NLSH: 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.
NLSH
Largest movements
- Deferred charges and accrued income +€98,199
new in 2025: €98,199
- Receivables within one year +€42,520
up €42,520 (+366.2%), from €11,611 to €54,131
of which Trade receivables: +€42,520
- Tangible fixed assets -€12,076
down €12,076 (-7.3%), from €166,091 to €154,015
- Cash +€9,145
up €9,145 (+18.5%), from €49,372 to €58,517
mainly Net result for the year (+€151,234) and Tax, wage and social debts (+€29,817)
- Reserves +€151,233
up €151,233 (+271.7%), from €55,668 to €206,901
- Tax, wage and social debts +€29,817
up €29,817 (+9748.4%), from €306 to €30,123
of which Taxes: +€29,817
- Other debts -€20,764
no longer reported in 2025 (was €20,764)
- Current portion of long-term debt -€13,904
down €13,904 (-94.3%), from €14,739 to €836
- Accrued charges and deferred income -€6,142
down €6,142 (-52.9%), from €11,606 to €5,465
- Financial income +€108,975
up €108,975 (+237417.4%), from €46 to €109,021
- Turnover +€61,380
up €61,380 (+53.8%), from €114,000 to €175,380
- Gross operating margin +€48,288
up €48,288 (+115.0%), from €41,984 to €90,272
- Taxes +€25,323
up €25,323 (+538.8%), from €4,700 to €30,023
- Purchases and services +€11,250
up €11,250 (+12.9%), from €86,973 to €98,224
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 | €233,508 | €371,296 | +€137,788 | +59.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €172,525 | €160,449 | -€12,076 | -7.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €166,091 | €154,015 | -€12,076 | -7.3% |
| Land and buildings | 22 | €156,300 | €152,073 | -€4,227 | -2.7% |
| Plant, machinery and equipment | 23 | €7,022 | €1,943 | -€5,079 | -72.3% |
| Furniture and vehicles | 24 | €2,769 | €0 | -€2,769 | -100.0% |
| Financial fixed assets | 28 | €6,434 | €6,434 | = | 0.0% |
| Current assets | 29/58 | €60,983 | €210,847 | +€149,864 | +245.7% |
| Amounts receivable within one year | 40/41 | €11,611 | €54,131 | +€42,520 | +366.2% |
| Trade receivables | 40 | €11,611 | €54,131 | +€42,520 | +366.2% |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €49,372 | €58,517 | +€9,145 | +18.5% |
| Deferred charges and accrued income | 490/1 | - | €98,199 | +€98,199 | |
| Total equity and liabilities | 10/49 | €233,508 | €371,296 | +€137,788 | +59.0% |
| Equity | 10/15 | €136,485 | €287,719 | +€151,234 | +110.8% |
| Reserves | 13 | €55,668 | €206,901 | +€151,233 | +271.7% |
| Distributable reserves | 133 | €55,668 | €206,901 | +€151,233 | +271.7% |
| Profit (loss) carried forward | 14 | €80,817 | €80,818 | +€1 | 0.0% |
| Amounts payable | 17/49 | €97,023 | €83,577 | -€13,446 | -13.9% |
| Amounts payable after more than one year | 17 | €47,128 | €47,128 | = | 0.0% |
| Financial debts | 170/4 | €47,128 | €47,128 | = | 0.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €38,288 | €30,985 | -€7,304 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €14,739 | €836 | -€13,904 | -94.3% |
| Trade debts | 44 | €2,479 | €26 | -€2,453 | -99.0% |
| Suppliers | 440/4 | €2,479 | €26 | -€2,453 | -99.0% |
| Taxes, remuneration and social security | 45 | €306 | €30,123 | +€29,817 | +9748.4% |
| Taxes | 450/3 | €306 | €30,123 | +€29,817 | +9748.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €20,764 | - | -€20,764 | |
| Accrued charges and deferred income | 492/3 | €11,606 | €5,465 | -€6,142 | -52.9% |
| Turnover | 70 | €114,000 | €175,380 | +€61,380 | +53.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €86,973 | €98,224 | +€11,250 | +12.9% |
| Remuneration, social security and pensions | 62 | €8,102 | €4,100 | -€4,002 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,947 | €12,076 | -€871 | -6.7% |
| Other operating charges | 640/8 | €3,565 | €1,649 | -€1,916 | -53.7% |
| Gross operating margin | 9900 | €41,984 | €90,272 | +€48,288 | +115.0% |
| Operating profit (loss) | 9901 | €17,371 | €72,447 | +€55,076 | +317.1% |
| Financial income | 75/76B | €46 | €109,021 | +€108,975 | +237417.4% |
| Recurring financial income | 75 | €46 | €109,021 | +€108,975 | +237417.4% |
| Financial charges | 65/66B | €1,175 | €210 | -€965 | -82.1% |
| Recurring financial charges | 65 | €1,175 | €210 | -€965 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | €16,241 | €181,257 | +€165,016 | +1016.0% |
| Income taxes | 67/77 | €4,700 | €30,023 | +€25,323 | +538.8% |
| Profit (loss) for the period | 9904 | €11,541 | €151,234 | +€139,693 | +1210.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,541 | €151,234 | +€139,693 | +1210.4% |
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 6 October 2026 via checked.be.