NELLES FRERES: 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.
What changed
NELLES FRERES
NACE 42.110, Construction of roads and motorways
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €1.7m-€299,747
Equity
€8.0m
2024 · €6.6m+€1.4m
Cash
€1.2m
2024 · €1.9m-€721,790
Balance sheet total
€39.9m
2024 · €33.9m+€6.0m
Largest movements
Assets
- Financial fixed assets +€3.0m
up €3.0m (+50.4%), from €6.0m to €9.1m
of which Affiliated companies: +€3.0m
- Receivables within one year +€2.8m
up €2.8m (+16.4%), from €17.1m to €19.8m
of which Trade receivables: +€2.2m
- Tangible fixed assets +€758,422
up €758,422 (+9.1%), from €8.4m to €9.1m
of which Leasing and similar rights: +€413,199
- Cash -€721,790
down €721,790 (-37.9%), from €1.9m to €1.2m
mainly Investment in fixed assets (net) (-€5.7m) and Receivables within one year (-€2.8m)
Equity and liabilities
- Short-term financial debts +€2.2m
up €2.2m (+22.7%), from €9.6m to €11.8m
- Reserves +€1.6m
up €1.6m (+26.2%), from €6.2m to €7.8m
of which Tax-exempt reserves: +€817,428
- Debts after one year +€1.6m
up €1.6m (+21.4%), from €7.5m to €9.1m
of which Financial debts: +€1.6m
- Trade debts +€526,470
up €526,470 (+7.6%), from €6.9m to €7.4m
- Current portion of long-term debt +€434,405
up €434,405 (+23.8%), from €1.8m to €2.3m
Income statement
- Goods and materials -€1.3m
down €1.3m (-7.1%), from €18.5m to €17.2m
of which Purchases: -€1.2m
- Staff costs +€1.2m
up €1.2m (+10.3%), from €11.7m to €13.0m
- Other operating income +€563,523
up €563,523 (+72.4%), from €778,599 to €1.3m
- Services and other goods +€502,755
up €502,755 (+8.6%), from €5.9m to €6.4m
- Turnover -€492,691
down €492,691 (-1.2%), from €40.6m to €40.1m
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.
Result 2024
€1.7m
Turnover
-€492,691
Other operating income
+€563,523
Goods and materials
+€1.3m
Services and other goods
-€502,755
Staff costs
-€1.2m
Depreciation
+€153,703
Write-downs
+€139,553
Other operating charges
-€2,153
Other operating items
+€55,847
Financial income
-€177,882
Financial charges
-€106,664
Taxes
-€43,903
Deferred taxes and other
+€1,921
Result 2025
€1.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€770,057
Investment
-€5.7m
Financing
+€4.2m
Cash 2024
€1.9m
From operations (derived)
+€770,057
Net result for the year
+€1.4m
Depreciation
+€1.9m
Stocks and contracts
-€101,379
Receivables within one year
-€2.8m
Deferred charges and accrued income
-€23,128
Smaller working-capital items
-€7,720
Trade debts
+€526,470
Tax, wage and social debts
-€161,139
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€5.7m
Financing
+€4.2m
Debts after one year
+€1.6m
Current portion of long-term debt
+€434,405
Short-term financial debts
+€2.2m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,948,718 | €39,946,388 | +€6.0m | +17.7% |
| Fixed assets | 21/28 | €14,406,012 | €18,207,792 | +€3.8m | +26.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €8,370,030 | €9,128,452 | +€758,422 | +9.1% |
| Land and buildings | 22 | €2,365,289 | €2,387,788 | +€22,499 | +1.0% |
| Plant, machinery and equipment | 23 | €239,146 | €392,734 | +€153,588 | +64.2% |
| Furniture and vehicles | 24 | €351,206 | €444,012 | +€92,807 | +26.4% |
