D-Management Group: 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-Management Group
Largest movements
- Receivables within one year +€91,098
up €91,098 (+59.5%), from €153,100 to €244,198
of which Other amounts receivable: +€55,662
- Stocks and contracts -€33,082
no longer reported in 2025 (was €33,082)
- Tangible fixed assets -€16,104
down €16,104 (-2.9%), from €562,227 to €546,124
of which Land and buildings: -€22,842
- Cash -€9,615
down €9,615 (-12.2%), from €78,705 to €69,089
mainly Receivables within one year (-€91,098) and Debts after one year (-€20,476)
- Profit (loss) carried forward +€65,981
up €65,981, from -€65,931 to €50
- Debts after one year -€20,476
down €20,476 (-4.3%), from €473,258 to €452,781
- Tax, wage and social debts -€20,172
down €20,172 (-88.2%), from €22,872 to €2,700
- Other debts +€17,979
up €17,979 (+128%), from €14,013 to €31,991
- Trade debts -€9,541
down €9,541 (-41.0%), from €23,298 to €13,757
- Gross operating margin +€115,612
up €115,612, from -€22,007 to €93,605
- Financial income +€20,070
up €20,070 (+367%), from €5,471 to €25,541
- Other operating charges +€6,352
up €6,352 (+195%), from €3,252 to €9,604
- Taxes +€5,045
up €5,045 (+1,528%), from €330 to €5,375
- Staff costs +€4,135
new in 2025: €4,135
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 | €834,794 | €867,642 | +€32,849 | +3.9% |
| Fixed assets | 21/28 | €564,877 | €548,774 | -€16,104 | -2.9% |
| Tangible fixed assets | 22/27 | €562,227 | €546,124 | -€16,104 | -2.9% |
| Land and buildings | 22 | €552,594 | €529,752 | -€22,842 | -4.1% |
| Furniture and vehicles | 24 | €9,634 | €16,372 | +€6,738 | +69.9% |
| Financial fixed assets | 28 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €269,916 | €318,869 | +€48,952 | +18.1% |
| Stocks and contracts in progress | 3 | €33,082 | - | -€33,082 | |
| Contracts in progress | 37 | €33,082 | - | -€33,082 | |
| Amounts receivable within one year | 40/41 | €153,100 | €244,198 | +€91,098 | +59.5% |
| Trade receivables | 40 | €31,460 | €66,895 | +€35,435 | +113% |
| Other amounts receivable | 41 | €121,640 | €177,302 | +€55,662 | +45.8% |
| Cash at bank and in hand | 54/58 | €78,705 | €69,089 | -€9,615 | -12.2% |
| Deferred charges and accrued income | 490/1 | €5,029 | €5,581 | +€552 | +11.0% |
| Total equity and liabilities | 10/49 | €834,794 | €867,642 | +€32,849 | +3.9% |
| Equity | 10/15 | €248,952 | €314,294 | +€65,342 | +26.2% |
| Contributions | 10/11 | €14,400 | €14,400 | = | 0.0% |
| Reserves | 13 | €300,482 | €299,844 | -€639 | -0.2% |
| Tax-exempt reserves | 132 | €77,232 | €74,844 | -€2,389 | -3.1% |
| Distributable reserves | 133 | €223,250 | €225,000 | +€1,750 | +0.8% |
| Profit (loss) carried forward | 14 | -€65,931 | €50 | +€65,981 | |
| Provisions and deferred taxes | 16 | €25,744 | €24,948 | -€796 | -3.1% |
| Deferred taxes | 168 | €25,744 | €24,948 | -€796 | -3.1% |
| Amounts payable | 17/49 | €560,098 | €528,400 | -€31,697 | -5.7% |
| Amounts payable after more than one year | 17 | €473,258 | €452,781 | -€20,476 | -4.3% |
| Financial debts | 170/4 | €473,258 | €452,781 | -€20,476 | -4.3% |
| Amounts payable within one year | 42/48 | €86,795 | €75,619 | -€11,176 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €19,852 | €20,400 | +€548 | +2.8% |
| Financial debts | 43 | €6,760 | €6,771 | +€11 | +0.2% |
| Credit institutions | 430/8 | €6,760 | €6,771 | +€11 | +0.2% |
| Trade debts | 44 | €23,298 | €13,757 | -€9,541 | -41.0% |
| Suppliers | 440/4 | €23,298 | €13,757 | -€9,541 | -41.0% |
| Taxes, remuneration and social security | 45 | €22,872 | €2,700 | -€20,172 | -88.2% |
| Taxes | 450/3 | €22,872 | €2,700 | -€20,172 | -88.2% |
| Other amounts payable | 47/48 | €14,013 | €31,991 | +€17,979 | +128% |
| Accrued charges and deferred income | 492/3 | €45 | - | -€45 | |
| Remuneration, social security and pensions | 62 | - | €4,135 | +€4,135 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,855 | €17,038 | +€1,183 | +7.5% |
| Other operating charges | 640/8 | €3,252 | €9,604 | +€6,352 | +195% |
| Non-recurring operating charges | 66A | €18,018 | - | -€18,018 | |
| Gross operating margin | 9900 | -€22,007 | €93,605 | +€115,612 | |
| Operating profit (loss) | 9901 | -€59,132 | €62,828 | +€121,961 | |
| Financial income | 75/76B | €5,471 | €25,541 | +€20,070 | +367% |
| Recurring financial income | 75 | €5,471 | €25,541 | +€20,070 | +367% |
| Financial charges | 65/66B | €15,420 | €18,449 | +€3,029 | +19.6% |
| Recurring financial charges | 65 | €15,420 | €18,449 | +€3,029 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | -€69,081 | €69,921 | +€139,002 | |
| Transfer from deferred taxes | 780 | €796 | €796 | = | 0.0% |
| Income taxes | 67/77 | €330 | €5,375 | +€5,045 | +1,528% |
| Profit (loss) for the period | 9904 | -€68,615 | €65,342 | +€133,957 | |
| Transfer from tax-exempt reserves | 789 | €2,389 | €2,389 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,227 | €67,731 | +€133,957 |
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 24 October 2026 via checked.be.