D.F.D.: 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.F.D.
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+86.9%), from €1.3m to €2.5m
of which Leasing and similar rights: +€1.2m
- Receivables after one year +€400,000
up €400,000 (+100%), from €400,000 to €800,000
- Cash -€305,542
down €305,542 (-100%), from €305,542 to €0
mainly Investment in fixed assets (net) (-€1.8m) and Receivables after one year (-€400,000)
- Financial fixed assets +€80,000
up €80,000, from €0 to €80,000
- Debts after one year +€867,428
up €867,428 (+107%), from €812,477 to €1.7m
- Current portion of long-term debt +€226,815
up €226,815 (+80.5%), from €281,924 to €508,739
- Tax, wage and social debts +€115,435
up €115,435 (+28.2%), from €409,639 to €525,074
of which Taxes: +€61,728
- Accrued charges and deferred income +€102,879
up €102,879 (+467%), from €22,039 to €124,918
- Profit (loss) carried forward +€61,496
up €61,496 (+19.1%), from €321,950 to €383,446
- Gross operating margin +€477,533
up €477,533 (+13.6%), from €3.5m to €4.0m
- Staff costs +€369,581
up €369,581 (+14.7%), from €2.5m to €2.9m
- Taxes +€81,414
up €81,414, from €0 to €81,414
- Financial charges +€56,592
up €56,592 (+119%), from €47,740 to €104,332
- Other operating charges +€40,562
up €40,562 (+13.3%), from €304,296 to €344,858
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.
Derived cash bridge
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 | €2,998,272 | €4,395,804 | +€1.4m | +46.6% |
| Fixed assets | 21/28 | €1,348,457 | €2,598,066 | +€1.2m | +92.7% |
| Intangible fixed assets | 21 | €1,744 | €698 | -€1,047 | -60.0% |
| Tangible fixed assets | 22/27 | €1,346,713 | €2,517,369 | +€1.2m | +86.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €207,871 | €202,167 | -€5,704 | -2.7% |
| Leasing and similar rights | 25 | €1,138,842 | €2,315,201 | +€1.2m | +103% |
| Financial fixed assets | 28 | €0 | €80,000 | +€80,000 | |
| Current assets | 29/58 | €1,649,815 | €1,797,738 | +€147,923 | +9.0% |
| Amounts receivable after more than one year | 29 | €400,000 | €800,000 | +€400,000 | +100% |
| Other amounts receivable | 291 | €400,000 | €800,000 | +€400,000 | +100% |
| Amounts receivable within one year | 40/41 | €928,624 | €943,629 | +€15,005 | +1.6% |
| Trade receivables | 40 | €920,579 | €933,646 | +€13,067 | +1.4% |
| Other amounts receivable | 41 | €8,045 | €9,983 | +€1,938 | +24.1% |
| Cash at bank and in hand | 54/58 | €305,542 | €0 | -€305,542 | -100% |
| Deferred charges and accrued income | 490/1 | €15,648 | €54,109 | +€38,461 | +246% |
| Total equity and liabilities | 10/49 | €2,998,272 | €4,395,804 | +€1.4m | +46.6% |
| Equity | 10/15 | €900,299 | €961,796 | +€61,496 | +6.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €516,349 | €516,349 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €510,149 | €510,149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €321,950 | €383,446 | +€61,496 | +19.1% |
| Amounts payable | 17/49 | €2,097,973 | €3,434,009 | +€1.3m | +63.7% |
| Amounts payable after more than one year | 17 | €812,477 | €1,679,905 | +€867,428 | +107% |
| Financial debts | 170/4 | €812,477 | €1,679,905 | +€867,428 | +107% |
| Amounts payable within one year | 42/48 | €1,263,457 | €1,629,185 | +€365,728 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €281,924 | €508,739 | +€226,815 | +80.5% |
| Financial debts | 43 | €38,303 | €73,122 | +€34,818 | +90.9% |
| Credit institutions | 430/8 | €38,303 | €73,122 | +€34,818 | +90.9% |
| Trade debts | 44 | €533,591 | €522,251 | -€11,340 | -2.1% |
| Suppliers | 440/4 | €533,591 | €522,251 | -€11,340 | -2.1% |
| Taxes, remuneration and social security | 45 | €409,639 | €525,074 | +€115,435 | +28.2% |
| Taxes | 450/3 | €100,053 | €161,782 | +€61,728 | +61.7% |
| Remuneration and social security | 454/9 | €309,585 | €363,292 | +€53,707 | +17.3% |
| Accrued charges and deferred income | 492/3 | €22,039 | €124,918 | +€102,879 | +467% |
| Non-recurring operating income | 76A | - | €59,572 | +€59,572 | |
| Remuneration, social security and pensions | 62 | €2,511,884 | €2,881,466 | +€369,581 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490,734 | €509,143 | +€18,409 | +3.8% |
| Other operating charges | 640/8 | €304,296 | €344,858 | +€40,562 | +13.3% |
| Non-recurring operating charges | 66A | - | €17,871 | +€17,871 | |
| Gross operating margin | 9900 | €3,523,047 | €4,000,580 | +€477,533 | +13.6% |
| Operating profit (loss) | 9901 | €216,133 | €247,242 | +€31,109 | +14.4% |
| Financial income | 75/76B | €1,414 | €0 | -€1,414 | -100.0% |
| Recurring financial income | 75 | €1,414 | €0 | -€1,414 | -100.0% |
| Financial charges | 65/66B | €47,740 | €104,332 | +€56,592 | +119% |
| Recurring financial charges | 65 | €47,740 | €104,332 | +€56,592 | +119% |
| Profit (loss) for the period before taxes | 9903 | €169,807 | €142,911 | -€26,896 | -15.8% |
| Income taxes | 67/77 | €0 | €81,414 | +€81,414 | |
| Profit (loss) for the period | 9904 | €169,807 | €61,496 | -€108,311 | -63.8% |
| Transfer to tax-exempt reserves | 689 | €85,000 | €0 | -€85,000 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €84,807 | €61,496 | -€23,311 | -27.5% |
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 21 October 2026 via checked.be.