| Leasing and similar rights | 25 | €5,414,389 | €5,827,588 | +€413,199 | +7.6% |
| Assets under construction and advance payments | 27 | - | €76,329 | +€76,329 | |
| Financial fixed assets | 28 | €6,035,982 | €9,079,340 | +€3.0m | +50.4% |
| Affiliated companies | 280/1 | €5,514,615 | €8,470,873 | +€3.0m | +53.6% |
| Participating interests | 280 | €4,925,298 | €7,881,556 | +€3.0m | +60.0% |
| Amounts receivable | 281 | €589,317 | €589,317 | = | 0.0% |
| Other financial fixed assets | 284/8 | €521,367 | €608,467 | +€87,100 | +16.7% |
| Shares | 284 | €66,073 | €66,073 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €455,294 | €542,394 | +€87,100 | +19.1% |
| Current assets | 29/58 | €19,542,706 | €21,738,596 | +€2.2m | +11.2% |
| Stocks and contracts in progress | 3 | €578,333 | €679,712 | +€101,379 | +17.5% |
| Stocks | 30/36 | €578,333 | €679,712 | +€101,379 | +17.5% |
| Raw materials and consumables | 30/31 | €215,793 | €317,172 | +€101,379 | +47.0% |
| Property held for sale | 35 | €362,540 | €362,540 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,050,529 | €19,843,702 | +€2.8m | +16.4% |
| Trade receivables | 40 | €14,704,974 | €16,859,570 | +€2.2m | +14.7% |
| Other amounts receivable | 41 | €2,345,556 | €2,984,131 | +€638,576 | +27.2% |
| Cash at bank and in hand | 54/58 | €1,902,887 | €1,181,097 | -€721,790 | -37.9% |
| Deferred charges and accrued income | 490/1 | €10,957 | €34,086 | +€23,128 | +211% |
| Total equity and liabilities | 10/49 | €33,948,718 | €39,946,388 | +€6.0m | +17.7% |
| Equity | 10/15 | €6,594,836 | €8,022,088 | +€1.4m | +21.6% |
| Contributions | 10/11 | €223,200 | €223,200 | = | 0.0% |
| Capital | 10 | €223,200 | €223,200 | = | 0.0% |
| Issued capital | 100 | €223,200 | €223,200 | = | 0.0% |
| Reserves | 13 | €6,178,909 | €7,796,337 | +€1.6m | +26.2% |
| Non-distributable reserves | 130/1 | €22,320 | €22,320 | = | 0.0% |
| Legal reserve | 130 | €22,320 | €22,320 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,191,589 | €2,009,017 | +€817,428 | +68.6% |
| Distributable reserves | 133 | €4,965,000 | €5,765,000 | +€800,000 | +16.1% |
| Profit (loss) carried forward | 14 | €192,727 | €2,551 | -€190,176 | -98.7% |
| Provisions and deferred taxes | 16 | €83,746 | €75,556 | -€8,191 | -9.8% |
| Deferred taxes | 168 | €83,746 | €75,556 | -€8,191 | -9.8% |
| Amounts payable | 17/49 | €27,270,136 | €31,848,744 | +€4.6m | +16.8% |
| Amounts payable after more than one year | 17 | €7,492,405 | €9,092,086 | +€1.6m | +21.4% |
| Financial debts | 170/4 | €7,335,605 | €8,935,286 | +€1.6m | +21.8% |
| Subordinated loans | 170 | €474,333 | €458,000 | -€16,333 | -3.4% |
| Leasing and similar obligations | 172 | €4,251,662 | €4,557,863 | +€306,201 | +7.2% |
| Credit institutions | 173 | €2,609,610 | €3,919,423 | +€1.3m | +50.2% |
| Other amounts payable | 178/9 | €156,800 | €156,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,725,692 | €22,713,050 | +€3.0m | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €1,823,782 | €2,258,187 | +€434,405 | +23.8% |
| Financial debts | 43 | €9,593,576 | €11,772,296 | +€2.2m | +22.7% |
| Credit institutions | 430/8 | €9,593,576 | €11,772,296 | +€2.2m | +22.7% |
