D-ESTATE: what changed
Two financial 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-ESTATE
Largest movements
- Financial fixed assets -€121,000
down €121,000 (-40.2%), from €301,050 to €180,050
- Tangible fixed assets -€52,279
down €52,279 (-5.4%), from €964,691 to €912,412
of which Land and buildings: -€46,408
- Receivables within one year -€14,684
down €14,684 (-54.7%), from €26,858 to €12,174
of which Trade receivables: -€14,157
- Debts after one year -€188,482
down €188,482 (-48.7%), from €386,892 to €198,410
- Other debts +€139,498
up €139,498 (+39.5%), from €353,271 to €492,769
- Provisions -€54,746
down €54,746 (-39.0%), from €140,352 to €85,606
of which Provisions for liabilities and charges: -€49,788
- Current portion of long-term debt -€52,110
down €52,110 (-68.5%), from €76,040 to €23,930
- Profit (loss) carried forward -€33,409
down €33,409, from €8,238 to -€25,171
- Gross operating margin -€74,606
down €74,606 (-90.9%), from €82,091 to €7,485
- Provisions -€49,788
new in 2025: -€49,788
- Financial charges +€23,221
up €23,221 (+121.6%), from €19,090 to €42,312
of which Non-recurring financial charges: +€18,396
- Taxes -€4,044
down €4,044 (-91.0%), from €4,445 to €401
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 | €1,292,598 | €1,104,636 | -€187,963 | -14.5% |
| Fixed assets | 21/28 | €1,265,741 | €1,092,462 | -€173,279 | -13.7% |
| Tangible fixed assets | 22/27 | €964,691 | €912,412 | -€52,279 | -5.4% |
| Land and buildings | 22 | €940,419 | €894,010 | -€46,408 | -4.9% |
| Plant, machinery and equipment | 23 | €12,972 | €9,774 | -€3,197 | -24.6% |
| Furniture and vehicles | 24 | €11,300 | €8,627 | -€2,673 | -23.7% |
| Financial fixed assets | 28 | €301,050 | €180,050 | -€121,000 | -40.2% |
| Current assets | 29/58 | €26,858 | €12,174 | -€14,684 | -54.7% |
| Amounts receivable within one year | 40/41 | €26,858 | €12,174 | -€14,684 | -54.7% |
| Trade receivables | 40 | €25,304 | €11,147 | -€14,157 | -55.9% |
| Other amounts receivable | 41 | €1,554 | €1,027 | -€527 | -33.9% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,292,598 | €1,104,636 | -€187,963 | -14.5% |
| Equity | 10/15 | €320,250 | €277,211 | -€43,038 | -13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €293,419 | €283,790 | -€9,629 | -3.3% |
| Tax-exempt reserves | 132 | €175,879 | €166,250 | -€9,629 | -5.5% |
| Distributable reserves | 133 | €117,540 | €117,540 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,238 | -€25,171 | -€33,409 | |
| Provisions and deferred taxes | 16 | €140,352 | €85,606 | -€54,746 | -39.0% |
| Provisions for liabilities and charges | 160/5 | €49,788 | €0 | -€49,788 | -100.0% |
| Pensions and similar obligations | 160 | €49,788 | €0 | -€49,788 | -100.0% |
| Deferred taxes | 168 | €90,564 | €85,606 | -€4,958 | -5.5% |
| Amounts payable | 17/49 | €831,997 | €741,819 | -€90,178 | -10.8% |
| Amounts payable after more than one year | 17 | €386,892 | €198,410 | -€188,482 | -48.7% |
| Financial debts | 170/4 | €386,892 | €198,410 | -€188,482 | -48.7% |
| Amounts payable within one year | 42/48 | €445,104 | €543,408 | +€98,304 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €76,040 | €23,930 | -€52,110 | -68.5% |
| Financial debts | 43 | €4,937 | €11,171 | +€6,234 | +126.3% |
| Credit institutions | 430/8 | €4,937 | €11,171 | +€6,234 | +126.3% |
| Trade debts | 44 | €4,296 | €7,719 | +€3,422 | +79.7% |
| Suppliers | 440/4 | €4,296 | €7,719 | +€3,422 | +79.7% |
| Taxes, remuneration and social security | 45 | €6,561 | €7,820 | +€1,259 | +19.2% |
| Taxes | 450/3 | €4,846 | €4,846 | +€0 | 0.0% |
| Remuneration and social security | 454/9 | €1,716 | €2,974 | +€1,259 | +73.4% |
| Other amounts payable | 47/48 | €353,271 | €492,769 | +€139,498 | +39.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,211 | €52,279 | +€68 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€49,788 | -€49,788 | |
| Other operating charges | 640/8 | €10,097 | €10,542 | +€445 | +4.4% |
| Gross operating margin | 9900 | €82,091 | €7,485 | -€74,606 | -90.9% |
| Operating profit (loss) | 9901 | €19,782 | -€5,548 | -€25,330 | |
| Financial income | 75/76B | €7 | €264 | +€257 | +3654.8% |
| Recurring financial income | 75 | €7 | €264 | +€257 | +3654.8% |
| Financial charges | 65/66B | €19,090 | €42,312 | +€23,221 | +121.6% |
| Recurring financial charges | 65 | €19,090 | €23,915 | +€4,825 | +25.3% |
| Non-recurring financial charges | 66B | - | €18,396 | +€18,396 | |
| Profit (loss) for the period before taxes | 9903 | €699 | -€47,595 | -€48,294 | |
| Transfer from deferred taxes | 780 | €4,958 | €4,958 | = | 0.0% |
| Income taxes | 67/77 | €4,445 | €401 | -€4,044 | -91.0% |
| Profit (loss) for the period | 9904 | €1,212 | -€43,038 | -€44,250 | |
| Transfer from tax-exempt reserves | 789 | €9,629 | €9,629 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,841 | -€33,409 | -€44,250 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.