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NELLES FRERES

Active
Public limited companyfounded 1988active for 38 yearsXhoffraix-Au-dessus des Trous 4, 4960 Malmedy, Belgium26 active companies are registered at this addressKBO/BCE: BE 0434.648.486
Summary

NELLES FRERES has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.0m and a net result of €1.4m. Equity is growing by about 19% per year across the filed financial years. Its solvency ranks better than 20% of 372 sector peers (NACE 42, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).

Financials · financial year 2025, full format

Turnover
€40.1m▼ 1.2%
2024 · €40.6m
EBIT margin
6.8%▲ 0.1pp
2024 · 6.7%
Net result
€1.4m▼ 17.4%
2024 · €1.7m
Working capital
-€974,454▼ 433%
2024 · -€182,986
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result has risen four years in a row; 2025 is 1% above 2024 and is the highest result in the available series.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Turnover€40.1m 2025 Operating result€2.7m 2025 Net result€1.4m 2025

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 42, Civil engineering: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€26.0m-€25.0m▼ 3.9%€22.3m▼ 10.9%€26.1m▲ 17.2%€30.3m▲ 16.1%€36.1m▲ 19.2%€40.6m▲ 12.3%€40.1m▼ 1.2%
Operating result€0.3m-€0.2m▼ 10.4%€0.2m▼ 4.7%€0.2m▲ 2.3%€1.2m▲ 420%€1.9m▲ 49.4%€2.7m▲ 45.3%€2.7m▲ 1.0%
Net result€0.001m-€0.06m▲ 7,893%-€0.01mbelow the sector's middle half-€0.03mbelow the sector's middle half▼ 87.7%€0.6mwithin the sector's middle half€1.5mabove the sector's middle half▲ 136%€1.7mabove the sector's middle half▲ 17.1%€1.4mabove the sector's middle half▼ 17.4%
EBIT margin1.1%-1.0%▼ 0.1pp1.0%▲ 0.1pp0.9%▼ 0.1pp4.1%▲ 3.2pp5.1%▲ 1.0pp6.7%▲ 1.5pp6.8%▲ 0.1pp
Equity€2.8m-€2.8m▲ 1.9%€2.8mwithin the sector's middle half▼ 0.9%€2.8mwithin the sector's middle half▼ 1.0%€3.4mwithin the sector's middle half▲ 22.4%€4.9mwithin the sector's middle half▲ 43.3%€6.6mwithin the sector's middle half▲ 35.5%€8.0mabove the sector's middle half▲ 21.6%
Total assets€23.6m-€22.9m▼ 2.6%€23.8mabove the sector's middle half▲ 3.6%€24.6mabove the sector's middle half▲ 3.4%€26.1mabove the sector's middle half▲ 6.2%€27.7mabove the sector's middle half▲ 6.1%€33.9mabove the sector's middle half▲ 22.4%€39.9mabove the sector's middle half▲ 17.7%
Debt€20.8m-€20.1m▼ 3.2%€21.0m▲ 4.3%€21.8m▲ 4.0%€22.6m▲ 3.7%€22.8m▲ 0.6%€27.3m▲ 19.8%€31.8m▲ 16.8%
Working capital-€1.7m--€1.4m▲ 16.3%-€1.1mbelow the sector's middle half▲ 21.6%-€2.4mbelow the sector's middle half▼ 112%-€3.2mbelow the sector's middle half▼ 33.3%-€1.4mbelow the sector's middle half▲ 56.2%-€0.2mbelow the sector's middle half▲ 87.0%-€1.0mbelow the sector's middle half▼ 433%
Solvency11.8%-12.3%▲ 0.5pp11.8%below the sector's middle half▼ 0.5pp11.3%below the sector's middle half▼ 0.5pp13.0%below the sector's middle half▲ 1.7pp17.6%below the sector's middle half▲ 4.6pp19.4%below the sector's middle half▲ 1.9pp20.1%below the sector's middle half▲ 0.7pp
Current ratio0.90-0.91▲ 0.010.93below the sector's middle half▲ 0.020.86below the sector's middle half▼ 0.070.81below the sector's middle half▼ 0.040.91below the sector's middle half▲ 0.100.99below the sector's middle half▲ 0.080.96below the sector's middle half▼ 0.03
Return on assets (ROA)0.0%-0.3%▲ 0.3pp-0.1%below the sector's middle half▼ 0.3pp-0.1%below the sector's middle half=2.4%within the sector's middle half▲ 2.5pp5.3%within the sector's middle half▲ 2.9pp5.1%within the sector's middle half▼ 0.2pp3.6%within the sector's middle half▼ 1.5pp
Staff (FTE)157.2-162▲ 3.1%164.1above the sector's middle half▲ 1.3%167.4above the sector's middle half▲ 2.0%177.6above the sector's middle half▲ 6.1%179.6above the sector's middle half▲ 1.1%172.5above the sector's middle half▼ 4.0%180.5above the sector's middle half▲ 4.6%
above within below the middle half of NACE 42, Civil engineering: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39.9m
Fixed assets €18.2m ▲ 26.4%
Current assets €21.7m ▲ 11.2%
Equity and liabilities €39.9m
Equity €8.0m ▲ 21.6%
Provisions €75,556 ▼ 9.8%
Debt €31.8m ▲ 16.8%
Debt's share of the balance-sheet total falls from 80.3% to 79.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€4.6m▼
2024 · €4.8m
Cash flow
€3.3m▼
2024 · €3.8m
Quick ratio
0.93▼
2024 · 0.96
Debt to equity
3.97▼
2024 · 4.14
ROE
17.8%▼
2024 · 26.2%
Interest coverage
6.66▼
2024 · 7.62
Debt ≤ 1 year
€22.7m▲
2024 · €19.7m
Debt > 1 year
€9.1m▲
2024 · €7.5m
Income taxes
€632,634▲
2024 · €588,731
Staff costs
€13.0m▲
2024 · €11.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 733 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97.4% are still going.

