D & B: what changed
Two fiscal 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
D & B
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €2.3m-€107,395
Equity
€11.2m
2024 · €11.8m-€612,060
Cash
€226,437
2024 · €435,983-€209,545
Balance sheet total
€20.0m
2024 · €22.7m-€2.7m
Largest movements
Assets
- Receivables within one year -€1.2m
down €1.2m (-51.0%), from €2.4m to €1.2m
- Tangible fixed assets -€860,594
down €860,594 (-35.8%), from €2.4m to €1.5m
of which Land and buildings: -€850,456
- Stocks and contracts -€514,672
down €514,672 (-72.5%), from €709,511 to €194,839
Equity and liabilities
- Short-term financial debts -€7.5m
no longer reported in 2025 (was €7.5m)
- Debts after one year +€3.8m
up €3.8m (+3310.5%), from €113,730 to €3.9m
- Current portion of long-term debt +€1.1m
up €1.1m (+3363.5%), from €32,448 to €1.1m
- Provisions -€925,093
no longer reported in 2025 (was €925,093)
- Other debts +€809,155
up €809,155 (+35.6%), from €2.3m to €3.1m
Income statement
- Taxes +€673,295
up €673,295 (+45492914.9%), from €1 to €673,297
- Financial charges -€132,107
down €132,107 (-21.4%), from €617,324 to €485,217
- Gross operating margin -€67,133
down €67,133 (-1.9%), from €3.5m to €3.5m
- Financial income -€38,453
down €38,453 (-99.1%), from €38,805 to €353
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
€2.3m
Gross operating margin
-€67,133
Depreciation
+€17,086
Other operating charges
+€14,461
Other operating items
+€507,831
Financial income
-€38,453
Financial charges
+€132,107
Taxes
-€673,295
Result 2025
€2.2m
Cash bridge derived
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
+€4.5m
Investment
+€726,492
Financing
-€5.4m
Cash 2024
€435,983
From operations (derived)
+€4.5m
Net result for the year
+€2.2m
Depreciation
+€48,593
Stocks and contracts
+€514,672
Receivables within one year
+€1.2m
Deferred charges and accrued income
-€26,454
Provisions
-€925,093
Trade debts
-€4,542
Tax, wage and social debts
+€626,476
Other debts
+€809,155
Accrued charges and deferred income
+€36,693
Investment (derived)
+€726,492
Investment in fixed assets (net)
+€726,494
Current investments
-€3
Financing
-€5.4m
Debts after one year
+€3.8m
Current portion of long-term debt
+€1.1m
Short-term financial debts
-€7.5m
Contributions, distributions and other
-€2.8m
Cash 2025
€226,437
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,708,581 | €19,997,082 | -€2.7m | -11.9% |
| Fixed assets | 21/28 | €19,111,233 | €18,336,145 | -€775,087 | -4.1% |
| Tangible fixed assets | 22/27 | €2,406,826 | €1,546,232 | -€860,594 | -35.8% |
| Land and buildings | 22 | €2,396,688 | €1,546,232 | -€850,456 | -35.5% |
| Furniture and vehicles | 24 | €10,138 | - | -€10,138 | |
| Financial fixed assets | 28 | €16,704,406 | €16,789,913 | +€85,507 | +0.5% |
| Current assets | 29/58 | €3,597,348 | €1,660,937 | -€1.9m | -53.8% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €709,511 | €194,839 | -€514,672 | -72.5% |
| Stocks | 30/36 | €709,511 | €194,839 | -€514,672 | -72.5% |
| Amounts receivable within one year | 40/41 | €2,428,792 | €1,190,141 | -€1.2m | -51.0% |
| Other amounts receivable | 41 | €2,428,792 | €1,190,141 | -€1.2m | -51.0% |
| Current investments | 50/53 | €465 | €468 | +€3 | +0.6% |
| Cash at bank and in hand | 54/58 | €435,983 | €226,437 | -€209,545 | -48.1% |
| Deferred charges and accrued income | 490/1 | €2,597 | €29,051 | +€26,454 | +1018.5% |
| Total equity and liabilities | 10/49 | €22,708,581 | €19,997,082 | -€2.7m | -11.9% |
| Equity | 10/15 | €11,849,661 | €11,237,601 | -€612,060 | -5.2% |
| Contributions | 10/11 | €861,579 | €861,579 | = | 0.0% |
| Capital | 10 | €861,579 | €861,579 | = | 0.0% |
| Issued capital | 100 | €861,579 | €861,579 | = | 0.0% |
| Reserves | 13 | €10,988,082 | €10,376,022 | -€612,060 | -5.6% |
| Non-distributable reserves | 130/1 | €59,132 | €59,132 | = | 0.0% |
| Legal reserve | 130 | €59,132 | €59,132 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,794,029 | €18,750 | -€2.8m | -99.3% |
| Distributable reserves | 133 | €8,134,921 | €10,298,139 | +€2.2m | +26.6% |
| Provisions and deferred taxes | 16 | €925,093 | - | -€925,093 | |
| Deferred taxes | 168 | €925,093 | - | -€925,093 | |
| Amounts payable | 17/49 | €9,933,827 | €8,759,481 | -€1.2m | -11.8% |
| Amounts payable after more than one year | 17 | €113,730 | €3,878,753 | +€3.8m | +3310.5% |
| Financial debts | 170/4 | €113,730 | €3,878,753 | +€3.8m | +3310.5% |
| Amounts payable within one year | 42/48 | €9,820,097 | €4,844,035 | -€5.0m | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €32,448 | €1,123,828 | +€1.1m | +3363.5% |
| Financial debts | 43 | €7,498,530 | - | -€7.5m | |
| Credit institutions | 430/8 | €7,498,530 | - | -€7.5m | |
| Trade debts | 44 | €14,557 | €10,014 | -€4,542 | -31.2% |
| Suppliers | 440/4 | €14,557 | €10,014 | -€4,542 | -31.2% |
| Taxes, remuneration and social security | 45 | - | €626,476 | +€626,476 | |
| Taxes | 450/3 | - | €626,476 | +€626,476 | |
| Other amounts payable | 47/48 | €2,274,562 | €3,083,717 | +€809,155 | +35.6% |
| Accrued charges and deferred income | 492/3 | - | €36,693 | +€36,693 | |
| Non-recurring operating income | 76A | €3,215,440 | €3,755,498 | +€540,058 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,679 | €48,593 | -€17,086 | -26.0% |
| Other operating charges | 640/8 | €32,763 | €18,302 | -€14,461 | -44.1% |
| Non-recurring operating charges | 66A | €580,274 | €72,442 | -€507,831 | -87.5% |
| Gross operating margin | 9900 | €3,527,849 | €3,460,717 | -€67,133 | -1.9% |
| Operating profit (loss) | 9901 | €2,849,134 | €3,321,379 | +€472,245 | +16.6% |
| Financial income | 75/76B | €38,805 | €353 | -€38,453 | -99.1% |
| Recurring financial income | 75 | €38,805 | €353 | -€38,453 | -99.1% |
| Financial charges | 65/66B | €617,324 | €485,217 | -€132,107 | -21.4% |
| Recurring financial charges | 65 | €617,324 | €485,217 | -€132,107 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €2,270,615 | €2,836,515 | +€565,900 | +24.9% |
| Income taxes | 67/77 | €1 | €673,297 | +€673,295 | +45492914.9% |
| Profit (loss) for the period | 9904 | €2,270,614 | €2,163,219 | -€107,395 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,270,614 | €2,163,219 | -€107,395 | -4.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.