NELIAMAX: 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.
NELIAMAX
Largest movements
- Receivables within one year +€110,524
up €110,524 (+24.2%), from €455,971 to €566,495
of which Trade receivables: +€111,662
- Cash -€20,583
down €20,583 (-17.5%), from €117,714 to €97,131
mainly Receivables within one year (-€110,524) and Trade debts (-€36,806)
- Reserves +€150,000
up €150,000 (+72.8%), from €206,150 to €356,150
of which Distributable reserves: +€150,000
- Trade debts -€36,806
down €36,806 (-15.8%), from €233,085 to €196,279
- Profit (loss) carried forward -€12,623
down €12,623 (-29.2%), from €43,244 to €30,621
- Tax, wage and social debts -€10,609
down €10,609 (-14.1%), from €75,506 to €64,897
of which Remuneration and social security: -€8,636
- Staff costs -€30,358
down €30,358 (-9.2%), from €331,557 to €301,199
- Write-downs +€10,573
new in 2025: €10,573
- Other operating charges -€4,874
down €4,874 (-82.4%), from €5,918 to €1,044
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 | €619,485 | €709,447 | +€89,962 | +14.5% |
| Fixed assets | 21/28 | €44,206 | €41,964 | -€2,242 | -5.1% |
| Tangible fixed assets | 22/27 | €44,206 | €41,964 | -€2,242 | -5.1% |
| Land and buildings | 22 | €44,206 | €41,964 | -€2,242 | -5.1% |
| Current assets | 29/58 | €575,279 | €667,483 | +€92,204 | +16.0% |
| Amounts receivable within one year | 40/41 | €455,971 | €566,495 | +€110,524 | +24.2% |
| Trade receivables | 40 | €453,383 | €565,045 | +€111,662 | +24.6% |
| Other amounts receivable | 41 | €2,588 | €1,450 | -€1,138 | -44.0% |
| Cash at bank and in hand | 54/58 | €117,714 | €97,131 | -€20,583 | -17.5% |
| Deferred charges and accrued income | 490/1 | €1,594 | €3,857 | +€2,263 | +142.0% |
| Total equity and liabilities | 10/49 | €619,485 | €709,447 | +€89,962 | +14.5% |
| Equity | 10/15 | €310,894 | €448,271 | +€137,377 | +44.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €206,150 | €356,150 | +€150,000 | +72.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €350,000 | +€150,000 | +75.0% |
| Profit (loss) carried forward | 14 | €43,244 | €30,621 | -€12,623 | -29.2% |
| Amounts payable | 17/49 | €308,591 | €261,176 | -€47,415 | -15.4% |
| Amounts payable within one year | 42/48 | €308,591 | €261,176 | -€47,415 | -15.4% |
| Trade debts | 44 | €233,085 | €196,279 | -€36,806 | -15.8% |
| Suppliers | 440/4 | €233,085 | €196,279 | -€36,806 | -15.8% |
| Taxes, remuneration and social security | 45 | €75,506 | €64,897 | -€10,609 | -14.1% |
| Taxes | 450/3 | €33,746 | €31,773 | -€1,973 | -5.8% |
| Remuneration and social security | 454/9 | €41,760 | €33,124 | -€8,636 | -20.7% |
| Remuneration, social security and pensions | 62 | €331,557 | €301,199 | -€30,358 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,031 | €5,312 | +€281 | +5.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,573 | +€10,573 | |
| Other operating charges | 640/8 | €5,918 | €1,044 | -€4,874 | -82.4% |
| Gross operating margin | 9900 | €440,248 | €436,553 | -€3,695 | -0.8% |
| Operating profit (loss) | 9901 | €97,742 | €118,425 | +€20,683 | +21.2% |
| Financial income | 75/76B | €76,853 | €73,983 | -€2,870 | -3.7% |
| Recurring financial income | 75 | €76,853 | €73,983 | -€2,870 | -3.7% |
| Financial charges | 65/66B | €9,237 | €7,219 | -€2,018 | -21.8% |
| Recurring financial charges | 65 | €9,237 | €7,219 | -€2,018 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €165,358 | €185,189 | +€19,831 | +12.0% |
| Income taxes | 67/77 | €45,395 | €47,812 | +€2,417 | +5.3% |
| Profit (loss) for the period | 9904 | €119,963 | €137,377 | +€17,414 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €119,963 | €137,377 | +€17,414 | +14.5% |
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 7 October 2026 via checked.be.