NEEL: 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.
NEEL
Largest movements
- Receivables within one year +€401,118
up €401,118 (+4.6%), from €8.8m to €9.2m
- Current investments +€196,520
up €196,520 (+4.7%), from €4.2m to €4.4m
- Reserves +€518,126
up €518,126 (+3.2%), from €16.0m to €16.5m
of which Distributable reserves: +€518,126
- Gross operating margin -€321,019
down €321,019 (-86.0%), from €373,305 to €52,287
- Write-downs -€256,288
no longer reported in 2025 (was €256,288)
- Financial charges -€246,680
down €246,680, from €223,005 to -€23,675
- Financial income +€71,249
up €71,249 (+7.3%), from €972,851 to €1.0m
- Other operating charges +€22,394
up €22,394 (+92.8%), from €24,134 to €46,528
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 | €16,260,948 | €16,783,221 | +€522,273 | +3.2% |
| Fixed assets | 21/28 | €3,179,817 | €3,167,054 | -€12,763 | -0.4% |
| Tangible fixed assets | 22/27 | €873,421 | €860,656 | -€12,765 | -1.5% |
| Land and buildings | 22 | €279,000 | €279,000 | = | 0.0% |
| Furniture and vehicles | 24 | €42,987 | €30,222 | -€12,765 | -29.7% |
| Other tangible fixed assets | 26 | €551,434 | €551,434 | = | 0.0% |
| Financial fixed assets | 28 | €2,306,396 | €2,306,398 | +€2 | 0.0% |
| Current assets | 29/58 | €13,081,130 | €13,616,167 | +€535,036 | +4.1% |
| Amounts receivable within one year | 40/41 | €8,795,396 | €9,196,514 | +€401,118 | +4.6% |
| Other amounts receivable | 41 | €8,795,396 | €9,196,514 | +€401,118 | +4.6% |
| Current investments | 50/53 | €4,199,607 | €4,396,127 | +€196,520 | +4.7% |
| Cash at bank and in hand | 54/58 | €86,127 | €21,829 | -€64,298 | -74.7% |
| Deferred charges and accrued income | 490/1 | €0 | €1,697 | +€1,697 | |
| Total equity and liabilities | 10/49 | €16,260,948 | €16,783,221 | +€522,273 | +3.2% |
| Equity | 10/15 | €16,256,902 | €16,775,027 | +€518,126 | +3.2% |
| Contributions | 10/11 | €304,950 | €304,950 | = | 0.0% |
| Reserves | 13 | €15,951,952 | €16,470,077 | +€518,126 | +3.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €15,951,952 | €16,470,077 | +€518,126 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,046 | €8,193 | +€4,148 | +102.5% |
| Amounts payable within one year | 42/48 | €1,296 | €2,693 | +€1,398 | +107.8% |
| Trade debts | 44 | - | €596 | +€596 | |
| Suppliers | 440/4 | - | €596 | +€596 | |
| Taxes, remuneration and social security | 45 | €1,296 | €2,071 | +€775 | +59.8% |
| Taxes | 450/3 | €1,296 | €2,071 | +€775 | +59.8% |
| Other amounts payable | 47/48 | - | €27 | +€27 | |
| Accrued charges and deferred income | 492/3 | €2,750 | €5,500 | +€2,750 | +100.0% |
| Non-recurring operating income | 76A | €391,081 | €72,161 | -€318,921 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,647 | €13,574 | -€73 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €256,288 | - | -€256,288 | |
| Other operating charges | 640/8 | €24,134 | €46,528 | +€22,394 | +92.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €373,305 | €52,287 | -€321,019 | -86.0% |
| Operating profit (loss) | 9901 | €79,237 | -€7,815 | -€87,052 | |
| Financial income | 75/76B | €972,851 | €1,044,100 | +€71,249 | +7.3% |
| Recurring financial income | 75 | €972,851 | €1,044,100 | +€71,249 | +7.3% |
| Financial charges | 65/66B | €223,005 | -€23,675 | -€246,680 | |
| Recurring financial charges | 65 | €223,005 | -€23,675 | -€246,680 | |
| Profit (loss) for the period before taxes | 9903 | €829,083 | €1,059,960 | +€230,878 | +27.8% |
| Income taxes | 67/77 | €19,142 | -€499 | -€19,640 | |
| Profit (loss) for the period | 9904 | €809,941 | €1,060,459 | +€250,518 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €809,941 | €1,060,459 | +€250,518 | +30.9% |
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 9 October 2026 via checked.be.