NELEN W.: 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.
NELEN W.
Largest movements
- Tangible fixed assets -€28,018
down €28,018 (-31.1%), from €90,120 to €62,102
of which Furniture and vehicles: -€21,704
- Cash +€12,607
up €12,607 (+21.9%), from €57,618 to €70,225
mainly Depreciation (+€28,018) and Net result for the year (+€3,171)
- Deferred charges and accrued income +€2,193
up €2,193 (+144.6%), from €1,516 to €3,709
- Financial fixed assets -€1,680
down €1,680 (-92.6%), from €1,815 to €135
- Other debts -€16,051
down €16,051 (-43.5%), from €36,940 to €20,890
- Trade debts -€2,428
down €2,428 (-80.3%), from €3,025 to €597
- Gross operating margin +€21,044
up €21,044 (+128.2%), from €16,418 to €37,462
- Depreciation +€11,358
up €11,358 (+68.2%), from €16,659 to €28,018
- Taxes +€2,447
up €2,447 (+500.0%), from €490 to €2,937
- Financial charges +€1,737
up €1,737 (+647.6%), from €268 to €2,006
- Other operating charges +€1,039
up €1,039 (+143.7%), from €723 to €1,762
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 | €164,129 | €147,802 | -€16,328 | -9.9% |
| Fixed assets | 21/28 | €91,935 | €62,237 | -€29,698 | -32.3% |
| Tangible fixed assets | 22/27 | €90,120 | €62,102 | -€28,018 | -31.1% |
| Land and buildings | 22 | €18,023 | - | -€18,023 | |
| Plant, machinery and equipment | 23 | €6,194 | €4,429 | -€1,765 | -28.5% |
| Furniture and vehicles | 24 | €65,903 | €44,198 | -€21,704 | -32.9% |
| Other tangible fixed assets | 26 | - | €13,475 | +€13,475 | |
| Financial fixed assets | 28 | €1,815 | €135 | -€1,680 | -92.6% |
| Current assets | 29/58 | €72,194 | €85,564 | +€13,370 | +18.5% |
| Amounts receivable within one year | 40/41 | €13,060 | €11,630 | -€1,429 | -10.9% |
| Trade receivables | 40 | €11,017 | €11,630 | +€613 | +5.6% |
| Other amounts receivable | 41 | €2,043 | €0 | -€2,043 | -100.0% |
| Cash at bank and in hand | 54/58 | €57,618 | €70,225 | +€12,607 | +21.9% |
| Deferred charges and accrued income | 490/1 | €1,516 | €3,709 | +€2,193 | +144.6% |
| Total equity and liabilities | 10/49 | €164,129 | €147,802 | -€16,328 | -9.9% |
| Equity | 10/15 | €118,304 | €119,808 | +€1,505 | +1.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €98,304 | €99,808 | +€1,505 | +1.5% |
| Distributable reserves | 133 | €98,304 | €99,808 | +€1,505 | +1.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €45,826 | €27,994 | -€17,832 | -38.9% |
| Amounts payable within one year | 42/48 | €45,826 | €27,994 | -€17,832 | -38.9% |
| Trade debts | 44 | €3,025 | €597 | -€2,428 | -80.3% |
| Suppliers | 440/4 | €3,025 | €597 | -€2,428 | -80.3% |
| Taxes, remuneration and social security | 45 | €5,861 | €6,507 | +€647 | +11.0% |
| Taxes | 450/3 | €4,852 | €5,498 | +€647 | +13.3% |
| Remuneration and social security | 454/9 | €1,009 | €1,009 | = | 0.0% |
| Other amounts payable | 47/48 | €36,940 | €20,890 | -€16,051 | -43.5% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,659 | €28,018 | +€11,358 | +68.2% |
| Other operating charges | 640/8 | €723 | €1,762 | +€1,039 | +143.7% |
| Gross operating margin | 9900 | €16,418 | €37,462 | +€21,044 | +128.2% |
| Operating profit (loss) | 9901 | -€964 | €7,682 | +€8,646 | |
| Financial income | 75/76B | €108 | €431 | +€323 | +299.6% |
| Recurring financial income | 75 | €108 | €431 | +€323 | +299.6% |
| Financial charges | 65/66B | €268 | €2,006 | +€1,737 | +647.6% |
| Recurring financial charges | 65 | €268 | €2,006 | +€1,737 | +647.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,125 | €6,107 | +€7,232 | |
| Income taxes | 67/77 | €490 | €2,937 | +€2,447 | +500.0% |
| Profit (loss) for the period | 9904 | -€1,614 | €3,171 | +€4,785 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,614 | €3,171 | +€4,785 |
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 5 October 2026 via checked.be.