D'HAENE FRERES: what changed
D'HAENE FRERES
Largest movements
- Cash -€83,504
down €83,504 (-48.6%), from €171,777 to €88,273
mainly Investment in fixed assets (net) (-€195,083) and Other debts (-€150,000)
- Tangible fixed assets -€30,948
down €30,948 (-5.1%), from €602,489 to €571,541
of which Leasing and similar rights: -€20,188
- Stocks and contracts -€15,693
down €15,693 (-41.1%), from €38,189 to €22,496
- Receivables within one year -€14,012
down €14,012 (-45.6%), from €30,709 to €16,697
of which Other amounts receivable: -€10,113
- Other debts -€150,000
no longer reported in 2026 (was €150,000)
- Reserves +€110,000
up €110,000 (+47.4%), from €231,932 to €341,932
of which Distributable reserves: +€110,000
- Debts after one year -€92,596
down €92,596 (-40.8%), from €226,882 to €134,286
- Trade debts -€25,108
down €25,108 (-75.8%), from €33,107 to €7,999
- Tax, wage and social debts +€11,094
up €11,094 (+388%), from €2,857 to €13,951
of which Taxes: +€11,000
- Gross operating margin +€88,179
up €88,179 (+27.8%), from €317,098 to €405,277
- Staff costs -€14,711
down €14,711 (-24.3%), from €60,661 to €45,950
- Depreciation -€12,060
down €12,060 (-5.1%), from €238,091 to €226,031
- Taxes +€11,000
new in 2026: €11,000
- Financial income -€5,968
down €5,968 (-89.4%), from €6,677 to €709
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €843,289 | €699,132 | -€144,157 | -17.1% |
| Fixed assets | 21/28 | €602,613 | €571,665 | -€30,948 | -5.1% |
| Tangible fixed assets | 22/27 | €602,489 | €571,541 | -€30,948 | -5.1% |
| Plant, machinery and equipment | 23 | €464,539 | €453,779 | -€10,760 | -2.3% |
| Leasing and similar rights | 25 | €137,950 | €117,762 | -€20,188 | -14.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €240,675 | €127,466 | -€113,209 | -47.0% |
| Stocks and contracts in progress | 3 | €38,189 | €22,496 | -€15,693 | -41.1% |
| Stocks | 30/36 | €38,189 | €22,496 | -€15,693 | -41.1% |
| Amounts receivable within one year | 40/41 | €30,709 | €16,697 | -€14,012 | -45.6% |
| Trade receivables | 40 | €12,831 | €8,932 | -€3,899 | -30.4% |
| Other amounts receivable | 41 | €17,878 | €7,765 | -€10,113 | -56.6% |
| Cash at bank and in hand | 54/58 | €171,777 | €88,273 | -€83,504 | -48.6% |
| Total equity and liabilities | 10/49 | €843,289 | €699,132 | -€144,157 | -17.1% |
| Equity | 10/15 | €337,835 | €450,299 | +€112,464 | +33.3% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €231,932 | €341,932 | +€110,000 | +47.4% |
| Non-distributable reserves | 130/1 | €11,200 | €11,200 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,455 | €23,455 | = | 0.0% |
| Distributable reserves | 133 | €197,276 | €307,276 | +€110,000 | +55.8% |
| Profit (loss) carried forward | 14 | -€7,196 | -€4,023 | +€3,173 | +44.1% |
| Investment grants | 15 | €1,100 | €390 | -€709 | -64.5% |
| Amounts payable | 17/49 | €505,454 | €248,833 | -€256,621 | -50.8% |
| Amounts payable after more than one year | 17 | €226,882 | €134,286 | -€92,596 | -40.8% |
| Financial debts | 170/4 | €226,882 | €134,286 | -€92,596 | -40.8% |
| Amounts payable within one year | 42/48 | €278,561 | €114,547 | -€164,014 | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €92,596 | €92,596 | = | 0.0% |
| Trade debts | 44 | €33,107 | €7,999 | -€25,108 | -75.8% |
| Suppliers | 440/4 | €33,107 | €7,999 | -€25,108 | -75.8% |
| Taxes, remuneration and social security | 45 | €2,857 | €13,951 | +€11,094 | +388% |
| Taxes | 450/3 | - | €11,000 | +€11,000 | |
| Remuneration and social security | 454/9 | €2,857 | €2,951 | +€94 | +3.3% |
| Other amounts payable | 47/48 | €150,000 | - | -€150,000 | |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Remuneration, social security and pensions | 62 | €60,661 | €45,950 | -€14,711 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,091 | €226,031 | -€12,060 | -5.1% |
| Other operating charges | 640/8 | €988 | €1,302 | +€314 | +31.8% |
| Gross operating margin | 9900 | €317,098 | €405,277 | +€88,179 | +27.8% |
| Operating profit (loss) | 9901 | €17,359 | €131,995 | +€114,636 | +660% |
| Financial income | 75/76B | €6,677 | €709 | -€5,968 | -89.4% |
| Recurring financial income | 75 | €6,677 | €709 | -€5,968 | -89.4% |
| Financial charges | 65/66B | €8,256 | €8,530 | +€274 | +3.3% |
| Recurring financial charges | 65 | €8,256 | €8,530 | +€274 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €15,779 | €124,173 | +€108,394 | +687% |
| Income taxes | 67/77 | - | €11,000 | +€11,000 | |
| Profit (loss) for the period | 9904 | €15,779 | €113,173 | +€97,394 | +617% |
| Profit (loss) for the period to be appropriated | 9905 | €15,779 | €113,173 | +€97,394 | +617% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.