NELMAR: 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.
NELMAR
Largest movements
- Cash -€35,580
down €35,580 (-11.1%), from €321,800 to €286,220
mainly Investment in fixed assets (net) (-€41,362) and Net result for the year (-€13,722)
- Tangible fixed assets +€21,174
up €21,174 (+8.1%), from €260,439 to €281,613
of which Land and buildings: +€20,569
- Reserves -€13,722
down €13,722 (-20.9%), from €65,784 to €52,062
of which Distributable reserves: -€13,722
- Other operating charges +€30,577
up €30,577 (+501.0%), from €6,103 to €36,680
- Gross operating margin +€6,933
up €6,933 (+17.3%), from €40,005 to €46,938
- Taxes -€3,101
down €3,101 (-94.3%), from €3,287 to €186
- Financial charges +€2,849
up €2,849 (+181.5%), from €1,569 to €4,418
- Financial income -€488
down €488 (-37.5%), from €1,299 to €812
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 | €587,881 | €573,830 | -€14,051 | -2.4% |
| Fixed assets | 21/28 | €260,439 | €281,613 | +€21,174 | +8.1% |
| Tangible fixed assets | 22/27 | €260,439 | €281,613 | +€21,174 | +8.1% |
| Land and buildings | 22 | €258,809 | €279,378 | +€20,569 | +7.9% |
| Furniture and vehicles | 24 | €1,629 | €2,235 | +€606 | +37.2% |
| Current assets | 29/58 | €327,442 | €292,217 | -€35,225 | -10.8% |
| Amounts receivable after more than one year | 29 | - | €627 | +€627 | |
| Other amounts receivable | 291 | - | €627 | +€627 | |
| Amounts receivable within one year | 40/41 | €570 | - | -€570 | |
| Other amounts receivable | 41 | €570 | - | -€570 | |
| Cash at bank and in hand | 54/58 | €321,800 | €286,220 | -€35,580 | -11.1% |
| Deferred charges and accrued income | 490/1 | €5,072 | €5,370 | +€297 | +5.9% |
| Total equity and liabilities | 10/49 | €587,881 | €573,830 | -€14,051 | -2.4% |
| Equity | 10/15 | €569,784 | €556,062 | -€13,722 | -2.4% |
| Contributions | 10/11 | €504,000 | €504,000 | = | 0.0% |
| Capital | 10 | €504,000 | €504,000 | = | 0.0% |
| Issued capital | 100 | €504,000 | €504,000 | = | 0.0% |
| Reserves | 13 | €65,784 | €52,062 | -€13,722 | -20.9% |
| Non-distributable reserves | 130/1 | €26,562 | €26,562 | = | 0.0% |
| Legal reserve | 130 | €26,562 | €26,562 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,035 | €3,035 | = | 0.0% |
| Distributable reserves | 133 | €36,187 | €22,466 | -€13,722 | -37.9% |
| Amounts payable | 17/49 | €18,098 | €17,768 | -€329 | -1.8% |
| Amounts payable after more than one year | 17 | €6,773 | €4,773 | -€2,000 | -29.5% |
| Other amounts payable | 178/9 | €6,773 | €4,773 | -€2,000 | -29.5% |
| Amounts payable within one year | 42/48 | €11,324 | €12,995 | +€1,671 | +14.8% |
| Trade debts | 44 | €128 | €2,251 | +€2,124 | +1661.3% |
| Suppliers | 440/4 | €128 | - | -€128 | |
| Bills of exchange payable | 441 | - | €2,251 | +€2,251 | |
| Taxes, remuneration and social security | 45 | €6,593 | €6,851 | +€257 | +3.9% |
| Taxes | 450/3 | €6,593 | €6,851 | +€257 | +3.9% |
| Other amounts payable | 47/48 | €4,603 | €3,893 | -€710 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,153 | €20,187 | +€34 | +0.2% |
| Other operating charges | 640/8 | €6,103 | €36,680 | +€30,577 | +501.0% |
| Gross operating margin | 9900 | €40,005 | €46,938 | +€6,933 | +17.3% |
| Operating profit (loss) | 9901 | €13,749 | -€9,929 | -€23,677 | |
| Financial income | 75/76B | €1,299 | €812 | -€488 | -37.5% |
| Recurring financial income | 75 | €1,299 | €812 | -€488 | -37.5% |
| Financial charges | 65/66B | €1,569 | €4,418 | +€2,849 | +181.5% |
| Recurring financial charges | 65 | €1,569 | €4,418 | +€2,849 | +181.5% |
| Profit (loss) for the period before taxes | 9903 | €13,479 | -€13,535 | -€27,014 | |
| Income taxes | 67/77 | €3,287 | €186 | -€3,101 | -94.3% |
| Profit (loss) for the period | 9904 | €10,192 | -€13,722 | -€23,913 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,192 | -€13,722 | -€23,913 |
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 29 September 2026 via checked.be.