D&F PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts -€3.1m
down €3.1m (-100%), from €3.1m to €0
- Cash +€1.5m
up €1.5m (+3,847%), from €39,500 to €1.6m
mainly Stocks and contracts (+€3.1m) and Net result for the year (+€207,453)
- Current investments -€50,091
down €50,091 (-100%), from €50,091 to €0
- Other debts -€1.6m
down €1.6m (-100.0%), from €1.6m to €18
- Accrued charges and deferred income -€125,673
down €125,673 (-100%), from €125,673 to €0
- Profit (loss) carried forward +€109,005
up €109,005, from -€109,005 to €0
- Reserves -€69,952
down €69,952 (-6.2%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€168,400
- Gross operating margin +€562,447
up €562,447, from -€222,858 to €339,590
- Financial income -€17,981
down €17,981 (-87.3%), from €20,605 to €2,624
- Financial charges -€17,025
down €17,025 (-12.2%), from €139,360 to €122,334
- Taxes +€9,845
up €9,845, from €0 to €9,845
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 | €3,238,586 | €1,572,158 | -€1.7m | -51.5% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,238,586 | €1,572,158 | -€1.7m | -51.5% |
| Stocks and contracts in progress | 3 | €3,125,361 | €0 | -€3.1m | -100% |
| Stocks | 30/36 | €3,125,361 | €0 | -€3.1m | -100% |
| Amounts receivable within one year | 40/41 | €4,438 | €5,436 | +€998 | +22.5% |
| Trade receivables | 40 | €1,648 | €2,781 | +€1,133 | +68.8% |
| Other amounts receivable | 41 | €2,790 | €2,655 | -€135 | -4.8% |
| Current investments | 50/53 | €50,091 | €0 | -€50,091 | -100% |
| Cash at bank and in hand | 54/58 | €39,500 | €1,558,953 | +€1.5m | +3,847% |
| Deferred charges and accrued income | 490/1 | €19,196 | €7,769 | -€11,427 | -59.5% |
| Total equity and liabilities | 10/49 | €3,238,586 | €1,572,158 | -€1.7m | -51.5% |
| Equity | 10/15 | €1,523,072 | €1,562,126 | +€39,053 | +2.6% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,132,077 | €1,062,126 | -€69,952 | -6.2% |
| Tax-exempt reserves | 132 | €170,665 | €2,265 | -€168,400 | -98.7% |
| Distributable reserves | 133 | €961,412 | €1,059,861 | +€98,448 | +10.2% |
| Profit (loss) carried forward | 14 | -€109,005 | €0 | +€109,005 | |
| Amounts payable | 17/49 | €1,715,514 | €10,032 | -€1.7m | -99.4% |
| Amounts payable within one year | 42/48 | €1,589,841 | €10,032 | -€1.6m | -99.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €22,841 | €6,560 | -€16,281 | -71.3% |
| Suppliers | 440/4 | €22,841 | €6,560 | -€16,281 | -71.3% |
| Taxes, remuneration and social security | 45 | €0 | €3,454 | +€3,454 | |
| Taxes | 450/3 | €0 | €3,454 | +€3,454 | |
| Other amounts payable | 47/48 | €1,567,000 | €18 | -€1.6m | -100.0% |
| Accrued charges and deferred income | 492/3 | €125,673 | €0 | -€125,673 | -100% |
| Other operating charges | 640/8 | €2,389 | €2,581 | +€192 | +8.0% |
| Gross operating margin | 9900 | -€222,858 | €339,590 | +€562,447 | |
| Operating profit (loss) | 9901 | -€225,247 | €337,009 | +€562,256 | |
| Financial income | 75/76B | €20,605 | €2,624 | -€17,981 | -87.3% |
| Recurring financial income | 75 | €20,605 | €2,624 | -€17,981 | -87.3% |
| Financial charges | 65/66B | €139,360 | €122,334 | -€17,025 | -12.2% |
| Recurring financial charges | 65 | €139,360 | €122,334 | -€17,025 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€344,002 | €217,298 | +€561,300 | |
| Income taxes | 67/77 | €0 | €9,845 | +€9,845 | |
| Profit (loss) for the period | 9904 | -€344,002 | €207,453 | +€551,455 | |
| Transfer from tax-exempt reserves | 789 | €0 | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€344,002 | €375,853 | +€719,855 |
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 15 October 2026 via checked.be.