D.H.K.: 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.K.
NACE 46.839, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€181,570
2024 · -€533,704+€715,274
Equity
€1.1m
2024 · €839,041+€297,061
Cash
€157,003
2024 · €44,638+€112,365
Balance sheet total
€11.6m
2024 · €6.4m+€5.2m
Largest movements
Assets
- Receivables within one year +€4.7m
up €4.7m (+403%), from €1.2m to €5.9m
of which Other amounts receivable: +€2.8m
- Deferred charges and accrued income +€496,284
up €496,284 (+270%), from €183,900 to €680,184
- Stocks and contracts -€433,373
down €433,373 (-18.1%), from €2.4m to €2.0m
- Tangible fixed assets +€361,703
up €361,703 (+17.6%), from €2.1m to €2.4m
of which Leasing and similar rights: +€490,850
Equity and liabilities
- Trade debts +€4.4m
up €4.4m (+334%), from €1.3m to €5.7m
- Debts after one year +€429,839
up €429,839 (+20.0%), from €2.2m to €2.6m
of which Other amounts payable: +€250,000
- Other debts +€317,630
new in 2025: €317,630
- Short-term financial debts -€208,660
down €208,660 (-13.9%), from €1.5m to €1.3m
- Profit (loss) carried forward +€181,570
up €181,570, from -€133,538 to €48,032
Income statement
- Turnover +€1.5m
up €1.5m (+14.1%), from €10.8m to €12.3m
- Goods and materials +€428,213
up €428,213 (+5.6%), from €7.6m to €8.0m
of which Change in stocks: decrease (increase): +€478,821
- Staff costs +€198,104
up €198,104 (+12.1%), from €1.6m to €1.8m
- Write-downs -€174,848
down €174,848, from €107,524 to -€67,324
- Depreciation +€154,102
up €154,102 (+32.7%), from €470,716 to €624,818
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
-€533,704
Turnover
+€1.5m
Other operating income
+€4,448
Goods and materials
-€428,213
Services and other goods
+€46,939
Staff costs
-€198,104
Depreciation
-€154,102
Write-downs
+€174,848
Other operating charges
-€14,556
Other operating items
-€214,467
Financial income
+€14,398
Financial charges
-€36,702
Taxes
-€3,058
Result 2025
€181,570
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
+€690,939
Investment
-€938,777
Financing
+€360,203
Cash 2024
€44,638
From operations (derived)
+€690,939
Net result for the year
+€181,570
Depreciation
+€624,818
Stocks and contracts
+€433,373
Receivables within one year
-€4.7m
Deferred charges and accrued income
-€496,284
Trade debts
+€4.4m
Tax, wage and social debts
-€59,541
Smaller working-capital items
+€1,980
Other debts
+€317,630
Investment (derived)
-€938,777
Investment in fixed assets (net)
-€938,777
Financing
+€360,203
Debts after one year
+€429,839
Current portion of long-term debt
+€23,533
Short-term financial debts
-€208,660
Contributions, distributions and other
+€115,491
Cash 2025
€157,003
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,369,918 | €11,552,822 | +€5.2m | +81.4% |
| Fixed assets | 21/28 | €2,584,210 | €2,898,168 | +€313,958 | +12.1% |
| Intangible fixed assets | 21 | €532,387 | €484,643 | -€47,744 | -9.0% |
| Tangible fixed assets | 22/27 | €2,050,743 | €2,412,446 | +€361,703 | +17.6% |
| Land and buildings | 22 | €740,949 | €664,894 | -€76,055 | -10.3% |
| Plant, machinery and equipment | 23 | €508,464 | €550,407 | +€41,943 | +8.2% |
| Furniture and vehicles | 24 | €176,622 | €122,804 | -€53,818 | -30.5% |
| Leasing and similar rights | 25 | - | €490,850 | +€490,850 | |
| Other tangible fixed assets | 26 | €624,708 | €583,490 | -€41,218 | -6.6% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,080 | €1,080 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €3,785,708 | €8,654,654 | +€4.9m | +129% |
| Stocks and contracts in progress | 3 | €2,393,465 | €1,960,092 | -€433,373 | -18.1% |
| Stocks | 30/36 | €2,393,465 | €1,960,092 | -€433,373 | -18.1% |
| Goods purchased for resale | 34 | €2,393,465 | €1,960,092 | -€433,373 | -18.1% |
| Amounts receivable within one year | 40/41 | €1,163,705 | €5,857,375 | +€4.7m | +403% |
| Trade receivables | 40 | €1,126,675 | €3,050,929 | +€1.9m | +171% |
| Other amounts receivable | 41 | €37,030 | €2,806,446 | +€2.8m | +7,479% |
| Cash at bank and in hand | 54/58 | €44,638 | €157,003 | +€112,365 | +252% |
| Deferred charges and accrued income | 490/1 | €183,900 | €680,184 | +€496,284 | +270% |
| Total equity and liabilities | 10/49 | €6,369,918 | €11,552,822 | +€5.2m | +81.4% |
