D.B.: 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.B.
Largest movements
- Cash -€29,934
down €29,934 (-17.9%), from €167,481 to €137,547
mainly Investment in fixed assets (net) (-€79,953) and Contributions, distributions and other (-€43,596)
- Receivables within one year -€12,200
down €12,200 (-18.4%), from €66,138 to €53,938
of which Trade receivables: -€10,918
- Debts after one year -€19,739
down €19,739 (-9.4%), from €208,999 to €189,260
of which Financial debts: -€19,175
- Trade debts -€18,553
down €18,553 (-17.4%), from €106,867 to €88,314
- Reserves -€13,837
down €13,837 (-6.2%), from €221,771 to €207,934
of which Distributable reserves: -€7,037
- Current portion of long-term debt +€7,918
up €7,918 (+14.2%), from €55,612 to €63,530
- Gross operating margin -€9,508
down €9,508 (-4.7%), from €203,436 to €193,929
- Staff costs -€5,760
down €5,760 (-8.7%), from €66,343 to €60,583
- Depreciation +€5,460
up €5,460 (+7.3%), from €74,800 to €80,259
- Taxes -€2,128
down €2,128 (-12.6%), from €16,875 to €14,747
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 | €663,764 | €622,663 | -€41,101 | -6.2% |
| Fixed assets | 21/28 | €325,053 | €324,747 | -€306 | -0.1% |
| Tangible fixed assets | 22/27 | €324,418 | €324,112 | -€306 | -0.1% |
| Plant, machinery and equipment | 23 | €245,358 | €202,892 | -€42,466 | -17.3% |
| Furniture and vehicles | 24 | €79,060 | €121,219 | +€42,159 | +53.3% |
| Financial fixed assets | 28 | €635 | €635 | = | 0.0% |
| Current assets | 29/58 | €338,711 | €297,916 | -€40,795 | -12.0% |
| Stocks and contracts in progress | 3 | €101,831 | €103,037 | +€1,206 | +1.2% |
| Stocks | 30/36 | €101,831 | €103,037 | +€1,206 | +1.2% |
| Amounts receivable within one year | 40/41 | €66,138 | €53,938 | -€12,200 | -18.4% |
| Trade receivables | 40 | €64,856 | €53,938 | -€10,918 | -16.8% |
| Other amounts receivable | 41 | €1,283 | €0 | -€1,283 | -100% |
| Cash at bank and in hand | 54/58 | €167,481 | €137,547 | -€29,934 | -17.9% |
| Deferred charges and accrued income | 490/1 | €3,261 | €3,394 | +€134 | +4.1% |
| Total equity and liabilities | 10/49 | €663,764 | €622,663 | -€41,101 | -6.2% |
| Equity | 10/15 | €234,447 | €219,389 | -€15,058 | -6.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €221,771 | €207,934 | -€13,837 | -6.2% |
| Tax-exempt reserves | 132 | €41,769 | €34,969 | -€6,800 | -16.3% |
| Distributable reserves | 133 | €180,002 | €172,965 | -€7,037 | -3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €6,471 | €5,250 | -€1,221 | -18.9% |
| Provisions and deferred taxes | 16 | €10,442 | €8,742 | -€1,700 | -16.3% |
| Deferred taxes | 168 | €10,442 | €8,742 | -€1,700 | -16.3% |
| Amounts payable | 17/49 | €418,875 | €394,531 | -€24,344 | -5.8% |
| Amounts payable after more than one year | 17 | €208,999 | €189,260 | -€19,739 | -9.4% |
| Financial debts | 170/4 | €198,746 | €179,571 | -€19,175 | -9.6% |
| Other amounts payable | 178/9 | €10,253 | €9,689 | -€564 | -5.5% |
| Amounts payable within one year | 42/48 | €209,875 | €205,271 | -€4,605 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €55,612 | €63,530 | +€7,918 | +14.2% |
| Trade debts | 44 | €106,867 | €88,314 | -€18,553 | -17.4% |
| Suppliers | 440/4 | €106,867 | €88,314 | -€18,553 | -17.4% |
| Taxes, remuneration and social security | 45 | €43,997 | €46,218 | +€2,222 | +5.0% |
| Taxes | 450/3 | €32,583 | €37,360 | +€4,777 | +14.7% |
| Remuneration and social security | 454/9 | €11,414 | €8,858 | -€2,555 | -22.4% |
| Other amounts payable | 47/48 | €3,400 | €7,209 | +€3,809 | +112% |
| Remuneration, social security and pensions | 62 | €66,343 | €60,583 | -€5,760 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,800 | €80,259 | +€5,460 | +7.3% |
| Other operating charges | 640/8 | €6,075 | €4,573 | -€1,502 | -24.7% |
| Gross operating margin | 9900 | €203,436 | €193,929 | -€9,508 | -4.7% |
| Operating profit (loss) | 9901 | €56,219 | €48,514 | -€7,705 | -13.7% |
| Financial income | 75/76B | €3,471 | €2,638 | -€833 | -24.0% |
| Recurring financial income | 75 | €3,471 | €2,638 | -€833 | -24.0% |
| Financial charges | 65/66B | €8,400 | €9,567 | +€1,167 | +13.9% |
| Recurring financial charges | 65 | €8,400 | €9,567 | +€1,167 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €51,290 | €41,585 | -€9,705 | -18.9% |
| Transfer from deferred taxes | 780 | €1,700 | €1,700 | = | 0.0% |
| Income taxes | 67/77 | €16,875 | €14,747 | -€2,128 | -12.6% |
| Profit (loss) for the period | 9904 | €36,115 | €28,538 | -€7,577 | -21.0% |
| Transfer from tax-exempt reserves | 789 | €6,800 | €6,800 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,915 | €35,338 | -€7,577 | -17.7% |
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 31 October 2026 via checked.be.