El Nebo: what changed
What changed
El Nebo
NACE 68.122, Development of non-residential building projects
filed annual accounts (NBB)
Net result for the year
€35,808
2025 · €33,135+€2,673
Equity
€154,036
2025 · €118,228+€35,808
Cash
€669
2025 · €231+€438
Balance sheet total
€657,809
2025 · €707,844-€50,035
Largest movements
Assets
- Receivables within one year -€42,752
down €42,752 (-35.7%), from €119,848 to €77,096
of which Trade receivables: -€47,137
- Tangible fixed assets -€30,693
down €30,693 (-5.4%), from €565,339 to €534,647
of which Land and buildings: -€16,225
- Stocks and contracts +€18,367
up €18,367 (+82.8%), from €22,171 to €40,538
Equity and liabilities
- Short-term financial debts -€58,500
no longer reported in 2026 (was €58,500)
- Other debts -€44,120
down €44,120 (-26.9%), from €163,924 to €119,804
- Reserves +€35,808
up €35,808 (+35.9%), from €99,628 to €135,436
of which Distributable reserves: +€35,808
- Current portion of long-term debt +€23,006
up €23,006 (+98.4%), from €23,368 to €46,374
- Trade debts -€8,642
down €8,642 (-65.6%), from €13,164 to €4,522
Income statement
- Financial charges -€34,534
down €34,534 (-83.0%), from €41,620 to €7,086
- Gross operating margin -€31,455
down €31,455 (-26.9%), from €116,797 to €85,342
- Depreciation -€2,246
down €2,246 (-6.8%), from €32,938 to €30,693
- Other operating charges +€2,037
up €2,037 (+403%), from €505 to €2,542
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€33,135
Gross operating margin
-€31,455
Depreciation
+€2,246
Other operating charges
-€2,037
Financial income
+€0
Financial charges
+€34,534
Taxes
-€615
Result 2026
€35,808
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€36,238
Investment
-€0
Financing
-€35,800
Cash 2025
€231
From operations (derived)
+€36,238
Net result for the year
+€35,808
Depreciation
+€30,693
Stocks and contracts
-€18,367
Receivables within one year
+€42,752
Deferred charges and accrued income
-€4,605
Trade debts
-€8,642
Tax, wage and social debts
+€2,719
Other debts
-€44,120
Investment (derived)
-€0
Investment in fixed assets (net)
-€0
Financing
-€35,800
Debts after one year
-€305
Current portion of long-term debt
+€23,006
Short-term financial debts
-€58,500
Cash 2026
€669
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €707,844 | €657,809 | -€50,035 | -7.1% |
| Fixed assets | 21/28 | €565,339 | €534,647 | -€30,693 | -5.4% |
| Tangible fixed assets | 22/27 | €565,339 | €534,647 | -€30,693 | -5.4% |
| Land and buildings | 22 | €540,540 | €524,315 | -€16,225 | -3.0% |
| Plant, machinery and equipment | 23 | €4,378 | €1,468 | -€2,910 | -66.5% |
| Furniture and vehicles | 24 | €20,422 | €8,864 | -€11,558 | -56.6% |
| Current assets | 29/58 | €142,505 | €123,163 | -€19,342 | -13.6% |
| Stocks and contracts in progress | 3 | €22,171 | €40,538 | +€18,367 | +82.8% |
| Stocks | 30/36 | €22,171 | €40,538 | +€18,367 | +82.8% |
| Amounts receivable within one year | 40/41 | €119,848 | €77,096 | -€42,752 | -35.7% |
| Trade receivables | 40 | €113,447 | €66,310 | -€47,137 | -41.6% |
| Other amounts receivable | 41 | €6,401 | €10,787 | +€4,385 | +68.5% |
| Current investments | 50/53 | €255 | €255 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €231 | €669 | +€438 | +190% |
| Deferred charges and accrued income | 490/1 | - | €4,605 | +€4,605 | |
| Total equity and liabilities | 10/49 | €707,844 | €657,809 | -€50,035 | -7.1% |
| Equity | 10/15 | €118,228 | €154,036 | +€35,808 | +30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,628 | €135,436 | +€35,808 | +35.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €97,768 | €133,576 | +€35,808 | +36.6% |
| Amounts payable | 17/49 | €589,616 | €503,774 | -€85,843 | -14.6% |
| Amounts payable after more than one year | 17 | €322,323 | €322,018 | -€305 | -0.1% |
| Financial debts | 170/4 | €322,323 | €322,018 | -€305 | -0.1% |
| Amounts payable within one year | 42/48 | €267,293 | €181,756 | -€85,537 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €23,368 | €46,374 | +€23,006 | +98.4% |
| Financial debts | 43 | €58,500 | - | -€58,500 | |
| Credit institutions | 430/8 | €58,500 | - | -€58,500 | |
| Trade debts | 44 | €13,164 | €4,522 | -€8,642 | -65.6% |
| Suppliers | 440/4 | €13,164 | €4,522 | -€8,642 | -65.6% |
| Taxes, remuneration and social security | 45 | €8,336 | €11,055 | +€2,719 | +32.6% |
| Taxes | 450/3 | €6,387 | €8,744 | +€2,357 | +36.9% |
| Remuneration and social security | 454/9 | €1,950 | €2,311 | +€362 | +18.6% |
| Other amounts payable | 47/48 | €163,924 | €119,804 | -€44,120 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,938 | €30,693 | -€2,246 | -6.8% |
| Other operating charges | 640/8 | €505 | €2,542 | +€2,037 | +403% |
| Gross operating margin | 9900 | €116,797 | €85,342 | -€31,455 | -26.9% |
| Operating profit (loss) | 9901 | €83,354 | €52,107 | -€31,247 | -37.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €41,620 | €7,086 | -€34,534 | -83.0% |
| Recurring financial charges | 65 | €41,620 | €7,086 | -€34,534 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | €41,733 | €45,021 | +€3,288 | +7.9% |
| Income taxes | 67/77 | €8,599 | €9,213 | +€615 | +7.1% |
| Profit (loss) for the period | 9904 | €33,135 | €35,808 | +€2,673 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,135 | €35,808 | +€2,673 | +8.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.