D.A.C.: 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.
D.A.C.
Largest movements
- Receivables within one year +€595,268
up €595,268 (+557%), from €106,953 to €702,221
of which Other amounts receivable: +€681,996
- Stocks and contracts +€78,161
up €78,161 (+16.0%), from €488,886 to €567,047
- Cash -€52,241
down €52,241 (-10.8%), from €484,941 to €432,700
mainly Contributions, distributions and other (-€700,000) and Receivables within one year (-€595,268)
- Tangible fixed assets -€37,614
down €37,614 (-11.9%), from €315,317 to €277,703
- Other debts +€699,803
up €699,803 (+38,933%), from €1,797 to €701,600
- Reserves -€257,991
down €257,991 (-26.6%), from €970,070 to €712,080
of which Distributable reserves: -€257,991
- Trade debts +€85,865
up €85,865 (+315%), from €27,221 to €113,086
- Advances received +€30,616
up €30,616 (+910%), from €3,363 to €33,979
- Tax, wage and social debts +€25,406
up €25,406 (+17.7%), from €143,645 to €169,051
of which Taxes: +€60,643
- Gross operating margin +€621,380
up €621,380 (+111%), from €557,968 to €1.2m
- Taxes +€145,706
up €145,706 (+1,170%), from €12,451 to €158,157
- Write-downs +€28,649
up €28,649, from -€11,667 to €16,982
- Staff costs -€15,031
down €15,031 (-3.0%), from €497,666 to €482,635
- Provisions +€13,395
new in 2025: €13,395
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 | €1,399,398 | €1,985,484 | +€586,086 | +41.9% |
| Fixed assets | 21/28 | €315,317 | €277,703 | -€37,614 | -11.9% |
| Tangible fixed assets | 22/27 | €315,317 | €277,703 | -€37,614 | -11.9% |
| Land and buildings | 22 | €56,024 | €56,024 | = | 0.0% |
| Plant, machinery and equipment | 23 | €169,580 | €151,475 | -€18,105 | -10.7% |
| Furniture and vehicles | 24 | €33,949 | €26,112 | -€7,837 | -23.1% |
| Leasing and similar rights | 25 | €55,764 | €44,092 | -€11,673 | -20.9% |
| Current assets | 29/58 | €1,084,081 | €1,707,781 | +€623,700 | +57.5% |
| Stocks and contracts in progress | 3 | €488,886 | €567,047 | +€78,161 | +16.0% |
| Stocks | 30/36 | €488,886 | €567,047 | +€78,161 | +16.0% |
| Amounts receivable within one year | 40/41 | €106,953 | €702,221 | +€595,268 | +557% |
| Trade receivables | 40 | €104,405 | €17,676 | -€86,728 | -83.1% |
| Other amounts receivable | 41 | €2,549 | €684,545 | +€681,996 | +26,760% |
| Cash at bank and in hand | 54/58 | €484,941 | €432,700 | -€52,241 | -10.8% |
| Deferred charges and accrued income | 490/1 | €3,301 | €5,813 | +€2,512 | +76.1% |
| Total equity and liabilities | 10/49 | €1,399,398 | €1,985,484 | +€586,086 | +41.9% |
| Equity | 10/15 | €1,167,982 | €909,991 | -€257,991 | -22.1% |
| Contributions | 10/11 | €197,912 | €197,912 | = | 0.0% |
| Capital | 10 | €197,912 | €197,912 | = | 0.0% |
| Issued capital | 100 | €197,912 | €197,912 | = | 0.0% |
| Reserves | 13 | €970,070 | €712,080 | -€257,991 | -26.6% |
| Non-distributable reserves | 130/1 | €19,791 | €19,791 | = | 0.0% |
| Legal reserve | 130 | €19,791 | €19,791 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,203 | €22,203 | = | 0.0% |
| Distributable reserves | 133 | €928,076 | €670,085 | -€257,991 | -27.8% |
| Provisions and deferred taxes | 16 | - | €13,395 | +€13,395 | |
| Provisions for liabilities and charges | 160/5 | - | €13,395 | +€13,395 | |
| Other liabilities and charges | 164/5 | - | €13,395 | +€13,395 | |
| Amounts payable | 17/49 | €231,416 | €1,062,097 | +€830,681 | +359% |
| Amounts payable after more than one year | 17 | €44,381 | €32,994 | -€11,388 | -25.7% |
| Financial debts | 170/4 | €44,381 | €32,994 | -€11,388 | -25.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €187,020 | €1,029,104 | +€842,084 | +450% |
| Current portion of amounts payable after more than one year | 42 | €10,993 | €11,388 | +€394 | +3.6% |
| Trade debts | 44 | €27,221 | €113,086 | +€85,865 | +315% |
| Suppliers | 440/4 | €27,221 | €113,086 | +€85,865 | +315% |
| Advances received on contracts in progress | 46 | €3,363 | €33,979 | +€30,616 | +910% |
| Taxes, remuneration and social security | 45 | €143,645 | €169,051 | +€25,406 | +17.7% |
| Taxes | 450/3 | €55,759 | €116,402 | +€60,643 | +109% |
| Remuneration and social security | 454/9 | €87,886 | €52,650 | -€35,237 | -40.1% |
| Other amounts payable | 47/48 | €1,797 | €701,600 | +€699,803 | +38,933% |
| Accrued charges and deferred income | 492/3 | €15 | - | -€15 | |
| Remuneration, social security and pensions | 62 | €497,666 | €482,635 | -€15,031 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,289 | €53,730 | +€5,442 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,667 | €16,982 | +€28,649 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €13,395 | +€13,395 | |
| Other operating charges | 640/8 | €19,488 | €24,973 | +€5,485 | +28.1% |
| Non-recurring operating charges | 66A | - | €24,649 | +€24,649 | |
| Gross operating margin | 9900 | €557,968 | €1,179,349 | +€621,380 | +111% |
| Operating profit (loss) | 9901 | €4,192 | €562,984 | +€558,791 | +13,328% |
| Financial income | 75/76B | €54,329 | €45,561 | -€8,768 | -16.1% |
| Recurring financial income | 75 | €54,329 | €45,561 | -€8,768 | -16.1% |
| Financial charges | 65/66B | €19,932 | €8,379 | -€11,553 | -58.0% |
| Recurring financial charges | 65 | €19,932 | €8,379 | -€11,553 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €38,590 | €600,166 | +€561,576 | +1,455% |
| Income taxes | 67/77 | €12,451 | €158,157 | +€145,706 | +1,170% |
| Profit (loss) for the period | 9904 | €26,139 | €442,009 | +€415,870 | +1,591% |
| Profit (loss) for the period to be appropriated | 9905 | €26,139 | €442,009 | +€415,870 | +1,591% |
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 13 October 2026 via checked.be.