D & O PARTNERS: 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 PARTNERS
Largest movements
- Cash -€73,389
down €73,389 (-15.8%), from €464,714 to €391,325
mainly Contributions, distributions and other (-€216,000) and Other debts (-€123,000)
- Tangible fixed assets -€52,224
down €52,224 (-13.7%), from €380,953 to €328,729
of which Furniture and vehicles: -€37,816
- Receivables within one year -€46,315
down €46,315 (-7.2%), from €642,008 to €595,693
of which Trade receivables: -€59,675
- Other debts -€123,000
down €123,000 (-36.3%), from €339,000 to €216,000
- Debts after one year -€38,515
down €38,515 (-10.3%), from €375,661 to €337,146
of which Financial debts: -€38,515
- Gross operating margin -€107,724
down €107,724 (-7.2%), from €1.5m to €1.4m
- Staff costs +€47,328
up €47,328 (+5.5%), from €855,691 to €903,019
- Taxes -€34,085
down €34,085 (-25.4%), from €134,377 to €100,292
- Financial income +€20,642
up €20,642 (+180%), from €11,480 to €32,122
- Other operating charges +€17,114
up €17,114 (+43.4%), from €39,402 to €56,517
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 | €1,704,724 | €1,530,061 | -€174,663 | -10.2% |
| Fixed assets | 21/28 | €417,077 | €364,853 | -€52,224 | -12.5% |
| Tangible fixed assets | 22/27 | €380,953 | €328,729 | -€52,224 | -13.7% |
| Furniture and vehicles | 24 | €247,390 | €209,574 | -€37,816 | -15.3% |
| Other tangible fixed assets | 26 | €133,563 | €119,155 | -€14,408 | -10.8% |
| Financial fixed assets | 28 | €36,124 | €36,124 | = | 0.0% |
| Current assets | 29/58 | €1,287,647 | €1,165,208 | -€122,440 | -9.5% |
| Stocks and contracts in progress | 3 | €165,245 | €162,844 | -€2,401 | -1.5% |
| Stocks | 30/36 | €165,245 | €162,844 | -€2,401 | -1.5% |
| Amounts receivable within one year | 40/41 | €642,008 | €595,693 | -€46,315 | -7.2% |
| Trade receivables | 40 | €553,447 | €493,772 | -€59,675 | -10.8% |
| Other amounts receivable | 41 | €88,561 | €101,920 | +€13,359 | +15.1% |
| Cash at bank and in hand | 54/58 | €464,714 | €391,325 | -€73,389 | -15.8% |
| Deferred charges and accrued income | 490/1 | €15,681 | €15,346 | -€335 | -2.1% |
| Total equity and liabilities | 10/49 | €1,704,724 | €1,530,061 | -€174,663 | -10.2% |
| Equity | 10/15 | €559,301 | €559,346 | +€44 | 0.0% |
| Contributions | 10/11 | €126,000 | €126,000 | = | 0.0% |
| Capital | 10 | €126,000 | €126,000 | = | 0.0% |
| Issued capital | 100 | €126,000 | €126,000 | = | 0.0% |
| Reserves | 13 | €427,350 | €427,350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,350 | €31,350 | = | 0.0% |
| Legal reserve | 130 | €12,600 | €12,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €396,000 | €396,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,951 | €5,996 | +€44 | +0.7% |
| Amounts payable | 17/49 | €1,145,423 | €970,715 | -€174,708 | -15.3% |
| Amounts payable after more than one year | 17 | €375,661 | €337,146 | -€38,515 | -10.3% |
| Financial debts | 170/4 | €57,831 | €19,316 | -€38,515 | -66.6% |
| Other amounts payable | 178/9 | €317,830 | €317,830 | = | 0.0% |
| Amounts payable within one year | 42/48 | €751,707 | €616,089 | -€135,619 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €80,082 | €69,454 | -€10,628 | -13.3% |
| Financial debts | 43 | €20,215 | €20,160 | -€56 | -0.3% |
| Credit institutions | 430/8 | €20,215 | €20,160 | -€56 | -0.3% |
| Trade debts | 44 | €203,842 | €193,202 | -€10,640 | -5.2% |
| Suppliers | 440/4 | €203,842 | €193,202 | -€10,640 | -5.2% |
| Taxes, remuneration and social security | 45 | €108,568 | €117,272 | +€8,704 | +8.0% |
| Taxes | 450/3 | €18,558 | €16,492 | -€2,067 | -11.1% |
| Remuneration and social security | 454/9 | €90,010 | €100,781 | +€10,771 | +12.0% |
| Other amounts payable | 47/48 | €339,000 | €216,000 | -€123,000 | -36.3% |
| Accrued charges and deferred income | 492/3 | €18,055 | €17,481 | -€574 | -3.2% |
| Non-recurring operating income | 76A | €23,554 | - | -€23,554 | |
| Remuneration, social security and pensions | 62 | €855,691 | €903,019 | +€47,328 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,473 | €114,912 | +€13,439 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,239 | €376 | -€14,863 | -97.5% |
| Other operating charges | 640/8 | €39,402 | €56,517 | +€17,114 | +43.4% |
| Gross operating margin | 9900 | €1,501,875 | €1,394,151 | -€107,724 | -7.2% |
| Operating profit (loss) | 9901 | €490,068 | €319,327 | -€170,741 | -34.8% |
| Financial income | 75/76B | €11,480 | €32,122 | +€20,642 | +180% |
| Recurring financial income | 75 | €11,480 | €32,122 | +€20,642 | +180% |
| Financial charges | 65/66B | €28,165 | €35,113 | +€6,948 | +24.7% |
| Recurring financial charges | 65 | €28,165 | €35,113 | +€6,948 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €473,383 | €316,336 | -€157,047 | -33.2% |
| Income taxes | 67/77 | €134,377 | €100,292 | -€34,085 | -25.4% |
| Profit (loss) for the period | 9904 | €339,006 | €216,044 | -€122,962 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €339,006 | €216,044 | -€122,962 | -36.3% |
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.