| Equity | 10/15 | €839,041 | €1,136,102 | +€297,061 | +35.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €288,775 | €288,775 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €126,334 | €172,598 | +€46,264 | +36.6% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €72,598 | +€72,598 | |
| Other | 1319 | €26,334 | - | -€26,334 | |
| Tax-exempt reserves | 132 | €102,514 | €56,250 | -€46,264 | -45.1% |
| Distributable reserves | 133 | €59,927 | €59,927 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€133,538 | €48,032 | +€181,570 | |
| Investment grants | 15 | €183,804 | €299,294 | +€115,490 | +62.8% |
| Amounts payable | 17/49 | €5,530,877 | €10,416,720 | +€4.9m | +88.3% |
| Amounts payable after more than one year | 17 | €2,151,890 | €2,581,729 | +€429,839 | +20.0% |
| Financial debts | 170/4 | €2,151,890 | €2,331,729 | +€179,839 | +8.4% |
| Leasing and similar obligations | 172 | - | €397,852 | +€397,852 | |
| Credit institutions | 173 | €2,151,890 | €1,933,877 | -€218,013 | -10.1% |
| Other amounts payable | 178/9 | - | €250,000 | +€250,000 | |
| Amounts payable within one year | 42/48 | €3,376,649 | €7,832,571 | +€4.5m | +132% |
| Current portion of amounts payable after more than one year | 42 | €267,533 | €291,066 | +€23,533 | +8.8% |
| Financial debts | 43 | €1,500,000 | €1,291,340 | -€208,660 | -13.9% |
| Credit institutions | 430/8 | €1,500,000 | €1,291,340 | -€208,660 | -13.9% |
| Trade debts | 44 | €1,312,266 | €5,693,329 | +€4.4m | +334% |
| Suppliers | 440/4 | €1,312,266 | €5,693,329 | +€4.4m | +334% |
| Advances received on contracts in progress | 46 | - | €1,899 | +€1,899 | |
| Taxes, remuneration and social security | 45 | €296,850 | €237,309 | -€59,541 | -20.1% |
| Taxes | 450/3 | €114,442 | €81,009 | -€33,433 | -29.2% |
| Remuneration and social security | 454/9 | €182,408 | €156,300 | -€26,108 | -14.3% |
| Other amounts payable | 47/48 | - | €317,630 | +€317,630 | |
| Accrued charges and deferred income | 492/3 | €2,338 | €2,419 | +€81 | +3.5% |
| Operating income | 70/76A | €11,140,498 | €12,537,701 | +€1.4m | +12.5% |
| Turnover | 70 | €10,824,338 | €12,348,181 | +€1.5m | +14.1% |
| Own construction capitalised | 72 | €214,596 | €75,767 | -€138,829 | -64.7% |
| Other operating income | 74 | €59,822 | €64,270 | +€4,448 | +7.4% |
| Non-recurring operating income | 76A | €41,742 | €49,483 | +€7,741 | +18.5% |
| Operating charges | 60/66A | €11,641,232 | €12,297,798 | +€656,566 | +5.6% |
| Goods for resale, raw materials and consumables | 60 | €7,602,278 | €8,030,491 | +€428,213 | +5.6% |
| Purchases | 600/8 | €7,663,581 | €7,612,973 | -€50,608 | -0.7% |
| Change in stocks: decrease (increase) | 609 | -€61,303 | €417,518 | +€478,821 | |
| Services and other goods | 61 | €1,724,929 | €1,677,990 | -€46,939 | -2.7% |
| Remuneration, social security and pensions | 62 | €1,633,591 | €1,831,695 | +€198,104 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €470,716 | €624,818 | +€154,102 | +32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €107,524 | -€67,324 | -€174,848 | |
| Other operating charges | 640/8 | €54,217 | €68,773 | +€14,556 | +26.8% |
| Non-recurring operating charges | 66A | €47,977 | €131,356 | +€83,379 | +174% |
| Operating profit (loss) | 9901 | -€500,734 | €239,902 | +€740,636 | |
| Financial income | 75/76B | €129,702 | €144,100 | +€14,398 | +11.1% |
| Recurring financial income | 75 | €129,702 | €144,100 | +€14,398 | +11.1% |
| Income from current assets | 751 | €23,174 | €6,802 | -€16,372 | -70.6% |
| Other financial income | 752/9 | €106,528 | €137,297 | +€30,769 | +28.9% |
| Financial charges | 65/66B | €162,672 | €199,374 | +€36,702 | +22.6% |
| Recurring financial charges | 65 | €162,672 | €199,374 | +€36,702 | +22.6% |
| Debt charges | 650 | €136,525 | €156,512 | +€19,987 | +14.6% |
| Other financial charges | 652/9 | €26,147 | €42,862 | +€16,715 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | -€533,704 | €184,628 | +€718,332 | |
| Income taxes | 67/77 | - | €3,058 | +€3,058 | |
| Taxes | 670/3 | - | €3,058 | +€3,058 | |
| Profit (loss) for the period | 9904 | -€533,704 | €181,570 | +€715,274 | |
| Transfer from tax-exempt reserves | 789 | €164,236 | €0 | -€164,236 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€369,468 | €181,570 | +€551,038 |
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 19 October 2026 via checked.be.