D & H: 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 & H
Largest movements
- Tangible fixed assets -€77,542
down €77,542 (-4.9%), from €1.6m to €1.5m
- Reserves -€45,660
down €45,660 (-3.8%), from €1.2m to €1.2m
of which Tax-exempt reserves: -€47,751
- Gross operating margin -€18,904
down €18,904 (-37.8%), from €50,049 to €31,145
- Taxes -€5,202
down €5,202 (-76.2%), from €6,827 to €1,624
- Other operating charges +€2,612
up €2,612 (+44.8%), from €5,827 to €8,439
- Depreciation +€1,106
up €1,106 (+1.3%), from €84,692 to €85,798
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 | €2,004,094 | €1,944,818 | -€59,276 | -3.0% |
| Fixed assets | 21/28 | €1,568,377 | €1,490,835 | -€77,542 | -4.9% |
| Tangible fixed assets | 22/27 | €1,568,377 | €1,490,835 | -€77,542 | -4.9% |
| Land and buildings | 22 | €1,568,377 | €1,490,835 | -€77,542 | -4.9% |
| Current assets | 29/58 | €435,716 | €453,983 | +€18,266 | +4.2% |
| Cash at bank and in hand | 54/58 | €418,134 | €436,897 | +€18,763 | +4.5% |
| Deferred charges and accrued income | 490/1 | €17,582 | €17,086 | -€497 | -2.8% |
| Total equity and liabilities | 10/49 | €2,004,094 | €1,944,818 | -€59,276 | -3.0% |
| Equity | 10/15 | €1,645,143 | €1,599,483 | -€45,660 | -2.8% |
| Contributions | 10/11 | €442,984 | €442,984 | = | 0.0% |
| Capital | 10 | €442,984 | €442,984 | = | 0.0% |
| Issued capital | 100 | €442,984 | €442,984 | = | 0.0% |
| Reserves | 13 | €1,202,159 | €1,156,499 | -€45,660 | -3.8% |
| Non-distributable reserves | 130/1 | €44,298 | €44,298 | = | 0.0% |
| Legal reserve | 130 | €44,298 | €44,298 | = | 0.0% |
| Tax-exempt reserves | 132 | €930,557 | €882,806 | -€47,751 | -5.1% |
| Distributable reserves | 133 | €227,304 | €229,395 | +€2,091 | +0.9% |
| Provisions and deferred taxes | 16 | €350,908 | €332,064 | -€18,844 | -5.4% |
| Deferred taxes | 168 | €350,908 | €332,064 | -€18,844 | -5.4% |
| Amounts payable | 17/49 | €8,043 | €13,271 | +€5,228 | +65.0% |
| Amounts payable within one year | 42/48 | €8,043 | €13,271 | +€5,228 | +65.0% |
| Trade debts | 44 | €2,773 | €7,734 | +€4,962 | +179.0% |
| Suppliers | 440/4 | €2,773 | €7,734 | +€4,962 | +179.0% |
| Taxes, remuneration and social security | 45 | €5,270 | €5,537 | +€267 | +5.1% |
| Taxes | 450/3 | €5,270 | €5,537 | +€267 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,692 | €85,798 | +€1,106 | +1.3% |
| Other operating charges | 640/8 | €5,827 | €8,439 | +€2,612 | +44.8% |
| Gross operating margin | 9900 | €50,049 | €31,145 | -€18,904 | -37.8% |
| Operating profit (loss) | 9901 | -€40,470 | -€63,092 | -€22,622 | -55.9% |
| Financial income | 75/76B | €1 | €274 | +€273 | +37911.1% |
| Recurring financial income | 75 | €1 | €274 | +€273 | +37911.1% |
| Financial charges | 65/66B | €44 | €62 | +€19 | +42.6% |
| Recurring financial charges | 65 | €44 | €62 | +€19 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,512 | -€62,880 | -€22,368 | -55.2% |
| Transfer from deferred taxes | 780 | €18,596 | €18,844 | +€248 | +1.3% |
| Income taxes | 67/77 | €6,827 | €1,624 | -€5,202 | -76.2% |
| Profit (loss) for the period | 9904 | -€28,743 | -€45,660 | -€16,918 | -58.9% |
| Transfer from tax-exempt reserves | 789 | €49,099 | €49,842 | +€743 | +1.5% |
| Transfer to tax-exempt reserves | 689 | €10,178 | €2,091 | -€8,087 | -79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,178 | €2,091 | -€8,087 | -79.5% |
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 2 October 2026 via checked.be.