D.H.B.: 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.
What changed
D.H.B.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€472,245
2024 · €35,139+€437,106
Equity
€17.3m
2024 · €17.9m-€556,261
Cash
€2.6m
2024 · €3.2m-€559,656
Balance sheet total
€17.8m
2024 · €18.3m-€543,081
Largest movements
Assets
- Cash -€559,656
down €559,656 (-17.7%), from €3.2m to €2.6m
mainly Contributions, distributions and other (-€1.0m) and Current investments (-€147,154)
Equity and liabilities
- Reserves -€556,261
down €556,261 (-3.1%), from €17.8m to €17.3m
of which Distributable reserves: -€556,261
Income statement
- Gross operating margin +€520,148
up €520,148 (+1,450%), from €35,883 to €556,031
- Financial charges +€54,114
up €54,114, from -€38,626 to €15,489
- Taxes +€43,696
up €43,696 (+1,169%), from €3,738 to €47,435
- Financial income +€7,359
up €7,359 (+5.7%), from €130,124 to €137,483
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.
Result 2024
€35,139
Gross operating margin
+€520,148
Depreciation
-€126
Other operating charges
-€539
Other operating items
+€8,074
Financial income
+€7,359
Financial charges
-€54,114
Taxes
-€43,696
Result 2025
€472,245
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€623,256
Investment
-€145,386
Financing
-€1.0m
Cash 2024
€3.2m
From operations (derived)
+€623,256
Net result for the year
+€472,245
Depreciation
+€114,153
Receivables within one year
+€14,778
Smaller working-capital items
-€1,715
Trade debts
+€5,126
Tax, wage and social debts
+€18,669
Investment (derived)
-€145,386
Investment in fixed assets (net)
+€1,767
Current investments
-€147,154
Financing
-€1.0m
Debts after one year
-€9,020
Contributions, distributions and other
-€1.0m
Cash 2025
€2.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,297,696 | €17,754,615 | -€543,081 | -3.0% |
| Fixed assets | 21/28 | €9,208,921 | €9,093,000 | -€115,921 | -1.3% |
| Tangible fixed assets | 22/27 | €1,713,389 | €1,599,236 | -€114,153 | -6.7% |
| Land and buildings | 22 | €400,940 | €386,274 | -€14,666 | -3.7% |
| Furniture and vehicles | 24 | €1,312,449 | €1,212,962 | -€99,487 | -7.6% |
| Financial fixed assets | 28 | €7,495,532 | €7,493,765 | -€1,767 | 0.0% |
| Current assets | 29/58 | €9,088,775 | €8,661,615 | -€427,160 | -4.7% |
| Amounts receivable within one year | 40/41 | €260,162 | €245,384 | -€14,778 | -5.7% |
| Trade receivables | 40 | €23,756 | €5,432 | -€18,324 | -77.1% |
| Other amounts receivable | 41 | €236,406 | €239,952 | +€3,546 | +1.5% |
| Current investments | 50/53 | €5,660,187 | €5,807,341 | +€147,154 | +2.6% |
| Cash at bank and in hand | 54/58 | €3,162,284 | €2,602,628 | -€559,656 | -17.7% |
| Deferred charges and accrued income | 490/1 | €6,142 | €6,262 | +€120 | +1.9% |
| Total equity and liabilities | 10/49 | €18,297,696 | €17,754,615 | -€543,081 | -3.0% |
| Equity | 10/15 | €17,893,750 | €17,337,490 | -€556,261 | -3.1% |
| Contributions | 10/11 | €74,050 | €74,050 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Contributions outside capital | 11 | €4,050 | €4,050 | = | 0.0% |
| Share premium | 1100/10 | €4,050 | €4,050 | = | 0.0% |
| Reserves | 13 | €17,819,701 | €17,263,440 | -€556,261 | -3.1% |
| Non-distributable reserves | 130/1 | €185,000 | €185,000 | = | 0.0% |
| Legal reserve | 130 | €185,000 | €185,000 | = | 0.0% |
| Distributable reserves | 133 | €17,634,701 | €17,078,440 | -€556,261 | -3.2% |
| Amounts payable | 17/49 | €403,946 | €417,125 | +€13,180 | +3.3% |
| Amounts payable after more than one year | 17 | €343,003 | €333,983 | -€9,020 | -2.6% |
| Other amounts payable | 178/9 | €343,003 | €333,983 | -€9,020 | -2.6% |
| Amounts payable within one year | 42/48 | €60,943 | €83,142 | +€22,200 | +36.4% |
| Trade debts | 44 | €2,979 | €8,105 | +€5,126 | +172% |
| Suppliers | 440/4 | €2,979 | €8,105 | +€5,126 | +172% |
| Taxes, remuneration and social security | 45 | - | €18,669 | +€18,669 | |
| Taxes | 450/3 | - | €12,133 | +€12,133 | |
| Remuneration and social security | 454/9 | - | €6,536 | +€6,536 | |
| Other amounts payable | 47/48 | €57,963 | €56,368 | -€1,595 | -2.8% |
| Non-recurring operating income | 76A | €291,586 | €801,352 | +€509,766 | +175% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,028 | €114,153 | +€126 | +0.1% |
| Other operating charges | 640/8 | €6,861 | €7,400 | +€539 | +7.9% |
| Non-recurring operating charges | 66A | €44,866 | €36,793 | -€8,074 | -18.0% |
| Gross operating margin | 9900 | €35,883 | €556,031 | +€520,148 | +1,450% |
| Operating profit (loss) | 9901 | -€129,872 | €397,685 | +€527,557 | |
| Financial income | 75/76B | €130,124 | €137,483 | +€7,359 | +5.7% |
| Recurring financial income | 75 | €130,124 | €137,483 | +€7,359 | +5.7% |
| Financial charges | 65/66B | -€38,626 | €15,489 | +€54,114 | |
| Recurring financial charges | 65 | -€38,626 | €15,489 | +€54,114 | |
| Profit (loss) for the period before taxes | 9903 | €38,878 | €519,680 | +€480,802 | +1,237% |
| Income taxes | 67/77 | €3,738 | €47,435 | +€43,696 | +1,169% |
| Profit (loss) for the period | 9904 | €35,139 | €472,245 | +€437,106 | +1,244% |
| Profit (loss) for the period to be appropriated | 9905 | €35,139 | €472,245 | +€437,106 | +1,244% |
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 16 October 2026 via checked.be.