ACTIVE

NELLES FRERES

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Financial year 2025 · closed on 31/12/2025
Net result
1,4 M €
-17.4% YoY
Revenue
40,1 M €
-1.2% YoY
Equity
8 M €
+21.6% YoY
Workforce
180,5 ETP
+4.6% YoY

What does NELLES FRERES do?

NELLES FRERES is a Public limited company incorporated in 1988. Its main activity is: Construction of roads and motorways. Its registered office is in Malmedy. It employs on average 180,5 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0434.648.486
Incorporation
25/06/1988
Legal form
Public limited company
Registered office
Xhoffraix-Au-dessus des Trous 4
4960 Malmedy · WallonieSee on map
Contributed capital
223 200,00 €
Latest accounts
31/12/2025
Average workforce
180,5 ETP
Activities (NACE)
42110Construction of roads and motorways· main42110Construction of roads and motorways45230Maintenance and repair of motor vehicles08111Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate08111Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate14110Manufacture of leather clothes+12
Joint committees (5)
  • 10202
  • 124
  • 200
  • 200 et 124
  • 218
Signals
ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 20 financial years

20252024202320222021202020192018201720162015201420132012201120102009200820072006
Income statement
Revenue40,1 M €40,6 M €36,1 M €30,3 M €26,1 M €22,3 M €25 M €26 M €21,9 M €21,1 M €19,1 M €16,4 M €17,8 M €15,8 M €14 M €11,5 M €10,8 M €13 M €11,4 M €–
EBITDA4,6 M €4,9 M €3,7 M €3,1 M €1,9 M €1,7 M €1,5 M €1,5 M €1,2 M €1,1 M €1,6 M €1,2 M €1,1 M €990 k €1 M €857,7 k €987,7 k €1,4 M €1,3 M €1,1 M €
Operating result2,7 M €2,7 M €1,9 M €1,2 M €239 k €233,6 k €245,2 k €273,5 k €-29,2 k €56,9 k €545,6 k €103,4 k €322,8 k €191,3 k €228 k €-51,7 k €-60 k €563,6 k €600,3 k €347,1 k €
Net result1,4 M €1,7 M €1,5 M €625 k €-25,5 k €-13,6 k €58,2 k €728 €782,8 €-102,2 k €260,4 k €-97,5 k €245,1 k €71,1 k €88,9 k €-229 k €-207,8 k €247 k €540,8 k €206,3 k €
Balance sheet
Equity8 M €6,6 M €4,9 M €3,4 M €2,8 M €2,8 M €2,8 M €2,8 M €2,8 M €2,8 M €2,9 M €2,6 M €2,7 M €2,5 M €2,4 M €2,3 M €2,5 M €2,7 M €2,5 M €2 M €
Total assets39,9 M €33,9 M €27,7 M €26,1 M €24,6 M €23,8 M €22,9 M €23,6 M €19,7 M €17,1 M €16,4 M €15,5 M €15,3 M €13 M €11,9 M €10,4 M €10,9 M €11,2 M €6,7 M €5,1 M €
Cash1,2 M €1,9 M €1,3 M €837,8 k €1,1 M €1,1 M €782,1 k €524,2 k €1 M €199,8 k €1,1 M €884,4 k €616,5 k €337,1 k €236,8 k €305,6 k €308,9 k €680 k €–366,6 k €
Debts31,8 M €27,2 M €22,7 M €22,6 M €21,8 M €21 M €20,1 M €20,8 M €16,9 M €14,3 M €13,5 M €12,8 M €12,6 M €10,6 M €9,5 M €8 M €8,4 M €8,5 M €4,2 M €3,1 M €
Other
Workforce180,5 ETP172,5 ETP179,6 ETP177,6 ETP167,4 ETP164,1 ETP162,0 ETP157,2 ETP120,9 ETP111,0 ETP96,6 ETP88,1 ETP83,2 ETP83,2 ETP75,6 ETP68,7 ETP70,7 ETP62,5 ETP55,7 ETP50,5 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

FINEL

Andere functie · since 01 janvier 2024 · until 31 décembre 2029 · 1004.268.318

Represented by Charles NELLES

Active
Jean NELLES

Director · since 23 décembre 2023 · until 22 décembre 2029

Active
Alexandre David

Director · until 31 décembre 2029

Active

Ended mandates

Alexandre David

Director · since 01 janvier 2024 · until 31 décembre 2029

Ended
FINEL

Managing director · since 01 janvier 2024 · until 31 décembre 2029 · 1004.268.318

