D'hooghe: 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'hooghe
Largest movements
- Cash +€377,184
up €377,184 (+83.5%), from €451,794 to €828,978
mainly Net result for the year (+€304,975) and Depreciation (+€225,698)
- Receivables within one year -€131,704
down €131,704 (-19.3%), from €680,722 to €549,017
of which Trade receivables: -€100,667
- Tangible fixed assets -€36,680
down €36,680 (-3.3%), from €1.1m to €1.1m
of which Land and buildings: -€54,450
- Reserves +€304,975
up €304,975 (+19.5%), from €1.6m to €1.9m
of which Distributable reserves: +€310,602
- Debts after one year -€82,749
down €82,749 (-75.1%), from €110,240 to €27,491
- Staff costs +€110,832
up €110,832 (+33.0%), from €335,706 to €446,537
- Gross operating margin +€92,868
up €92,868 (+9.3%), from €1.0m to €1.1m
- Depreciation +€46,838
up €46,838 (+26.2%), from €178,859 to €225,698
- Other operating charges -€12,504
down €12,504 (-42.5%), from €29,406 to €16,902
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.
Cash bridge derived
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 | €2,305,436 | €2,518,083 | +€212,647 | +9.2% |
| Fixed assets | 21/28 | €1,095,938 | €1,059,259 | -€36,680 | -3.3% |
| Tangible fixed assets | 22/27 | €1,095,938 | €1,059,259 | -€36,680 | -3.3% |
| Land and buildings | 22 | €591,508 | €537,058 | -€54,450 | -9.2% |
| Plant, machinery and equipment | 23 | €183,892 | €210,612 | +€26,720 | +14.5% |
| Furniture and vehicles | 24 | €320,539 | €311,589 | -€8,950 | -2.8% |
| Current assets | 29/58 | €1,209,498 | €1,458,824 | +€249,327 | +20.6% |
| Stocks and contracts in progress | 3 | €71,007 | €73,576 | +€2,569 | +3.6% |
| Stocks | 30/36 | €71,007 | €73,576 | +€2,569 | +3.6% |
| Amounts receivable within one year | 40/41 | €680,722 | €549,017 | -€131,704 | -19.3% |
| Trade receivables | 40 | €612,843 | €512,176 | -€100,667 | -16.4% |
| Other amounts receivable | 41 | €67,879 | €36,842 | -€31,037 | -45.7% |
| Cash at bank and in hand | 54/58 | €451,794 | €828,978 | +€377,184 | +83.5% |
| Deferred charges and accrued income | 490/1 | €5,975 | €7,253 | +€1,278 | +21.4% |
| Total equity and liabilities | 10/49 | €2,305,436 | €2,518,083 | +€212,647 | +9.2% |
| Equity | 10/15 | €1,590,414 | €1,895,389 | +€304,975 | +19.2% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,565,625 | €1,870,599 | +€304,975 | +19.5% |
| Tax-exempt reserves | 132 | €5,628 | - | -€5,628 | |
| Distributable reserves | 133 | €1,559,997 | €1,870,599 | +€310,602 | +19.9% |
| Amounts payable | 17/49 | €715,022 | €622,694 | -€92,328 | -12.9% |
| Amounts payable after more than one year | 17 | €110,240 | €27,491 | -€82,749 | -75.1% |
| Financial debts | 170/4 | €110,240 | €27,491 | -€82,749 | -75.1% |
| Amounts payable within one year | 42/48 | €583,977 | €588,449 | +€4,471 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €79,904 | €82,749 | +€2,845 | +3.6% |
| Trade debts | 44 | €410,627 | €425,973 | +€15,346 | +3.7% |
| Suppliers | 440/4 | €410,627 | €425,973 | +€15,346 | +3.7% |
| Taxes, remuneration and social security | 45 | €77,081 | €62,982 | -€14,099 | -18.3% |
| Taxes | 450/3 | €17,179 | €13,678 | -€3,501 | -20.4% |
| Remuneration and social security | 454/9 | €59,902 | €49,304 | -€10,598 | -17.7% |
| Other amounts payable | 47/48 | €16,365 | €16,745 | +€380 | +2.3% |
| Accrued charges and deferred income | 492/3 | €20,805 | €6,755 | -€14,050 | -67.5% |
| Non-recurring operating income | 76A | €5,785 | €4,566 | -€1,219 | -21.1% |
| Remuneration, social security and pensions | 62 | €335,706 | €446,537 | +€110,832 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,859 | €225,698 | +€46,838 | +26.2% |
| Other operating charges | 640/8 | €29,406 | €16,902 | -€12,504 | -42.5% |
| Gross operating margin | 9900 | €1,002,266 | €1,095,134 | +€92,868 | +9.3% |
| Operating profit (loss) | 9901 | €458,295 | €405,997 | -€52,298 | -11.4% |
| Financial income | 75/76B | €2,453 | €3,465 | +€1,012 | +41.3% |
| Recurring financial income | 75 | €2,453 | €3,465 | +€1,012 | +41.3% |
| Financial charges | 65/66B | €9,941 | €7,444 | -€2,497 | -25.1% |
| Recurring financial charges | 65 | €9,941 | €7,444 | -€2,497 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €450,807 | €402,017 | -€48,789 | -10.8% |
| Income taxes | 67/77 | €107,731 | €97,043 | -€10,688 | -9.9% |
| Profit (loss) for the period | 9904 | €343,075 | €304,975 | -€38,101 | -11.1% |
| Transfer from tax-exempt reserves | 789 | - | €5,628 | +€5,628 | |
| Profit (loss) for the period to be appropriated | 9905 | €343,075 | €310,602 | -€32,473 | -9.5% |
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 12 October 2026 via checked.be.