DAFO: 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.
DAFO
Largest movements
- Current investments -€114,826
down €114,826 (-97.4%), from €117,879 to €3,053
- Cash +€100,105
up €100,105 (+857.5%), from €11,674 to €111,779
mainly Current investments (+€114,826) and Net result for the year (+€17,273)
- Tangible fixed assets +€25,629
up €25,629 (+38.5%), from €66,612 to €92,240
of which Furniture and vehicles: +€29,116
- Receivables within one year +€4,462
up €4,462 (+64.0%), from €6,975 to €11,437
of which Other amounts receivable: +€3,439
- Reserves +€17,273
up €17,273 (+12.9%), from €133,718 to €150,992
of which Distributable reserves: +€17,273
- Other debts +€14,065
new in 2025: €14,065
- Debts after one year -€10,622
down €10,622 (-30.9%), from €34,343 to €23,721
- Tax, wage and social debts -€3,706
down €3,706 (-40.5%), from €9,145 to €5,438
of which Taxes: -€3,702
- Accrued charges and deferred income -€2,760
down €2,760 (-66.3%), from €4,160 to €1,400
- Depreciation +€3,346
up €3,346 (+24.8%), from €13,475 to €16,821
- Gross operating margin +€1,699
up €1,699 (+4.2%), from €40,654 to €42,353
- Taxes -€1,472
down €1,472 (-20.0%), from €7,349 to €5,876
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 | €210,122 | €225,191 | +€15,069 | +7.2% |
| Fixed assets | 21/28 | €66,662 | €92,290 | +€25,629 | +38.4% |
| Tangible fixed assets | 22/27 | €66,612 | €92,240 | +€25,629 | +38.5% |
| Plant, machinery and equipment | 23 | €20,645 | €17,158 | -€3,487 | -16.9% |
| Furniture and vehicles | 24 | €45,966 | €75,082 | +€29,116 | +63.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €143,460 | €132,901 | -€10,559 | -7.4% |
| Stocks and contracts in progress | 3 | €4,000 | €4,000 | = | 0.0% |
| Stocks | 30/36 | €4,000 | €4,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,975 | €11,437 | +€4,462 | +64.0% |
| Trade receivables | 40 | €1,921 | €2,943 | +€1,023 | +53.3% |
| Other amounts receivable | 41 | €5,054 | €8,494 | +€3,439 | +68.0% |
| Current investments | 50/53 | €117,879 | €3,053 | -€114,826 | -97.4% |
| Cash at bank and in hand | 54/58 | €11,674 | €111,779 | +€100,105 | +857.5% |
| Deferred charges and accrued income | 490/1 | €2,933 | €2,632 | -€301 | -10.2% |
| Total equity and liabilities | 10/49 | €210,122 | €225,191 | +€15,069 | +7.2% |
| Equity | 10/15 | €152,318 | €169,592 | +€17,273 | +11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,718 | €150,992 | +€17,273 | +12.9% |
| 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 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €128,884 | €146,157 | +€17,273 | +13.4% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €57,803 | €55,599 | -€2,204 | -3.8% |
| Amounts payable after more than one year | 17 | €34,343 | €23,721 | -€10,622 | -30.9% |
| Financial debts | 170/4 | €34,343 | €23,721 | -€10,622 | -30.9% |
| Amounts payable within one year | 42/48 | €19,300 | €30,478 | +€11,178 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €10,156 | €10,622 | +€466 | +4.6% |
| Trade debts | 44 | - | €353 | +€353 | |
| Suppliers | 440/4 | - | €353 | +€353 | |
| Taxes, remuneration and social security | 45 | €9,145 | €5,438 | -€3,706 | -40.5% |
| Taxes | 450/3 | €7,522 | €3,821 | -€3,702 | -49.2% |
| Remuneration and social security | 454/9 | €1,622 | €1,618 | -€4 | -0.3% |
| Other amounts payable | 47/48 | - | €14,065 | +€14,065 | |
| Accrued charges and deferred income | 492/3 | €4,160 | €1,400 | -€2,760 | -66.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,475 | €16,821 | +€3,346 | +24.8% |
| Other operating charges | 640/8 | €995 | €748 | -€246 | -24.8% |
| Gross operating margin | 9900 | €40,654 | €42,353 | +€1,699 | +4.2% |
| Operating profit (loss) | 9901 | €26,184 | €24,784 | -€1,400 | -5.3% |
| Financial income | 75/76B | €379 | €303 | -€76 | -20.0% |
| Recurring financial income | 75 | €379 | €303 | -€76 | -20.0% |
| Financial charges | 65/66B | €2,170 | €1,937 | -€232 | -10.7% |
| Recurring financial charges | 65 | €2,170 | €1,937 | -€232 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €24,393 | €23,150 | -€1,243 | -5.1% |
| Income taxes | 67/77 | €7,349 | €5,876 | -€1,472 | -20.0% |
| Profit (loss) for the period | 9904 | €17,045 | €17,273 | +€229 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,045 | €17,273 | +€229 | +1.3% |
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 9 October 2026 via checked.be.