D’Haen: 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’Haen
Largest movements
- Current investments -€140,000
down €140,000 (-70.0%), from €200,000 to €60,000
- Cash -€42,976
down €42,976 (-45.3%), from €94,782 to €51,806
mainly Other debts (-€240,894) and Tax, wage and social debts (-€57,004)
- Tangible fixed assets -€19,124
down €19,124 (-9.9%), from €192,236 to €173,112
of which Furniture and vehicles: -€12,661
- Other debts -€240,894
down €240,894 (-91.7%), from €262,682 to €21,788
- Profit (loss) carried forward +€107,209
up €107,209 (+82.4%), from €130,139 to €237,348
- Tax, wage and social debts -€57,004
down €57,004 (-81.1%), from €70,286 to €13,282
- Debts after one year -€15,490
down €15,490 (-20.9%), from €74,228 to €58,738
- Gross operating margin -€28,099
down €28,099 (-14.1%), from €198,724 to €170,626
- Taxes -€9,604
down €9,604 (-21.1%), from €45,587 to €35,982
- Write-downs +€3,600
new in 2025: €3,600
- Financial income -€2,029
down €2,029 (-40.7%), from €4,987 to €2,958
- Financial charges -€2,002
down €2,002 (-34.6%), from €5,787 to €3,785
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 | €557,624 | €352,665 | -€204,960 | -36.8% |
| Fixed assets | 21/28 | €192,236 | €173,112 | -€19,124 | -9.9% |
| Tangible fixed assets | 22/27 | €192,236 | €173,112 | -€19,124 | -9.9% |
| Land and buildings | 22 | €142,795 | €134,448 | -€8,347 | -5.8% |
| Plant, machinery and equipment | 23 | - | €1,884 | +€1,884 | |
| Furniture and vehicles | 24 | €49,441 | €36,780 | -€12,661 | -25.6% |
| Current assets | 29/58 | €365,389 | €179,553 | -€185,836 | -50.9% |
| Amounts receivable within one year | 40/41 | €69,606 | €66,626 | -€2,979 | -4.3% |
| Trade receivables | 40 | €69,606 | €66,625 | -€2,981 | -4.3% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Current investments | 50/53 | €200,000 | €60,000 | -€140,000 | -70.0% |
| Cash at bank and in hand | 54/58 | €94,782 | €51,806 | -€42,976 | -45.3% |
| Deferred charges and accrued income | 490/1 | €1,001 | €1,121 | +€120 | +12.0% |
| Total equity and liabilities | 10/49 | €557,624 | €352,665 | -€204,960 | -36.8% |
| Equity | 10/15 | €135,139 | €242,348 | +€107,209 | +79.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,139 | €237,348 | +€107,209 | +82.4% |
| Amounts payable | 17/49 | €422,485 | €110,317 | -€312,169 | -73.9% |
| Amounts payable after more than one year | 17 | €74,228 | €58,738 | -€15,490 | -20.9% |
| Financial debts | 170/4 | €74,228 | €58,738 | -€15,490 | -20.9% |
| Amounts payable within one year | 42/48 | €348,257 | €51,578 | -€296,679 | -85.2% |
| Current portion of amounts payable after more than one year | 42 | €15,156 | €15,490 | +€334 | +2.2% |
| Trade debts | 44 | €133 | €1,019 | +€885 | +665% |
| Suppliers | 440/4 | €133 | €1,019 | +€885 | +665% |
| Taxes, remuneration and social security | 45 | €70,286 | €13,282 | -€57,004 | -81.1% |
| Taxes | 450/3 | €70,286 | €13,282 | -€57,004 | -81.1% |
| Other amounts payable | 47/48 | €262,682 | €21,788 | -€240,894 | -91.7% |
| Non-recurring operating income | 76A | - | €842 | +€842 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,632 | €21,413 | +€781 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,600 | +€3,600 | |
| Other operating charges | 640/8 | €1,567 | €1,594 | +€27 | +1.7% |
| Gross operating margin | 9900 | €198,724 | €170,626 | -€28,099 | -14.1% |
| Operating profit (loss) | 9901 | €176,526 | €144,018 | -€32,507 | -18.4% |
| Financial income | 75/76B | €4,987 | €2,958 | -€2,029 | -40.7% |
| Recurring financial income | 75 | €4,987 | €2,958 | -€2,029 | -40.7% |
| Financial charges | 65/66B | €5,787 | €3,785 | -€2,002 | -34.6% |
| Recurring financial charges | 65 | €5,787 | €3,785 | -€2,002 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €175,726 | €143,191 | -€32,534 | -18.5% |
| Income taxes | 67/77 | €45,587 | €35,982 | -€9,604 | -21.1% |
| Profit (loss) for the period | 9904 | €130,139 | €107,209 | -€22,930 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,139 | €107,209 | -€22,930 | -17.6% |
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 20 October 2026 via checked.be.