D-Ras: 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-Ras
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Current portion of long-term debt -€80,754
down €80,754 (-74.9%), from €107,749 to €26,994
- Reserves +€75,034
up €75,034 (+6.9%), from €1.1m to €1.2m
of which Distributable reserves: +€75,034
- Debts after one year -€26,994
down €26,994 (-100.0%), from €26,994 to €0
- Other debts +€25,863
up €25,863 (+42.1%), from €61,500 to €87,363
- Gross operating margin -€1,215
down €1,215 (-3.1%), from €39,417 to €38,202
- Financial charges +€685
up €685 (+13.4%), from €5,122 to €5,807
- Depreciation -€624
down €624 (-19.6%), from €3,177 to €2,553
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 | €1,314,477 | €1,309,028 | -€5,449 | -0.4% |
| Fixed assets | 21/28 | €1,126,589 | €1,124,036 | -€2,553 | -0.2% |
| Tangible fixed assets | 22/27 | €7,718 | €5,165 | -€2,553 | -33.1% |
| Plant, machinery and equipment | 23 | €1,231 | €1,030 | -€202 | -16.4% |
| Furniture and vehicles | 24 | €6,487 | €4,136 | -€2,351 | -36.2% |
| Financial fixed assets | 28 | €1,118,871 | €1,118,871 | = | 0.0% |
| Current assets | 29/58 | €187,888 | €184,992 | -€2,896 | -1.5% |
| Amounts receivable within one year | 40/41 | €0 | €3,437 | +€3,437 | |
| Trade receivables | 40 | €0 | €2,523 | +€2,523 | |
| Other amounts receivable | 41 | €0 | €914 | +€914 | |
| Cash at bank and in hand | 54/58 | €186,841 | €180,450 | -€6,391 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,047 | €1,105 | +€58 | +5.5% |
| Total equity and liabilities | 10/49 | €1,314,477 | €1,309,028 | -€5,449 | -0.4% |
| Equity | 10/15 | €1,107,340 | €1,182,374 | +€75,034 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,088,740 | €1,163,774 | +€75,034 | +6.9% |
| Tax-exempt reserves | 132 | €73 | €73 | = | 0.0% |
| Distributable reserves | 133 | €1,088,667 | €1,163,701 | +€75,034 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €207,137 | €126,655 | -€80,483 | -38.9% |
| Amounts payable after more than one year | 17 | €26,994 | €0 | -€26,994 | -100.0% |
| Financial debts | 170/4 | €26,994 | €0 | -€26,994 | -100.0% |
| Amounts payable within one year | 42/48 | €180,143 | €126,155 | -€53,989 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €107,749 | €26,994 | -€80,754 | -74.9% |
| Trade debts | 44 | €799 | €1,993 | +€1,194 | +149.4% |
| Suppliers | 440/4 | €799 | €1,993 | +€1,194 | +149.4% |
| Taxes, remuneration and social security | 45 | €10,095 | €9,804 | -€291 | -2.9% |
| Taxes | 450/3 | €10,095 | €9,804 | -€291 | -2.9% |
| Other amounts payable | 47/48 | €61,500 | €87,363 | +€25,863 | +42.1% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,177 | €2,553 | -€624 | -19.6% |
| Other operating charges | 640/8 | €2,009 | €1,892 | -€117 | -5.8% |
| Gross operating margin | 9900 | €39,417 | €38,202 | -€1,215 | -3.1% |
| Operating profit (loss) | 9901 | €34,232 | €33,757 | -€475 | -1.4% |
| Financial income | 75/76B | €106,336 | €106,671 | +€335 | +0.3% |
| Recurring financial income | 75 | €106,336 | €106,671 | +€335 | +0.3% |
| Financial charges | 65/66B | €5,122 | €5,807 | +€685 | +13.4% |
| Recurring financial charges | 65 | €5,122 | €5,807 | +€685 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €135,447 | €134,622 | -€825 | -0.6% |
| Income taxes | 67/77 | €9,496 | €9,588 | +€91 | +1.0% |
| Profit (loss) for the period | 9904 | €125,950 | €125,034 | -€916 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €125,950 | €125,034 | -€916 | -0.7% |
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.