  • Medium-sized
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet
1.0% went bankrupt
1.4% stopped otherwise
97.4% still going

A further 0.3% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,474 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 1.0%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 733 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 95 lines
Balance sheet Code20242025
Assets
Total assets20/58€33.9m€39.9m▲
Fixed assets21/28€14.4m€18.2m▲
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€8.4m€9.1m▲
Land and buildings22€2.4m€2.4m▲
Plant, machinery and equipment23€0.2m€0.4m▲
Furniture and vehicles24€0.4m€0.4m▲
Leasing and similar rights25€5.4m€5.8m▲
Assets under construction and advance payments27-€0.08m
Financial fixed assets28€6.0m€9.1m▲
Affiliated companies280/1€5.5m€8.5m▲
Participating interests280€4.9m€7.9m▲
Amounts receivable281€0.6m€0.6m=
Other financial fixed assets284/8€0.5m€0.6m▲
Shares284€0.07m€0.07m=
Amounts receivable and cash guarantees285/8€0.5m€0.5m▲
Current assets29/58€19.5m€21.7m▲
Stocks and contracts in progress3€0.6m€0.7m▲
Stocks30/36€0.6m€0.7m▲
Raw materials and consumables30/31€0.2m€0.3m▲
Property held for sale35€0.4m€0.4m=
Amounts receivable within one year40/41€17.1m€19.8m▲
Trade receivables40€14.7m€16.9m▲
Other amounts receivable41€2.3m€3.0m▲
Cash at bank and in hand54/58€1.9m€1.2m▼
Deferred charges and accrued income490/1€0.01m€0.03m▲
Equity and liabilities
Total equity and liabilities10/49€33.9m€39.9m▲
Equity10/15€6.6m€8.0m▲
Contributions10/11€0.2m€0.2m=
Capital10€0.2m€0.2m=
Issued capital100€0.2m€0.2m=
Reserves13€6.2m€7.8m▲
Non-distributable reserves130/1€0.02m€0.02m=
Legal reserve130€0.02m€0.02m=
Tax-exempt reserves132€1.2m€2.0m▲
Distributable reserves133€5.0m€5.8m▲
Profit (loss) carried forward14€0.2m€0.003m▼
Provisions and deferred taxes16€0.08m€0.08m▼
Deferred taxes168€0.08m€0.08m▼
Amounts payable17/49€27.3m€31.8m▲
Amounts payable after more than one year17€7.5m€9.1m▲
Financial debts170/4€7.3m€8.9m▲
Subordinated loans170€0.5m€0.5m▼
Leasing and similar obligations172€4.3m€4.6m▲
Credit institutions173€2.6m€3.9m▲
Other amounts payable178/9€0.2m€0.2m=
Amounts payable within one year42/48€19.7m€22.7m▲
Current portion of amounts payable after more than one year42€1.8m€2.3m▲
Financial debts43€9.6m€11.8m▲
Credit institutions430/8€9.6m€11.8m▲
Trade debts44€6.9m€7.4m▲
Suppliers440/4€6.9m€7.4m▲
Taxes, remuneration and social security45€1.3m€1.2m▼
Taxes450/3€0.3m€0.2m▼
Remuneration and social security454/9€1.0m€1.0m▼
Other amounts payable47/48€0.05m€0.06m▲
Accrued charges and deferred income492/3€0.05m€0.04m▼
Income statement Code20242025
Operating income70/76A€41.4m€41.4m▲
Turnover70€40.6m€40.1m▼
Other operating income74€0.8m€1.3m▲
Non-recurring operating income76A€0.009m€0.004m▼
Operating charges60/66A€38.7m€38.7m▲
Goods for resale, raw materials and consumables60€18.5m€17.2m▼
Purchases600/8€18.4m€17.3m▼
Change in stocks: decrease (increase)609€0.06m-€0.1m▼
Services and other goods61€5.9m€6.4m▲
Remuneration, social security and pensions62€11.7m€13.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.1m€1.9m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.1m-€0.001m▼
Other operating charges640/8€0.2m€0.2m▲
Non-recurring operating charges66A€0.2m€0.1m▼
Operating profit (loss)9901€2.7m€2.7m▲
Financial income75/76B€0.3m€0.1m▼
Recurring financial income75€0.1m€0.1m▼
Income from financial fixed assets750€0.1m€0.07m▼
Other financial income752/9€0.006m€0.04m▲
Non-recurring financial income76B€0.2m-
Financial charges65/66B€0.7m€0.8m▲
Recurring financial charges65€0.7m€0.8m▲
Debt charges650€0.6m€0.7m▲
Other financial charges652/9€0.05m€0.08m▲
Profit (loss) for the period before taxes9903€2.3m€2.1m▼
Transfer from deferred taxes780€0.006m€0.008m▲
Income taxes67/77€0.6m€0.6m▲
Taxes670/3€0.6m€0.6m▲
Tax adjustments and reversals of tax provisions77€0.002m€0.001m▼
Profit (loss) for the period9904€1.7m€1.4m▼
Transfer from tax-exempt reserves789€0.02m€0.02m▲
Transfer to tax-exempt reserves689€0.9m€0.8m▼
Profit (loss) for the period to be appropriated9905€0.9m€0.6m▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.2m€0.8m▼
Profit (loss) brought forward from the previous period14P€0.3m€0.2m▼
Transfer to equity691/2€1.0m€0.8m▼
To other reserves6921€1.0m€0.8m▼
Social balance sheet
Average headcount (FTE)9087172.5180.5▲

