D2D INVEST: what changed
D2D INVEST
Largest movements
- Receivables after one year -€86,667
down €86,667 (-100%), from €86,667 to €0
of which Trade receivables: -€86,667
- Deferred charges and accrued income -€38,347
down €38,347 (-96.1%), from €39,905 to €1,558
- Receivables within one year -€30,424
down €30,424 (-29.0%), from €104,773 to €74,349
of which Trade receivables: -€37,366
- Cash +€14,094
up €14,094 (+62.2%), from €22,669 to €36,763
mainly Receivables after one year (+€86,667) and Deferred charges and accrued income (+€38,347)
- Tangible fixed assets -€8,156
down €8,156 (-4.0%), from €204,325 to €196,169
of which Land and buildings: -€9,242
- Reserves -€62,725
down €62,725 (-31.3%), from €200,447 to €137,723
- Other debts -€61,618
down €61,618 (-49.3%), from €124,936 to €63,318
- Profit (loss) carried forward -€21,899
down €21,899, from €0 to -€21,899
- Tax, wage and social debts -€8,782
down €8,782 (-37.1%), from €23,648 to €14,866
of which Taxes: -€17,536
- Financial charges +€97,397
up €97,397 (+1,777%), from €5,482 to €102,879
of which Non-recurring financial charges: +€98,804
- Gross operating margin -€61,152
down €61,152 (-53.0%), from €115,438 to €54,286
- Taxes -€25,683
down €25,683 (-99.5%), from €25,815 to €132
- Depreciation -€7,131
down €7,131 (-42.8%), from €16,651 to €9,520
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €661,042 | €511,543 | -€149,499 | -22.6% |
| Fixed assets | 21/28 | €242,924 | €234,768 | -€8,156 | -3.4% |
| Tangible fixed assets | 22/27 | €204,325 | €196,169 | -€8,156 | -4.0% |
| Land and buildings | 22 | €204,325 | €195,082 | -€9,242 | -4.5% |
| Furniture and vehicles | 24 | €0 | €1,087 | +€1,087 | |
| Financial fixed assets | 28 | €38,599 | €38,599 | = | 0.0% |
| Current assets | 29/58 | €418,119 | €276,775 | -€141,344 | -33.8% |
| Amounts receivable after more than one year | 29 | €86,667 | €0 | -€86,667 | -100% |
| Trade receivables | 290 | €86,667 | - | -€86,667 | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €164,105 | €164,105 | = | 0.0% |
| Stocks | 30/36 | €164,105 | €164,105 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,773 | €74,349 | -€30,424 | -29.0% |
| Trade receivables | 40 | €96,574 | €59,208 | -€37,366 | -38.7% |
| Other amounts receivable | 41 | €8,199 | €15,141 | +€6,942 | +84.7% |
| Cash at bank and in hand | 54/58 | €22,669 | €36,763 | +€14,094 | +62.2% |
| Deferred charges and accrued income | 490/1 | €39,905 | €1,558 | -€38,347 | -96.1% |
| Total equity and liabilities | 10/49 | €661,042 | €511,543 | -€149,499 | -22.6% |
| Equity | 10/15 | €508,447 | €423,823 | -€84,624 | -16.6% |
| Contributions | 10/11 | €308,000 | €308,000 | = | 0.0% |
| Reserves | 13 | €200,447 | €137,723 | -€62,725 | -31.3% |
| Distributable reserves | 133 | €200,447 | €137,723 | -€62,725 | -31.3% |
| Profit (loss) carried forward | 14 | €0 | -€21,899 | -€21,899 | |
| Amounts payable | 17/49 | €152,595 | €87,720 | -€64,875 | -42.5% |
| Amounts payable within one year | 42/48 | €151,758 | €87,669 | -€64,088 | -42.2% |
| Trade debts | 44 | €3,173 | €9,486 | +€6,312 | +199% |
| Suppliers | 440/4 | €3,173 | €9,486 | +€6,312 | +199% |
| Taxes, remuneration and social security | 45 | €23,648 | €14,866 | -€8,782 | -37.1% |
| Taxes | 450/3 | €23,648 | €6,112 | -€17,536 | -74.2% |
| Remuneration and social security | 454/9 | €0 | €8,754 | +€8,754 | |
| Other amounts payable | 47/48 | €124,936 | €63,318 | -€61,618 | -49.3% |
| Accrued charges and deferred income | 492/3 | €837 | €50 | -€787 | -94.0% |
| Non-recurring operating income | 76A | €56,237 | €0 | -€56,237 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,651 | €9,520 | -€7,131 | -42.8% |
| Other operating charges | 640/8 | €1,745 | €1,890 | +€145 | +8.3% |
| Gross operating margin | 9900 | €115,438 | €54,286 | -€61,152 | -53.0% |
| Operating profit (loss) | 9901 | €97,042 | €42,876 | -€54,166 | -55.8% |
| Financial income | 75/76B | €593 | €0 | -€593 | -100.0% |
| Recurring financial income | 75 | €593 | €0 | -€593 | -100.0% |
| Financial charges | 65/66B | €5,482 | €102,879 | +€97,397 | +1,777% |
| Recurring financial charges | 65 | €5,482 | €4,075 | -€1,407 | -25.7% |
| Non-recurring financial charges | 66B | - | €98,804 | +€98,804 | |
| Profit (loss) for the period before taxes | 9903 | €92,153 | -€60,002 | -€152,156 | |
| Income taxes | 67/77 | €25,815 | €132 | -€25,683 | -99.5% |
| Profit (loss) for the period | 9904 | €66,338 | -€60,134 | -€126,472 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,338 | -€60,134 | -€126,472 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.