WILLY NAESSENS BUILD: 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
WILLY NAESSENS BUILD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15.2m
2024 · €33.4m-€18.2m
Equity
€248.4m
2024 · €248.2m+€207,164
Cash
€219,002
2024 · €3.2m-€3.0m
Balance sheet total
€283.5m
2024 · €266.6m+€16.9m
Largest movements
Assets
- Financial fixed assets +€19.6m
up €19.6m (+7.5%), from €261.8m to €281.4m
of which Affiliated companies: +€19.6m
- Cash -€3.0m
down €3.0m (-93.1%), from €3.2m to €219,002
mainly Investment in fixed assets (net) (-€19.6m) and Contributions, distributions and other (-€15.0m)
Equity and liabilities
- Debts after one year +€13.1m
up €13.1m (+1,051%), from €1.3m to €14.4m
of which Financial debts: +€12.1m
- Other debts +€3.0m
up €3.0m (+20.0%), from €15.0m to €18.0m
Income statement
- Financial income -€18.1m
down €18.1m (-54.3%), from €33.3m to €15.2m
- Turnover +€790,344
up €790,344 (+20.6%), from €3.8m to €4.6m
- Other operating income -€386,854
down €386,854 (-97.1%), from €398,517 to €11,663
- Staff costs +€299,975
up €299,975 (+145%), from €207,140 to €507,115
- Services and other goods +€204,320
up €204,320 (+5.3%), from €3.9m to €4.1m
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
€33.4m
Turnover
+€790,344
Other operating income
-€386,854
Services and other goods
-€204,320
Staff costs
-€299,975
Depreciation
-€7,851
Other operating charges
-€295
Financial income
-€18.1m
Financial charges
-€40,930
Taxes
+€32,866
Result 2025
€15.2m
raises the resultlowers the result
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
+€17.3m
Investment
-€19.6m
Financing
-€692,033
Cash 2024
€3.2m
From operations (derived)
+€17.3m
Net result for the year
+€15.2m
Depreciation
+€7,851
Receivables within one year
-€283,913
Smaller working-capital items
+€57,407
Trade debts
-€564,970
Tax, wage and social debts
-€76,248
Other debts
+€3.0m
Investment (derived)
-€19.6m
Investment in fixed assets (net)
-€19.6m
Financing
-€692,033
Debts after one year
+€13.1m
Current portion of long-term debt
+€1.2m
Contributions, distributions and other
-€15.0m
Cash 2025
€219,002
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €266,553,597 | €283,470,501 | +€16.9m | +6.3% |
| Fixed assets | 21/28 | €261,838,004 | €281,442,293 | +€19.6m | +7.5% |
| Tangible fixed assets | 22/27 | - | €35,833 | +€35,833 | |
| Furniture and vehicles | 24 | - | €35,833 | +€35,833 | |
| Financial fixed assets | 28 | €261,838,004 | €281,406,460 | +€19.6m | +7.5% |
| Affiliated companies | 280/1 | €261,331,850 | €280,900,306 | +€19.6m | +7.5% |
| Participating interests | 280 | €234,196,850 | €252,625,306 | +€18.4m | +7.9% |
| Amounts receivable | 281 | €27,135,000 | €28,275,000 | +€1.1m | +4.2% |
| Companies linked by participating interests | 282/3 | €505,791 | €505,791 | = | 0.0% |
| Participating interests | 282 | €505,791 | €505,791 | = | 0.0% |
| Other financial fixed assets | 284/8 | €363 | €363 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €4,715,593 | €2,028,209 | -€2.7m | -57.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,524,669 | €1,808,582 | +€283,913 | +18.6% |
| Trade receivables | 40 | €1,503,975 | €1,705,242 | +€201,267 | +13.4% |
| Other amounts receivable | 41 | €20,694 | €103,340 | +€82,645 | +399% |
| Cash at bank and in hand | 54/58 | €3,175,885 | €219,002 | -€3.0m | -93.1% |
| Deferred charges and accrued income | 490/1 | €15,038 | €624 | -€14,414 | -95.9% |
| Total equity and liabilities | 10/49 | €266,553,597 | €283,470,501 | +€16.9m | +6.3% |
