NUEL: 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.
NUEL
Largest movements
- Cash +€31,450
up €31,450 (+127%), from €24,688 to €56,138
mainly Net result for the year (+€31,335) and Tax, wage and social debts (+€9,575)
- Tangible fixed assets +€13,868
up €13,868 (+376%), from €3,691 to €17,559
of which Furniture and vehicles: +€13,965
- Stocks and contracts -€4,350
no longer reported in 2025 (was €4,350)
- Receivables within one year +€1,473
up €1,473 (+11.3%), from €13,023 to €14,496
of which Trade receivables: +€7,807
- Reserves +€31,335
up €31,335 (+94.9%), from €33,035 to €64,370
- Tax, wage and social debts +€9,575
up €9,575 (+165%), from €5,786 to €15,360
of which Taxes: +€9,275
- Gross operating margin +€35,782
up €35,782 (+257%), from €13,926 to €49,708
- Taxes +€11,686
up €11,686 (+438%), from €2,667 to €14,352
- Depreciation -€4,402
down €4,402 (-59.0%), from €7,462 to €3,060
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 | €46,688 | €88,835 | +€42,148 | +90.3% |
| Fixed assets | 21/28 | €3,691 | €17,559 | +€13,868 | +376% |
| Tangible fixed assets | 22/27 | €3,691 | €17,559 | +€13,868 | +376% |
| Furniture and vehicles | 24 | €2,333 | €16,298 | +€13,965 | +599% |
| Other tangible fixed assets | 26 | €1,358 | €1,261 | -€97 | -7.1% |
| Current assets | 29/58 | €42,997 | €71,276 | +€28,280 | +65.8% |
| Stocks and contracts in progress | 3 | €4,350 | - | -€4,350 | |
| Stocks | 30/36 | €4,350 | - | -€4,350 | |
| Amounts receivable within one year | 40/41 | €13,023 | €14,496 | +€1,473 | +11.3% |
| Trade receivables | 40 | €6,689 | €14,496 | +€7,807 | +117% |
| Other amounts receivable | 41 | €6,333 | - | -€6,333 | |
| Cash at bank and in hand | 54/58 | €24,688 | €56,138 | +€31,450 | +127% |
| Deferred charges and accrued income | 490/1 | €936 | €642 | -€294 | -31.4% |
| Total equity and liabilities | 10/49 | €46,688 | €88,835 | +€42,148 | +90.3% |
| Equity | 10/15 | €39,235 | €70,570 | +€31,335 | +79.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33,035 | €64,370 | +€31,335 | +94.9% |
| Distributable reserves | 133 | €33,035 | €64,370 | +€31,335 | +94.9% |
| Amounts payable | 17/49 | €7,452 | €18,265 | +€10,813 | +145% |
| Amounts payable within one year | 42/48 | €7,452 | €17,866 | +€10,413 | +140% |
| Trade debts | 44 | €1,574 | €1,672 | +€98 | +6.2% |
| Suppliers | 440/4 | €1,574 | €1,672 | +€98 | +6.2% |
| Taxes, remuneration and social security | 45 | €5,786 | €15,360 | +€9,575 | +165% |
| Taxes | 450/3 | €4,286 | €13,560 | +€9,275 | +216% |
| Remuneration and social security | 454/9 | €1,500 | €1,800 | +€300 | +20.0% |
| Other amounts payable | 47/48 | €92 | €833 | +€741 | +804% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,462 | €3,060 | -€4,402 | -59.0% |
| Other operating charges | 640/8 | €1,037 | €921 | -€116 | -11.2% |
| Gross operating margin | 9900 | €13,926 | €49,708 | +€35,782 | +257% |
| Operating profit (loss) | 9901 | €5,427 | €45,727 | +€40,300 | +743% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €91 | €41 | -€50 | -55.4% |
| Recurring financial charges | 65 | €91 | €41 | -€50 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | €5,336 | €45,687 | +€40,350 | +756% |
| Income taxes | 67/77 | €2,667 | €14,352 | +€11,686 | +438% |
| Profit (loss) for the period | 9904 | €2,670 | €31,335 | +€28,665 | +1,074% |
| Profit (loss) for the period to be appropriated | 9905 | €2,670 | €31,335 | +€28,665 | +1,074% |
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.