,582
of which Financial income: +€11,263
- Depreciation -€4,472
down €4,472 (-11.0%), from €40,740 to €36,268
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 | €1,156,871 | €1,124,144 | -€32,727 | -2.8% |
| Fixed assets | 21/28 | €160,695 | €144,946 | -€15,749 | -9.8% |
| Tangible fixed assets | 22/27 | €160,695 | €144,946 | -€15,749 | -9.8% |
| Plant, machinery and equipment | 23 | €18,500 | €11,867 | -€6,633 | -35.9% |
| Furniture and vehicles | 24 | €97,110 | €82,098 | -€15,013 | -15.5% |
| Other tangible fixed assets | 26 | €45,084 | €50,981 | +€5,897 | +13.1% |
| Current assets | 29/58 | €996,176 | €979,198 | -€16,978 | -1.7% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Stocks and contracts in progress | 3 | €10,472 | €8,256 | -€2,216 | -21.2% |
| Stocks | 30/36 | €10,472 | €8,256 | -€2,216 | -21.2% |
| Amounts receivable within one year | 40/41 | €343,552 | €501,976 | +€158,424 | +46.1% |
| Trade receivables | 40 | €187,995 | €355,718 | +€167,723 | +89.2% |
| Other amounts receivable | 41 | €155,556 | €146,257 | -€9,299 | -6.0% |
| Cash at bank and in hand | 54/58 | €616,193 | €239,883 | -€376,309 | -61.1% |
| Deferred charges and accrued income | 490/1 | €25,960 | €29,083 | +€3,123 | +12.0% |
| Total equity and liabilities | 10/49 | €1,156,871 | €1,124,144 | -€32,727 | -2.8% |
| Equity | 10/15 | €972,309 | €989,087 | +€16,778 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €952,046 | €968,824 | +€16,778 | +1.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €105,250 | €0 | -€105,250 | -100.0% |
| Distributable reserves | 133 | €846,796 | €968,824 | +€122,028 | +14.4% |
| Profit (loss) carried forward | 14 | €1,663 | €1,663 | = | 0.0% |
| Amounts payable | 17/49 | €184,562 | €135,057 | -€49,505 | -26.8% |
| Amounts payable within one year | 42/48 | €177,264 | €134,004 | -€43,260 | -24.4% |
| Trade debts | 44 | €129,911 | €113,974 | -€15,937 | -12.3% |
| Suppliers | 440/4 | €129,911 | €113,974 | -€15,937 | -12.3% |
| Taxes, remuneration and social security | 45 | €22,767 | €12,342 | -€10,425 | -45.8% |
| Taxes | 450/3 | €3,615 | €126 | -€3,489 | -96.5% |
| Remuneration and social security | 454/9 | €19,152 | €12,216 | -€6,936 | -36.2% |
| Other amounts payable | 47/48 | €24,587 | €7,688 | -€16,899 | -68.7% |
| Accrued charges and deferred income | 492/3 | €7,298 | €1,053 | -€6,245 | -85.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €78,894 | €98,451 | +€19,557 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,740 | €36,268 | -€4,472 | -11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,894 | -€8,849 | -€3,955 | -80.8% |
| Other operating charges | 640/8 | €8,890 | €9,925 | +€1,035 | +11.6% |
| Non-recurring operating charges | 66A | €5,293 | €0 | -€5,293 | -100.0% |
| Gross operating margin | 9900 | €258,950 | €158,739 | -€100,211 | -38.7% |
| Operating profit (loss) | 9901 | €130,026 | €22,943 | -€107,083 | -82.4% |
| Financial income | 75/76B | €7,318 | €18,582 | +€11,263 | +153.9% |
| Recurring financial income | 75 | €7,318 | €18,582 | +€11,263 | +153.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,807 | €2,346 | +€539 | +29.8% |
| Recurring financial charges | 65 | €1,807 | €2,346 | +€539 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €135,536 | €39,179 | -€96,358 | -71.1% |
| Income taxes | 67/77 | €42,510 | €22,401 | -€20,110 | -47.3% |
| Profit (loss) for the period | 9904 | €93,026 | €16,778 | -€76,248 | -82.0% |
| Transfer from tax-exempt reserves | 789 | €0 | €105,250 | +€105,250 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €93,026 | €122,028 | +€29,002 | +31.2% |
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.