| Equity | 10/15 | €248,238,867 | €248,446,031 | +€207,164 | +0.1% |
| Contributions | 10/11 | €218,032,646 | €218,032,646 | = | 0.0% |
| Capital | 10 | €218,032,646 | €218,032,646 | = | 0.0% |
| Issued capital | 100 | €218,032,646 | €218,032,646 | = | 0.0% |
| Reserves | 13 | €13,471,248 | €14,231,606 | +€760,358 | +5.6% |
| Non-distributable reserves | 130/1 | €1,675,000 | €2,435,358 | +€760,358 | +45.4% |
| Legal reserve | 130 | €1,675,000 | €2,435,358 | +€760,358 | +45.4% |
| Tax-exempt reserves | 132 | €1,183 | €1,183 | = | 0.0% |
| Distributable reserves | 133 | €11,795,065 | €11,795,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,734,973 | €16,181,779 | -€553,194 | -3.3% |
| Amounts payable | 17/49 | €18,314,730 | €35,024,470 | +€16.7m | +91.2% |
| Amounts payable after more than one year | 17 | €1,250,000 | €14,384,429 | +€13.1m | +1,051% |
| Financial debts | 170/4 | - | €12,134,429 | +€12.1m | |
| Credit institutions | 173 | - | €12,134,429 | +€12.1m | |
| Other amounts payable | 178/9 | €1,250,000 | €2,250,000 | +€1.0m | +80.0% |
| Amounts payable within one year | 42/48 | €17,060,174 | €20,592,493 | +€3.5m | +20.7% |
| Current portion of amounts payable after more than one year | 42 | - | €1,173,537 | +€1.2m | |
| Trade debts | 44 | €1,899,160 | €1,334,189 | -€564,970 | -29.7% |
| Suppliers | 440/4 | €1,899,160 | €1,334,189 | -€564,970 | -29.7% |
| Taxes, remuneration and social security | 45 | €161,015 | €84,767 | -€76,248 | -47.4% |
| Taxes | 450/3 | €119,584 | €8,673 | -€110,911 | -92.7% |
| Remuneration and social security | 454/9 | €41,431 | €76,094 | +€34,663 | +83.7% |
| Other amounts payable | 47/48 | €15,000,000 | €18,000,000 | +€3.0m | +20.0% |
| Accrued charges and deferred income | 492/3 | €4,555 | €47,547 | +€42,992 | +944% |
| Operating income | 70/76A | €4,236,845 | €4,640,336 | +€403,490 | +9.5% |
| Turnover | 70 | €3,838,329 | €4,628,673 | +€790,344 | +20.6% |
| Other operating income | 74 | €398,517 | €11,663 | -€386,854 | -97.1% |
| Operating charges | 60/66A | €4,080,205 | €4,592,647 | +€512,442 | +12.6% |
| Services and other goods | 61 | €3,872,208 | €4,076,528 | +€204,320 | +5.3% |
| Remuneration, social security and pensions | 62 | €207,140 | €507,115 | +€299,975 | +145% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,851 | +€7,851 | |
| Other operating charges | 640/8 | €857 | €1,153 | +€295 | +34.5% |
| Operating profit (loss) | 9901 | €156,640 | €47,689 | -€108,951 | -69.6% |
| Financial income | 75/76B | €33,277,908 | €15,209,772 | -€18.1m | -54.3% |
| Recurring financial income | 75 | €33,277,908 | €15,209,772 | -€18.1m | -54.3% |
| Income from financial fixed assets | 750 | €33,250,000 | €15,200,000 | -€18.1m | -54.3% |
| Income from current assets | 751 | €27,908 | €9,772 | -€18,136 | -65.0% |
| Financial charges | 65/66B | €1,114 | €42,044 | +€40,930 | +3,673% |
| Recurring financial charges | 65 | €1,114 | €42,044 | +€40,930 | +3,673% |
| Debt charges | 650 | - | €40,921 | +€40,921 | |
| Other financial charges | 652/9 | €1,114 | €1,124 | +€9 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €33,433,434 | €15,215,416 | -€18.2m | -54.5% |
| Income taxes | 67/77 | €41,119 | €8,252 | -€32,866 | -79.9% |
| Taxes | 670/3 | €41,119 | €8,252 | -€32,866 | -79.9% |
| Profit (loss) for the period | 9904 | €33,392,315 | €15,207,164 | -€18.2m | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,392,315 | €15,207,164 | -€18.2m | -54.5% |
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.