NIELEN Joseph: 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 Joseph
Largest movements
- Current investments +€277,644
up €277,644 (+57.5%), from €482,549 to €760,194
- Stocks and contracts +€54,278
up €54,278 (+58.6%), from €92,555 to €146,833
- Cash +€45,390
up €45,390 (+7.6%), from €597,326 to €642,716
mainly Net result for the year (+€325,526) and Trade debts (+€118,602)
- Receivables within one year +€29,898
up €29,898 (+7.8%), from €383,577 to €413,474
of which Trade receivables: +€37,457
- Reserves +€325,526
up €325,526 (+22.8%), from €1.4m to €1.8m
of which Distributable reserves: +€325,526
- Trade debts +€118,602
up €118,602 (+81.7%), from €145,118 to €263,719
- Current portion of long-term debt -€33,732
down €33,732 (-100%), from €33,732 to €0
- Tax, wage and social debts +€23,316
up €23,316 (+36.6%), from €63,668 to €86,984
of which Taxes: +€23,127
- Gross operating margin +€35,714
up €35,714 (+5.9%), from €607,289 to €643,003
- Staff costs -€35,294
down €35,294 (-28.7%), from €123,021 to €87,728
- Taxes +€22,943
up €22,943 (+19.1%), from €120,234 to €143,177
- Depreciation -€7,193
down €7,193 (-8.6%), from €83,817 to €76,624
- Financial charges -€6,832
down €6,832 (-66.7%), from €10,236 to €3,404
of which Non-recurring financial charges: -€3,882
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 | €1,717,652 | €2,135,727 | +€418,075 | +24.3% |
| Fixed assets | 21/28 | €161,644 | €172,510 | +€10,866 | +6.7% |
| Tangible fixed assets | 22/27 | €161,644 | €172,510 | +€10,866 | +6.7% |
| Land and buildings | 22 | €9,267 | €5,613 | -€3,653 | -39.4% |
| Plant, machinery and equipment | 23 | €669 | €8,605 | +€7,936 | +1,187% |
| Furniture and vehicles | 24 | €134,715 | €143,858 | +€9,144 | +6.8% |
| Other tangible fixed assets | 26 | €16,995 | €14,433 | -€2,561 | -15.1% |
| Current assets | 29/58 | €1,556,007 | €1,963,217 | +€407,210 | +26.2% |
| Stocks and contracts in progress | 3 | €92,555 | €146,833 | +€54,278 | +58.6% |
| Stocks | 30/36 | €92,555 | €146,833 | +€54,278 | +58.6% |
| Amounts receivable within one year | 40/41 | €383,577 | €413,474 | +€29,898 | +7.8% |
| Trade receivables | 40 | €348,962 | €386,419 | +€37,457 | +10.7% |
| Other amounts receivable | 41 | €34,615 | €27,056 | -€7,560 | -21.8% |
| Current investments | 50/53 | €482,549 | €760,194 | +€277,644 | +57.5% |
| Cash at bank and in hand | 54/58 | €597,326 | €642,716 | +€45,390 | +7.6% |
| Total equity and liabilities | 10/49 | €1,717,652 | €2,135,727 | +€418,075 | +24.3% |
| Equity | 10/15 | €1,447,617 | €1,773,143 | +€325,526 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,429,017 | €1,754,543 | +€325,526 | +22.8% |
| Tax-exempt reserves | 132 | €48,265 | €48,265 | = | 0.0% |
| Distributable reserves | 133 | €1,380,752 | €1,706,278 | +€325,526 | +23.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €270,034 | €362,584 | +€92,549 | +34.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €270,034 | €362,584 | +€92,549 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €33,732 | €0 | -€33,732 | -100% |
| Trade debts | 44 | €145,118 | €263,719 | +€118,602 | +81.7% |
| Suppliers | 440/4 | €145,118 | €263,719 | +€118,602 | +81.7% |
| Taxes, remuneration and social security | 45 | €63,668 | €86,984 | +€23,316 | +36.6% |
| Taxes | 450/3 | €50,760 | €73,887 | +€23,127 | +45.6% |
| Remuneration and social security | 454/9 | €12,908 | €13,098 | +€189 | +1.5% |
| Other amounts payable | 47/48 | €27,516 | €11,880 | -€15,636 | -56.8% |
| Non-recurring operating income | 76A | €7,874 | €13,500 | +€5,626 | +71.4% |
| Remuneration, social security and pensions | 62 | €123,021 | €87,728 | -€35,294 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,817 | €76,624 | -€7,193 | -8.6% |
| Other operating charges | 640/8 | €11,793 | €14,202 | +€2,409 | +20.4% |
| Non-recurring operating charges | 66A | €503 | €275 | -€228 | -45.3% |
| Gross operating margin | 9900 | €607,289 | €643,003 | +€35,714 | +5.9% |
| Operating profit (loss) | 9901 | €388,155 | €464,174 | +€76,019 | +19.6% |
| Financial income | 75/76B | €13,795 | €7,933 | -€5,862 | -42.5% |
| Recurring financial income | 75 | €13,795 | €7,933 | -€5,862 | -42.5% |
| Financial charges | 65/66B | €10,236 | €3,404 | -€6,832 | -66.7% |
| Recurring financial charges | 65 | €5,352 | €2,402 | -€2,950 | -55.1% |
| Non-recurring financial charges | 66B | €4,884 | €1,002 | -€3,882 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €391,713 | €468,703 | +€76,990 | +19.7% |
| Income taxes | 67/77 | €120,234 | €143,177 | +€22,943 | +19.1% |
| Profit (loss) for the period | 9904 | €271,479 | €325,526 | +€54,047 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €271,479 | €325,526 | +€54,047 | +19.9% |
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 31 October 2026 via checked.be.