D.B.F.: 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.F.
Largest movements
- Cash -€69,172
down €69,172 (-77.5%), from €89,288 to €20,116
mainly Investment in fixed assets (net) (-€78,401) and Trade debts (-€25,867)
- Tangible fixed assets +€60,474
up €60,474 (+51.2%), from €118,145 to €178,619
of which Plant, machinery and equipment: +€68,804
- Deferred charges and accrued income +€19,510
up €19,510 (+514%), from €3,797 to €23,307
- Receivables within one year +€5,627
up €5,627 (+44.5%), from €12,647 to €18,274
of which Trade receivables: +€3,395
- Debts after one year +€40,704
up €40,704 (+143%), from €28,495 to €69,199
- Trade debts -€25,867
down €25,867 (-77.5%), from €33,362 to €7,494
- Current portion of long-term debt +€8,100
up €8,100 (+87.0%), from €9,311 to €17,410
- Gross operating margin +€16,326
up €16,326 (+13.7%), from €118,961 to €135,287
- Other operating charges +€11,573
up €11,573 (+78.4%), from €14,767 to €26,340
- Staff costs +€3,342
up €3,342 (+4.7%), from €71,187 to €74,530
- Depreciation +€1,393
up €1,393 (+8.4%), from €16,534 to €17,927
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 | €263,766 | €281,653 | +€17,887 | +6.8% |
| Fixed assets | 21/28 | €118,591 | €179,065 | +€60,474 | +51.0% |
| Tangible fixed assets | 22/27 | €118,145 | €178,619 | +€60,474 | +51.2% |
| Land and buildings | 22 | €75,537 | €68,421 | -€7,116 | -9.4% |
| Plant, machinery and equipment | 23 | €33,996 | €102,800 | +€68,804 | +202% |
| Furniture and vehicles | 24 | €88 | €1,979 | +€1,892 | +2,161% |
| Leasing and similar rights | 25 | €8,524 | €5,419 | -€3,105 | -36.4% |
| Financial fixed assets | 28 | €446 | €446 | = | 0.0% |
| Current assets | 29/58 | €145,175 | €102,588 | -€42,587 | -29.3% |
| Stocks and contracts in progress | 3 | €39,443 | €40,891 | +€1,448 | +3.7% |
| Stocks | 30/36 | €39,443 | €40,891 | +€1,448 | +3.7% |
| Amounts receivable within one year | 40/41 | €12,647 | €18,274 | +€5,627 | +44.5% |
| Trade receivables | 40 | €9,855 | €13,250 | +€3,395 | +34.5% |
| Other amounts receivable | 41 | €2,792 | €5,024 | +€2,232 | +79.9% |
| Cash at bank and in hand | 54/58 | €89,288 | €20,116 | -€69,172 | -77.5% |
| Deferred charges and accrued income | 490/1 | €3,797 | €23,307 | +€19,510 | +514% |
| Total equity and liabilities | 10/49 | €263,766 | €281,653 | +€17,887 | +6.8% |
| Equity | 10/15 | €168,105 | €165,534 | -€2,571 | -1.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,654 | €145,083 | -€2,571 | -1.7% |
| Amounts payable | 17/49 | €95,661 | €116,119 | +€20,458 | +21.4% |
| Amounts payable after more than one year | 17 | €28,495 | €69,199 | +€40,704 | +143% |
| Financial debts | 170/4 | €28,495 | €69,199 | +€40,704 | +143% |
| Amounts payable within one year | 42/48 | €60,291 | €38,761 | -€21,530 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €9,311 | €17,410 | +€8,100 | +87.0% |
| Trade debts | 44 | €33,362 | €7,494 | -€25,867 | -77.5% |
| Suppliers | 440/4 | €33,362 | €7,494 | -€25,867 | -77.5% |
| Taxes, remuneration and social security | 45 | €11,455 | €10,138 | -€1,317 | -11.5% |
| Taxes | 450/3 | €1,996 | €190 | -€1,806 | -90.5% |
| Remuneration and social security | 454/9 | €9,459 | €9,947 | +€489 | +5.2% |
| Other amounts payable | 47/48 | €6,164 | €3,718 | -€2,445 | -39.7% |
| Accrued charges and deferred income | 492/3 | €6,875 | €8,159 | +€1,284 | +18.7% |
| Remuneration, social security and pensions | 62 | €71,187 | €74,530 | +€3,342 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,534 | €17,927 | +€1,393 | +8.4% |
| Other operating charges | 640/8 | €14,767 | €26,340 | +€11,573 | +78.4% |
| Non-recurring operating charges | 66A | €1,159 | €7,330 | +€6,171 | +533% |
| Gross operating margin | 9900 | €118,961 | €135,287 | +€16,326 | +13.7% |
| Operating profit (loss) | 9901 | €15,314 | €9,161 | -€6,153 | -40.2% |
| Financial income | 75/76B | €1 | €189 | +€188 | +18,810% |
| Recurring financial income | 75 | €1 | €189 | +€188 | +18,810% |
| Financial charges | 65/66B | €11,319 | €11,754 | +€436 | +3.8% |
| Recurring financial charges | 65 | €11,319 | €11,754 | +€436 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €3,996 | -€2,405 | -€6,401 | |
| Income taxes | 67/77 | €456 | €167 | -€290 | -63.5% |
| Profit (loss) for the period | 9904 | €3,540 | -€2,571 | -€6,111 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,540 | -€2,571 | -€6,111 |
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.