NELSON OPERATION: 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 OPERATION
Largest movements
- Intangible fixed assets -€1.0m
down €1.0m (-40.0%), from €2.6m to €1.6m
- Tangible fixed assets -€660,218
down €660,218 (-4.5%), from €14.8m to €14.1m
of which Land and buildings: -€657,912
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Cash +€366,428
up €366,428 (+152.7%), from €240,026 to €606,454
mainly Debts after one year (+€2.1m) and Depreciation (+€1.6m)
- Receivables within one year -€235,328
down €235,328 (-5.7%), from €4.1m to €3.9m
of which Other amounts receivable: -€303,821
- Other debts -€3.2m
down €3.2m (-90.5%), from €3.6m to €337,663
- Debts after one year +€2.1m
up €2.1m (+21.7%), from €9.8m to €11.9m
- Profit (loss) carried forward -€508,514
down €508,514 (-15.1%), from -€3.4m to -€3.9m
- Reserves -€430,046
down €430,046 (-6.2%), from €6.9m to €6.5m
of which Tax-exempt reserves: -€430,046
- Financial income +€816,563
up €816,563 (+19200.5%), from €4,253 to €820,816
of which Non-recurring financial income: +€805,869
- Gross operating margin +€618,982
up €618,982, from -€179,580 to €439,402
- Financial charges +€32,701
up €32,701 (+5.8%), from €562,108 to €594,809
- Depreciation -€14,512
down €14,512 (-0.9%), from €1.6m to €1.6m
- Other operating charges +€4,529
up €4,529 (+3.9%), from €116,638 to €121,167
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.
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 | €22,479,795 | €20,413,153 | -€2.1m | -9.2% |
| Fixed assets | 21/28 | €17,612,144 | €15,911,901 | -€1.7m | -9.7% |
| Intangible fixed assets | 21 | €2,600,062 | €1,560,037 | -€1.0m | -40.0% |
| Tangible fixed assets | 22/27 | €14,793,447 | €14,133,229 | -€660,218 | -4.5% |
| Land and buildings | 22 | €14,782,869 | €14,124,957 | -€657,912 | -4.5% |
| Furniture and vehicles | 24 | €10,578 | €8,272 | -€2,306 | -21.8% |
| Financial fixed assets | 28 | €218,635 | €218,635 | = | 0.0% |
| Current assets | 29/58 | €4,867,651 | €4,501,252 | -€366,399 | -7.5% |
| Amounts receivable within one year | 40/41 | €4,119,126 | €3,883,798 | -€235,328 | -5.7% |
| Trade receivables | 40 | €493,757 | €562,250 | +€68,493 | +13.9% |
| Other amounts receivable | 41 | €3,625,369 | €3,321,548 | -€303,821 | -8.4% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €240,026 | €606,454 | +€366,428 | +152.7% |
| Deferred charges and accrued income | 490/1 | €8,500 | €11,000 | +€2,500 | +29.4% |
| Total equity and liabilities | 10/49 | €22,479,795 | €20,413,153 | -€2.1m | -9.2% |
| Equity | 10/15 | €8,017,811 | €7,079,251 | -€938,560 | -11.7% |
| Contributions | 10/11 | €4,443,437 | €4,443,437 | = | 0.0% |
| Capital | 10 | €4,443,437 | €4,443,437 | = | 0.0% |
| Issued capital | 100 | €4,443,437 | €4,443,437 | = | 0.0% |
| Reserves | 13 | €6,936,419 | €6,506,373 | -€430,046 | -6.2% |
| Tax-exempt reserves | 132 | €1,736,295 | €1,306,249 | -€430,046 | -24.8% |
| Distributable reserves | 133 | €5,200,124 | €5,200,124 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,362,045 | -€3,870,559 | -€508,514 | -15.1% |
| Provisions and deferred taxes | 16 | €683,103 | €534,855 | -€148,248 | -21.7% |
| Provisions for liabilities and charges | 160/5 | €683,103 | €534,855 | -€148,248 | -21.7% |
| Taxes | 161 | €683,103 | €534,855 | -€148,248 | -21.7% |
| Amounts payable | 17/49 | €13,778,881 | €12,799,047 | -€979,834 | -7.1% |
| Amounts payable after more than one year | 17 | €9,805,500 | €11,934,604 | +€2.1m | +21.7% |
| Financial debts | 170/4 | €9,805,500 | €11,934,604 | +€2.1m | +21.7% |
| Amounts payable within one year | 42/48 | €3,973,381 | €864,444 | -€3.1m | -78.2% |
| Current portion of amounts payable after more than one year | 42 | €394,634 | €401,036 | +€6,403 | +1.6% |
| Trade debts | 44 | €9,545 | €125,745 | +€116,200 | +1217.4% |
| Suppliers | 440/4 | €9,545 | €125,745 | +€116,200 | +1217.4% |
| Other amounts payable | 47/48 | €3,569,202 | €337,663 | -€3.2m | -90.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,604,291 | €1,589,779 | -€14,512 | -0.9% |
| Other operating charges | 640/8 | €116,638 | €121,167 | +€4,529 | +3.9% |
| Non-recurring operating charges | 66A | - | €39,623 | +€39,623 | |
| Gross operating margin | 9900 | -€179,580 | €439,402 | +€618,982 | |
| Operating profit (loss) | 9901 | -€1,900,509 | -€1,311,167 | +€589,342 | +31.0% |
| Financial income | 75/76B | €4,253 | €820,816 | +€816,563 | +19200.5% |
| Recurring financial income | 75 | €4,253 | €14,947 | +€10,694 | +251.5% |
| Non-recurring financial income | 76B | - | €805,869 | +€805,869 | |
| Financial charges | 65/66B | €562,108 | €594,809 | +€32,701 | +5.8% |
| Recurring financial charges | 65 | €562,108 | €594,809 | +€32,701 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,458,365 | -€1,085,160 | +€1.4m | +55.9% |
| Transfer from deferred taxes | 780 | €131,139 | €148,248 | +€17,109 | +13.0% |
| Income taxes | 67/77 | - | €1,649 | +€1,649 | |
| Profit (loss) for the period | 9904 | -€2,327,225 | -€938,560 | +€1.4m | +59.7% |
| Transfer from tax-exempt reserves | 789 | €466,505 | €430,046 | -€36,459 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,860,721 | -€508,514 | +€1.4m | +72.7% |
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.