NELSON LABS: 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.
What changed
NELSON LABS
NACE 72.109, Other research and development on natural sciences
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€38.1m
2024 · €87.8m-€49.7m
Equity
€595.3m
2024 · €654.8m-€59.5m
Cash
€27.7m
2024 · €84.9m-€57.2m
Balance sheet total
€769.0m
2024 · €822.5m-€53.5m
Largest movements
Assets
- Cash -€57.2m
down €57.2m (-67.4%), from €84.9m to €27.7m
mainly Contributions, distributions and other (-€97.6m) and Stocks and contracts (-€5.8m)
Equity and liabilities
- Profit (loss) carried forward -€59.5m
down €59.5m (-42.8%), from €139.0m to €79.5m
Income statement
- Financial income -€47.1m
down €47.1m (-56.3%), from €83.6m to €36.5m
- Financial charges +€7.2m
up €7.2m (+142%), from €5.1m to €12.3m
- Turnover +€3.2m
up €3.2m (+8.3%), from €38.1m to €41.3m
- Services and other goods +€1.9m
up €1.9m (+28.6%), from €6.6m to €8.5m
- Staff costs +€632,904
up €632,904 (+4.0%), from €15.8m to €16.4m
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.
Result 2024
€87.8m
Turnover
+€3.2m
Goods and materials
-€36,258
Services and other goods
-€1.9m
Staff costs
-€632,904
Depreciation
-€101,267
Write-downs
-€8,481
Other operating charges
-€232,899
Other operating items
+€4.6m
Financial income
-€47.1m
Financial charges
-€7.2m
Taxes
-€340,979
Result 2025
€38.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€37.5m
Investment
-€2.9m
Financing
-€91.8m
Cash 2024
€84.9m
From operations (derived)
+€37.5m
Net result for the year
+€38.1m
Depreciation
+€1.7m
Stocks and contracts
-€5.8m
Receivables within one year
+€3.4m
Smaller working-capital items
+€110,913
Tax, wage and social debts
+€2.1m
Advances received
-€2.3m
Accrued charges and deferred income
+€257,345
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
-€91.8m
Short-term financial debts
+€5.8m
Contributions, distributions and other
-€97.6m
Cash 2025
€27.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €822,456,848 | €769,002,770 | -€53.5m | -6.5% |
| Fixed assets | 21/28 | €663,562,430 | €664,786,236 | +€1.2m | +0.2% |
| Intangible fixed assets | 21 | €1,766,596 | €1,576,954 | -€189,642 | -10.7% |
| Tangible fixed assets | 22/27 | €7,021,110 | €8,434,558 | +€1.4m | +20.1% |
| Plant, machinery and equipment | 23 | €4,029,297 | €4,757,272 | +€727,975 | +18.1% |
| Furniture and vehicles | 24 | €68,517 | €92,829 | +€24,312 | +35.5% |
| Leasing and similar rights | 25 | €113,496 | €113,496 | = | 0.0% |
| Other tangible fixed assets | 26 | €726,350 | €1,263,891 | +€537,541 | +74.0% |
| Assets under construction and advance payments | 27 | €2,083,450 | €2,207,070 | +€123,619 | +5.9% |
| Financial fixed assets | 28 | €654,774,724 | €654,774,724 | = | 0.0% |
| Affiliated companies | 280/1 | €654,774,724 | €654,774,724 | = | 0.0% |
| Participating interests | 280 | €654,774,724 | €654,774,724 | = | 0.0% |
| Current assets | 29/58 | €158,894,418 | €104,216,534 | -€54.7m | -34.4% |
| Stocks and contracts in progress | 3 | €8,318,648 | €14,155,625 | +€5.8m | +70.2% |
| Contracts in progress | 37 | €8,318,648 | €14,155,625 | +€5.8m | +70.2% |
| Amounts receivable within one year | 40/41 | €65,405,385 | €62,011,845 | -€3.4m | -5.2% |
| Trade receivables | 40 | €10,192,035 | €7,752,979 | -€2.4m | -23.9% |
| Other amounts receivable | 41 | €55,213,349 | €54,258,866 | -€954,483 | -1.7% |
| Cash at bank and in hand | 54/58 | €84,941,692 | €27,705,430 | -€57.2m | -67.4% |
| Deferred charges and accrued income | 490/1 | €228,693 | €343,634 | +€114,941 | +50.3% |
| Total equity and liabilities | 10/49 | €822,456,848 | €769,002,770 | -€53.5m | -6.5% |
| Equity | 10/15 | €654,841,877 | €595,319,279 | -€59.5m | -9.1% |
