NIELEN: 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.
NIELEN
Largest movements
- Cash -€49,758
down €49,758 (-52.7%), from €94,371 to €44,613
mainly Contributions, distributions and other (-€58,824) and Receivables within one year (-€33,079)
- Receivables within one year +€33,079
up €33,079 (+323%), from €10,227 to €43,306
of which Other amounts receivable: +€21,952
- Tangible fixed assets -€11,263
down €11,263 (-13.0%), from €86,889 to €75,627
of which Furniture and vehicles: -€10,415
- Reserves -€36,499
down €36,499 (-21.8%), from €167,542 to €131,043
of which Distributable reserves: -€36,499
- Trade debts +€6,841
up €6,841 (+164%), from €4,173 to €11,013
- Advances received +€2,745
new in 2025: €2,745
- Gross operating margin -€118,194
down €118,194 (-70.7%), from €167,142 to €48,948
- Taxes -€26,987
down €26,987 (-73.9%), from €36,511 to €9,525
- Depreciation +€3,658
up €3,658 (+32.1%), from €11,402 to €15,060
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 | €192,176 | €164,234 | -€27,942 | -14.5% |
| Fixed assets | 21/28 | €86,889 | €75,627 | -€11,263 | -13.0% |
| Tangible fixed assets | 22/27 | €86,889 | €75,627 | -€11,263 | -13.0% |
| Land and buildings | 22 | €29,364 | €28,424 | -€939 | -3.2% |
| Plant, machinery and equipment | 23 | €4,660 | €4,752 | +€92 | +2.0% |
| Furniture and vehicles | 24 | €52,865 | €42,450 | -€10,415 | -19.7% |
| Current assets | 29/58 | €105,287 | €88,607 | -€16,680 | -15.8% |
| Amounts receivable within one year | 40/41 | €10,227 | €43,306 | +€33,079 | +323% |
| Trade receivables | 40 | €370 | €11,497 | +€11,127 | +3,007% |
| Other amounts receivable | 41 | €9,857 | €31,808 | +€21,952 | +223% |
| Cash at bank and in hand | 54/58 | €94,371 | €44,613 | -€49,758 | -52.7% |
| Deferred charges and accrued income | 490/1 | €689 | €688 | -€1 | -0.2% |
| Total equity and liabilities | 10/49 | €192,176 | €164,234 | -€27,942 | -14.5% |
| Equity | 10/15 | €186,142 | €149,643 | -€36,499 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €167,542 | €131,043 | -€36,499 | -21.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €165,682 | €129,183 | -€36,499 | -22.0% |
| Amounts payable | 17/49 | €6,034 | €14,591 | +€8,557 | +142% |
| Amounts payable within one year | 42/48 | €6,034 | €14,591 | +€8,557 | +142% |
| Trade debts | 44 | €4,173 | €11,013 | +€6,841 | +164% |
| Suppliers | 440/4 | €4,173 | €11,013 | +€6,841 | +164% |
| Advances received on contracts in progress | 46 | - | €2,745 | +€2,745 | |
| Taxes, remuneration and social security | 45 | €1,861 | €832 | -€1,029 | -55.3% |
| Taxes | 450/3 | €361 | €832 | +€471 | +131% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Non-recurring operating income | 76A | €7,585 | - | -€7,585 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,402 | €15,060 | +€3,658 | +32.1% |
| Other operating charges | 640/8 | €397 | €446 | +€49 | +12.4% |
| Gross operating margin | 9900 | €167,142 | €48,948 | -€118,194 | -70.7% |
| Operating profit (loss) | 9901 | €155,342 | €33,442 | -€121,900 | -78.5% |
| Financial income | 75/76B | €349 | €70 | -€279 | -79.9% |
| Recurring financial income | 75 | €349 | €70 | -€279 | -79.9% |
| Financial charges | 65/66B | €1,859 | €1,663 | -€196 | -10.5% |
| Recurring financial charges | 65 | €1,859 | €1,663 | -€196 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €153,832 | €31,849 | -€121,983 | -79.3% |
| Income taxes | 67/77 | €36,511 | €9,525 | -€26,987 | -73.9% |
| Profit (loss) for the period | 9904 | €117,321 | €22,324 | -€94,997 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,321 | €22,324 | -€94,997 | -81.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.