Represented by Charles NELLES

Ended
Alexandre David

Director · since 01 juillet 2014 · until 30 juin 2026

Ended
ALEXANDRE DAVID

Director · since 01 juillet 2014 · until 30 juin 2020

Ended
At this address

Other companies at this address

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BETON NELLES RECYCLAGE● Active
0458.654.701
Dimitri Blaise, Pierres Naturelles● Active
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Foncière des Fagnes● Active
0801.289.185
HOLLOGNE DEVELOPPEMENT● Active
1006.328.577
KBO Développement● Active
1039.838.218
NB BETON● Active
0695.637.280
NELLES - COP ET PORTIER● Active
1029.610.854
NELLES FRERES SA - COMUREX SPRL● Active
0650.752.907
NELLES FRERES SA - LES ENROBES DU GERNY SA● Active
0762.732.279
Nelles Frères SA - Travaux et Rénovation SPRL - SASPJ● Active
0719.954.784
NELLES GROUPE● Active
0508.506.464
NELLES RECYCLAGE● Active
0466.419.748
NELLES - SOCOGETRA● Active
1034.131.351
NELLES TRANSPORTS● Active
0465.376.009
NELLES-TRBA● Active
1007.937.688
SM NELLES BODARWE - n68 Grand-Halleux● Active
0804.743.870
SM Nelles Frères - Bernard Construction - Cordeel Zetel - Aertssen● Active
0764.429.086
SM NELLES FRERES - BODARWE - TRAGECO● Active
0769.816.546
SM NELLES FRERES - CONTACT FORESTIER● Active
0743.924.474
SM Nelles frères - Contact Forestier - Legros J● Active
0719.253.614
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date10/07/202609/07/202517/08/202425/08/202317/08/202226/08/2021
General meeting30/06/202627/06/202528/06/202430/06/202330/06/202230/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

22 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202530/06/202610/07/2026FrenchPDF
Full model31/12/202427/06/202509/07/2025FrenchPDF
Full model31/12/202328/06/202417/08/2024FrenchPDF
Full model31/12/202230/06/202325/08/2023FrenchPDF
Full model31/12/202130/06/202217/08/2022FrenchPDF
Full model31/12/202030/06/202126/08/2021FrenchPDF
Full model31/12/201930/06/202027/08/2020FrenchPDF
Full model31/12/201811/06/201922/08/2019FrenchPDF
Full model31/12/201729/06/201821/08/2018FrenchPDF
Full model31/12/201609/06/201723/08/2017FrenchPDF
Full model31/12/201510/06/201619/08/2016FrenchPDF
Full model31/12/201430/05/201524/08/2015FrenchPDF
Full modelCorrection31/12/201330/05/201417/09/2014FrenchPDF
Full model31/12/201330/05/201411/08/2014FrenchPDF
Full model31/12/201227/06/201329/08/2013FrenchPDF
Full model31/12/201121/06/201229/08/2012FrenchPDF
Full model31/12/201021/06/201124/08/2011FrenchPDF
Full model31/12/200930/06/201016/08/2010FrenchPDF
Full model31/12/200830/05/200901/07/2009FrenchPDF
Full modelCorrection31/12/200722/08/200806/11/2008FrenchPDF
Full model31/12/200722/08/200828/08/2008FrenchPDF
Abridged model31/12/200627/05/200714/08/2007FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

FINEL

Andere functie · since 01 janvier 2024 · until 31 décembre 2029 · 1004.268.318

Represented by Charles NELLES

Active
Jean NELLES

Director · since 23 décembre 2023 · until 22 décembre 2029

Active
Alexandre David

Director · until 31 décembre 2029

Active

Ended mandates

Alexandre David

Director · since 01 janvier 2024 · until 31 décembre 2029

Ended
FINEL

Managing director · since 01 janvier 2024 · until 31 décembre 2029 · 1004.268.318

Represented by Charles NELLES

Ended
Alexandre David

Director · since 01 juillet 2014 · until 30 juin 2026

Ended
ALEXANDRE DAVID

Director · since 01 juillet 2014 · until 30 juin 2020

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Other09/07/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DIVERS
    PDF
  • Restructuring27/05/2024
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Mandates19/01/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
    PDF
  • Mandates02/10/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates18/09/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates28/07/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Other06/05/2019
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates02/08/2017
    DEMISSIONS, NOMINATIONS
    PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 20251,4 M €↓
  2. 2024
    Annual accounts 20241,7 M €↑
  3. 2023
    Annual accounts 20231,5 M €↑
  4. 2022
    Annual accounts 2022625 k €↑
  5. 2021
    Annual accounts 2021-25,5 k €↓
  6. 2020
    Annual accounts 2020-13,6 k €↓
  7. 2019
    Annual accounts 201958,2 k €↑
  8. 2018
    Annual accounts 2018728 €↓
  9. 2017
    Annual accounts 2017782,8 €↑
  10. 2016
    Annual accounts 2016-102,2 k €↓
  11. 2015
    Annual accounts 2015260,4 k €↑
  12. 2014
    Annual accounts 2014-97,5 k €↓
  13. 2013
    Annual accounts 2013245,1 k €↑
  14. 2012
    Annual accounts 201271,1 k €↓
  15. 2011
    Annual accounts 201188,9 k €↑
  16. 2010
    Annual accounts 2010-229 k €↓
  17. 2009
    Annual accounts 2009-207,8 k €↓
  18. 2008
    Annual accounts 2008247 k €↓
  19. 2007
    Annual accounts 2007540,8 k €↑
  20. 2006
    Annual accounts 2006206,3 k €
  21. 25/06/1988
    IncorporationPublic limited company