D.O.F.: 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.O.F.
Largest movements
- Receivables within one year -€148,694
down €148,694 (-24.2%), from €615,608 to €466,914
of which Other amounts receivable: -€152,939
- Tangible fixed assets -€116,051
down €116,051 (-68.8%), from €168,777 to €52,726
of which Plant, machinery and equipment: -€101,384
- Receivables after one year +€46,580
up €46,580 (+10.0%), from €465,838 to €512,417
- Cash +€23,707
up €23,707 (+21.8%), from €108,798 to €132,505
mainly Receivables within one year (+€148,694) and Depreciation (+€121,699)
- Reserves -€130,885
down €130,885 (-14.3%), from €917,827 to €786,943
of which Distributable reserves: -€87,709
- Provisions -€27,059
down €27,059 (-100%), from €27,059 to €0
- Debts after one year -€22,911
down €22,911 (-100%), from €22,911 to €0
- Staff costs -€7,151
down €7,151 (-3.4%), from €208,640 to €201,489
- Gross operating margin -€5,886
down €5,886 (-1.7%), from €339,898 to €334,012
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,511,356 | €1,309,601 | -€201,755 | -13.3% |
| Fixed assets | 21/28 | €258,937 | €142,886 | -€116,051 | -44.8% |
| Tangible fixed assets | 22/27 | €168,777 | €52,726 | -€116,051 | -68.8% |
| Plant, machinery and equipment | 23 | €131,192 | €29,808 | -€101,384 | -77.3% |
| Furniture and vehicles | 24 | €1,504 | €1,179 | -€325 | -21.6% |
| Other tangible fixed assets | 26 | €36,080 | €21,739 | -€14,341 | -39.7% |
| Financial fixed assets | 28 | €90,160 | €90,160 | = | 0.0% |
| Current assets | 29/58 | €1,252,419 | €1,166,715 | -€85,704 | -6.8% |
| Amounts receivable after more than one year | 29 | €465,838 | €512,417 | +€46,580 | +10.0% |
| Other amounts receivable | 291 | €465,838 | €512,417 | +€46,580 | +10.0% |
| Stocks and contracts in progress | 3 | €62,176 | €53,793 | -€8,383 | -13.5% |
| Stocks | 30/36 | €62,176 | €53,793 | -€8,383 | -13.5% |
| Amounts receivable within one year | 40/41 | €615,608 | €466,914 | -€148,694 | -24.2% |
| Trade receivables | 40 | €41,752 | €45,997 | +€4,245 | +10.2% |
| Other amounts receivable | 41 | €573,856 | €420,917 | -€152,939 | -26.7% |
| Cash at bank and in hand | 54/58 | €108,798 | €132,505 | +€23,707 | +21.8% |
| Deferred charges and accrued income | 490/1 | - | €1,086 | +€1,086 | |
| Total equity and liabilities | 10/49 | €1,511,356 | €1,309,601 | -€201,755 | -13.3% |
| Equity | 10/15 | €1,129,322 | €998,585 | -€130,737 | -11.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €917,827 | €786,943 | -€130,885 | -14.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,468 | €29,293 | -€43,175 | -59.6% |
| Distributable reserves | 133 | €839,159 | €751,450 | -€87,709 | -10.5% |
| Profit (loss) carried forward | 14 | €149,495 | €149,642 | +€148 | +0.1% |
| Provisions and deferred taxes | 16 | €27,059 | €0 | -€27,059 | -100% |
| Deferred taxes | 168 | €27,059 | €0 | -€27,059 | -100% |
| Amounts payable | 17/49 | €354,975 | €311,016 | -€43,959 | -12.4% |
| Amounts payable after more than one year | 17 | €22,911 | €0 | -€22,911 | -100% |
| Financial debts | 170/4 | €22,911 | €0 | -€22,911 | -100% |
| Amounts payable within one year | 42/48 | €332,064 | €311,016 | -€21,048 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €33,330 | €22,911 | -€10,418 | -31.3% |
| Trade debts | 44 | €185,952 | €176,172 | -€9,779 | -5.3% |
| Suppliers | 440/4 | €185,952 | €176,172 | -€9,779 | -5.3% |
| Taxes, remuneration and social security | 45 | €66,470 | €65,620 | -€850 | -1.3% |
| Taxes | 450/3 | €34,566 | €38,260 | +€3,694 | +10.7% |
| Remuneration and social security | 454/9 | €31,904 | €27,360 | -€4,544 | -14.2% |
| Other amounts payable | 47/48 | €46,312 | €46,312 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €208,640 | €201,489 | -€7,151 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,892 | €121,699 | -€193 | -0.2% |
| Other operating charges | 640/8 | €2,337 | €2,640 | +€302 | +12.9% |
| Gross operating margin | 9900 | €339,898 | €334,012 | -€5,886 | -1.7% |
| Operating profit (loss) | 9901 | €7,029 | €8,184 | +€1,155 | +16.4% |
| Financial income | 75/76B | €743 | €1 | -€742 | -99.9% |
| Recurring financial income | 75 | €743 | €1 | -€742 | -99.9% |
| Financial charges | 65/66B | €1,591 | €3,846 | +€2,256 | +142% |
| Recurring financial charges | 65 | €1,591 | €3,846 | +€2,256 | +142% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €6,181 | €4,338 | -€1,843 | -29.8% |
| Transfer from deferred taxes | 780 | €27,059 | €27,059 | -€0 | 0.0% |
| Income taxes | 67/77 | €29,967 | €27,925 | -€2,042 | -6.8% |
| Profit (loss) for the period | 9904 | €3,273 | €3,472 | +€199 | +6.1% |
| Transfer from tax-exempt reserves | 789 | €43,175 | €43,175 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,448 | €46,648 | +€199 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.