Nelson: what changed
Nelson
Largest movements
- Receivables within one year +€26,856
up €26,856 (+58.4%), from €45,992 to €72,848
of which Trade receivables: +€16,145
- Cash +€13,448
up €13,448 (+459%), from €2,929 to €16,377
mainly Net result for the year (+€41,443) and Trade debts (+€10,677)
- Stocks and contracts +€11,639
up €11,639 (+4.0%), from €291,347 to €302,985
- Profit (loss) carried forward +€41,443
up €41,443 (+48.1%), from €86,169 to €127,612
- Debts after one year -€12,040
down €12,040 (-5.6%), from €215,624 to €203,584
- Trade debts +€10,677
up €10,677 (+308%), from €3,463 to €14,140
- Tax, wage and social debts +€7,837
up €7,837 (+32.2%), from €24,370 to €32,208
of which Taxes: +€7,837
- Gross operating margin -€18,756
down €18,756 (-21.1%), from €88,827 to €70,070
- Financial charges +€5,564
up €5,564 (+85.7%), from €6,496 to €12,060
- Taxes -€2,956
down €2,956 (-15.7%), from €18,786 to €15,830
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €347,199 | €395,584 | +€48,385 | +13.9% |
| Fixed assets | 21/28 | €180 | €180 | = | 0.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €347,019 | €395,404 | +€48,385 | +13.9% |
| Stocks and contracts in progress | 3 | €291,347 | €302,985 | +€11,639 | +4.0% |
| Stocks | 30/36 | €291,347 | €302,985 | +€11,639 | +4.0% |
| Amounts receivable within one year | 40/41 | €45,992 | €72,848 | +€26,856 | +58.4% |
| Trade receivables | 40 | €45,315 | €61,460 | +€16,145 | +35.6% |
| Other amounts receivable | 41 | €677 | €11,388 | +€10,711 | +1,583% |
| Current investments | 50/53 | €6,752 | €3,000 | -€3,752 | -55.6% |
| Cash at bank and in hand | 54/58 | €2,929 | €16,377 | +€13,448 | +459% |
| Deferred charges and accrued income | 490/1 | - | €193 | +€193 | |
| Total equity and liabilities | 10/49 | €347,199 | €395,584 | +€48,385 | +13.9% |
| Equity | 10/15 | €92,169 | €133,612 | +€41,443 | +45.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,169 | €127,612 | +€41,443 | +48.1% |
| Amounts payable | 17/49 | €255,030 | €261,972 | +€6,942 | +2.7% |
| Amounts payable after more than one year | 17 | €215,624 | €203,584 | -€12,040 | -5.6% |
| Financial debts | 170/4 | €215,624 | €203,584 | -€12,040 | -5.6% |
| Amounts payable within one year | 42/48 | €39,406 | €58,388 | +€18,982 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €11,573 | €12,040 | +€467 | +4.0% |
| Trade debts | 44 | €3,463 | €14,140 | +€10,677 | +308% |
| Suppliers | 440/4 | €3,463 | €14,140 | +€10,677 | +308% |
| Taxes, remuneration and social security | 45 | €24,370 | €32,208 | +€7,837 | +32.2% |
| Taxes | 450/3 | €24,370 | €32,208 | +€7,837 | +32.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other operating charges | 640/8 | €1,402 | €1,612 | +€209 | +14.9% |
| Gross operating margin | 9900 | €88,827 | €70,070 | -€18,756 | -21.1% |
| Operating profit (loss) | 9901 | €87,424 | €68,459 | -€18,965 | -21.7% |
| Financial income | 75/76B | €185 | €873 | +€688 | +372% |
| Recurring financial income | 75 | €185 | €873 | +€688 | +372% |
| Financial charges | 65/66B | €6,496 | €12,060 | +€5,564 | +85.7% |
| Recurring financial charges | 65 | €6,496 | €12,060 | +€5,564 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | €81,114 | €57,273 | -€23,841 | -29.4% |
| Income taxes | 67/77 | €18,786 | €15,830 | -€2,956 | -15.7% |
| Profit (loss) for the period | 9904 | €62,328 | €41,443 | -€20,885 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €62,328 | €41,443 | -€20,885 | -33.5% |
Next steps
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 2 November 2026 via checked.be.