B. Dehaes: 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.
B. Dehaes
Largest movements
- Cash +€102,234
up €102,234 (+442%), from €23,145 to €125,379
mainly Net result for the year (+€361,801) and Tax, wage and social debts (+€96,979)
- Receivables within one year +€97,566
up €97,566 (+13.1%), from €745,809 to €843,374
of which Other amounts receivable: +€65,687
- Reserves +€273,301
up €273,301 (+14.2%), from €1.9m to €2.2m
of which Non-distributable reserves: +€271,500
- Debts after one year -€198,978
down €198,978 (-23.2%), from €856,743 to €657,765
- Tax, wage and social debts +€96,979
up €96,979 (+76.7%), from €126,360 to €223,340
- Gross operating margin -€84,962
down €84,962 (-12.5%), from €677,038 to €592,076
- Taxes -€28,806
down €28,806 (-14.7%), from €196,360 to €167,554
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,162,552 | €3,341,476 | +€178,924 | +5.7% |
| Fixed assets | 21/28 | €1,464,881 | €1,441,794 | -€23,088 | -1.6% |
| Tangible fixed assets | 22/27 | €64,681 | €41,594 | -€23,088 | -35.7% |
| Land and buildings | 22 | €27,867 | €27,218 | -€649 | -2.3% |
| Plant, machinery and equipment | 23 | €3,229 | €2,996 | -€233 | -7.2% |
| Furniture and vehicles | 24 | €33,585 | €11,380 | -€22,205 | -66.1% |
| Financial fixed assets | 28 | €1,400,200 | €1,400,200 | = | 0.0% |
| Current assets | 29/58 | €1,697,671 | €1,899,682 | +€202,011 | +11.9% |
| Stocks and contracts in progress | 3 | €46,500 | €44,500 | -€2,000 | -4.3% |
| Stocks | 30/36 | €46,500 | €44,500 | -€2,000 | -4.3% |
| Amounts receivable within one year | 40/41 | €745,809 | €843,374 | +€97,566 | +13.1% |
| Trade receivables | 40 | €426,270 | €458,149 | +€31,879 | +7.5% |
| Other amounts receivable | 41 | €319,539 | €385,226 | +€65,687 | +20.6% |
| Current investments | 50/53 | €877,542 | €884,332 | +€6,790 | +0.8% |
| Cash at bank and in hand | 54/58 | €23,145 | €125,379 | +€102,234 | +442% |
| Deferred charges and accrued income | 490/1 | €4,675 | €2,097 | -€2,578 | -55.1% |
| Total equity and liabilities | 10/49 | €3,162,552 | €3,341,476 | +€178,924 | +5.7% |
| Equity | 10/15 | €1,934,495 | €2,207,796 | +€273,301 | +14.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,922,095 | €2,195,396 | +€273,301 | +14.2% |
| Non-distributable reserves | 130/1 | €1,783,000 | €2,054,500 | +€271,500 | +15.2% |
| Other | 1319 | €1,783,000 | €2,054,500 | +€271,500 | +15.2% |
| Distributable reserves | 133 | €139,095 | €140,896 | +€1,801 | +1.3% |
| Amounts payable | 17/49 | €1,228,057 | €1,133,680 | -€94,377 | -7.7% |
| Amounts payable after more than one year | 17 | €856,743 | €657,765 | -€198,978 | -23.2% |
| Financial debts | 170/4 | €856,743 | €657,765 | -€198,978 | -23.2% |
| Amounts payable within one year | 42/48 | €371,315 | €475,710 | +€104,395 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €241,766 | €248,978 | +€7,212 | +3.0% |
| Trade debts | 44 | €3,188 | €3,392 | +€204 | +6.4% |
| Suppliers | 440/4 | €3,188 | €3,392 | +€204 | +6.4% |
| Taxes, remuneration and social security | 45 | €126,360 | €223,340 | +€96,979 | +76.7% |
| Taxes | 450/3 | €126,360 | €223,340 | +€96,979 | +76.7% |
| Accrued charges and deferred income | 492/3 | - | €205 | +€205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,389 | €24,246 | -€2,143 | -8.1% |
| Other operating charges | 640/8 | €11,538 | €14,101 | +€2,564 | +22.2% |
| Gross operating margin | 9900 | €677,038 | €592,076 | -€84,962 | -12.5% |
| Operating profit (loss) | 9901 | €639,112 | €553,730 | -€85,383 | -13.4% |
| Financial income | 75/76B | €3,486 | €10,011 | +€6,526 | +187% |
| Recurring financial income | 75 | €3,486 | €10,011 | +€6,526 | +187% |
| Financial charges | 65/66B | €40,287 | €34,386 | -€5,901 | -14.6% |
| Recurring financial charges | 65 | €40,287 | €34,386 | -€5,901 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €602,311 | €529,355 | -€72,956 | -12.1% |
| Income taxes | 67/77 | €196,360 | €167,554 | -€28,806 | -14.7% |
| Profit (loss) for the period | 9904 | €405,951 | €361,801 | -€44,150 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €405,951 | €361,801 | -€44,150 | -10.9% |
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 20 October 2026 via checked.be.