Nell Ertz: 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.
Nell Ertz
Largest movements
- Cash +€4,782
up €4,782 (+29.8%), from €16,024 to €20,807
mainly Net result for the year (+€6,722) and Depreciation (+€3,787)
- Tangible fixed assets -€3,676
down €3,676 (-32.5%), from €11,298 to €7,622
- Receivables within one year -€2,663
down €2,663 (-90.3%), from €2,950 to €287
of which Trade receivables: -€2,950
- Deferred charges and accrued income +€644
new in 2025: €644
- Profit (loss) carried forward +€5,889
up €5,889 (+65.7%), from €8,965 to €14,855
- Trade debts -€4,037
down €4,037 (-31.7%), from €12,729 to €8,692
- Accrued charges and deferred income -€2,950
no longer reported in 2025 (was €2,950)
- Gross operating margin -€7,356
down €7,356 (-34.3%), from €21,423 to €14,067
- Taxes -€3,348
down €3,348 (-51.0%), from €6,561 to €3,213
- Depreciation -€917
down €917 (-19.5%), from €4,705 to €3,787
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 | €30,383 | €29,359 | -€1,024 | -3.4% |
| Formation expenses | 20 | €111 | - | -€111 | |
| Fixed assets | 21/28 | €11,298 | €7,622 | -€3,676 | -32.5% |
| Tangible fixed assets | 22/27 | €11,298 | €7,622 | -€3,676 | -32.5% |
| Furniture and vehicles | 24 | €11,298 | €7,622 | -€3,676 | -32.5% |
| Current assets | 29/58 | €18,974 | €21,737 | +€2,764 | +14.6% |
| Amounts receivable within one year | 40/41 | €2,950 | €287 | -€2,663 | -90.3% |
| Trade receivables | 40 | €2,950 | - | -€2,950 | |
| Other amounts receivable | 41 | - | €287 | +€287 | |
| Cash at bank and in hand | 54/58 | €16,024 | €20,807 | +€4,782 | +29.8% |
| Deferred charges and accrued income | 490/1 | - | €644 | +€644 | |
| Total equity and liabilities | 10/49 | €30,383 | €29,359 | -€1,024 | -3.4% |
| Equity | 10/15 | €9,465 | €15,355 | +€5,889 | +62.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,965 | €14,855 | +€5,889 | +65.7% |
| Amounts payable | 17/49 | €20,917 | €14,004 | -€6,913 | -33.0% |
| Amounts payable within one year | 42/48 | €17,968 | €14,004 | -€3,963 | -22.1% |
| Trade debts | 44 | €12,729 | €8,692 | -€4,037 | -31.7% |
| Suppliers | 440/4 | €12,729 | €8,692 | -€4,037 | -31.7% |
| Taxes, remuneration and social security | 45 | €2,301 | €2,311 | +€10 | +0.4% |
| Taxes | 450/3 | €2,301 | €2,311 | +€10 | +0.4% |
| Other amounts payable | 47/48 | €2,937 | €3,001 | +€64 | +2.2% |
| Accrued charges and deferred income | 492/3 | €2,950 | - | -€2,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,705 | €3,787 | -€917 | -19.5% |
| Other operating charges | 640/8 | €342 | €239 | -€103 | -30.2% |
| Gross operating margin | 9900 | €21,423 | €14,067 | -€7,356 | -34.3% |
| Operating profit (loss) | 9901 | €16,377 | €10,041 | -€6,336 | -38.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €50 | €106 | +€56 | +112.4% |
| Recurring financial charges | 65 | €50 | €106 | +€56 | +112.4% |
| Profit (loss) for the period before taxes | 9903 | €16,327 | €9,935 | -€6,391 | -39.1% |
| Income taxes | 67/77 | €6,561 | €3,213 | -€3,348 | -51.0% |
| Profit (loss) for the period | 9904 | €9,765 | €6,722 | -€3,043 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,765 | €6,722 | -€3,043 | -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 7 October 2026 via checked.be.