The notes to these accounts (102 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
Operating income70/76A---€27.0m€32.0m€37.2m€41.4m€41.4m▲ 0.2%
Turnover70€26.0m€25.0m€22.3m€26.1m€30.3m€36.1m€40.6m€40.1m▼ 1.2%
Own construction capitalised72----€0.4m----
Other operating income74---€0.9m€1.3m€1.1m€0.8m€1.3m▲ 72.4%
Non-recurring operating income76A---€0.006m€0.001m-€0.009m€0.004m▼ 55.0%
Operating charges60/66A---€26.8m€30.8m€35.3m€38.7m€38.7m▲ 0.1%
Goods for resale, raw materials and consumables60---€11.8m€13.3m€16.6m€18.5m€17.2m▼ 7.1%
Purchases600/8---€11.7m€13.4m€16.4m€18.4m€17.3m▼ 6.3%
Change in stocks: decrease (increase)609---€0.08m-€0.05m€0.2m€0.06m-€0.1m-
Services and other goods61---€4.1m€5.1m€5.2m€5.9m€6.4m▲ 8.6%
Remuneration, social security and pensions62---€9.1m€10.2m€11.4m€11.7m€13.0m▲ 10.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.2m€1.3m€1.4m€1.6m€1.8m€1.9m€2.1m€1.9m▼ 7.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.02m-€0.08m€0.1m-€0.001m-
Other operating charges640/8---€0.1m€0.2m€0.3m€0.2m€0.2m▲ 1.2%
Non-recurring operating charges66A---€0.05m€0.1m€0.04m€0.2m€0.1m▼ 37.7%
Operating profit (loss)9901€0.3m€0.2m€0.2m€0.2m€1.2m€1.9m€2.7m€2.7m▲ 1.0%
Financial income75/76B---€0.02m€0.02m€0.6m€0.3m€0.1m▼ 63.3%
Recurring financial income75€0.03m€0.05m€0.02m€0.02m€0.02m€0.5m€0.1m€0.1m▼ 17.9%
Income from financial fixed assets750---€0.003m-€0.5m€0.1m€0.07m▼ 45.8%
Other financial income752/9---€0.02m€0.02m€0.04m€0.006m€0.04m▲ 590%
Non-recurring financial income76B-----€0.1m€0.2m--
Financial charges65/66B---€0.3m€0.4m€0.6m€0.7m€0.8m▲ 15.9%
Recurring financial charges65€0.2m€0.2m€0.2m€0.3m€0.4m€0.6m€0.7m€0.8m▲ 15.9%
Debt charges650€0.2m€0.2m€0.2m€0.2m€0.3m€0.5m€0.6m€0.7m▲ 11.3%
Other financial charges652/9---€0.05m€0.07m€0.08m€0.05m€0.08m▲ 78.7%
Profit (loss) for the period before taxes9903€0.007m€0.06m€0.02m€0.001m€0.9m€1.9m€2.3m€2.1m▼ 11.2%
Transfer from deferred taxes780-----€0.006m€0.006m€0.008m▲ 30.6%
Transfer to deferred taxes680----€0.1m----
Income taxes67/77€0.006m€0.006m€0.03m€0.03m€0.2m€0.4m€0.6m€0.6m▲ 7.5%
Taxes670/3---€0.03m€0.2m€0.4m€0.6m€0.6m▲ 7.2%
Tax adjustments and reversals of tax provisions77------€0.002m€0.001m▼ 58.7%
Profit (loss) for the period9904€0.001m€0.06m-€0.01m-€0.03m€0.6m€1.5m€1.7m€1.4m▼ 17.4%
