D.E.P.A.: 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.P.A.
Largest movements
- Stocks and contracts -€261,305
down €261,305 (-38.3%), from €683,139 to €421,834
- Receivables within one year +€144,063
up €144,063 (+80.0%), from €180,057 to €324,119
of which Other amounts receivable: +€135,154
- Tangible fixed assets -€110,947
down €110,947 (-9.4%), from €1.2m to €1.1m
of which Land and buildings: -€97,235
- Profit (loss) carried forward -€86,747
down €86,747 (-109.1%), from -€79,533 to -€166,280
- Debts after one year -€78,391
down €78,391 (-9.1%), from €861,245 to €782,854
of which Financial debts: -€78,091
- Short-term financial debts -€26,280
down €26,280 (-5.0%), from €526,280 to €500,000
- Gross operating margin -€67,487
down €67,487 (-34.5%), from €195,730 to €128,244
- Financial charges -€52,707
down €52,707 (-47.9%), from €109,972 to €57,264
- Financial income +€15,106
up €15,106 (+16045.8%), from €94 to €15,200
of which Non-recurring financial income: +€15,000
- Depreciation -€2,500
down €2,500 (-2.2%), from €115,412 to €112,912
- Other operating charges +€2,406
up €2,406 (+5.2%), from €46,178 to €48,584
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 | €2,054,459 | €1,853,741 | -€200,718 | -9.8% |
| Fixed assets | 21/28 | €1,174,063 | €1,063,116 | -€110,947 | -9.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €1,174,063 | €1,063,116 | -€110,947 | -9.4% |
| Land and buildings | 22 | €1,153,902 | €1,056,667 | -€97,235 | -8.4% |
| Plant, machinery and equipment | 23 | €5,977 | €3,740 | -€2,238 | -37.4% |
| Furniture and vehicles | 24 | €14,184 | €2,709 | -€11,475 | -80.9% |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Current assets | 29/58 | €880,396 | €790,625 | -€89,771 | -10.2% |
| Stocks and contracts in progress | 3 | €683,139 | €421,834 | -€261,305 | -38.3% |
| Stocks | 30/36 | €683,139 | €421,834 | -€261,305 | -38.3% |
| Amounts receivable within one year | 40/41 | €180,057 | €324,119 | +€144,063 | +80.0% |
| Trade receivables | 40 | €71,823 | €80,732 | +€8,908 | +12.4% |
| Other amounts receivable | 41 | €108,233 | €243,387 | +€135,154 | +124.9% |
| Cash at bank and in hand | 54/58 | €14,268 | €30,208 | +€15,940 | +111.7% |
| Deferred charges and accrued income | 490/1 | €2,932 | €14,464 | +€11,532 | +393.3% |
| Total equity and liabilities | 10/49 | €2,054,459 | €1,853,741 | -€200,718 | -9.8% |
| Equity | 10/15 | -€49,654 | -€136,401 | -€86,747 | -174.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,279 | €11,279 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,279 | €11,279 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,279 | €11,279 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,533 | -€166,280 | -€86,747 | -109.1% |
| Amounts payable | 17/49 | €2,104,113 | €1,990,141 | -€113,972 | -5.4% |
| Amounts payable after more than one year | 17 | €861,245 | €782,854 | -€78,391 | -9.1% |
| Financial debts | 170/4 | €841,745 | €763,654 | -€78,091 | -9.3% |
| Other amounts payable | 178/9 | €19,500 | €19,200 | -€300 | -1.5% |
| Amounts payable within one year | 42/48 | €1,233,315 | €1,207,288 | -€26,027 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €86,987 | €85,018 | -€1,969 | -2.3% |
| Financial debts | 43 | €526,280 | €500,000 | -€26,280 | -5.0% |
| Credit institutions | 430/8 | €526,280 | €500,000 | -€26,280 | -5.0% |
| Trade debts | 44 | €52,745 | €43,606 | -€9,139 | -17.3% |
| Suppliers | 440/4 | €52,745 | €43,606 | -€9,139 | -17.3% |
| Taxes, remuneration and social security | 45 | €5,037 | €1,196 | -€3,842 | -76.3% |
| Taxes | 450/3 | €3,037 | €1,196 | -€1,842 | -60.6% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €562,266 | €577,469 | +€15,203 | +2.7% |
| Accrued charges and deferred income | 492/3 | €9,553 | €0 | -€9,553 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,412 | €112,912 | -€2,500 | -2.2% |
| Other operating charges | 640/8 | €46,178 | €48,584 | +€2,406 | +5.2% |
| Non-recurring operating charges | 66A | - | €11,415 | +€11,415 | |
| Gross operating margin | 9900 | €195,730 | €128,244 | -€67,487 | -34.5% |
| Operating profit (loss) | 9901 | €34,140 | -€44,668 | -€78,808 | |
| Financial income | 75/76B | €94 | €15,200 | +€15,106 | +16045.8% |
| Recurring financial income | 75 | €94 | €200 | +€106 | +112.1% |
| Non-recurring financial income | 76B | - | €15,000 | +€15,000 | |
| Financial charges | 65/66B | €109,972 | €57,264 | -€52,707 | -47.9% |
| Recurring financial charges | 65 | €109,972 | €57,264 | -€52,707 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€75,738 | -€86,733 | -€10,995 | -14.5% |
| Income taxes | 67/77 | €27 | €14 | -€13 | -48.1% |
| Profit (loss) for the period | 9904 | -€75,764 | -€86,747 | -€10,982 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,764 | -€86,747 | -€10,982 | -14.5% |
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 29 September 2026 via checked.be.