D-hotels: 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-hotels
Largest movements
- Tangible fixed assets +€214,425
up €214,425 (+38.2%), from €560,858 to €775,283
of which Other tangible fixed assets: +€207,882
- Cash -€57,993
down €57,993 (-46.7%), from €124,293 to €66,300
mainly Investment in fixed assets (net) (-€336,139) and Net result for the year (-€73,034)
- Intangible fixed assets -€37,500
down €37,500 (-30.0%), from €125,000 to €87,500
- Receivables within one year -€12,800
down €12,800 (-34.1%), from €37,555 to €24,755
of which Trade receivables: -€9,574
- Other debts +€94,164
up €94,164 (+46.8%), from €201,123 to €295,287
- Debts after one year +€81,328
up €81,328 (+45.6%), from €178,158 to €259,485
- Reserves -€73,034
down €73,034 (-36.0%), from €203,027 to €129,993
- Accrued charges and deferred income +€19,212
up €19,212 (+213%), from €9,003 to €28,215
- Advances received -€15,793
down €15,793 (-88.4%), from €17,871 to €2,078
- Gross operating margin -€62,782
down €62,782 (-13.1%), from €479,026 to €416,244
- Depreciation +€35,175
up €35,175 (+28.5%), from €123,508 to €158,683
- Financial charges -€5,583
down €5,583 (-27.8%), from €20,074 to €14,491
of which Financial charges: -€7,040
- Other operating charges -€5,187
down €5,187 (-12.9%), from €40,235 to €35,048
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 | €850,401 | €960,057 | +€109,656 | +12.9% |
| Formation expenses | 20 | €159 | - | -€159 | |
| Fixed assets | 21/28 | €685,858 | €863,473 | +€177,615 | +25.9% |
| Intangible fixed assets | 21 | €125,000 | €87,500 | -€37,500 | -30.0% |
| Tangible fixed assets | 22/27 | €560,858 | €775,283 | +€214,425 | +38.2% |
| Plant, machinery and equipment | 23 | €50,078 | €49,972 | -€106 | -0.2% |
| Furniture and vehicles | 24 | €41,629 | €48,278 | +€6,649 | +16.0% |
| Other tangible fixed assets | 26 | €469,152 | €677,034 | +€207,882 | +44.3% |
| Financial fixed assets | 28 | - | €690 | +€690 | |
| Current assets | 29/58 | €164,384 | €96,583 | -€67,801 | -41.2% |
| Amounts receivable within one year | 40/41 | €37,555 | €24,755 | -€12,800 | -34.1% |
| Trade receivables | 40 | €9,769 | €195 | -€9,574 | -98.0% |
| Other amounts receivable | 41 | €27,785 | €24,560 | -€3,226 | -11.6% |
| Cash at bank and in hand | 54/58 | €124,293 | €66,300 | -€57,993 | -46.7% |
| Deferred charges and accrued income | 490/1 | €2,537 | €5,529 | +€2,992 | +118% |
| Total equity and liabilities | 10/49 | €850,401 | €960,057 | +€109,656 | +12.9% |
| Equity | 10/15 | €227,835 | €154,801 | -€73,034 | -32.1% |
| Contributions | 10/11 | €24,808 | €24,808 | = | 0.0% |
| Reserves | 13 | €203,027 | €129,993 | -€73,034 | -36.0% |
| Distributable reserves | 133 | €203,027 | €129,993 | -€73,034 | -36.0% |
| Amounts payable | 17/49 | €622,566 | €805,256 | +€182,690 | +29.3% |
| Amounts payable after more than one year | 17 | €178,158 | €259,485 | +€81,328 | +45.6% |
| Financial debts | 170/4 | €178,158 | €259,485 | +€81,328 | +45.6% |
| Amounts payable within one year | 42/48 | €435,406 | €517,555 | +€82,150 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €117,505 | €130,150 | +€12,645 | +10.8% |
| Financial debts | 43 | €5,007 | €7,950 | +€2,943 | +58.8% |
| Credit institutions | 430/8 | €5,007 | €7,950 | +€2,943 | +58.8% |
| Trade debts | 44 | €63,810 | €52,803 | -€11,007 | -17.2% |
| Suppliers | 440/4 | €63,810 | €52,803 | -€11,007 | -17.2% |
| Advances received on contracts in progress | 46 | €17,871 | €2,078 | -€15,793 | -88.4% |
| Taxes, remuneration and social security | 45 | €30,091 | €29,288 | -€803 | -2.7% |
| Taxes | 450/3 | €2,207 | €1,914 | -€293 | -13.3% |
| Remuneration and social security | 454/9 | €27,884 | €27,374 | -€510 | -1.8% |
| Other amounts payable | 47/48 | €201,123 | €295,287 | +€94,164 | +46.8% |
| Accrued charges and deferred income | 492/3 | €9,003 | €28,215 | +€19,212 | +213% |
| Remuneration, social security and pensions | 62 | €283,029 | €281,197 | -€1,832 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,508 | €158,683 | +€35,175 | +28.5% |
| Other operating charges | 640/8 | €40,235 | €35,048 | -€5,187 | -12.9% |
| Gross operating margin | 9900 | €479,026 | €416,244 | -€62,782 | -13.1% |
| Operating profit (loss) | 9901 | €32,253 | -€58,685 | -€90,938 | |
| Financial income | 75/76B | €581 | €142 | -€439 | -75.6% |
| Recurring financial income | 75 | €581 | €142 | -€439 | -75.6% |
| Financial charges | 65/66B | €20,074 | €14,491 | -€5,583 | -27.8% |
| Recurring financial charges | 65 | €20,074 | €13,034 | -€7,040 | -35.1% |
| Non-recurring financial charges | 66B | - | €1,457 | +€1,457 | |
| Profit (loss) for the period before taxes | 9903 | €12,760 | -€73,034 | -€85,794 | |
| Income taxes | 67/77 | €858 | - | -€858 | |
| Profit (loss) for the period | 9904 | €11,902 | -€73,034 | -€84,936 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,902 | -€73,034 | -€84,936 |
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 18 October 2026 via checked.be.