D&L: 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&L
Largest movements
- Tangible fixed assets +€2.8m
up €2.8m (+463%), from €598,895 to €3.4m
of which Land and buildings: +€2.7m
- Stocks and contracts +€667,105
up €667,105 (+86.2%), from €774,080 to €1.4m
- Receivables within one year -€415,746
down €415,746 (-96.8%), from €429,536 to €13,791
of which Trade receivables: -€375,018
- Cash -€242,148
no longer reported in 2025 (was €242,148)
mainly Investment in fixed assets (net) (-€2.9m) and Stocks and contracts (-€667,105)
- Current investments +€70,774
new in 2025: €70,774
- Debts after one year +€2.1m
up €2.1m (+572%), from €369,208 to €2.5m
- Reserves +€775,018
up €775,018 (+72.0%), from €1.1m to €1.9m
of which Tax-exempt reserves: +€535,473
- Other debts -€260,394
down €260,394 (-99.5%), from €261,594 to €1,200
- Provisions +€178,491
new in 2025: €178,491
- Current portion of long-term debt +€111,386
up €111,386 (+114%), from €97,552 to €208,937
- Gross operating margin +€1.3m
up €1.3m (+234%), from €565,664 to €1.9m
- Other operating charges +€381,645
up €381,645 (+6,016%), from €6,344 to €387,990
- Staff costs +€101,629
up €101,629 (+68.9%), from €147,516 to €249,145
- Depreciation +€55,979
up €55,979 (+62.5%), from €89,597 to €145,576
- Financial charges +€36,871
up €36,871 (+432%), from €8,526 to €45,397
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 | €2,092,595 | €4,956,247 | +€2.9m | +137% |
| Fixed assets | 21/28 | €646,831 | €3,430,498 | +€2.8m | +430% |
| Intangible fixed assets | 21 | €47,935 | €59,963 | +€12,028 | +25.1% |
| Tangible fixed assets | 22/27 | €598,895 | €3,370,535 | +€2.8m | +463% |
| Land and buildings | 22 | €451,425 | €3,150,700 | +€2.7m | +598% |
| Plant, machinery and equipment | 23 | €31,085 | €146,935 | +€115,851 | +373% |
| Furniture and vehicles | 24 | €116,386 | €72,900 | -€43,486 | -37.4% |
| Current assets | 29/58 | €1,445,764 | €1,525,749 | +€79,985 | +5.5% |
| Stocks and contracts in progress | 3 | €774,080 | €1,441,184 | +€667,105 | +86.2% |
| Stocks | 30/36 | €774,080 | €1,441,184 | +€667,105 | +86.2% |
| Amounts receivable within one year | 40/41 | €429,536 | €13,791 | -€415,746 | -96.8% |
| Trade receivables | 40 | €375,018 | - | -€375,018 | |
| Other amounts receivable | 41 | €54,519 | €13,791 | -€40,728 | -74.7% |
| Current investments | 50/53 | - | €70,774 | +€70,774 | |
| Cash at bank and in hand | 54/58 | €242,148 | - | -€242,148 | |
| Total equity and liabilities | 10/49 | €2,092,595 | €4,956,247 | +€2.9m | +137% |
| Equity | 10/15 | €1,096,496 | €1,871,514 | +€775,018 | +70.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,076,496 | €1,851,514 | +€775,018 | +72.0% |
| Tax-exempt reserves | 132 | - | €535,473 | +€535,473 | |
| Distributable reserves | 133 | €1,076,496 | €1,316,041 | +€239,546 | +22.3% |
| Provisions and deferred taxes | 16 | - | €178,491 | +€178,491 | |
| Deferred taxes | 168 | - | €178,491 | +€178,491 | |
| Amounts payable | 17/49 | €996,099 | €2,906,242 | +€1.9m | +192% |
| Amounts payable after more than one year | 17 | €369,208 | €2,482,419 | +€2.1m | +572% |
| Financial debts | 170/4 | €369,208 | €2,482,419 | +€2.1m | +572% |
| Amounts payable within one year | 42/48 | €605,176 | €423,606 | -€181,571 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €97,552 | €208,937 | +€111,386 | +114% |
| Financial debts | 43 | €13,318 | - | -€13,318 | |
| Other loans | 439 | €13,318 | - | -€13,318 | |
| Trade debts | 44 | €158,522 | €154,766 | -€3,756 | -2.4% |
| Suppliers | 440/4 | €158,522 | €154,766 | -€3,756 | -2.4% |
| Taxes, remuneration and social security | 45 | €74,191 | €58,702 | -€15,489 | -20.9% |
| Taxes | 450/3 | €61,244 | €39,873 | -€21,370 | -34.9% |
| Remuneration and social security | 454/9 | €12,947 | €18,829 | +€5,882 | +45.4% |
| Other amounts payable | 47/48 | €261,594 | €1,200 | -€260,394 | -99.5% |
| Accrued charges and deferred income | 492/3 | €21,714 | €218 | -€21,496 | -99.0% |
| Remuneration, social security and pensions | 62 | €147,516 | €249,145 | +€101,629 | +68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,597 | €145,576 | +€55,979 | +62.5% |
| Other operating charges | 640/8 | €6,344 | €387,990 | +€381,645 | +6,016% |
| Gross operating margin | 9900 | €565,664 | €1,889,385 | +€1.3m | +234% |
| Operating profit (loss) | 9901 | €322,207 | €1,106,674 | +€784,468 | +243% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €8,526 | €45,397 | +€36,871 | +432% |
| Recurring financial charges | 65 | €8,526 | €45,397 | +€36,871 | +432% |
| Profit (loss) for the period before taxes | 9903 | €313,681 | €1,061,315 | +€747,634 | +238% |
| Transfer from deferred taxes | 780 | - | €10,904 | +€10,904 | |
| Transfer to deferred taxes | 680 | - | €189,395 | +€189,395 | |
| Income taxes | 67/77 | €101,244 | €107,806 | +€6,563 | +6.5% |
| Profit (loss) for the period | 9904 | €212,437 | €775,018 | +€562,581 | +265% |
| Transfer from tax-exempt reserves | 789 | - | €32,712 | +€32,712 | |
| Transfer to tax-exempt reserves | 689 | - | €568,185 | +€568,185 | |
| Profit (loss) for the period to be appropriated | 9905 | €212,437 | €239,546 | +€27,108 | +12.8% |
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 15 October 2026 via checked.be.