D EN D VASTGOED: what changed
What changed
D EN D VASTGOED
filed annual accounts (NBB)
Net result for the year
€144,582
2024 · €155,439-€10,857
Equity
€6.2m
2024 · €6.0m+€144,582
Cash
€165,446
2024 · €64,713+€100,734
Balance sheet total
€7.9m
2024 · €6.9m+€1.0m
Largest movements
Assets
- Receivables after one year +€873,093
new in 2025: €873,093
- Current investments -€770,365
no longer reported in 2025 (was €770,365)
- Tangible fixed assets +€644,770
up €644,770 (+16.5%), from €3.9m to €4.6m
of which Land and buildings: +€644,797
- Receivables within one year +€170,586
up €170,586 (+9.3%), from €1.8m to €2.0m
of which Other amounts receivable: +€177,035
- Cash +€100,734
up €100,734 (+156%), from €64,713 to €165,446
mainly Accrued charges and deferred income (+€873,418) and Current investments (+€770,365)
Equity and liabilities
- Accrued charges and deferred income +€873,418
up €873,418 (+23,258%), from €3,755 to €877,174
- Revaluation surpluses -€226,358
no longer reported in 2025 (was €226,358)
- Profit (loss) carried forward +€189,295
up €189,295 (+13.8%), from €1.4m to €1.6m
- Reserves +€181,644
up €181,644 (+9.4%), from €1.9m to €2.1m
of which Distributable reserves: +€226,358
Income statement
- Gross operating margin +€28,779
up €28,779 (+6.7%), from €427,717 to €456,496
- Financial income -€26,757
down €26,757 (-33.9%), from €78,905 to €52,148
- Depreciation +€17,350
up €17,350 (+8.5%), from €204,397 to €221,747
- Other operating charges +€4,855
up €4,855 (+6.0%), from €81,270 to €86,125
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€155,439
Gross operating margin
+€28,779
Depreciation
-€17,350
Other operating charges
-€4,855
Financial income
-€26,757
Financial charges
+€439
Taxes
-€3,849
Deferred taxes and other
+€12,735
Result 2025
€144,582
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€217,442
Investment
-€96,152
Financing
-€20,556
Cash 2024
€64,713
From operations (derived)
+€217,442
Net result for the year
+€144,582
Depreciation
+€221,747
Receivables after one year
-€873,093
Receivables within one year
-€170,586
Deferred charges and accrued income
-€19,563
Provisions
-€18,238
Trade debts
+€78,209
Tax, wage and social debts
-€19,033
Accrued charges and deferred income
+€873,418
Investment (derived)
-€96,152
Investment in fixed assets (net)
-€866,517
Current investments
+€770,365
Financing
-€20,556
Debts after one year
-€21,043
Current portion of long-term debt
+€487
Cash 2025
€165,446
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,881,369 | €7,919,751 | +€1.0m | +15.1% |
| Fixed assets | 21/28 | €4,208,909 | €4,853,679 | +€644,770 | +15.3% |
| Tangible fixed assets | 22/27 | €3,908,412 | €4,553,182 | +€644,770 | +16.5% |
| Land and buildings | 22 | €3,908,385 | €4,553,182 | +€644,797 | +16.5% |
| Furniture and vehicles | 24 | €27 | €1 | -€26 | -97.4% |
| Financial fixed assets | 28 | €300,497 | €300,497 | = | 0.0% |
| Current assets | 29/58 | €2,672,460 | €3,066,072 | +€393,612 | +14.7% |
| Amounts receivable after more than one year | 29 | - | €873,093 | +€873,093 | |
| Other amounts receivable | 291 | - | €873,093 | +€873,093 | |
| Amounts receivable within one year | 40/41 | €1,836,052 | €2,006,639 | +€170,586 | +9.3% |
| Trade receivables | 40 | €58,698 | €52,250 | -€6,449 | -11.0% |
