Nelson Management: 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.
Nelson Management
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+30254.8%), from €3,377 to €1.0m
of which Land and buildings: +€1.0m
- Financial fixed assets +€54,450
new in 2025: €54,450
- Cash -€31,780
down €31,780 (-57.0%), from €55,783 to €24,003
mainly Investment in fixed assets (net) (-€1.1m) and Trade debts (-€4,305)
- Debts after one year +€936,656
new in 2025: €936,656
- Other debts +€52,692
up €52,692 (+101.4%), from €51,940 to €104,632
- Current portion of long-term debt +€36,713
new in 2025: €36,713
- Gross operating margin +€34,812
up €34,812 (+65.1%), from €53,469 to €88,281
- Financial charges +€29,054
up €29,054 (+831.8%), from €3,493 to €32,547
of which Financial charges: +€26,570
- Depreciation +€27,503
up €27,503 (+1801.1%), from €1,527 to €29,030
- Taxes +€2,571
up €2,571 (+23.5%), from €10,962 to €13,533
- Financial income +€1,046
up €1,046 (+208.4%), from €502 to €1,548
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 | €127,242 | €1,162,546 | +€1.0m | +813.6% |
| Fixed assets | 21/28 | €3,377 | €1,079,533 | +€1.1m | +31867.2% |
| Tangible fixed assets | 22/27 | €3,377 | €1,025,083 | +€1.0m | +30254.8% |
| Land and buildings | 22 | - | €1,011,589 | +€1.0m | |
| Plant, machinery and equipment | 23 | €3,377 | €13,494 | +€10,117 | +299.6% |
| Financial fixed assets | 28 | - | €54,450 | +€54,450 | |
| Current assets | 29/58 | €123,865 | €83,013 | -€40,852 | -33.0% |
| Amounts receivable within one year | 40/41 | €45,482 | €45,220 | -€262 | -0.6% |
| Trade receivables | 40 | €29,770 | €3,811 | -€25,959 | -87.2% |
| Other amounts receivable | 41 | €15,712 | €41,409 | +€25,697 | +163.6% |
| Current investments | 50/53 | €20,006 | €12,174 | -€7,832 | -39.1% |
| Cash at bank and in hand | 54/58 | €55,783 | €24,003 | -€31,780 | -57.0% |
| Deferred charges and accrued income | 490/1 | €2,594 | €1,616 | -€978 | -37.7% |
| Total equity and liabilities | 10/49 | €127,242 | €1,162,546 | +€1.0m | +813.6% |
| Equity | 10/15 | €43,170 | €53,961 | +€10,791 | +25.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €39,170 | €49,961 | +€10,791 | +27.5% |
| Distributable reserves | 133 | €39,170 | €49,961 | +€10,791 | +27.5% |
| Amounts payable | 17/49 | €84,072 | €1,108,585 | +€1.0m | +1218.6% |
| Amounts payable after more than one year | 17 | - | €936,656 | +€936,656 | |
| Financial debts | 170/4 | - | €936,656 | +€936,656 | |
| Amounts payable within one year | 42/48 | €83,899 | €170,581 | +€86,682 | +103.3% |
| Current portion of amounts payable after more than one year | 42 | - | €36,713 | +€36,713 | |
| Trade debts | 44 | €7,059 | €2,754 | -€4,305 | -61.0% |
| Suppliers | 440/4 | €7,059 | €2,754 | -€4,305 | -61.0% |
| Taxes, remuneration and social security | 45 | €24,900 | €26,482 | +€1,582 | +6.4% |
| Taxes | 450/3 | €24,900 | €26,482 | +€1,582 | +6.4% |
| Other amounts payable | 47/48 | €51,940 | €104,632 | +€52,692 | +101.4% |
| Accrued charges and deferred income | 492/3 | €173 | €1,348 | +€1,175 | +679.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,527 | €29,030 | +€27,503 | +1801.1% |
| Other operating charges | 640/8 | €3,398 | €3,928 | +€530 | +15.6% |
| Gross operating margin | 9900 | €53,469 | €88,281 | +€34,812 | +65.1% |
| Operating profit (loss) | 9901 | €48,544 | €55,323 | +€6,779 | +14.0% |
| Financial income | 75/76B | €502 | €1,548 | +€1,046 | +208.4% |
| Recurring financial income | 75 | €502 | €1,548 | +€1,046 | +208.4% |
| Financial charges | 65/66B | €3,493 | €32,547 | +€29,054 | +831.8% |
| Recurring financial charges | 65 | €3,493 | €30,063 | +€26,570 | +760.7% |
| Non-recurring financial charges | 66B | - | €2,484 | +€2,484 | |
| Profit (loss) for the period before taxes | 9903 | €45,553 | €24,324 | -€21,229 | -46.6% |
| Income taxes | 67/77 | €10,962 | €13,533 | +€2,571 | +23.5% |
| Profit (loss) for the period | 9904 | €34,591 | €10,791 | -€23,800 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,591 | €10,791 | -€23,800 | -68.8% |
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 5 October 2026 via checked.be.