D&D: 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&D
Largest movements
- Tangible fixed assets +€3.9m
up €3.9m (+1715.1%), from €224,550 to €4.1m
of which Land and buildings: +€3.9m
- Cash -€268,924
down €268,924 (-89.3%), from €301,216 to €32,292
mainly Investment in fixed assets (net) (-€4.0m) and Net result for the year (-€176,523)
- Debts after one year +€3.7m
up €3.7m (+42896.7%), from €8,555 to €3.7m
- Current portion of long-term debt +€199,177
up €199,177 (+780.7%), from €25,514 to €224,690
- Profit (loss) carried forward -€165,942
down €165,942 (-38.8%), from €427,893 to €261,952
- Reserves -€90,582
down €90,582 (-12.5%), from €723,424 to €632,842
of which Distributable reserves: -€80,000
- Gross operating margin +€107,695
up €107,695 (+17.4%), from €618,841 to €726,536
- Depreciation +€75,923
up €75,923 (+103.9%), from €73,040 to €148,963
- Financial charges +€59,586
up €59,586 (+317.3%), from €18,779 to €78,365
- Taxes -€20,132
down €20,132 (-97.5%), from €20,638 to €506
- Financial income +€12,667
up €12,667 (+152.9%), from €8,284 to €20,951
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 | €1,701,227 | €5,294,519 | +€3.6m | +211.2% |
| Fixed assets | 21/28 | €224,550 | €4,075,746 | +€3.9m | +1715.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €224,550 | €4,075,746 | +€3.9m | +1715.1% |
| Land and buildings | 22 | €109,679 | €3,979,462 | +€3.9m | +3528.3% |
| Plant, machinery and equipment | 23 | €23,004 | €28,620 | +€5,616 | +24.4% |
| Furniture and vehicles | 24 | €91,867 | €67,664 | -€24,203 | -26.3% |
| Current assets | 29/58 | €1,476,677 | €1,218,774 | -€257,904 | -17.5% |
| Stocks and contracts in progress | 3 | €967,410 | €982,048 | +€14,638 | +1.5% |
| Stocks | 30/36 | €967,410 | €982,048 | +€14,638 | +1.5% |
| Amounts receivable within one year | 40/41 | €205,595 | €199,278 | -€6,317 | -3.1% |
| Trade receivables | 40 | €87,974 | €86,525 | -€1,449 | -1.6% |
| Other amounts receivable | 41 | €117,622 | €112,753 | -€4,868 | -4.1% |
| Cash at bank and in hand | 54/58 | €301,216 | €32,292 | -€268,924 | -89.3% |
| Deferred charges and accrued income | 490/1 | €2,456 | €5,155 | +€2,699 | +109.9% |
| Total equity and liabilities | 10/49 | €1,701,227 | €5,294,519 | +€3.6m | +211.2% |
| Equity | 10/15 | €1,250,567 | €994,044 | -€256,523 | -20.5% |
| Contributions | 10/11 | €99,250 | €99,250 | = | 0.0% |
| Capital | 10 | €99,250 | €99,250 | = | 0.0% |
| Issued capital | 100 | €198,500 | €198,500 | = | 0.0% |
| Uncalled capital | 101 | €99,250 | €99,250 | = | 0.0% |
| Reserves | 13 | €723,424 | €632,842 | -€90,582 | -12.5% |
| Non-distributable reserves | 130/1 | €25,500 | €25,500 | = | 0.0% |
| Legal reserve | 130 | €25,500 | €25,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €452,924 | €442,342 | -€10,582 | -2.3% |
| Distributable reserves | 133 | €245,000 | €165,000 | -€80,000 | -32.7% |
| Profit (loss) carried forward | 14 | €427,893 | €261,952 | -€165,942 | -38.8% |
| Provisions and deferred taxes | 16 | €101,642 | €98,997 | -€2,645 | -2.6% |
| Deferred taxes | 168 | €101,642 | €98,997 | -€2,645 | -2.6% |
| Amounts payable | 17/49 | €349,018 | €4,201,479 | +€3.9m | +1103.8% |
| Amounts payable after more than one year | 17 | €8,555 | €3,678,454 | +€3.7m | +42896.7% |
| Financial debts | 170/4 | €8,555 | €3,678,454 | +€3.7m | +42896.7% |
| Amounts payable within one year | 42/48 | €340,463 | €523,026 | +€182,563 | +53.6% |
| Current portion of amounts payable after more than one year | 42 | €25,514 | €224,690 | +€199,177 | +780.7% |
| Trade debts | 44 | €143,980 | €131,547 | -€12,433 | -8.6% |
| Suppliers | 440/4 | €143,980 | €131,547 | -€12,433 | -8.6% |
| Taxes, remuneration and social security | 45 | €86,869 | €87,028 | +€159 | +0.2% |
| Taxes | 450/3 | €31,906 | €32,042 | +€136 | +0.4% |
| Remuneration and social security | 454/9 | €54,962 | €54,986 | +€24 | 0.0% |
| Other amounts payable | 47/48 | €84,101 | €79,760 | -€4,340 | -5.2% |
| Non-recurring operating income | 76A | €27,544 | €700 | -€26,844 | -97.5% |
| Remuneration, social security and pensions | 62 | €410,137 | €412,690 | +€2,552 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,040 | €148,963 | +€75,923 | +103.9% |
| Other operating charges | 640/8 | €35,025 | €25,275 | -€9,749 | -27.8% |
| Non-recurring operating charges | 66A | €19,717 | €260,857 | +€241,140 | +1223.0% |
| Gross operating margin | 9900 | €618,841 | €726,536 | +€107,695 | +17.4% |
| Operating profit (loss) | 9901 | €80,922 | -€121,248 | -€202,170 | |
| Financial income | 75/76B | €8,284 | €20,951 | +€12,667 | +152.9% |
| Recurring financial income | 75 | €8,284 | €20,951 | +€12,667 | +152.9% |
| Financial charges | 65/66B | €18,779 | €78,365 | +€59,586 | +317.3% |
| Recurring financial charges | 65 | €18,779 | €78,365 | +€59,586 | +317.3% |
| Profit (loss) for the period before taxes | 9903 | €70,427 | -€178,662 | -€249,089 | |
| Transfer from deferred taxes | 780 | - | €2,645 | +€2,645 | |
| Income taxes | 67/77 | €20,638 | €506 | -€20,132 | -97.5% |
| Profit (loss) for the period | 9904 | €49,789 | -€176,523 | -€226,312 | |
| Transfer from tax-exempt reserves | 789 | - | €10,582 | +€10,582 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,789 | -€165,942 | -€215,730 |
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.