D.H.: 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.H.
Largest movements
- Tangible fixed assets +€57,640
up €57,640 (+19.5%), from €295,014 to €352,655
of which Land and buildings: +€57,640
- Receivables within one year +€46,438
up €46,438 (+62.8%), from €73,955 to €120,394
of which Trade receivables: +€30,058
- Financial fixed assets -€30,000
no longer reported in 2025 (was €30,000)
- Cash +€24,438
up €24,438 (+33.2%), from €73,612 to €98,049
mainly Net result for the year (+€38,384) and Contributions, distributions and other (+€37,915)
- Reserves +€55,600
up €55,600 (+9.7%), from €573,200 to €628,800
of which Distributable reserves: +€35,000
- Contributions +€32,000
up €32,000 (+51.6%), from €62,000 to €94,000
- Trade debts +€13,232
up €13,232 (+723%), from €1,831 to €15,064
- Financial income -€8,806
down €8,806 (-45.2%), from €19,478 to €10,672
- Taxes -€5,756
down €5,756 (-32.9%), from €17,480 to €11,723
- Gross operating margin -€3,914
down €3,914 (-4.3%), from €90,666 to €86,752
- Other operating charges +€2,426
up €2,426 (+14.0%), from €17,340 to €19,766
- Depreciation +€1,895
up €1,895 (+7.5%), from €25,121 to €27,016
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 | €1,039,759 | €1,133,947 | +€94,189 | +9.1% |
| Fixed assets | 21/28 | €325,014 | €352,655 | +€27,640 | +8.5% |
| Tangible fixed assets | 22/27 | €295,014 | €352,655 | +€57,640 | +19.5% |
| Land and buildings | 22 | €295,014 | €352,655 | +€57,640 | +19.5% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €30,000 | - | -€30,000 | |
| Current assets | 29/58 | €714,744 | €781,292 | +€66,548 | +9.3% |
| Amounts receivable within one year | 40/41 | €73,955 | €120,394 | +€46,438 | +62.8% |
| Trade receivables | 40 | €18,533 | €48,592 | +€30,058 | +162% |
| Other amounts receivable | 41 | €55,422 | €71,802 | +€16,380 | +29.6% |
| Current investments | 50/53 | €523,000 | €523,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,612 | €98,049 | +€24,438 | +33.2% |
| Deferred charges and accrued income | 490/1 | €44,177 | €39,849 | -€4,328 | -9.8% |
| Total equity and liabilities | 10/49 | €1,039,759 | €1,133,947 | +€94,189 | +9.1% |
| Equity | 10/15 | €860,226 | €936,525 | +€76,299 | +8.9% |
| Contributions | 10/11 | €62,000 | €94,000 | +€32,000 | +51.6% |
| Capital | 10 | €62,000 | €94,000 | +€32,000 | +51.6% |
| Issued capital | 100 | €62,000 | €94,000 | +€32,000 | +51.6% |
| Reserves | 13 | €573,200 | €628,800 | +€55,600 | +9.7% |
| Non-distributable reserves | 130/1 | €6,200 | €26,800 | +€20,600 | +332% |
| Legal reserve | 130 | €6,200 | €26,800 | +€20,600 | +332% |
| Distributable reserves | 133 | €567,000 | €602,000 | +€35,000 | +6.2% |
| Profit (loss) carried forward | 14 | €225,026 | €213,725 | -€11,301 | -5.0% |
| Amounts payable | 17/49 | €179,533 | €197,423 | +€17,890 | +10.0% |
| Amounts payable within one year | 42/48 | €179,533 | €197,423 | +€17,890 | +10.0% |
| Trade debts | 44 | €1,831 | €15,064 | +€13,232 | +723% |
| Suppliers | 440/4 | €1,831 | €15,064 | +€13,232 | +723% |
| Taxes, remuneration and social security | 45 | €14,992 | €14,015 | -€977 | -6.5% |
| Taxes | 450/3 | €14,774 | €11,013 | -€3,761 | -25.5% |
| Remuneration and social security | 454/9 | €219 | €3,002 | +€2,784 | +1,274% |
| Other amounts payable | 47/48 | €162,710 | €168,343 | +€5,634 | +3.5% |
| Non-recurring operating income | 76A | - | €2,086 | +€2,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,121 | €27,016 | +€1,895 | +7.5% |
| Other operating charges | 640/8 | €17,340 | €19,766 | +€2,426 | +14.0% |
| Gross operating margin | 9900 | €90,666 | €86,752 | -€3,914 | -4.3% |
| Operating profit (loss) | 9901 | €48,205 | €39,970 | -€8,235 | -17.1% |
| Financial income | 75/76B | €19,478 | €10,672 | -€8,806 | -45.2% |
| Recurring financial income | 75 | €19,478 | €10,672 | -€8,806 | -45.2% |
| Financial charges | 65/66B | €285 | €535 | +€250 | +87.6% |
| Recurring financial charges | 65 | €285 | €535 | +€250 | +87.6% |
| Profit (loss) for the period before taxes | 9903 | €67,398 | €50,107 | -€17,291 | -25.7% |
| Income taxes | 67/77 | €17,480 | €11,723 | -€5,756 | -32.9% |
| Profit (loss) for the period | 9904 | €49,919 | €38,384 | -€11,535 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,919 | €38,384 | -€11,535 | -23.1% |
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 26 October 2026 via checked.be.