D2 PROJECT: 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.
D2 PROJECT
Largest movements
- Stocks and contracts +€787,287
up €787,287 (+22.4%), from €3.5m to €4.3m
- Current investments -€249,664
no longer reported in 2024 (was €249,664)
- Cash +€51,840
up €51,840 (+2101.1%), from €2,467 to €54,308
mainly Debts after one year (+€2.7m) and Current investments (+€249,664)
- Debts after one year +€2.7m
up €2.7m (+205.7%), from €1.3m to €4.1m
of which Financial debts: +€2.7m
- Short-term financial debts -€1.4m
down €1.4m (-95.9%), from €1.5m to €61,799
- Other debts -€655,376
down €655,376 (-61.0%), from €1.1m to €419,240
- Gross operating margin -€279,263
down €279,263 (-63.1%), from €442,829 to €163,566
- Financial charges -€67,839
down €67,839 (-35.4%), from €191,584 to €123,745
- Taxes -€32,866
down €32,866 (-87.3%), from €37,659 to €4,792
- Financial income +€6,285
up €6,285 (+75455.8%), from €8 to €6,294
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,353,220 | €4,958,935 | +€605,716 | +13.9% |
| Fixed assets | 21/28 | €390,974 | €376,347 | -€14,627 | -3.7% |
| Intangible fixed assets | 21 | €3,544 | €572 | -€2,972 | -83.9% |
| Tangible fixed assets | 22/27 | €387,430 | €375,775 | -€11,655 | -3.0% |
| Land and buildings | 22 | €356,107 | €347,800 | -€8,307 | -2.3% |
| Plant, machinery and equipment | 23 | €1,448 | €646 | -€802 | -55.4% |
| Furniture and vehicles | 24 | €27,679 | €25,245 | -€2,433 | -8.8% |
| Other tangible fixed assets | 26 | €731 | €619 | -€113 | -15.4% |
| Assets under construction and advance payments | 27 | €1,465 | €1,465 | = | 0.0% |
| Current assets | 29/58 | €3,962,246 | €4,582,588 | +€620,342 | +15.7% |
| Stocks and contracts in progress | 3 | €3,520,081 | €4,307,368 | +€787,287 | +22.4% |
| Stocks | 30/36 | €3,520,081 | €4,307,368 | +€787,287 | +22.4% |
| Amounts receivable within one year | 40/41 | €189,650 | €219,921 | +€30,271 | +16.0% |
| Trade receivables | 40 | €88,649 | €24,503 | -€64,145 | -72.4% |
| Other amounts receivable | 41 | €101,002 | €195,417 | +€94,416 | +93.5% |
| Current investments | 50/53 | €249,664 | - | -€249,664 | |
| Cash at bank and in hand | 54/58 | €2,467 | €54,308 | +€51,840 | +2101.1% |
| Deferred charges and accrued income | 490/1 | €384 | €992 | +€608 | +158.4% |
| Total equity and liabilities | 10/49 | €4,353,220 | €4,958,935 | +€605,716 | +13.9% |
| Equity | 10/15 | €78,785 | €65,443 | -€13,342 | -16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,185 | €46,843 | -€13,342 | -22.2% |
| Amounts payable | 17/49 | €4,274,435 | €4,893,492 | +€619,058 | +14.5% |
| Amounts payable after more than one year | 17 | €1,329,474 | €4,064,207 | +€2.7m | +205.7% |
| Financial debts | 170/4 | €1,319,604 | €4,050,797 | +€2.7m | +207.0% |
| Other amounts payable | 178/9 | €9,870 | €13,410 | +€3,540 | +35.9% |
| Amounts payable within one year | 42/48 | €2,938,611 | €824,408 | -€2.1m | -71.9% |
| Current portion of amounts payable after more than one year | 42 | €25,275 | €28,044 | +€2,770 | +11.0% |
| Financial debts | 43 | €1,494,439 | €61,799 | -€1.4m | -95.9% |
| Credit institutions | 430/8 | €1,494,439 | €61,799 | -€1.4m | -95.9% |
| Trade debts | 44 | €294,148 | €278,111 | -€16,036 | -5.5% |
| Suppliers | 440/4 | €294,148 | €278,111 | -€16,036 | -5.5% |
| Taxes, remuneration and social security | 45 | €50,134 | €37,214 | -€12,920 | -25.8% |
| Taxes | 450/3 | €50,134 | €37,214 | -€12,920 | -25.8% |
| Other amounts payable | 47/48 | €1,074,615 | €419,240 | -€655,376 | -61.0% |
| Accrued charges and deferred income | 492/3 | €6,350 | €4,877 | -€1,472 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,373 | €29,828 | -€545 | -1.8% |
| Other operating charges | 640/8 | €16,014 | €17,985 | +€1,971 | +12.3% |
| Non-recurring operating charges | 66A | - | €6,851 | +€6,851 | |
| Gross operating margin | 9900 | €442,829 | €163,566 | -€279,263 | -63.1% |
| Operating profit (loss) | 9901 | €396,442 | €108,902 | -€287,540 | -72.5% |
| Financial income | 75/76B | €8 | €6,294 | +€6,285 | +75455.8% |
| Recurring financial income | 75 | €8 | €6,294 | +€6,285 | +75455.8% |
| Financial charges | 65/66B | €191,584 | €123,745 | -€67,839 | -35.4% |
| Recurring financial charges | 65 | €191,584 | €123,745 | -€67,839 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €204,866 | -€8,549 | -€213,416 | |
| Income taxes | 67/77 | €37,659 | €4,792 | -€32,866 | -87.3% |
| Profit (loss) for the period | 9904 | €167,208 | -€13,342 | -€180,550 | |
| Profit (loss) for the period to be appropriated | 9905 | €167,208 | -€13,342 | -€180,550 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.