DAC: 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.
DAC
Largest movements
- Financial fixed assets +€227,500
new in 2025: €227,500
- Tangible fixed assets -€93,537
down €93,537 (-6.0%), from €1.6m to €1.5m
of which Land and buildings: -€52,408
- Receivables within one year -€64,157
down €64,157 (-43.7%), from €146,928 to €82,771
of which Trade receivables: -€63,658
- Cash -€51,431
down €51,431 (-21.5%), from €239,041 to €187,610
mainly Investment in fixed assets (net) (-€237,416) and Debts after one year (-€168,179)
- Debts after one year -€168,179
down €168,179 (-28.6%), from €588,961 to €420,782
of which Financial debts: -€168,179
- Reserves +€144,953
up €144,953 (+15.1%), from €959,754 to €1.1m
of which Distributable reserves: +€144,953
- Tax, wage and social debts +€37,073
up €37,073 (+42.3%), from €87,702 to €124,776
of which Taxes: +€34,039
- Depreciation +€36,015
up €36,015 (+53.4%), from €67,437 to €103,453
- Other operating charges +€22,216
up €22,216 (+157.9%), from €14,067 to €36,283
- Financial charges +€15,135
up €15,135 (+113.5%), from €13,335 to €28,471
- Gross operating margin -€11,618
down €11,618 (-2.1%), from €543,328 to €531,711
- Taxes -€10,673
down €10,673 (-10.6%), from €100,780 to €90,107
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 | €2,124,123 | €2,123,367 | -€755 | 0.0% |
| Fixed assets | 21/28 | €1,567,365 | €1,701,329 | +€133,963 | +8.5% |
| Tangible fixed assets | 22/27 | €1,567,365 | €1,473,829 | -€93,537 | -6.0% |
| Land and buildings | 22 | €1,446,915 | €1,394,506 | -€52,408 | -3.6% |
| Plant, machinery and equipment | 23 | €1,469 | €394 | -€1,076 | -73.2% |
| Furniture and vehicles | 24 | €118,981 | €78,929 | -€40,052 | -33.7% |
| Financial fixed assets | 28 | - | €227,500 | +€227,500 | |
| Current assets | 29/58 | €556,757 | €422,038 | -€134,719 | -24.2% |
| Amounts receivable within one year | 40/41 | €146,928 | €82,771 | -€64,157 | -43.7% |
| Trade receivables | 40 | €146,429 | €82,771 | -€63,658 | -43.5% |
| Other amounts receivable | 41 | €499 | €0 | -€499 | -100.0% |
| Current investments | 50/53 | €170,788 | €151,657 | -€19,131 | -11.2% |
| Cash at bank and in hand | 54/58 | €239,041 | €187,610 | -€51,431 | -21.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,124,123 | €2,123,367 | -€755 | 0.0% |
| Equity | 10/15 | €978,354 | €1,123,307 | +€144,953 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €959,754 | €1,104,707 | +€144,953 | +15.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,091 | €70,091 | = | 0.0% |
| Distributable reserves | 133 | €887,803 | €1,032,756 | +€144,953 | +16.3% |
| Provisions and deferred taxes | 16 | €23,364 | €23,364 | = | 0.0% |
| Deferred taxes | 168 | €23,364 | €23,364 | = | 0.0% |
| Amounts payable | 17/49 | €1,122,405 | €976,696 | -€145,708 | -13.0% |
| Amounts payable after more than one year | 17 | €588,961 | €420,782 | -€168,179 | -28.6% |
| Financial debts | 170/4 | €315,763 | €147,585 | -€168,179 | -53.3% |
| Other amounts payable | 178/9 | €273,197 | €273,197 | = | 0.0% |
| Amounts payable within one year | 42/48 | €533,444 | €555,914 | +€22,470 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €178,843 | €168,179 | -€10,664 | -6.0% |
| Financial debts | 43 | €16,887 | €16,887 | = | 0.0% |
| Credit institutions | 430/8 | €16,887 | €16,887 | = | 0.0% |
| Trade debts | 44 | €9,479 | €17,598 | +€8,119 | +85.6% |
| Suppliers | 440/4 | €9,479 | €17,598 | +€8,119 | +85.6% |
| Taxes, remuneration and social security | 45 | €87,702 | €124,776 | +€37,073 | +42.3% |
| Taxes | 450/3 | €73,909 | €107,948 | +€34,039 | +46.1% |
| Remuneration and social security | 454/9 | €13,793 | €16,828 | +€3,035 | +22.0% |
| Other amounts payable | 47/48 | €240,532 | €228,475 | -€12,058 | -5.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €135,413 | €132,038 | -€3,375 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,437 | €103,453 | +€36,015 | +53.4% |
| Other operating charges | 640/8 | €14,067 | €36,283 | +€22,216 | +157.9% |
| Gross operating margin | 9900 | €543,328 | €531,711 | -€11,618 | -2.1% |
| Operating profit (loss) | 9901 | €326,411 | €259,937 | -€66,474 | -20.4% |
| Financial income | 75/76B | €1,161 | €3,594 | +€2,433 | +209.6% |
| Recurring financial income | 75 | €1,161 | €3,594 | +€2,433 | +209.6% |
| Financial charges | 65/66B | €13,335 | €28,471 | +€15,135 | +113.5% |
| Recurring financial charges | 65 | €13,335 | €28,471 | +€15,135 | +113.5% |
| Profit (loss) for the period before taxes | 9903 | €314,236 | €235,060 | -€79,176 | -25.2% |
| Income taxes | 67/77 | €100,780 | €90,107 | -€10,673 | -10.6% |
| Profit (loss) for the period | 9904 | €213,456 | €144,953 | -€68,503 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €213,456 | €144,953 | -€68,503 | -32.1% |
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 6 October 2026 via checked.be.