NELU MIHALI: 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.
NELU MIHALI
Largest movements
- Tangible fixed assets -€24,102
down €24,102 (-25.9%), from €93,115 to €69,013
of which Plant, machinery and equipment: -€14,081
- Receivables within one year +€8,987
up €8,987 (+962%), from €934 to €9,921
of which Trade receivables: +€4,698
- Cash +€2,084
up €2,084 (+4.7%), from €44,110 to €46,194
mainly Net result for the year (+€45,473) and Depreciation (+€24,102)
- Other debts -€10,676
down €10,676 (-11.4%), from €93,483 to €82,807
- Advances received +€7,880
new in 2025: €7,880
- Tax, wage and social debts -€5,434
down €5,434 (-39.3%), from €13,823 to €8,389
- Trade debts -€4,800
down €4,800 (-45.8%), from €10,475 to €5,675
- Gross operating margin -€21,445
down €21,445 (-19.2%), from €111,610 to €90,165
- Taxes -€5,108
down €5,108 (-28.5%), from €17,911 to €12,803
- Depreciation +€3,250
up €3,250 (+15.6%), from €20,852 to €24,102
- Financial charges +€2,776
up €2,776 (+288%), from €963 to €3,739
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €138,242 | €125,211 | -€13,030 | -9.4% |
| Fixed assets | 21/28 | €93,198 | €69,096 | -€24,102 | -25.9% |
| Tangible fixed assets | 22/27 | €93,115 | €69,013 | -€24,102 | -25.9% |
| Plant, machinery and equipment | 23 | €46,462 | €32,381 | -€14,081 | -30.3% |
| Furniture and vehicles | 24 | €46,653 | €36,632 | -€10,020 | -21.5% |
| Financial fixed assets | 28 | €83 | €83 | = | 0.0% |
| Current assets | 29/58 | €45,044 | €56,115 | +€11,072 | +24.6% |
| Amounts receivable within one year | 40/41 | €934 | €9,921 | +€8,987 | +962% |
| Trade receivables | 40 | €934 | €5,632 | +€4,698 | +503% |
| Other amounts receivable | 41 | - | €4,289 | +€4,289 | |
| Cash at bank and in hand | 54/58 | €44,110 | €46,194 | +€2,084 | +4.7% |
| Total equity and liabilities | 10/49 | €138,242 | €125,211 | -€13,030 | -9.4% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Amounts payable | 17/49 | €117,782 | €104,751 | -€13,030 | -11.1% |
| Amounts payable within one year | 42/48 | €117,782 | €104,751 | -€13,030 | -11.1% |
| Trade debts | 44 | €10,475 | €5,675 | -€4,800 | -45.8% |
| Suppliers | 440/4 | €10,475 | €5,675 | -€4,800 | -45.8% |
| Advances received on contracts in progress | 46 | - | €7,880 | +€7,880 | |
| Taxes, remuneration and social security | 45 | €13,823 | €8,389 | -€5,434 | -39.3% |
| Taxes | 450/3 | €13,823 | €8,389 | -€5,434 | -39.3% |
| Other amounts payable | 47/48 | €93,483 | €82,807 | -€10,676 | -11.4% |
| Remuneration, social security and pensions | 62 | €2,202 | €2,101 | -€102 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,852 | €24,102 | +€3,250 | +15.6% |
| Other operating charges | 640/8 | €2,705 | €1,952 | -€753 | -27.8% |
| Gross operating margin | 9900 | €111,610 | €90,165 | -€21,445 | -19.2% |
| Operating profit (loss) | 9901 | €85,851 | €62,011 | -€23,840 | -27.8% |
| Financial income | 75/76B | €12 | €5 | -€7 | -57.0% |
| Recurring financial income | 75 | €12 | €5 | -€7 | -57.0% |
| Financial charges | 65/66B | €963 | €3,739 | +€2,776 | +288% |
| Recurring financial charges | 65 | €963 | €3,739 | +€2,776 | +288% |
| Profit (loss) for the period before taxes | 9903 | €84,900 | €58,277 | -€26,623 | -31.4% |
| Income taxes | 67/77 | €17,911 | €12,803 | -€5,108 | -28.5% |
| Profit (loss) for the period | 9904 | €66,988 | €45,473 | -€21,515 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,988 | €45,473 | -€21,515 | -32.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.