D'HAEZE: 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'HAEZE
Largest movements
- Cash -€111,251
down €111,251 (-98.3%), from €113,150 to €1,899
mainly Investment in fixed assets (net) (-€224,329) and Debts after one year (-€122,095)
- Receivables within one year -€71,200
down €71,200 (-37.2%), from €191,476 to €120,276
of which Trade receivables: -€36,853
- Receivables after one year +€66,424
up €66,424 (+5.2%), from €1.3m to €1.3m
- Tangible fixed assets +€60,114
up €60,114 (+2.1%), from €2.8m to €2.9m
of which Land and buildings: +€63,871
- Other debts +€149,142
up €149,142 (+28.1%), from €530,325 to €679,467
- Debts after one year -€122,095
down €122,095 (-9.5%), from €1.3m to €1.2m
- Short-term financial debts -€58,663
down €58,663 (-18.2%), from €322,663 to €264,000
- Depreciation +€35,774
up €35,774 (+29.0%), from €123,442 to €159,216
- Gross operating margin -€16,772
down €16,772 (-6.3%), from €267,514 to €250,743
- Taxes -€10,630
down €10,630 (-80.8%), from €13,153 to €2,522
- Financial charges -€8,132
down €8,132 (-12.4%), from €65,479 to €57,347
- Other operating charges +€7,708
up €7,708 (+22.8%), from €33,844 to €41,553
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 | €4,392,236 | €4,344,367 | -€47,868 | -1.1% |
| Fixed assets | 21/28 | €2,808,508 | €2,873,621 | +€65,114 | +2.3% |
| Tangible fixed assets | 22/27 | €2,806,165 | €2,866,279 | +€60,114 | +2.1% |
| Land and buildings | 22 | €2,792,275 | €2,856,146 | +€63,871 | +2.3% |
| Plant, machinery and equipment | 23 | €2,902 | €2,282 | -€620 | -21.4% |
| Furniture and vehicles | 24 | €10,988 | €7,850 | -€3,137 | -28.6% |
| Financial fixed assets | 28 | €2,343 | €7,343 | +€5,000 | +213% |
| Current assets | 29/58 | €1,583,728 | €1,470,746 | -€112,982 | -7.1% |
| Amounts receivable after more than one year | 29 | €1,269,982 | €1,336,406 | +€66,424 | +5.2% |
| Other amounts receivable | 291 | €1,269,982 | €1,336,406 | +€66,424 | +5.2% |
| Amounts receivable within one year | 40/41 | €191,476 | €120,276 | -€71,200 | -37.2% |
| Trade receivables | 40 | €149,629 | €112,776 | -€36,853 | -24.6% |
| Other amounts receivable | 41 | €41,847 | €7,500 | -€34,347 | -82.1% |
| Cash at bank and in hand | 54/58 | €113,150 | €1,899 | -€111,251 | -98.3% |
| Deferred charges and accrued income | 490/1 | €9,120 | €12,165 | +€3,045 | +33.4% |
| Total equity and liabilities | 10/49 | €4,392,236 | €4,344,367 | -€47,868 | -1.1% |
| Equity | 10/15 | €2,070,683 | €2,089,126 | +€18,442 | +0.9% |
| Contributions | 10/11 | €909,000 | €909,000 | = | 0.0% |
| Capital | 10 | €909,000 | €909,000 | = | 0.0% |
| Issued capital | 100 | €909,000 | €909,000 | = | 0.0% |
| Reserves | 13 | €1,161,683 | €1,180,126 | +€18,442 | +1.6% |
| Non-distributable reserves | 130/1 | €90,900 | €90,900 | = | 0.0% |
| Legal reserve | 130 | €90,900 | €90,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,800 | €16,800 | = | 0.0% |
| Distributable reserves | 133 | €1,053,983 | €1,072,426 | +€18,442 | +1.7% |
| Amounts payable | 17/49 | €2,321,552 | €2,255,242 | -€66,310 | -2.9% |
| Amounts payable after more than one year | 17 | €1,281,879 | €1,159,784 | -€122,095 | -9.5% |
| Financial debts | 170/4 | €1,281,879 | €1,159,784 | -€122,095 | -9.5% |
| Amounts payable within one year | 42/48 | €1,024,670 | €1,077,354 | +€52,685 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €133,011 | €125,245 | -€7,765 | -5.8% |
| Financial debts | 43 | €322,663 | €264,000 | -€58,663 | -18.2% |
| Credit institutions | 430/8 | €322,663 | €264,000 | -€58,663 | -18.2% |
| Trade debts | 44 | €32,900 | €2,582 | -€30,318 | -92.2% |
| Suppliers | 440/4 | €32,900 | €2,582 | -€30,318 | -92.2% |
| Taxes, remuneration and social security | 45 | €5,771 | €6,059 | +€289 | +5.0% |
| Taxes | 450/3 | €5,612 | €6,059 | +€448 | +8.0% |
| Remuneration and social security | 454/9 | €159 | - | -€159 | |
| Other amounts payable | 47/48 | €530,325 | €679,467 | +€149,142 | +28.1% |
| Accrued charges and deferred income | 492/3 | €15,003 | €18,103 | +€3,100 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,442 | €159,216 | +€35,774 | +29.0% |
| Other operating charges | 640/8 | €33,844 | €41,553 | +€7,708 | +22.8% |
| Gross operating margin | 9900 | €267,514 | €250,743 | -€16,772 | -6.3% |
| Operating profit (loss) | 9901 | €110,228 | €49,974 | -€60,254 | -54.7% |
| Financial income | 75/76B | €29,091 | €30,056 | +€965 | +3.3% |
| Recurring financial income | 75 | €28,473 | €26,187 | -€2,286 | -8.0% |
| Non-recurring financial income | 76B | €618 | €3,869 | +€3,251 | +526% |
| Financial charges | 65/66B | €65,479 | €57,347 | -€8,132 | -12.4% |
| Recurring financial charges | 65 | €65,479 | €57,347 | -€8,132 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €73,840 | €22,682 | -€51,158 | -69.3% |
| Income taxes | 67/77 | €13,153 | €2,522 | -€10,630 | -80.8% |
| Profit (loss) for the period | 9904 | €60,688 | €20,160 | -€40,527 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,688 | €20,160 | -€40,527 | -66.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.