Transfer from tax-exempt reserves789-----€0.02m€0.02m€0.02m▲ 30.6%
Transfer to tax-exempt reserves689----€0.3m-€0.9m€0.8m▼ 4.8%
Profit (loss) for the period to be appropriated9905€0.001m€0.06m-€0.01m-€0.03m€0.3m€1.5m€0.9m€0.6m▼ 29.2%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€23.6m€22.9m€23.8m€24.6m€26.1m€27.7m€33.9m€39.9m▲ 17.7%
Fixed assets21/28€7.1m€7.8m€9.2m€10.3m€12.3m€13.0m€14.4m€18.2m▲ 26.4%
Intangible fixed assets21----€0€0€0€0-
Tangible fixed assets22/27€4.2m€4.9m€6.3m€6.6m€7.1m€7.8m€8.4m€9.1m▲ 9.1%
Land and buildings22---€1.4m€1.3m€1.4m€2.4m€2.4m▲ 1.0%
Plant, machinery and equipment23---€0.2m€0.2m€0.2m€0.2m€0.4m▲ 64.2%
Furniture and vehicles24---€0.4m€0.3m€0.4m€0.4m€0.4m▲ 26.4%
Leasing and similar rights25---€4.6m€4.8m€5.0m€5.4m€5.8m▲ 7.6%
Other tangible fixed assets26-----€0.6m---
Assets under construction and advance payments27---€0.03m€0.5m€0.2m-€0.08m-
Financial fixed assets28€2.9m€2.9m€2.9m€3.7m€5.1m€5.2m€6.0m€9.1m▲ 50.4%
Affiliated companies280/1---€3.2m€4.7m€4.7m€5.5m€8.5m▲ 53.6%
Participating interests280---€2.4m€3.9m€3.9m€4.9m€7.9m▲ 60.0%
Amounts receivable281---€0.8m€0.8m€0.8m€0.6m€0.6m=
Companies linked by participating interests282/3---€0.08m€0.08m€0.08m---
Participating interests282---€0.08m€0.08m€0.08m---
Other financial fixed assets284/8---€0.4m€0.4m€0.4m€0.5m€0.6m▲ 16.7%
Shares284------€0.07m€0.07m=
Amounts receivable and cash guarantees285/8---€0.4m€0.4m€0.4m€0.5m€0.5m▲ 19.1%
Current assets29/58€16.4m€15.1m€14.5m€14.3m€13.9m€14.8m€19.5m€21.7m▲ 11.2%
Stocks and contracts in progress3€0.7m€0.6m€0.8m€0.7m€0.8m€0.6m€0.6m€0.7m▲ 17.5%
Stocks30/36---€0.7m€0.8m€0.6m€0.6m€0.7m▲ 17.5%
Raw materials and consumables30/31---€0.2m€0.3m€0.3m€0.2m€0.3m▲ 47.0%
Property held for sale35---€0.6m€0.5m€0.4m€0.4m€0.4m=
Amounts receivable within one year40/41€15.1m€13.5m€12.5m€12.4m€12.2m€12.9m€17.1m€19.8m▲ 16.4%
Trade receivables40---€11.6m€11.5m€11.5m€14.7m€16.9m▲ 14.7%
Other amounts receivable41---€0.8m€0.8m€1.4m€2.3m€3.0m▲ 27.2%
Cash at bank and in hand54/58€0.5m€0.8m€1.1m€1.1m€0.8m€1.3m€1.9m€1.2m▼ 37.9%
Deferred charges and accrued income490/1---€0.07m€0.01m€0.004m€0.01m€0.03m▲ 211%
Equity and liabilities
Total equity and liabilities10/49€23.6m€22.9m€23.8m€24.6m€26.1m€27.7m€33.9m€39.9m▲ 17.7%
Equity10/15€2.8m€2.8m€2.8m€2.8m€3.4m€4.9m€6.6m€8.0m▲ 21.6%
