D & L PROJECTS: 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 PROJECTS
Largest movements
- Cash +€29,549
up €29,549 (+36.6%), from €80,748 to €110,297
mainly Net result for the year (+€28,728) and Depreciation (+€22,498)
- Tangible fixed assets +€12,984
up €12,984 (+3.9%), from €330,244 to €343,228
of which Land and buildings: +€10,165
- Other debts +€18,007
up €18,007 (+38.2%), from €47,201 to €65,208
- Debts after one year +€15,544
up €15,544 (+10.1%), from €153,795 to €169,339
- Current portion of long-term debt +€6,568
up €6,568 (+47.5%), from €13,836 to €20,404
- Depreciation +€3,284
up €3,284 (+17.1%), from €19,213 to €22,498
- Gross operating margin +€2,692
up €2,692 (+3.8%), from €70,697 to €73,389
- Financial charges +€2,557
up €2,557 (+57.4%), from €4,457 to €7,014
- Taxes -€1,195
down €1,195 (-8.0%), from €15,003 to €13,808
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 | €424,252 | €468,426 | +€44,174 | +10.4% |
| Fixed assets | 21/28 | €330,244 | €343,228 | +€12,984 | +3.9% |
| Tangible fixed assets | 22/27 | €330,244 | €343,228 | +€12,984 | +3.9% |
| Land and buildings | 22 | €330,244 | €340,409 | +€10,165 | +3.1% |
| Furniture and vehicles | 24 | €0 | €2,819 | +€2,819 | |
| Current assets | 29/58 | €94,008 | €125,198 | +€31,190 | +33.2% |
| Amounts receivable within one year | 40/41 | €12,481 | €14,056 | +€1,575 | +12.6% |
| Trade receivables | 40 | €12,285 | €12,776 | +€491 | +4.0% |
| Other amounts receivable | 41 | €196 | €1,280 | +€1,084 | +552.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €80,748 | €110,297 | +€29,549 | +36.6% |
| Deferred charges and accrued income | 490/1 | €778 | €845 | +€66 | +8.5% |
| Total equity and liabilities | 10/49 | €424,252 | €468,426 | +€44,174 | +10.4% |
| Equity | 10/15 | €203,145 | €205,657 | +€2,512 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,610 | €162,122 | +€2,512 | +1.6% |
| Distributable reserves | 133 | €159,610 | €162,122 | +€2,512 | +1.6% |
| Profit (loss) carried forward | 14 | €24,934 | €24,934 | = | 0.0% |
| Amounts payable | 17/49 | €221,107 | €262,769 | +€41,662 | +18.8% |
| Amounts payable after more than one year | 17 | €153,795 | €169,339 | +€15,544 | +10.1% |
| Financial debts | 170/4 | €153,795 | €169,339 | +€15,544 | +10.1% |
| Amounts payable within one year | 42/48 | €67,312 | €93,430 | +€26,118 | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €13,836 | €20,404 | +€6,568 | +47.5% |
| Trade debts | 44 | €2,123 | €512 | -€1,612 | -75.9% |
| Suppliers | 440/4 | €2,123 | €512 | -€1,612 | -75.9% |
| Taxes, remuneration and social security | 45 | €4,152 | €7,306 | +€3,154 | +76.0% |
| Taxes | 450/3 | €2,652 | €5,806 | +€3,154 | +118.9% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €47,201 | €65,208 | +€18,007 | +38.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,213 | €22,498 | +€3,284 | +17.1% |
| Other operating charges | 640/8 | €1,579 | €1,637 | +€58 | +3.7% |
| Gross operating margin | 9900 | €70,697 | €73,389 | +€2,692 | +3.8% |
| Operating profit (loss) | 9901 | €49,905 | €49,254 | -€650 | -1.3% |
| Financial income | 75/76B | €772 | €296 | -€477 | -61.7% |
| Recurring financial income | 75 | €772 | €296 | -€477 | -61.7% |
| Financial charges | 65/66B | €4,457 | €7,014 | +€2,557 | +57.4% |
| Recurring financial charges | 65 | €4,457 | €7,014 | +€2,557 | +57.4% |
| Profit (loss) for the period before taxes | 9903 | €46,220 | €42,536 | -€3,684 | -8.0% |
| Income taxes | 67/77 | €15,003 | €13,808 | -€1,195 | -8.0% |
| Profit (loss) for the period | 9904 | €31,217 | €28,728 | -€2,489 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,217 | €28,728 | -€2,489 | -8.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.