NELTHOS: 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.
NELTHOS
Largest movements
- Cash -€62,998
down €62,998 (-45.2%), from €139,294 to €76,296
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€28,171)
- Current investments -€30,000
down €30,000 (-88.2%), from €34,000 to €4,000
- Tangible fixed assets -€27,037
down €27,037 (-4.8%), from €560,493 to €533,456
of which Land and buildings: -€21,275
- Reserves -€159,800
down €159,800 (-50.3%), from €317,800 to €158,000
- Other debts +€56,621
up €56,621 (+114.5%), from €49,429 to €106,050
- Debts after one year -€28,171
down €28,171 (-8.3%), from €337,653 to €309,483
- Profit (loss) carried forward +€8,792
up €8,792 (+2158.3%), from €407 to €9,199
- Gross operating margin +€17,415
up €17,415 (+10.8%), from €161,585 to €179,000
- Depreciation -€6,324
down €6,324 (-16.0%), from €39,602 to €33,277
- Other operating charges +€5,083
up €5,083 (+184.7%), from €2,752 to €7,835
- Taxes +€4,777
up €4,777 (+20.9%), from €22,844 to €27,621
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 | €762,842 | €640,958 | -€121,884 | -16.0% |
| Fixed assets | 21/28 | €560,493 | €533,456 | -€27,037 | -4.8% |
| Tangible fixed assets | 22/27 | €560,493 | €533,456 | -€27,037 | -4.8% |
| Land and buildings | 22 | €550,223 | €528,948 | -€21,275 | -3.9% |
| Plant, machinery and equipment | 23 | €5,961 | €3,648 | -€2,313 | -38.8% |
| Furniture and vehicles | 24 | €4,309 | €860 | -€3,448 | -80.0% |
| Current assets | 29/58 | €202,349 | €107,502 | -€94,848 | -46.9% |
| Amounts receivable within one year | 40/41 | €25,286 | €24,070 | -€1,216 | -4.8% |
| Trade receivables | 40 | €25,286 | €21,172 | -€4,115 | -16.3% |
| Other amounts receivable | 41 | - | €2,898 | +€2,898 | |
| Current investments | 50/53 | €34,000 | €4,000 | -€30,000 | -88.2% |
| Cash at bank and in hand | 54/58 | €139,294 | €76,296 | -€62,998 | -45.2% |
| Deferred charges and accrued income | 490/1 | €3,769 | €3,136 | -€633 | -16.8% |
| Total equity and liabilities | 10/49 | €762,842 | €640,958 | -€121,884 | -16.0% |
| Equity | 10/15 | €323,207 | €172,199 | -€151,008 | -46.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €317,800 | €158,000 | -€159,800 | -50.3% |
| Distributable reserves | 133 | €317,800 | €158,000 | -€159,800 | -50.3% |
| Profit (loss) carried forward | 14 | €407 | €9,199 | +€8,792 | +2158.3% |
| Amounts payable | 17/49 | €439,635 | €468,759 | +€29,124 | +6.6% |
| Amounts payable after more than one year | 17 | €337,653 | €309,483 | -€28,171 | -8.3% |
| Financial debts | 170/4 | €337,653 | €309,483 | -€28,171 | -8.3% |
| Amounts payable within one year | 42/48 | €93,427 | €150,792 | +€57,365 | +61.4% |
| Current portion of amounts payable after more than one year | 42 | €27,666 | €28,171 | +€505 | +1.8% |
| Trade debts | 44 | €2,064 | €2,697 | +€633 | +30.7% |
| Suppliers | 440/4 | €2,064 | €2,697 | +€633 | +30.7% |
| Taxes, remuneration and social security | 45 | €14,268 | €13,874 | -€394 | -2.8% |
| Taxes | 450/3 | €14,268 | €13,874 | -€394 | -2.8% |
| Other amounts payable | 47/48 | €49,429 | €106,050 | +€56,621 | +114.5% |
| Accrued charges and deferred income | 492/3 | €8,554 | €8,484 | -€70 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,602 | €33,277 | -€6,324 | -16.0% |
| Other operating charges | 640/8 | €2,752 | €7,835 | +€5,083 | +184.7% |
| Gross operating margin | 9900 | €161,585 | €179,000 | +€17,415 | +10.8% |
| Operating profit (loss) | 9901 | €119,231 | €137,887 | +€18,656 | +15.6% |
| Financial income | 75/76B | €2,063 | €1,158 | -€905 | -43.8% |
| Recurring financial income | 75 | €2,063 | €1,158 | -€905 | -43.8% |
| Financial charges | 65/66B | €13,069 | €12,433 | -€636 | -4.9% |
| Recurring financial charges | 65 | €13,069 | €12,433 | -€636 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €108,225 | €126,613 | +€18,388 | +17.0% |
| Income taxes | 67/77 | €22,844 | €27,621 | +€4,777 | +20.9% |
| Profit (loss) for the period | 9904 | €85,381 | €98,992 | +€13,611 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,381 | €98,992 | +€13,611 | +15.9% |
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 6 October 2026 via checked.be.