Contributions10/11€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m=
Capital10---€0.2m€0.2m€0.2m€0.2m€0.2m=
Issued capital100---€0.2m€0.2m€0.2m€0.2m€0.2m=
Reserves13€2.6m€2.6m€2.6m€2.5m€2.8m€4.3m€6.2m€7.8m▲ 26.2%
Non-distributable reserves130/1---€0.02m€0.02m€0.02m€0.02m€0.02m=
Legal reserve130---€0.02m€0.02m€0.02m€0.02m€0.02m=
Tax-exempt reserves132---€0.06m€0.3m€0.3m€1.2m€2.0m▲ 68.6%
Distributable reserves133---€2.5m€2.5m€4.0m€5.0m€5.8m▲ 16.1%
Profit (loss) carried forward14-€0.05m€0.006m€0.002m€0.001m€0.3m€0.3m€0.2m€0.003m▼ 98.7%
Investment grants15---€0.005m€0.003m€0---
Provisions and deferred taxes16----€0.1m€0.09m€0.08m€0.08m▼ 9.8%
Deferred taxes168----€0.1m€0.09m€0.08m€0.08m▼ 9.8%
Amounts payable17/49€20.8m€20.1m€21.0m€21.8m€22.6m€22.8m€27.3m€31.8m▲ 16.8%
Amounts payable after more than one year17€2.6m€3.5m€5.3m€5.1m€5.5m€6.5m€7.5m€9.1m▲ 21.4%
Financial debts170/4---€4.9m€5.2m€6.2m€7.3m€8.9m▲ 21.8%
Subordinated loans170---€0.3m€0.3m€0.5m€0.5m€0.5m▼ 3.4%
Leasing and similar obligations172---€3.9m€3.8m€4.0m€4.3m€4.6m▲ 7.2%
Credit institutions173---€0.8m€1.1m€1.7m€2.6m€3.9m▲ 50.2%
Other amounts payable178/9---€0.2m€0.3m€0.3m€0.2m€0.2m=
Amounts payable within one year42/48€18.1m€16.6m€15.7m€16.7m€17.1m€16.2m€19.7m€22.7m▲ 15.1%
Current portion of amounts payable after more than one year42---€1.5m€1.6m€1.7m€1.8m€2.3m▲ 23.8%
Financial debts43---€7.1m€9.9m€7.9m€9.6m€11.8m▲ 22.7%
Credit institutions430/8---€7.1m€9.9m€7.9m€9.6m€11.8m▲ 22.7%
Trade debts44€8.4m€7.9m€7.2m€7.2m€4.0m€5.3m€6.9m€7.4m▲ 7.6%
Suppliers440/4---€7.2m€4.0m€5.3m€6.9m€7.4m▲ 7.6%
Taxes, remuneration and social security45---€0.8m€1.1m€1.1m€1.3m€1.2m▼ 12.0%
Taxes450/3---€0.2m€0.3m€0.2m€0.3m€0.2m▼ 35.9%
Remuneration and social security454/9---€0.6m€0.8m€1.0m€1.0m€1.0m▼ 3.9%
Other amounts payable47/48---€0.02m€0.3m€0.1m€0.05m€0.06m▲ 19.3%
Accrued charges and deferred income492/3---€0.01m€0.03m€0.05m€0.05m€0.04m▼ 16.2%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.001m€0.06m-€0.01m-€0.03m€0.6m€1.5m€1.7m€1.4m▼ 17.4%
+ Depreciation and write-downs630€1.2m€1.3m€1.4m€1.6m€1.8m€1.9m€2.1m€1.9m▼ 7.5%
Operating cash flow (approximation)€1.2m€1.3m€1.4m€1.6m€2.5m€3.4m€3.8m€3.3m▼ 12.0%
Investment in fixed assets (approximation)--€2.0m-€2.8m-€2.7m-€3.8m-€2.6m-€3.5m-€5.7m▼ 62.6%
Change in cash-€0.3m€0.3m-€0.04m-€0.2m€0.4m€0.6m-€0.7m-