| Other amounts receivable | 41 | €1,777,354 | €1,954,389 | +€177,035 | +10.0% |
| Current investments | 50/53 | €770,365 | - | -€770,365 | |
| Cash at bank and in hand | 54/58 | €64,713 | €165,446 | +€100,734 | +156% |
| Deferred charges and accrued income | 490/1 | €1,330 | €20,894 | +€19,563 | +1,471% |
| Total equity and liabilities | 10/49 | €6,881,369 | €7,919,751 | +€1.0m | +15.1% |
| Equity | 10/15 | €6,031,721 | €6,176,303 | +€144,582 | +2.4% |
| Contributions | 10/11 | €2,490,000 | €2,490,000 | = | 0.0% |
| Capital | 10 | €2,490,000 | €2,490,000 | = | 0.0% |
| Issued capital | 100 | €2,490,000 | €2,490,000 | = | 0.0% |
| Revaluation surpluses | 12 | €226,358 | - | -€226,358 | |
| Reserves | 13 | €1,941,686 | €2,123,329 | +€181,644 | +9.4% |
| Non-distributable reserves | 130/1 | €168,900 | €178,900 | +€10,000 | +5.9% |
| Legal reserve | 130 | €168,900 | €178,900 | +€10,000 | +5.9% |
| Tax-exempt reserves | 132 | €1,244,618 | €1,189,904 | -€54,714 | -4.4% |
| Distributable reserves | 133 | €528,168 | €754,526 | +€226,358 | +42.9% |
| Profit (loss) carried forward | 14 | €1,373,678 | €1,562,973 | +€189,295 | +13.8% |
| Provisions and deferred taxes | 16 | €414,873 | €396,635 | -€18,238 | -4.4% |
| Deferred taxes | 168 | €414,873 | €396,635 | -€18,238 | -4.4% |
| Amounts payable | 17/49 | €434,776 | €1,346,814 | +€912,038 | +210% |
| Amounts payable after more than one year | 17 | €276,708 | €255,666 | -€21,043 | -7.6% |
| Financial debts | 170/4 | €276,708 | €255,666 | -€21,043 | -7.6% |
| Amounts payable within one year | 42/48 | €154,312 | €213,974 | +€59,663 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €20,556 | €21,043 | +€487 | +2.4% |
| Trade debts | 44 | €47,154 | €125,362 | +€78,209 | +166% |
| Suppliers | 440/4 | €47,154 | €125,362 | +€78,209 | +166% |
| Taxes, remuneration and social security | 45 | €86,182 | €67,149 | -€19,033 | -22.1% |
| Taxes | 450/3 | €86,182 | €67,149 | -€19,033 | -22.1% |
| Other amounts payable | 47/48 | €420 | €420 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,755 | €877,174 | +€873,418 | +23,258% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,397 | €221,747 | +€17,350 | +8.5% |
| Other operating charges | 640/8 | €81,270 | €86,125 | +€4,855 | +6.0% |
| Gross operating margin | 9900 | €427,717 | €456,496 | +€28,779 | +6.7% |
| Operating profit (loss) | 9901 | €142,050 | €148,624 | +€6,574 | +4.6% |
| Financial income | 75/76B | €78,905 | €52,148 | -€26,757 | -33.9% |
| Recurring financial income | 75 | €78,905 | €52,148 | -€26,757 | -33.9% |
| Financial charges | 65/66B | €7,537 | €7,097 | -€439 | -5.8% |
| Recurring financial charges | 65 | €7,537 | €7,097 | -€439 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €213,418 | €193,674 | -€19,744 | -9.3% |
| Transfer from deferred taxes | 780 | €5,503 | €18,238 | +€12,735 | +231% |
| Income taxes | 67/77 | €63,482 | €67,331 | +€3,849 | +6.1% |
| Profit (loss) for the period | 9904 | €155,439 | €144,582 | -€10,857 | -7.0% |
| Transfer from tax-exempt reserves | 789 | €16,508 | €54,714 | +€38,205 | +231% |
| Profit (loss) for the period to be appropriated | 9905 | €171,947 | €199,295 | +€27,348 | +15.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.