NELLO: what changed
Two financial 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.
NELLO
Largest movements
- Receivables within one year +€33,809
up €33,809 (+14.7%), from €229,766 to €263,575
of which Trade receivables: +€16,918
- Tangible fixed assets +€9,899
up €9,899 (+6.9%), from €143,111 to €153,011
of which Furniture and vehicles: +€21,583
- Cash -€5,155
down €5,155 (-63.1%), from €8,172 to €3,017
mainly Investment in fixed assets (net) (-€45,977) and Receivables within one year (-€33,809)
- Profit (loss) carried forward +€65,345
up €65,345 (+30.0%), from €217,610 to €282,955
- Debts after one year -€15,190
down €15,190 (-28.6%), from €53,164 to €37,975
- Trade debts -€5,997
down €5,997 (-100%), from €5,997 to €0
- Tax, wage and social debts -€5,011
down €5,011 (-7.1%), from €70,489 to €65,478
of which Remuneration and social security: -€7,240
- Gross operating margin +€51,122
up €51,122 (+14.9%), from €343,408 to €394,531
- Financial income -€26,415
down €26,415 (-62.8%), from €42,074 to €15,659
- Depreciation +€22,280
up €22,280 (+169%), from €13,204 to €35,484
- Other operating charges -€11,186
down €11,186 (-77.9%), from €14,354 to €3,167
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.
Derived cash bridge
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 | €381,050 | €420,197 | +€39,147 | +10.3% |
| Fixed assets | 21/28 | €143,111 | €153,605 | +€10,493 | +7.3% |
| Tangible fixed assets | 22/27 | €143,111 | €153,011 | +€9,899 | +6.9% |
| Land and buildings | 22 | €57,060 | €62,998 | +€5,938 | +10.4% |
| Plant, machinery and equipment | 23 | €6,434 | €4,002 | -€2,432 | -37.8% |
| Furniture and vehicles | 24 | €3,669 | €25,252 | +€21,583 | +588% |
| Leasing and similar rights | 25 | €75,949 | €60,759 | -€15,190 | -20.0% |
| Financial fixed assets | 28 | - | €594 | +€594 | |
| Current assets | 29/58 | €237,939 | €266,592 | +€28,654 | +12.0% |
| Amounts receivable within one year | 40/41 | €229,766 | €263,575 | +€33,809 | +14.7% |
| Trade receivables | 40 | - | €16,918 | +€16,918 | |
| Other amounts receivable | 41 | €229,766 | €246,657 | +€16,891 | +7.4% |
| Cash at bank and in hand | 54/58 | €8,172 | €3,017 | -€5,155 | -63.1% |
| Total equity and liabilities | 10/49 | €381,050 | €420,197 | +€39,147 | +10.3% |
| Equity | 10/15 | €236,210 | €301,555 | +€65,345 | +27.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,610 | €282,955 | +€65,345 | +30.0% |
| Amounts payable | 17/49 | €144,841 | €118,642 | -€26,198 | -18.1% |
| Amounts payable after more than one year | 17 | €53,164 | €37,975 | -€15,190 | -28.6% |
| Financial debts | 170/4 | €53,164 | €37,975 | -€15,190 | -28.6% |
| Amounts payable within one year | 42/48 | €91,676 | €80,668 | -€11,009 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €15,190 | €15,190 | = | 0.0% |
| Trade debts | 44 | €5,997 | €0 | -€5,997 | -100% |
| Suppliers | 440/4 | €5,997 | €0 | -€5,997 | -100% |
| Taxes, remuneration and social security | 45 | €70,489 | €65,478 | -€5,011 | -7.1% |
| Taxes | 450/3 | €30,999 | €33,228 | +€2,229 | +7.2% |
| Remuneration and social security | 454/9 | €39,490 | €32,250 | -€7,240 | -18.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €288,590 | €286,010 | -€2,580 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,204 | €35,484 | +€22,280 | +169% |
| Other operating charges | 640/8 | €14,354 | €3,167 | -€11,186 | -77.9% |
| Gross operating margin | 9900 | €343,408 | €394,531 | +€51,122 | +14.9% |
| Operating profit (loss) | 9901 | €27,261 | €69,870 | +€42,609 | +156% |
| Financial income | 75/76B | €42,074 | €15,659 | -€26,415 | -62.8% |
| Recurring financial income | 75 | €42,074 | €15,659 | -€26,415 | -62.8% |
| Financial charges | 65/66B | €143 | €23 | -€120 | -83.6% |
| Recurring financial charges | 65 | €143 | €23 | -€120 | -83.6% |
| Profit (loss) for the period before taxes | 9903 | €69,192 | €85,505 | +€16,313 | +23.6% |
| Income taxes | 67/77 | €16,604 | €20,160 | +€3,556 | +21.4% |
| Profit (loss) for the period | 9904 | €52,588 | €65,345 | +€12,757 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,588 | €65,345 | +€12,757 | +24.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.