| Trade debts | 44 | €6,922,612 | €7,449,083 | +€526,470 | +7.6% |
| Suppliers | 440/4 | €6,922,612 | €7,449,083 | +€526,470 | +7.6% |
| Taxes, remuneration and social security | 45 | €1,339,493 | €1,178,354 | -€161,139 | -12.0% |
| Taxes | 450/3 | €339,145 | €217,507 | -€121,638 | -35.9% |
| Remuneration and social security | 454/9 | €1,000,348 | €960,847 | -€39,501 | -3.9% |
| Other amounts payable | 47/48 | €46,229 | €55,131 | +€8,902 | +19.3% |
| Accrued charges and deferred income | 492/3 | €52,040 | €43,608 | -€8,432 | -16.2% |
| Operating income | 70/76A | €41,355,644 | €41,421,298 | +€65,654 | +0.2% |
| Turnover | 70 | €40,567,624 | €40,074,933 | -€492,691 | -1.2% |
| Other operating income | 74 | €778,599 | €1,342,122 | +€563,523 | +72.4% |
| Non-recurring operating income | 76A | €9,420 | €4,243 | -€5,178 | -55.0% |
| Operating charges | 60/66A | €38,656,925 | €38,695,798 | +€38,873 | +0.1% |
| Goods for resale, raw materials and consumables | 60 | €18,509,066 | €17,188,218 | -€1.3m | -7.1% |
| Purchases | 600/8 | €18,449,679 | €17,289,597 | -€1.2m | -6.3% |
| Change in stocks: decrease (increase) | 609 | €59,387 | -€101,379 | -€160,765 | |
| Services and other goods | 61 | €5,857,072 | €6,359,827 | +€502,755 | +8.6% |
| Remuneration, social security and pensions | 62 | €11,749,397 | €12,958,490 | +€1.2m | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,056,575 | €1,902,872 | -€153,703 | -7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €138,685 | -€868 | -€139,553 | |
| Other operating charges | 640/8 | €184,139 | €186,292 | +€2,153 | +1.2% |
| Non-recurring operating charges | 66A | €161,991 | €100,966 | -€61,025 | -37.7% |
| Operating profit (loss) | 9901 | €2,698,719 | €2,725,500 | +€26,781 | +1.0% |
| Financial income | 75/76B | €280,995 | €103,113 | -€177,882 | -63.3% |
| Recurring financial income | 75 | €125,523 | €103,113 | -€22,410 | -17.9% |
| Income from financial fixed assets | 750 | €120,000 | €65,000 | -€55,000 | -45.8% |
| Other financial income | 752/9 | €5,523 | €38,113 | +€32,590 | +590% |
| Non-recurring financial income | 76B | €155,472 | - | -€155,472 | |
| Financial charges | 65/66B | €670,254 | €776,918 | +€106,664 | +15.9% |
| Recurring financial charges | 65 | €670,254 | €776,918 | +€106,664 | +15.9% |
| Debt charges | 650 | €624,139 | €694,532 | +€70,394 | +11.3% |
| Other financial charges | 652/9 | €46,115 | €82,385 | +€36,270 | +78.7% |
| Profit (loss) for the period before taxes | 9903 | €2,309,460 | €2,051,695 | -€257,765 | -11.2% |
| Transfer from deferred taxes | 780 | €6,270 | €8,191 | +€1,921 | +30.6% |
| Income taxes | 67/77 | €588,731 | €632,634 | +€43,903 | +7.5% |
| Taxes | 670/3 | €591,161 | €633,637 | +€42,476 | +7.2% |
| Tax adjustments and reversals of tax provisions | 77 | €2,430 | €1,003 | -€1,427 | -58.7% |
| Profit (loss) for the period | 9904 | €1,726,999 | €1,427,252 | -€299,747 | -17.4% |
| Transfer from tax-exempt reserves | 789 | €18,810 | €24,572 | +€5,762 | +30.6% |
| Transfer to tax-exempt reserves | 689 | €884,100 | €842,000 | -€42,100 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €861,709 | €609,824 | -€251,885 | -29.2% |
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 14 October 2026 via checked.be.