d2 benelux: 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.
d2 benelux
Largest movements
- Tangible fixed assets -€181,926
down €181,926 (-93.9%), from €193,798 to €11,872
of which Land and buildings: -€187,819
- Receivables within one year -€131,418
down €131,418 (-57.2%), from €229,693 to €98,274
of which Trade receivables: -€109,846
- Receivables after one year +€108,456
up €108,456 (+64.8%), from €167,433 to €275,889
- Cash +€73,425
up €73,425 (+22,617%), from €325 to €73,750
mainly Investment in fixed assets (net) (+€177,466) and Receivables within one year (+€131,418)
- Deferred charges and accrued income -€19,918
down €19,918 (-93.5%), from €21,305 to €1,387
- Current portion of long-term debt -€175,794
no longer reported in 2025 (was €175,794)
- Short-term financial debts +€64,050
up €64,050 (+3,113%), from €2,058 to €66,108
of which Other loans: +€65,000
- Debts after one year -€63,688
down €63,688 (-82.0%), from €77,645 to €13,956
- Reserves +€58,087
up €58,087 (+45.3%), from €128,348 to €186,435
- Tax, wage and social debts -€15,975
down €15,975 (-47.8%), from €33,403 to €17,428
of which Taxes: -€21,438
- Gross operating margin -€43,756
down €43,756 (-25.0%), from €174,864 to €131,108
- Depreciation -€15,869
down €15,869 (-78.1%), from €20,329 to €4,460
- Financial income +€3,114
up €3,114 (+38.5%), from €8,086 to €11,200
- Financial charges -€2,715
down €2,715 (-18.1%), from €15,020 to €12,305
- Staff costs +€2,247
up €2,247 (+3.6%), from €61,909 to €64,156
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 | €659,733 | €508,352 | -€151,381 | -22.9% |
| Fixed assets | 21/28 | €193,798 | €11,872 | -€181,926 | -93.9% |
| Tangible fixed assets | 22/27 | €193,798 | €11,872 | -€181,926 | -93.9% |
| Land and buildings | 22 | €187,819 | - | -€187,819 | |
| Plant, machinery and equipment | 23 | €918 | €681 | -€237 | -25.8% |
| Furniture and vehicles | 24 | - | €9,759 | +€9,759 | |
| Other tangible fixed assets | 26 | €5,061 | €1,432 | -€3,629 | -71.7% |
| Current assets | 29/58 | €465,935 | €496,480 | +€30,545 | +6.6% |
| Amounts receivable after more than one year | 29 | €167,433 | €275,889 | +€108,456 | +64.8% |
| Trade receivables | 290 | €167,433 | €275,889 | +€108,456 | +64.8% |
| Stocks and contracts in progress | 3 | €47,180 | €47,180 | = | 0.0% |
| Stocks | 30/36 | €47,180 | €47,180 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €229,693 | €98,274 | -€131,418 | -57.2% |
| Trade receivables | 40 | €163,600 | €53,755 | -€109,846 | -67.1% |
| Other amounts receivable | 41 | €66,092 | €44,520 | -€21,573 | -32.6% |
| Cash at bank and in hand | 54/58 | €325 | €73,750 | +€73,425 | +22,617% |
| Deferred charges and accrued income | 490/1 | €21,305 | €1,387 | -€19,918 | -93.5% |
| Total equity and liabilities | 10/49 | €659,733 | €508,352 | -€151,381 | -22.9% |
| Equity | 10/15 | €228,348 | €286,435 | +€58,087 | +25.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €128,348 | €186,435 | +€58,087 | +45.3% |
| Distributable reserves | 133 | €128,348 | €186,435 | +€58,087 | +45.3% |
| Amounts payable | 17/49 | €431,385 | €221,916 | -€209,469 | -48.6% |
| Amounts payable after more than one year | 17 | €77,645 | €13,956 | -€63,688 | -82.0% |
| Financial debts | 170/4 | €77,645 | €13,956 | -€63,688 | -82.0% |
| Amounts payable within one year | 42/48 | €351,645 | €207,960 | -€143,685 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €175,794 | - | -€175,794 | |
| Financial debts | 43 | €2,058 | €66,108 | +€64,050 | +3,113% |
| Credit institutions | 430/8 | €2,058 | €1,108 | -€950 | -46.2% |
| Other loans | 439 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | €127,890 | €124,424 | -€3,466 | -2.7% |
| Suppliers | 440/4 | €127,890 | €124,424 | -€3,466 | -2.7% |
| Taxes, remuneration and social security | 45 | €33,403 | €17,428 | -€15,975 | -47.8% |
| Taxes | 450/3 | €26,425 | €4,987 | -€21,438 | -81.1% |
| Remuneration and social security | 454/9 | €6,978 | €12,441 | +€5,464 | +78.3% |
| Other amounts payable | 47/48 | €12,500 | - | -€12,500 | |
| Accrued charges and deferred income | 492/3 | €2,096 | - | -€2,096 | |
| Non-recurring operating income | 76A | €1,900 | - | -€1,900 | |
| Remuneration, social security and pensions | 62 | €61,909 | €64,156 | +€2,247 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,329 | €4,460 | -€15,869 | -78.1% |
| Other operating charges | 640/8 | €5,314 | €3,111 | -€2,204 | -41.5% |
| Non-recurring operating charges | 66A | €1,412 | - | -€1,412 | |
| Gross operating margin | 9900 | €174,864 | €131,108 | -€43,756 | -25.0% |
| Operating profit (loss) | 9901 | €85,899 | €59,381 | -€26,518 | -30.9% |
| Financial income | 75/76B | €8,086 | €11,200 | +€3,114 | +38.5% |
| Recurring financial income | 75 | €8,086 | €11,200 | +€3,114 | +38.5% |
| Financial charges | 65/66B | €15,020 | €12,305 | -€2,715 | -18.1% |
| Recurring financial charges | 65 | €15,020 | €12,305 | -€2,715 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €78,965 | €58,276 | -€20,688 | -26.2% |
| Income taxes | 67/77 | €445 | €189 | -€257 | -57.6% |
| Profit (loss) for the period | 9904 | €78,519 | €58,087 | -€20,432 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,519 | €58,087 | -€20,432 | -26.0% |
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 15 October 2026 via checked.be.