D'HONT - DECLERCQ MANAGEMENT: 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'HONT - DECLERCQ MANAGEMENT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€783,838
2024 · €361,190+€422,648
Equity
€2.3m
2024 · €1.7m+€597,046
Cash
€28,973
2024 · €32,792-€3,820
Balance sheet total
€4.4m
2024 · €3.6m+€851,864
Largest movements
Assets
- Tangible fixed assets +€901,378
up €901,378 (+28.1%), from €3.2m to €4.1m
of which Land and buildings: +€937,106
Equity and liabilities
- Reserves +€597,046
up €597,046 (+55.7%), from €1.1m to €1.7m
of which Tax-exempt reserves: +€546,081
- Short-term financial debts +€393,000
up €393,000 (+77.5%), from €507,000 to €900,000
- Other debts -€298,943
down €298,943 (-31.8%), from €940,251 to €641,308
- Provisions +€182,027
up €182,027 (+332%), from €54,789 to €236,816
- Trade debts +€59,569
up €59,569 (+106%), from €56,425 to €115,995
Income statement
- Gross operating margin +€348,598
up €348,598 (+48.5%), from €719,355 to €1.1m
- Taxes -€127,669
down €127,669 (-88.4%), from €144,467 to €16,798
- Depreciation +€62,704
up €62,704 (+59.4%), from €105,566 to €168,270
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
€361,190
Gross operating margin
+€348,598
Depreciation
-€62,704
Write-downs
-€363
Other operating charges
+€5,553
Financial income
+€7,091
Financial charges
-€6,203
Taxes
+€127,669
Deferred taxes and other
+€3,007
Result 2025
€783,838
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
+€883,836
Investment
-€1.1m
Financing
+€164,598
Cash 2024
€32,792
From operations (derived)
+€883,836
Net result for the year
+€783,838
Depreciation
+€168,270
Receivables within one year
+€29,154
Deferred charges and accrued income
-€854
Provisions
+€182,027
Trade debts
+€59,569
Tax, wage and social debts
-€31,563
Other debts
-€298,943
Accrued charges and deferred income
-€7,662
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€164,598
Debts after one year
-€19,621
Current portion of long-term debt
-€21,989
Short-term financial debts
+€393,000
Contributions, distributions and other
-€186,792
Cash 2025
€28,973
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,597,821 | €4,449,685 | +€851,864 | +23.7% |
| Fixed assets | 21/28 | €3,223,064 | €4,107,048 | +€883,983 | +27.4% |
| Tangible fixed assets | 22/27 | €3,205,669 | €4,107,048 | +€901,378 | +28.1% |
| Land and buildings | 22 | €2,933,703 | €3,870,809 | +€937,106 | +31.9% |
| Plant, machinery and equipment | 23 | €55,544 | €43,560 | -€11,984 | -21.6% |
| Furniture and vehicles | 24 | €22,711 | €10,475 | -€12,236 | -53.9% |
| Other tangible fixed assets | 26 | €193,710 | €182,203 | -€11,507 | -5.9% |
| Financial fixed assets | 28 | €17,395 | €0 | -€17,395 | -100% |
| Current assets | 29/58 | €374,756 | €342,637 | -€32,119 | -8.6% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €132,965 | €103,811 | -€29,154 | -21.9% |
| Trade receivables | 40 | €71,643 | €10,599 | -€61,044 | -85.2% |
| Other amounts receivable | 41 | €61,321 | €93,212 | +€31,890 | +52.0% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,792 | €28,973 | -€3,820 | -11.6% |
| Deferred charges and accrued income | 490/1 | €8,999 | €9,854 | +€854 | +9.5% |
| Total equity and liabilities | 10/49 | €3,597,821 | €4,449,685 | +€851,864 | +23.7% |
| Equity | 10/15 | €1,668,963 | €2,266,009 | +€597,046 | +35.8% |
| Contributions | 10/11 | €596,743 | €596,743 | = | 0.0% |
| Reserves | 13 | €1,072,219 | €1,669,266 | +€597,046 | +55.7% |
| Tax-exempt reserves | 132 | €192,596 | €738,677 | +€546,081 | +284% |
| Distributable reserves | 133 | €879,624 | €930,589 | +€50,965 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €54,789 | €236,816 | +€182,027 | +332% |
| Deferred taxes | 168 | €54,789 | €236,816 | +€182,027 | +332% |
| Amounts payable | 17/49 | €1,874,069 | €1,946,860 | +€72,791 | +3.9% |
| Amounts payable after more than one year | 17 | €218,584 | €198,963 | -€19,621 | -9.0% |
| Financial debts | 170/4 | €218,584 | €198,963 | -€19,621 | -9.0% |
| Amounts payable within one year | 42/48 | €1,602,011 | €1,702,085 | +€100,074 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €41,610 | €19,621 | -€21,989 | -52.8% |
| Financial debts | 43 | €507,000 | €900,000 | +€393,000 | +77.5% |
| Credit institutions | 430/8 | €507,000 | €900,000 | +€393,000 | +77.5% |
| Trade debts | 44 | €56,425 | €115,995 | +€59,569 | +106% |
| Suppliers | 440/4 | €56,425 | €115,995 | +€59,569 | +106% |
| Taxes, remuneration and social security | 45 | €56,725 | €25,161 | -€31,563 | -55.6% |
| Taxes | 450/3 | €56,725 | €25,161 | -€31,563 | -55.6% |
| Other amounts payable | 47/48 | €940,251 | €641,308 | -€298,943 | -31.8% |
| Accrued charges and deferred income | 492/3 | €53,473 | €45,811 | -€7,662 | -14.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,566 | €168,270 | +€62,704 | +59.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €363 | +€363 | |
| Other operating charges | 640/8 | €57,531 | €51,978 | -€5,553 | -9.7% |
| Gross operating margin | 9900 | €719,355 | €1,067,953 | +€348,598 | +48.5% |
| Operating profit (loss) | 9901 | €556,257 | €847,342 | +€291,085 | +52.3% |
| Financial income | 75/76B | €16,927 | €24,017 | +€7,091 | +41.9% |
| Recurring financial income | 75 | €16,927 | €24,017 | +€7,091 | +41.9% |
| Financial charges | 65/66B | €69,285 | €75,487 | +€6,203 | +9.0% |
| Recurring financial charges | 65 | €69,285 | €75,487 | +€6,203 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €503,899 | €795,872 | +€291,973 | +57.9% |
| Transfer from deferred taxes | 780 | €1,758 | €4,765 | +€3,007 | +171% |
| Income taxes | 67/77 | €144,467 | €16,798 | -€127,669 | -88.4% |
| Profit (loss) for the period | 9904 | €361,190 | €783,838 | +€422,648 | +117% |
| Transfer from tax-exempt reserves | 789 | €5,275 | €14,294 | +€9,020 | +171% |
| Transfer to tax-exempt reserves | 689 | - | €747,168 | +€747,168 | |
| Profit (loss) for the period to be appropriated | 9905 | €366,465 | €50,965 | -€315,500 | -86.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.