D-NA: 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-NA
Largest movements
- Tangible fixed assets +€122,911
up €122,911 (+43.6%), from €281,710 to €404,620
of which Land and buildings: +€114,087
- Receivables within one year +€86,948
up €86,948 (+35.2%), from €247,161 to €334,109
of which Trade receivables: +€91,283
- Cash -€41,873
down €41,873 (-62.0%), from €67,584 to €25,711
mainly Investment in fixed assets (net) (-€143,919) and Receivables within one year (-€86,948)
- Debts after one year +€68,340
up €68,340 (+45.7%), from €149,442 to €217,782
- Profit (loss) carried forward +€52,291
up €52,291 (+20.3%), from €257,910 to €310,201
- Tax, wage and social debts +€36,830
up €36,830 (+784.0%), from €4,698 to €41,528
- Other debts +€33,000
new in 2025: €33,000
- Trade debts -€22,206
down €22,206 (-11.8%), from €187,992 to €165,786
- Gross operating margin +€70,256
up €70,256 (+128.1%), from €54,827 to €125,083
- Depreciation +€5,674
up €5,674 (+60.5%), from €9,375 to €15,049
- Taxes +€5,097
up €5,097 (+54.6%), from €9,329 to €14,426
- Financial income -€3,596
down €3,596 (-97.5%), from €3,688 to €93
- Financial charges +€2,365
up €2,365 (+30.9%), from €7,646 to €10,010
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 | €649,056 | €826,837 | +€177,781 | +27.4% |
| Fixed assets | 21/28 | €333,272 | €462,143 | +€128,870 | +38.7% |
| Intangible fixed assets | 21 | €1,313 | €7,273 | +€5,960 | +454.0% |
| Tangible fixed assets | 22/27 | €281,710 | €404,620 | +€122,911 | +43.6% |
| Land and buildings | 22 | €281,710 | €395,796 | +€114,087 | +40.5% |
| Furniture and vehicles | 24 | - | €8,824 | +€8,824 | |
| Financial fixed assets | 28 | €50,250 | €50,250 | = | 0.0% |
| Current assets | 29/58 | €315,783 | €364,694 | +€48,911 | +15.5% |
| Stocks and contracts in progress | 3 | - | €1,819 | +€1,819 | |
| Stocks | 30/36 | - | €1,819 | +€1,819 | |
| Amounts receivable within one year | 40/41 | €247,161 | €334,109 | +€86,948 | +35.2% |
| Trade receivables | 40 | €232,541 | €323,824 | +€91,283 | +39.3% |
| Other amounts receivable | 41 | €14,619 | €10,284 | -€4,335 | -29.7% |
| Cash at bank and in hand | 54/58 | €67,584 | €25,711 | -€41,873 | -62.0% |
| Deferred charges and accrued income | 490/1 | €1,039 | €3,055 | +€2,017 | +194.1% |
| Total equity and liabilities | 10/49 | €649,056 | €826,837 | +€177,781 | +27.4% |
| Equity | 10/15 | €265,970 | €318,261 | +€52,291 | +19.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,910 | €310,201 | +€52,291 | +20.3% |
| Amounts payable | 17/49 | €383,086 | €508,575 | +€125,490 | +32.8% |
| Amounts payable after more than one year | 17 | €149,442 | €217,782 | +€68,340 | +45.7% |
| Financial debts | 170/4 | €149,442 | €217,782 | +€68,340 | +45.7% |
| Amounts payable within one year | 42/48 | €231,846 | €288,280 | +€56,434 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €39,116 | €47,966 | +€8,850 | +22.6% |
| Financial debts | 43 | €39 | €0 | -€39 | -100.0% |
| Credit institutions | 430/8 | €39 | €0 | -€39 | -100.0% |
| Trade debts | 44 | €187,992 | €165,786 | -€22,206 | -11.8% |
| Suppliers | 440/4 | €187,992 | €165,786 | -€22,206 | -11.8% |
| Taxes, remuneration and social security | 45 | €4,698 | €41,528 | +€36,830 | +784.0% |
| Taxes | 450/3 | €4,698 | €41,528 | +€36,830 | +784.0% |
| Other amounts payable | 47/48 | - | €33,000 | +€33,000 | |
| Accrued charges and deferred income | 492/3 | €1,798 | €2,514 | +€716 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,375 | €15,049 | +€5,674 | +60.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €54,827 | €125,083 | +€70,256 | +128.1% |
| Operating profit (loss) | 9901 | €45,065 | €109,635 | +€64,570 | +143.3% |
| Financial income | 75/76B | €3,688 | €93 | -€3,596 | -97.5% |
| Recurring financial income | 75 | €3,688 | €93 | -€3,596 | -97.5% |
| Financial charges | 65/66B | €7,646 | €10,010 | +€2,365 | +30.9% |
| Recurring financial charges | 65 | €7,646 | €10,010 | +€2,365 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €41,108 | €99,717 | +€58,609 | +142.6% |
| Income taxes | 67/77 | €9,329 | €14,426 | +€5,097 | +54.6% |
| Profit (loss) for the period | 9904 | €31,779 | €85,291 | +€53,512 | +168.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,779 | €85,291 | +€53,512 | +168.4% |
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 8 October 2026 via checked.be.