D.R.: 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.R.
Largest movements
- Tangible fixed assets -€37,729
down €37,729 (-3.8%), from €984,307 to €946,577
of which Land and buildings: -€24,633
- Receivables within one year -€30,676
down €30,676 (-15.0%), from €204,820 to €174,143
of which Other amounts receivable: -€17,413
- Stocks and contracts -€13,873
down €13,873 (-12.4%), from €112,186 to €98,313
- Profit (loss) carried forward -€39,998
down €39,998 (-26.7%), from -€149,635 to -€189,634
- Reserves -€28,370
down €28,370 (-6.6%), from €430,751 to €402,381
- Debts after one year -€27,084
down €27,084 (-5.3%), from €508,490 to €481,405
- Trade debts +€15,353
up €15,353 (+229.2%), from €6,698 to €22,051
- Gross operating margin -€90,855
down €90,855, from €80,095 to -€10,759
- Depreciation +€12,046
up €12,046 (+30.5%), from €39,440 to €51,486
- Financial charges +€4,469
up €4,469 (+30.0%), from €14,873 to €19,342
- Other operating charges -€1,988
down €1,988 (-30.3%), from €6,552 to €4,565
- Financial income -€1,337
down €1,337 (-18.6%), from €7,204 to €5,867
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 | €1,306,643 | €1,222,583 | -€84,060 | -6.4% |
| Fixed assets | 21/28 | €984,683 | €946,954 | -€37,729 | -3.8% |
| Tangible fixed assets | 22/27 | €984,307 | €946,577 | -€37,729 | -3.8% |
| Land and buildings | 22 | €832,788 | €808,155 | -€24,633 | -3.0% |
| Plant, machinery and equipment | 23 | €63,936 | €60,652 | -€3,284 | -5.1% |
| Furniture and vehicles | 24 | €87,583 | €77,771 | -€9,812 | -11.2% |
| Financial fixed assets | 28 | €377 | €377 | = | 0.0% |
| Current assets | 29/58 | €321,960 | €275,629 | -€46,331 | -14.4% |
| Stocks and contracts in progress | 3 | €112,186 | €98,313 | -€13,873 | -12.4% |
| Stocks | 30/36 | €112,186 | €98,313 | -€13,873 | -12.4% |
| Amounts receivable within one year | 40/41 | €204,820 | €174,143 | -€30,676 | -15.0% |
| Trade receivables | 40 | €89,767 | €76,503 | -€13,264 | -14.8% |
| Other amounts receivable | 41 | €115,053 | €97,640 | -€17,413 | -15.1% |
| Cash at bank and in hand | 54/58 | €4,954 | €3,173 | -€1,781 | -36.0% |
| Total equity and liabilities | 10/49 | €1,306,643 | €1,222,583 | -€84,060 | -6.4% |
| Equity | 10/15 | €566,316 | €497,948 | -€68,368 | -12.1% |
| Contributions | 10/11 | €285,200 | €285,200 | = | 0.0% |
| Capital | 10 | €285,200 | €285,200 | = | 0.0% |
| Issued capital | 100 | €285,200 | €285,200 | = | 0.0% |
| Outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €430,751 | €402,381 | -€28,370 | -6.6% |
| Tax-exempt reserves | 132 | €430,751 | €402,381 | -€28,370 | -6.6% |
| Profit (loss) carried forward | 14 | -€149,635 | -€189,634 | -€39,998 | -26.7% |
| Provisions and deferred taxes | 16 | €180,938 | €169,022 | -€11,916 | -6.6% |
| Deferred taxes | 168 | €180,938 | €169,022 | -€11,916 | -6.6% |
| Amounts payable | 17/49 | €559,389 | €555,614 | -€3,775 | -0.7% |
| Amounts payable after more than one year | 17 | €508,490 | €481,405 | -€27,084 | -5.3% |
| Financial debts | 170/4 | €508,490 | €481,405 | -€27,084 | -5.3% |
| Amounts payable within one year | 42/48 | €50,900 | €74,208 | +€23,309 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €44,201 | €44,440 | +€238 | +0.5% |
| Financial debts | 43 | - | €5,756 | +€5,756 | |
| Credit institutions | 430/8 | - | €5,756 | +€5,756 | |
| Trade debts | 44 | €6,698 | €22,051 | +€15,353 | +229.2% |
| Suppliers | 440/4 | €6,698 | €22,051 | +€15,353 | +229.2% |
| Taxes, remuneration and social security | 45 | - | €1,961 | +€1,961 | |
| Taxes | 450/3 | - | €1,961 | +€1,961 | |
| Non-recurring operating income | 76A | €7,500 | €4,828 | -€2,672 | -35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,440 | €51,486 | +€12,046 | +30.5% |
| Other operating charges | 640/8 | €6,552 | €4,565 | -€1,988 | -30.3% |
| Gross operating margin | 9900 | €80,095 | -€10,759 | -€90,855 | |
| Operating profit (loss) | 9901 | €34,103 | -€66,810 | -€100,913 | |
| Financial income | 75/76B | €7,204 | €5,867 | -€1,337 | -18.6% |
| Recurring financial income | 75 | €7,204 | €5,867 | -€1,337 | -18.6% |
| Financial charges | 65/66B | €14,873 | €19,342 | +€4,469 | +30.0% |
| Recurring financial charges | 65 | €14,873 | €19,342 | +€4,469 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €26,435 | -€80,285 | -€106,720 | |
| Transfer from deferred taxes | 780 | €8,965 | €11,916 | +€2,951 | +32.9% |
| Profit (loss) for the period | 9904 | €35,400 | -€68,368 | -€103,768 | |
| Transfer from tax-exempt reserves | 789 | €21,344 | €28,370 | +€7,026 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,744 | -€39,998 | -€96,742 |
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 7 October 2026 via checked.be.