D.E.-INVEST: 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.E.-INVEST
Largest movements
- Receivables after one year -€332,955
down €332,955 (-100.0%), from €332,955 to €0
- Receivables within one year -€69,376
down €69,376 (-31.9%), from €217,798 to €148,422
- Other debts -€294,755
down €294,755 (-17.1%), from €1.7m to €1.4m
- Provisions -€245,129
down €245,129 (-100.0%), from €245,129 to €0
- Profit (loss) carried forward +€155,791
up €155,791 (+247.8%), from €62,879 to €218,669
- Debts after one year -€43,048
down €43,048 (-19.1%), from €225,227 to €182,179
- Provisions -€245,129
new in 2025: -€245,129
- Taxes +€17,676
new in 2025: €17,676
- Gross operating margin +€14,038
up €14,038 (+56.2%), from -€24,962 to -€10,923
- Financial income -€10,823
down €10,823 (-100.0%), from €10,823 to €0
- Financial charges +€9,217
up €9,217 (+142.6%), from €6,465 to €15,681
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,465,147 | €2,045,622 | -€419,525 | -17.0% |
| Fixed assets | 21/28 | €1,899,051 | €1,891,291 | -€7,760 | -0.4% |
| Tangible fixed assets | 22/27 | €377,433 | €369,673 | -€7,760 | -2.1% |
| Land and buildings | 22 | €377,433 | €369,673 | -€7,760 | -2.1% |
| Financial fixed assets | 28 | €1,521,618 | €1,521,618 | = | 0.0% |
| Current assets | 29/58 | €566,096 | €154,331 | -€411,764 | -72.7% |
| Amounts receivable after more than one year | 29 | €332,955 | €0 | -€332,955 | -100.0% |
| Other amounts receivable | 291 | €332,955 | €0 | -€332,955 | -100.0% |
| Amounts receivable within one year | 40/41 | €217,798 | €148,422 | -€69,376 | -31.9% |
| Other amounts receivable | 41 | €217,798 | €148,422 | -€69,376 | -31.9% |
| Cash at bank and in hand | 54/58 | €4,818 | €4,452 | -€366 | -7.6% |
| Deferred charges and accrued income | 490/1 | €10,524 | €1,457 | -€9,067 | -86.2% |
| Total equity and liabilities | 10/49 | €2,465,147 | €2,045,622 | -€419,525 | -17.0% |
| Equity | 10/15 | €230,202 | €385,993 | +€155,791 | +67.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €67,680 | €67,680 | = | 0.0% |
| Reserves | 13 | €81,044 | €81,044 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,129 | €2,129 | = | 0.0% |
| Distributable reserves | 133 | €77,055 | €77,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,879 | €218,669 | +€155,791 | +247.8% |
| Provisions and deferred taxes | 16 | €245,129 | €0 | -€245,129 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €245,129 | €0 | -€245,129 | -100.0% |
| Pensions and similar obligations | 160 | €245,129 | €0 | -€245,129 | -100.0% |
| Amounts payable | 17/49 | €1,989,816 | €1,659,629 | -€330,187 | -16.6% |
| Amounts payable after more than one year | 17 | €225,227 | €182,179 | -€43,048 | -19.1% |
| Financial debts | 170/4 | €225,227 | €182,179 | -€43,048 | -19.1% |
| Amounts payable within one year | 42/48 | €1,762,739 | €1,472,125 | -€290,614 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €23,948 | €24,778 | +€830 | +3.5% |
| Financial debts | 43 | €11,828 | €0 | -€11,828 | -100.0% |
| Credit institutions | 430/8 | €11,828 | €0 | -€11,828 | -100.0% |
| Trade debts | 44 | €3,236 | €699 | -€2,537 | -78.4% |
| Suppliers | 440/4 | €3,236 | €699 | -€2,537 | -78.4% |
| Taxes, remuneration and social security | 45 | - | €17,676 | +€17,676 | |
| Taxes | 450/3 | - | €17,676 | +€17,676 | |
| Other amounts payable | 47/48 | €1,723,726 | €1,428,972 | -€294,755 | -17.1% |
| Accrued charges and deferred income | 492/3 | €1,850 | €5,325 | +€3,475 | +187.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,271 | €31,951 | -€1,320 | -4.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€245,129 | -€245,129 | |
| Other operating charges | 640/8 | €4,012 | €13,105 | +€9,093 | +226.6% |
| Gross operating margin | 9900 | -€24,962 | -€10,923 | +€14,038 | +56.2% |
| Operating profit (loss) | 9901 | -€62,246 | €189,149 | +€251,394 | |
| Financial income | 75/76B | €10,823 | €0 | -€10,823 | -100.0% |
| Recurring financial income | 75 | €10,823 | €0 | -€10,823 | -100.0% |
| Financial charges | 65/66B | €6,465 | €15,681 | +€9,217 | +142.6% |
| Recurring financial charges | 65 | €6,465 | €15,681 | +€9,217 | +142.6% |
| Profit (loss) for the period before taxes | 9903 | -€57,888 | €173,467 | +€231,355 | |
| Income taxes | 67/77 | - | €17,676 | +€17,676 | |
| Profit (loss) for the period | 9904 | -€57,888 | €155,791 | +€213,678 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,888 | €155,791 | +€213,678 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.