NELU: 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.
NELU
Largest movements
- Tangible fixed assets -€7,995
down €7,995 (-2.9%), from €276,593 to €268,599
of which Land and buildings: -€8,867
- Cash +€7,518
up €7,518 (+93.3%), from €8,059 to €15,577
mainly Net result for the year (+€16,917) and Depreciation (+€10,327)
- Receivables within one year -€6,458
down €6,458 (-21.2%), from €30,415 to €23,956
of which Other amounts receivable: -€5,990
- Debts after one year -€10,943
down €10,943 (-6.4%), from €172,199 to €161,255
- Reserves +€10,819
up €10,819 (+11.7%), from €92,460 to €103,279
- Other debts -€9,446
down €9,446 (-47.7%), from €19,817 to €10,371
- Gross operating margin +€1,066
up €1,066 (+2.5%), from €43,203 to €44,269
- Taxes +€518
up €518 (+8.4%), from €6,137 to €6,655
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 | €316,462 | €309,103 | -€7,359 | -2.3% |
| Fixed assets | 21/28 | €276,593 | €268,599 | -€7,995 | -2.9% |
| Tangible fixed assets | 22/27 | €276,593 | €268,599 | -€7,995 | -2.9% |
| Land and buildings | 22 | €271,930 | €263,064 | -€8,867 | -3.3% |
| Plant, machinery and equipment | 23 | €1,613 | €1,451 | -€162 | -10.0% |
| Furniture and vehicles | 24 | €1,393 | €2,673 | +€1,280 | +91.9% |
| Other tangible fixed assets | 26 | €1,657 | €1,411 | -€246 | -14.9% |
| Current assets | 29/58 | €39,868 | €40,504 | +€636 | +1.6% |
| Amounts receivable within one year | 40/41 | €30,415 | €23,956 | -€6,458 | -21.2% |
| Trade receivables | 40 | €17,008 | €16,539 | -€468 | -2.8% |
| Other amounts receivable | 41 | €13,407 | €7,417 | -€5,990 | -44.7% |
| Cash at bank and in hand | 54/58 | €8,059 | €15,577 | +€7,518 | +93.3% |
| Deferred charges and accrued income | 490/1 | €1,394 | €971 | -€423 | -30.4% |
| Total equity and liabilities | 10/49 | €316,462 | €309,103 | -€7,359 | -2.3% |
| Equity | 10/15 | €111,060 | €121,879 | +€10,819 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,460 | €103,279 | +€10,819 | +11.7% |
| Distributable reserves | 133 | €92,460 | €103,279 | +€10,819 | +11.7% |
| Amounts payable | 17/49 | €205,402 | €187,224 | -€18,178 | -8.8% |
| Amounts payable after more than one year | 17 | €172,199 | €161,255 | -€10,943 | -6.4% |
| Financial debts | 170/4 | €172,199 | €161,255 | -€10,943 | -6.4% |
| Amounts payable within one year | 42/48 | €33,137 | €25,902 | -€7,236 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €10,488 | €10,943 | +€456 | +4.3% |
| Trade debts | 44 | €2,233 | €4,088 | +€1,855 | +83.1% |
| Suppliers | 440/4 | €2,233 | €4,088 | +€1,855 | +83.1% |
| Taxes, remuneration and social security | 45 | €600 | €500 | -€100 | -16.7% |
| Taxes | 450/3 | €600 | €500 | -€100 | -16.7% |
| Other amounts payable | 47/48 | €19,817 | €10,371 | -€9,446 | -47.7% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,118 | €10,327 | +€208 | +2.1% |
| Other operating charges | 640/8 | €1,918 | €1,883 | -€34 | -1.8% |
| Gross operating margin | 9900 | €43,203 | €44,269 | +€1,066 | +2.5% |
| Operating profit (loss) | 9901 | €31,167 | €32,059 | +€892 | +2.9% |
| Financial income | 75/76B | €385 | €390 | +€5 | +1.2% |
| Recurring financial income | 75 | €385 | €390 | +€5 | +1.2% |
| Financial charges | 65/66B | €8,837 | €8,877 | +€40 | +0.5% |
| Recurring financial charges | 65 | €8,837 | €8,877 | +€40 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €22,715 | €23,571 | +€856 | +3.8% |
| Income taxes | 67/77 | €6,137 | €6,655 | +€518 | +8.4% |
| Profit (loss) for the period | 9904 | €16,578 | €16,917 | +€339 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,578 | €16,917 | +€339 | +2.0% |
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 29 September 2026 via checked.be.