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Latest 10 of 37 filings with the National Bank
Financial year Type Filed Reference
31-12-2025 full format 10-07-2026 2026-00278760
31-12-2024 full format 09-07-2025 2025-00251956
31-12-2023 full format 17-08-2024 2024-00350506
31-12-2022 full format 25-08-2023 2023-00352012
31-12-2021 full format 17-08-2022 2022-20291586
31-12-2020 full format 26-08-2021 2021-54900260
31-12-2019 full format 27-08-2020 2020-47200233
31-12-2018 full format 22-08-2019 2019-49200574
31-12-2017 full format 21-08-2018 2018-47900218
31-12-2016 full format 23-08-2017 2017-47300440

Show all 37 filings

Similar companies · same sector, comparable size

Of the 2,294 active companies whose main activity is construction of roads and motorways (NACE 42110), figures are known for 1,105. 320 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector

Public contracts

10 awards · 2024 to 2025
Services de traitement des déchets inertes collectés dans les recyparcs d'Intradel: 24/40b/INT - 1
buyer: Intercommunale de Traitement des Déchets ménagers LiégeoisSewage, refuse, cleaning and environmental servicesawarded 14-11-2025€510,0006 tendersTED 554114-2026
Services de traitement des déchets inertes collectés dans les recyparcs d'Intradel: 24/40b/INT - 2
buyer: Intercommunale de Traitement des Déchets ménagers LiégeoisSewage, refuse, cleaning and environmental servicesawarded 14-11-2025€510,0006 tendersTED 554114-2026
Services de traitement des déchets inertes collectés dans les recyparcs d'Intradel: 24/40b/INT - 3
buyer: Intercommunale de Traitement des Déchets ménagers LiégeoisSewage, refuse, cleaning and environmental servicesawarded 14-11-2025€510,0006 tendersTED 554114-2026
Services de traitement des déchets inertes collectés dans les recyparcs d'Intradel: 24/40b/INT - 4
buyer: Intercommunale de Traitement des Déchets ménagers LiégeoisSewage, refuse, cleaning and environmental servicesawarded 14-11-2025€510,0006 tendersTED 554114-2026
Services de traitement des déchets inertes collectés dans les recyparcs d'Intradel: 24/40b/INT - 5
buyer: Intercommunale de Traitement des Déchets ménagers LiégeoisSewage, refuse, cleaning and environmental servicesawarded 14-11-2025€510,0006 tendersTED 554114-2026
Show 5 more contracts
Curage du lac de Warfaaz à Spa
buyer: SPIConstruction workawarded 28-10-2025€5.6m6 tendersTED 789229-2025
N62 - SPA - Aménagement de la traversée de SPA, y compris aménagement cyclo-piétons (PM 20.600 à 22.370 et PM 22.630 à 23.900) et aménagements communaux au niveau des Rue de la Reine (Place Foch), Jardins du Casino et Parking de la Gare: MI-O8.10.02-23-2932 - 1
buyer: Service public de wallonieConstruction workawarded 14-02-2025€11.1m5 tendersTED 173159-2025
Braives : CO et SP - TVX
buyer: AIDEConstruction workawarded 29-08-2024€8.0m2 tendersTED 30149-2026
Prestations de service hivernal sur les autoroutes gérées par le District de Battice: SOF-MI-O8.10.02-24-177 - Lot 24/5 - District de Battice : Spa- Malmedy
buyer: SoficoSewage, refuse, cleaning and environmental servicesawarded 23-07-2024€267,2143 tendersTED 509594-2024
Accord-cadre de travaux de poses souterraines dans toute la Wallonie sur base du système de qualification WQPOSWA: Lot 49 - Accord-cadre financier - Poses souterraines C6 - Poses ≤ 150 m – Wallonie-Est
buyer: ORES ASSETSConstruction workawarded 29-01-2024€5.8m3 tendersTED 357308-2024

Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.