D.C.E.P.: 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.
D.C.E.P.
Largest movements
- Current investments +€75,703
up €75,703 (+26.7%), from €283,408 to €359,111
- Cash -€48,162
down €48,162 (-33.6%), from €143,500 to €95,338
mainly Current investments (-€75,703) and Receivables within one year (-€11,031)
- Receivables within one year +€11,031
up €11,031 (+88.4%), from €12,476 to €23,507
of which Other amounts receivable: +€21,578
- Tangible fixed assets -€8,573
down €8,573 (-20.5%), from €41,892 to €33,319
of which Land and buildings: -€7,299
- Reserves +€22,612
up €22,612 (+14.2%), from €159,524 to €182,136
of which Distributable reserves: +€22,612
- Tax, wage and social debts +€6,077
up €6,077 (+141.0%), from €4,310 to €10,387
- Gross operating margin +€26,424
up €26,424 (+163.3%), from €16,182 to €42,607
- Depreciation -€13,485
down €13,485 (-57.6%), from €23,425 to €9,940
- Taxes +€7,029
up €7,029 (+2765.7%), from €254 to €7,283
- Other operating charges -€707
down €707 (-84.7%), from €835 to €128
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €485,079 | €515,299 | +€30,220 | +6.2% |
| Fixed assets | 21/28 | €41,892 | €33,319 | -€8,573 | -20.5% |
| Tangible fixed assets | 22/27 | €41,892 | €33,319 | -€8,573 | -20.5% |
| Land and buildings | 22 | €36,698 | €29,400 | -€7,299 | -19.9% |
| Plant, machinery and equipment | 23 | €4,529 | €2,478 | -€2,051 | -45.3% |
| Furniture and vehicles | 24 | €665 | €1,442 | +€777 | +116.9% |
| Current assets | 29/58 | €443,187 | €481,980 | +€38,793 | +8.8% |
| Amounts receivable within one year | 40/41 | €12,476 | €23,507 | +€11,031 | +88.4% |
| Trade receivables | 40 | €12,137 | €1,591 | -€10,546 | -86.9% |
| Other amounts receivable | 41 | €339 | €21,917 | +€21,578 | +6364.3% |
| Current investments | 50/53 | €283,408 | €359,111 | +€75,703 | +26.7% |
| Cash at bank and in hand | 54/58 | €143,500 | €95,338 | -€48,162 | -33.6% |
| Deferred charges and accrued income | 490/1 | €3,803 | €4,024 | +€221 | +5.8% |
| Total equity and liabilities | 10/49 | €485,079 | €515,299 | +€30,220 | +6.2% |
| Equity | 10/15 | €425,212 | €447,824 | +€22,612 | +5.3% |
| Contributions | 10/11 | €302,992 | €302,992 | = | 0.0% |
| Reserves | 13 | €159,524 | €182,136 | +€22,612 | +14.2% |
| Non-distributable reserves | 130/1 | €3,832 | €3,832 | = | 0.0% |
| Other | 1319 | €3,832 | €3,832 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,342 | €26,342 | = | 0.0% |
| Distributable reserves | 133 | €129,349 | €151,961 | +€22,612 | +17.5% |
| Profit (loss) carried forward | 14 | -€37,304 | -€37,304 | = | 0.0% |
| Amounts payable | 17/49 | €59,867 | €67,475 | +€7,608 | +12.7% |
| Amounts payable within one year | 42/48 | €59,867 | €67,475 | +€7,608 | +12.7% |
| Trade debts | 44 | €2,432 | €3,319 | +€887 | +36.5% |
| Suppliers | 440/4 | €2,432 | €3,319 | +€887 | +36.5% |
| Taxes, remuneration and social security | 45 | €4,310 | €10,387 | +€6,077 | +141.0% |
| Taxes | 450/3 | €4,310 | €10,387 | +€6,077 | +141.0% |
| Other amounts payable | 47/48 | €53,125 | €53,769 | +€644 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,425 | €9,940 | -€13,485 | -57.6% |
| Other operating charges | 640/8 | €835 | €128 | -€707 | -84.7% |
| Gross operating margin | 9900 | €16,182 | €42,607 | +€26,424 | +163.3% |
| Operating profit (loss) | 9901 | -€8,078 | €32,539 | +€40,617 | |
| Financial income | 75/76B | €1,707 | €1,351 | -€356 | -20.8% |
| Recurring financial income | 75 | €1,707 | €1,351 | -€356 | -20.8% |
| Financial charges | 65/66B | €4,146 | €3,995 | -€152 | -3.7% |
| Recurring financial charges | 65 | €4,146 | €3,995 | -€152 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,517 | €29,896 | +€40,413 | |
| Income taxes | 67/77 | €254 | €7,283 | +€7,029 | +2765.7% |
| Profit (loss) for the period | 9904 | -€10,771 | €22,612 | +€33,384 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,771 | €22,612 | +€33,384 |
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 3 October 2026 via checked.be.