D.L.B.: what changed
Two fiscal 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.B.
Largest movements
- Intangible fixed assets +€118,630
new in 2025: €118,630
- Tangible fixed assets +€116,255
up €116,255 (+90.6%), from €128,320 to €244,575
of which Other tangible fixed assets: +€101,256
- Receivables within one year +€95,651
up €95,651 (+83.6%), from €114,371 to €210,022
of which Trade receivables: +€97,898
- Cash -€84,059
down €84,059 (-32.5%), from €259,018 to €174,960
mainly Investment in fixed assets (net) (-€279,843) and Receivables within one year (-€95,651)
- Deferred charges and accrued income +€22,505
up €22,505 (+146.0%), from €15,411 to €37,916
- Debts after one year +€130,304
up €130,304 (+984.3%), from €13,238 to €143,542
- Trade debts +€43,458
up €43,458 (+46.9%), from €92,722 to €136,180
- Other debts +€34,984
up €34,984 (+65.2%), from €53,665 to €88,649
- Current portion of long-term debt +€24,125
up €24,125 (+51.4%), from €46,893 to €71,018
- Tax, wage and social debts +€19,049
up €19,049 (+26.9%), from €70,761 to €89,810
of which Taxes: +€11,970
- Gross operating margin +€48,344
up €48,344 (+9.3%), from €519,299 to €567,644
- Staff costs +€42,889
up €42,889 (+11.4%), from €375,022 to €417,910
- Taxes -€17,216
down €17,216 (-50.1%), from €34,362 to €17,146
- Depreciation +€12,947
up €12,947 (+40.4%), from €32,011 to €44,958
- Financial income -€8,232
down €8,232 (-82.1%), from €10,023 to €1,791
of which Non-recurring financial income: -€9,000
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 | €517,121 | €786,103 | +€268,982 | +52.0% |
| Fixed assets | 21/28 | €128,320 | €363,205 | +€234,885 | +183.0% |
| Intangible fixed assets | 21 | - | €118,630 | +€118,630 | |
| Tangible fixed assets | 22/27 | €128,320 | €244,575 | +€116,255 | +90.6% |
| Furniture and vehicles | 24 | €51,451 | €66,581 | +€15,131 | +29.4% |
| Leasing and similar rights | 25 | €482 | €351 | -€131 | -27.3% |
| Other tangible fixed assets | 26 | €76,387 | €177,643 | +€101,256 | +132.6% |
| Current assets | 29/58 | €388,800 | €422,897 | +€34,097 | +8.8% |
| Amounts receivable within one year | 40/41 | €114,371 | €210,022 | +€95,651 | +83.6% |
| Trade receivables | 40 | €98,755 | €196,653 | +€97,898 | +99.1% |
| Other amounts receivable | 41 | €15,616 | €13,369 | -€2,247 | -14.4% |
| Cash at bank and in hand | 54/58 | €259,018 | €174,960 | -€84,059 | -32.5% |
| Deferred charges and accrued income | 490/1 | €15,411 | €37,916 | +€22,505 | +146.0% |
| Total equity and liabilities | 10/49 | €517,121 | €786,103 | +€268,982 | +52.0% |
| Equity | 10/15 | €239,841 | €256,815 | +€16,973 | +7.1% |
| Contributions | 10/11 | €25,048 | €38,812 | +€13,764 | +55.0% |
| Outside capital | 11 | €25,048 | €38,812 | +€13,764 | +55.0% |
| Share premium | 1100/10 | €25,048 | €38,812 | +€13,764 | +55.0% |
| Reserves | 13 | €85,000 | €85,000 | = | 0.0% |
| Distributable reserves | 133 | €85,000 | €85,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,793 | €133,003 | +€3,209 | +2.5% |
| Amounts payable | 17/49 | €277,279 | €529,288 | +€252,009 | +90.9% |
| Amounts payable after more than one year | 17 | €13,238 | €143,542 | +€130,304 | +984.3% |
| Financial debts | 170/4 | €13,238 | €143,542 | +€130,304 | +984.3% |
| Amounts payable within one year | 42/48 | €264,041 | €385,747 | +€121,705 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €46,893 | €71,018 | +€24,125 | +51.4% |
| Financial debts | 43 | - | €89 | +€89 | |
| Credit institutions | 430/8 | - | €89 | +€89 | |
| Trade debts | 44 | €92,722 | €136,180 | +€43,458 | +46.9% |
| Suppliers | 440/4 | €92,722 | €136,180 | +€43,458 | +46.9% |
| Taxes, remuneration and social security | 45 | €70,761 | €89,810 | +€19,049 | +26.9% |
| Taxes | 450/3 | €36,579 | €48,549 | +€11,970 | +32.7% |
| Remuneration and social security | 454/9 | €34,182 | €41,261 | +€7,078 | +20.7% |
| Other amounts payable | 47/48 | €53,665 | €88,649 | +€34,984 | +65.2% |
| Non-recurring operating income | 76A | €3,057 | €100 | -€2,957 | -96.7% |
| Remuneration, social security and pensions | 62 | €375,022 | €417,910 | +€42,889 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,011 | €44,958 | +€12,947 | +40.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,933 | €5,103 | +€8,036 | |
| Other operating charges | 640/8 | €3,661 | €475 | -€3,187 | -87.0% |
| Gross operating margin | 9900 | €519,299 | €567,644 | +€48,344 | +9.3% |
| Operating profit (loss) | 9901 | €111,539 | €99,198 | -€12,341 | -11.1% |
| Financial income | 75/76B | €10,023 | €1,791 | -€8,232 | -82.1% |
| Recurring financial income | 75 | €1,023 | €1,791 | +€768 | +75.0% |
| Non-recurring financial income | 76B | €9,000 | - | -€9,000 | |
| Financial charges | 65/66B | €2,429 | €5,634 | +€3,205 | +132.0% |
| Recurring financial charges | 65 | €2,429 | €5,634 | +€3,205 | +132.0% |
| Profit (loss) for the period before taxes | 9903 | €119,133 | €95,355 | -€23,778 | -20.0% |
| Income taxes | 67/77 | €34,362 | €17,146 | -€17,216 | -50.1% |
| Profit (loss) for the period | 9904 | €84,771 | €78,209 | -€6,562 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €84,771 | €78,209 | -€6,562 | -7.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.