| Contributions | 10/11 | €513,876,543 | €513,876,543 | = | 0.0% |
| Capital | 10 | €347,500 | €347,500 | = | 0.0% |
| Issued capital | 100 | €347,500 | €347,500 | = | 0.0% |
| Contributions outside capital | 11 | €513,529,043 | €513,529,043 | = | 0.0% |
| Share premium | 1100/10 | €513,529,043 | €513,529,043 | = | 0.0% |
| Reserves | 13 | €1,937,207 | €1,937,207 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,750 | €34,750 | = | 0.0% |
| Legal reserve | 130 | €34,750 | €34,750 | = | 0.0% |
| Distributable reserves | 133 | €1,902,457 | €1,902,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,028,127 | €79,505,529 | -€59.5m | -42.8% |
| Amounts payable | 17/49 | €167,614,971 | €173,683,492 | +€6.1m | +3.6% |
| Amounts payable within one year | 42/48 | €167,552,091 | €173,363,266 | +€5.8m | +3.5% |
| Financial debts | 43 | €160,748,702 | €166,541,446 | +€5.8m | +3.6% |
| Other loans | 439 | €160,748,702 | €166,541,446 | +€5.8m | +3.6% |
| Trade debts | 44 | €1,178,460 | €1,404,314 | +€225,854 | +19.2% |
| Suppliers | 440/4 | €1,178,460 | €1,404,314 | +€225,854 | +19.2% |
| Advances received on contracts in progress | 46 | €2,271,234 | - | -€2.3m | |
| Taxes, remuneration and social security | 45 | €3,353,695 | €5,417,506 | +€2.1m | +61.5% |
| Taxes | 450/3 | - | €1,284,633 | +€1.3m | |
| Remuneration and social security | 454/9 | €3,353,695 | €4,132,873 | +€779,178 | +23.2% |
| Accrued charges and deferred income | 492/3 | €62,880 | €320,226 | +€257,345 | +409% |
| Operating income | 70/76A | €39,308,027 | €47,091,501 | +€7.8m | +19.8% |
| Turnover | 70 | €38,095,149 | €41,251,524 | +€3.2m | +8.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,196,452 | €5,836,978 | +€4.6m | +388% |
| Non-recurring operating income | 76A | €16,425 | €3,000 | -€13,425 | -81.7% |
| Operating charges | 60/66A | €28,167,252 | €31,058,259 | +€2.9m | +10.3% |
| Goods for resale, raw materials and consumables | 60 | €3,904,040 | €3,940,299 | +€36,258 | +0.9% |
| Purchases | 600/8 | €3,904,040 | €3,940,299 | +€36,258 | +0.9% |
| Services and other goods | 61 | €6,570,883 | €8,450,081 | +€1.9m | +28.6% |
| Remuneration, social security and pensions | 62 | €15,796,422 | €16,429,326 | +€632,904 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,605,235 | €1,706,502 | +€101,267 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €168,517 | €176,997 | +€8,481 | +5.0% |
| Other operating charges | 640/8 | €122,155 | €355,054 | +€232,899 | +191% |
| Operating profit (loss) | 9901 | €11,140,774 | €16,033,242 | +€4.9m | +43.9% |
| Financial income | 75/76B | €83,580,385 | €36,504,532 | -€47.1m | -56.3% |
| Recurring financial income | 75 | €83,580,385 | €36,504,532 | -€47.1m | -56.3% |
| Income from financial fixed assets | 750 | €83,067,658 | €32,934,433 | -€50.1m | -60.4% |
| Other financial income | 752/9 | €512,727 | €3,570,099 | +€3.1m | +596% |
| Financial charges | 65/66B | €5,062,248 | €12,264,775 | +€7.2m | +142% |
| Recurring financial charges | 65 | €5,062,248 | €12,264,775 | +€7.2m | +142% |
| Debt charges | 650 | €4,951,604 | €9,202,064 | +€4.3m | +85.8% |
| Other financial charges | 652/9 | €110,644 | €3,062,711 | +€3.0m | +2,668% |
| Profit (loss) for the period before taxes | 9903 | €89,658,911 | €40,272,999 | -€49.4m | -55.1% |
| Income taxes | 67/77 | €1,862,280 | €2,203,259 | +€340,979 | +18.3% |
| Taxes | 670/3 | €1,862,280 | €2,203,259 | +€340,979 | +18.3% |
| Profit (loss) for the period | 9904 | €87,796,632 | €38,069,740 | -€49.7m | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,796,632 | €38,069,740 | -€49.7m | -56.6% |
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 14 October 2026 via checked.be.