D'HELDT: 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'HELDT
Largest movements
- Receivables within one year +€258,518
up €258,518 (+28.3%), from €913,919 to €1.2m
of which Other amounts receivable: +€443,723
- Cash -€164,226
down €164,226 (-78.3%), from €209,646 to €45,420
mainly Receivables within one year (-€258,518) and Trade debts (-€89,525)
- Current investments -€160,000
down €160,000 (-100%), from €160,000 to €0
- Stocks and contracts +€50,975
up €50,975 (+13.9%), from €367,255 to €418,230
- Reserves +€91,196
up €91,196 (+7.2%), from €1.3m to €1.4m
- Trade debts -€89,525
down €89,525 (-34.9%), from €256,705 to €167,180
- Tax, wage and social debts -€49,199
down €49,199 (-32.1%), from €153,436 to €104,238
of which Taxes: -€55,681
- Profit (loss) carried forward +€28,124
new in 2025: €28,124
- Gross operating margin -€199,600
down €199,600 (-25.3%), from €788,050 to €588,450
- Taxes -€58,745
down €58,745 (-55.3%), from €106,260 to €47,515
- Staff costs +€22,616
up €22,616 (+5.0%), from €456,254 to €478,869
- Other operating charges +€9,357
up €9,357 (+393%), from €2,383 to €11,740
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 | €1,701,668 | €1,677,005 | -€24,663 | -1.4% |
| Fixed assets | 21/28 | €50,848 | €40,917 | -€9,931 | -19.5% |
| Intangible fixed assets | 21 | €18,823 | €15,294 | -€3,529 | -18.7% |
| Tangible fixed assets | 22/27 | €21,903 | €15,501 | -€6,402 | -29.2% |
| Plant, machinery and equipment | 23 | €5,107 | €2,714 | -€2,393 | -46.9% |
| Furniture and vehicles | 24 | €16,796 | €12,787 | -€4,009 | -23.9% |
| Financial fixed assets | 28 | €10,122 | €10,122 | = | 0.0% |
| Current assets | 29/58 | €1,650,820 | €1,636,088 | -€14,733 | -0.9% |
| Stocks and contracts in progress | 3 | €367,255 | €418,230 | +€50,975 | +13.9% |
| Stocks | 30/36 | €367,255 | €418,230 | +€50,975 | +13.9% |
| Amounts receivable within one year | 40/41 | €913,919 | €1,172,437 | +€258,518 | +28.3% |
| Trade receivables | 40 | €384,314 | €199,109 | -€185,205 | -48.2% |
| Other amounts receivable | 41 | €529,605 | €973,328 | +€443,723 | +83.8% |
| Current investments | 50/53 | €160,000 | €0 | -€160,000 | -100% |
| Cash at bank and in hand | 54/58 | €209,646 | €45,420 | -€164,226 | -78.3% |
| Total equity and liabilities | 10/49 | €1,701,668 | €1,677,005 | -€24,663 | -1.4% |
| Equity | 10/15 | €1,282,990 | €1,402,310 | +€119,320 | +9.3% |
| Contributions | 10/11 | €20,860 | €20,860 | = | 0.0% |
| Reserves | 13 | €1,262,130 | €1,353,326 | +€91,196 | +7.2% |
| Distributable reserves | 133 | €1,262,130 | €1,353,326 | +€91,196 | +7.2% |
| Profit (loss) carried forward | 14 | - | €28,124 | +€28,124 | |
| Amounts payable | 17/49 | €418,678 | €274,695 | -€143,983 | -34.4% |
| Amounts payable after more than one year | 17 | €6,585 | - | -€6,585 | |
| Financial debts | 170/4 | €6,585 | - | -€6,585 | |
| Amounts payable within one year | 42/48 | €412,093 | €274,695 | -€137,398 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €1 | €1,327 | +€1,326 | +139,537% |
| Trade debts | 44 | €256,705 | €167,180 | -€89,525 | -34.9% |
| Suppliers | 440/4 | €256,705 | €167,180 | -€89,525 | -34.9% |
| Taxes, remuneration and social security | 45 | €153,436 | €104,238 | -€49,199 | -32.1% |
| Taxes | 450/3 | €84,175 | €28,493 | -€55,681 | -66.1% |
| Remuneration and social security | 454/9 | €69,262 | €75,745 | +€6,483 | +9.4% |
| Other amounts payable | 47/48 | €1,950 | €1,950 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €456,254 | €478,869 | +€22,616 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,887 | €20,264 | -€4,623 | -18.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €280 | +€280 | |
| Other operating charges | 640/8 | €2,383 | €11,740 | +€9,357 | +393% |
| Gross operating margin | 9900 | €788,050 | €588,450 | -€199,600 | -25.3% |
| Operating profit (loss) | 9901 | €304,527 | €77,296 | -€227,231 | -74.6% |
| Financial income | 75/76B | €3,901 | €1,157 | -€2,744 | -70.3% |
| Recurring financial income | 75 | €3,901 | €1,157 | -€2,744 | -70.3% |
| Financial charges | 65/66B | €2,297 | €2,814 | +€517 | +22.5% |
| Recurring financial charges | 65 | €2,297 | €864 | -€1,433 | -62.4% |
| Non-recurring financial charges | 66B | - | €1,950 | +€1,950 | |
| Profit (loss) for the period before taxes | 9903 | €306,131 | €75,639 | -€230,492 | -75.3% |
| Income taxes | 67/77 | €106,260 | €47,515 | -€58,745 | -55.3% |
| Profit (loss) for the period | 9904 | €199,871 | €28,124 | -€171,747 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €199,871 | €28,124 | -€171,747 | -85.9% |
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 27 October 2026 via checked.be.