Nelis & Winters: what changed
What changed
Nelis & Winters
NACE 65.111, Insurance, reinsurance and pension funding, except compulsory social security
filed annual accounts (NBB)
Net result for the year
€606,544
2024 · €525,751+€80,793
Equity
€50,000
2024 · €50,000
Cash
€281,460
2024 · €528,067-€246,608
Balance sheet total
€1.7m
2024 · €1.8m-€115,905
Largest movements
Assets
- Current investments +€401,736
new in 2025: €401,736
- Cash -€246,608
down €246,608 (-46.7%), from €528,067 to €281,460
mainly Contributions, distributions and other (-€606,544) and Current investments (-€401,736)
- Intangible fixed assets -€182,883
down €182,883 (-16.7%), from €1.1m to €911,135
- Receivables within one year -€63,346
down €63,346 (-53.2%), from €119,166 to €55,820
of which Other amounts receivable: -€45,508
- Tangible fixed assets -€25,738
down €25,738 (-25.5%), from €101,123 to €75,386
of which Furniture and vehicles: -€25,118
Equity and liabilities
- Debts after one year -€167,904
down €167,904 (-19.4%), from €864,411 to €696,508
- Other debts +€80,793
up €80,793 (+15.4%), from €525,751 to €606,544
- Tax, wage and social debts -€19,897
down €19,897 (-63.5%), from €31,345 to €11,449
of which Taxes: -€19,817
Income statement
- Gross operating margin +€112,600
up €112,600 (+9.3%), from €1.2m to €1.3m
- Taxes +€30,183
up €30,183 (+16.7%), from €181,269 to €211,452
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€525,751
Gross operating margin
+€112,600
Staff costs
+€1,119
Depreciation
+€290
Write-downs
-€643
Other operating charges
-€5,039
Financial income
-€9
Financial charges
+€2,658
Taxes
-€30,183
Result 2025
€606,544
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€928,539
Investment
-€401,736
Financing
-€773,411
Cash 2024
€528,067
From operations (derived)
+€928,539
Net result for the year
+€606,544
Depreciation
+€208,621
Receivables within one year
+€63,346
Deferred charges and accrued income
-€933
Trade debts
-€11,703
Tax, wage and social debts
-€19,897
Advances received
+€1,770
Other debts
+€80,793
Investment (derived)
-€401,736
Current investments
-€401,736
Financing
-€773,411
Debts after one year
-€167,904
Current portion of long-term debt
+€1,036
Contributions, distributions and other
-€606,544
Cash 2025
€281,460
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,847,223 | €1,731,318 | -€115,905 | -6.3% |
| Fixed assets | 21/28 | €1,195,141 | €986,520 | -€208,621 | -17.5% |
| Intangible fixed assets | 21 | €1,094,018 | €911,135 | -€182,883 | -16.7% |
| Tangible fixed assets | 22/27 | €101,123 | €75,386 | -€25,738 | -25.5% |
| Furniture and vehicles | 24 | €97,411 | €72,293 | -€25,118 | -25.8% |
| Other tangible fixed assets | 26 | €3,712 | €3,093 | -€620 | -16.7% |
| Current assets | 29/58 | €652,081 | €744,797 | +€92,716 | +14.2% |
| Amounts receivable within one year | 40/41 | €119,166 | €55,820 | -€63,346 | -53.2% |
| Trade receivables | 40 | €73,658 | €55,820 | -€17,838 | -24.2% |
| Other amounts receivable | 41 | €45,508 | €0 | -€45,508 | -100% |
| Current investments | 50/53 | - | €401,736 | +€401,736 | |
| Cash at bank and in hand | 54/58 | €528,067 | €281,460 | -€246,608 | -46.7% |
| Deferred charges and accrued income | 490/1 | €4,848 | €5,782 | +€933 | +19.3% |
| Total equity and liabilities | 10/49 | €1,847,223 | €1,731,318 | -€115,905 | -6.3% |
| Equity | 10/15 | €50,000 | €50,000 | = | 0.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,797,223 | €1,681,318 | -€115,905 | -6.4% |
| Amounts payable after more than one year | 17 | €864,411 | €696,508 | -€167,904 | -19.4% |
| Financial debts | 170/4 | €864,411 | €696,508 | -€167,904 | -19.4% |
| Amounts payable within one year | 42/48 | €932,811 | €984,810 | +€51,999 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €166,867 | €167,904 | +€1,036 | +0.6% |
| Trade debts | 44 | €125,653 | €113,950 | -€11,703 | -9.3% |
| Suppliers | 440/4 | €125,653 | €113,950 | -€11,703 | -9.3% |
| Advances received on contracts in progress | 46 | €83,195 | €84,964 | +€1,770 | +2.1% |
| Taxes, remuneration and social security | 45 | €31,345 | €11,449 | -€19,897 | -63.5% |
| Taxes | 450/3 | €31,266 | €11,449 | -€19,817 | -63.4% |
| Remuneration and social security | 454/9 | €80 | €0 | -€80 | -100% |
| Other amounts payable | 47/48 | €525,751 | €606,544 | +€80,793 | +15.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €271,955 | €270,837 | -€1,119 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,910 | €208,621 | -€290 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€292 | €351 | +€643 | |
| Other operating charges | 640/8 | €7,723 | €12,761 | +€5,039 | +65.2% |
| Gross operating margin | 9900 | €1,204,522 | €1,317,122 | +€112,600 | +9.3% |
| Operating profit (loss) | 9901 | €716,225 | €824,552 | +€108,327 | +15.1% |
| Financial income | 75/76B | €19 | €10 | -€9 | -49.0% |
| Recurring financial income | 75 | €19 | €10 | -€9 | -49.0% |
| Financial charges | 65/66B | €9,224 | €6,566 | -€2,658 | -28.8% |
| Recurring financial charges | 65 | €9,224 | €6,566 | -€2,658 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €707,020 | €817,995 | +€110,975 | +15.7% |
| Income taxes | 67/77 | €181,269 | €211,452 | +€30,183 | +16.7% |
| Profit (loss) for the period | 9904 | €525,751 | €606,544 | +€80,793 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €525,751 | €606,544 | +€80,793 | +15.4% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.