NIELA: 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.
NIELA
Largest movements
- Receivables within one year -€61,511
down €61,511 (-61.8%), from €99,460 to €37,949
of which Trade receivables: -€66,810
- Tangible fixed assets +€39,041
up €39,041 (+95.6%), from €40,856 to €79,897
of which Assets under construction and advance payments: +€38,959
- Deferred charges and accrued income -€2,281
down €2,281 (-49.2%), from €4,642 to €2,360
- Reserves -€51,802
down €51,802 (-77.9%), from €66,482 to €14,680
- Other debts +€43,221
up €43,221 (+332.5%), from €13,000 to €56,221
- Advances received -€15,470
no longer reported in 2025 (was €15,470)
- Tax, wage and social debts +€6,496
up €6,496 (+57.0%), from €11,400 to €17,896
- Trade debts -€3,919
down €3,919 (-16.6%), from €23,593 to €19,673
- Gross operating margin -€62,952
down €62,952, from €15,128 to -€47,824
- Other operating charges -€7,872
down €7,872 (-83.0%), from €9,485 to €1,613
- Taxes -€2,471
down €2,471 (-74.4%), from €3,321 to €851
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 | €149,408 | €124,565 | -€24,842 | -16.6% |
| Fixed assets | 21/28 | €41,779 | €80,846 | +€39,066 | +93.5% |
| Tangible fixed assets | 22/27 | €40,856 | €79,897 | +€39,041 | +95.6% |
| Other tangible fixed assets | 26 | €1,058 | €1,141 | +€82 | +7.8% |
| Assets under construction and advance payments | 27 | €39,797 | €78,756 | +€38,959 | +97.9% |
| Financial fixed assets | 28 | €924 | €949 | +€25 | +2.7% |
| Current assets | 29/58 | €107,628 | €43,720 | -€63,909 | -59.4% |
| Amounts receivable within one year | 40/41 | €99,460 | €37,949 | -€61,511 | -61.8% |
| Trade receivables | 40 | €83,706 | €16,895 | -€66,810 | -79.8% |
| Other amounts receivable | 41 | €15,755 | €21,054 | +€5,299 | +33.6% |
| Cash at bank and in hand | 54/58 | €3,526 | €3,410 | -€116 | -3.3% |
| Deferred charges and accrued income | 490/1 | €4,642 | €2,360 | -€2,281 | -49.2% |
| Total equity and liabilities | 10/49 | €149,408 | €124,565 | -€24,842 | -16.6% |
| Equity | 10/15 | €71,482 | €19,680 | -€51,802 | -72.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €66,482 | €14,680 | -€51,802 | -77.9% |
| Distributable reserves | 133 | €66,482 | €14,680 | -€51,802 | -77.9% |
| Amounts payable | 17/49 | €77,926 | €104,885 | +€26,959 | +34.6% |
| Amounts payable after more than one year | 17 | €10,624 | €7,454 | -€3,170 | -29.8% |
| Financial debts | 170/4 | €10,624 | €7,454 | -€3,170 | -29.8% |
| Amounts payable within one year | 42/48 | €67,302 | €97,431 | +€30,129 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €3,840 | €3,641 | -€199 | -5.2% |
| Trade debts | 44 | €23,593 | €19,673 | -€3,919 | -16.6% |
| Suppliers | 440/4 | €23,593 | €19,673 | -€3,919 | -16.6% |
| Advances received on contracts in progress | 46 | €15,470 | - | -€15,470 | |
| Taxes, remuneration and social security | 45 | €11,400 | €17,896 | +€6,496 | +57.0% |
| Taxes | 450/3 | €11,400 | €17,896 | +€6,496 | +57.0% |
| Other amounts payable | 47/48 | €13,000 | €56,221 | +€43,221 | +332.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373 | €146 | -€228 | -61.0% |
| Other operating charges | 640/8 | €9,485 | €1,613 | -€7,872 | -83.0% |
| Gross operating margin | 9900 | €15,128 | -€47,824 | -€62,952 | |
| Operating profit (loss) | 9901 | €5,270 | -€49,583 | -€54,853 | |
| Financial income | 75/76B | €607 | €148 | -€460 | -75.7% |
| Recurring financial income | 75 | €607 | €148 | -€460 | -75.7% |
| Financial charges | 65/66B | €1,264 | €1,693 | +€429 | +33.9% |
| Recurring financial charges | 65 | €1,264 | €1,693 | +€429 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €4,613 | -€51,129 | -€55,742 | |
| Income taxes | 67/77 | €3,321 | €851 | -€2,471 | -74.4% |
| Profit (loss) for the period | 9904 | €1,291 | -€51,980 | -€53,271 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,291 | -€51,980 | -€53,271 |
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 4 October 2026 via checked.be.