DAGE: 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.
DAGE
Largest movements
- Cash +€96,571
up €96,571 (+61.3%), from €157,662 to €254,233
mainly Depreciation (+€132,072) and Trade debts (+€83,615)
- Stocks and contracts +€43,157
up €43,157 (+75.8%), from €56,899 to €100,057
- Receivables within one year -€39,368
down €39,368 (-30.1%), from €130,907 to €91,539
of which Trade receivables: -€36,515
- Tangible fixed assets +€15,673
up €15,673 (+4.4%), from €358,482 to €374,155
of which Plant, machinery and equipment: +€36,933
- Trade debts +€83,615
up €83,615 (+124%), from €67,239 to €150,855
- Debts after one year +€78,000
new in 2025: €78,000
- Profit (loss) carried forward -€67,313
down €67,313 (-20.4%), from €330,705 to €263,392
- Current portion of long-term debt +€26,000
new in 2025: €26,000
- Tax, wage and social debts +€18,780
up €18,780 (+6,021%), from €312 to €19,092
of which Taxes: +€18,778
- Gross operating margin -€58,671
down €58,671 (-35.9%), from €163,414 to €104,743
- Taxes +€33,426
new in 2025: €33,426
- Financial charges +€3,289
up €3,289 (+377%), from €872 to €4,161
- Depreciation +€2,462
up €2,462 (+1.9%), from €129,610 to €132,072
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 | €705,920 | €821,886 | +€115,966 | +16.4% |
| Fixed assets | 21/28 | €359,998 | €375,670 | +€15,673 | +4.4% |
| Tangible fixed assets | 22/27 | €358,482 | €374,155 | +€15,673 | +4.4% |
| Land and buildings | 22 | €160,898 | €147,305 | -€13,594 | -8.4% |
| Plant, machinery and equipment | 23 | €175,223 | €212,156 | +€36,933 | +21.1% |
| Furniture and vehicles | 24 | €22,361 | €14,694 | -€7,667 | -34.3% |
| Financial fixed assets | 28 | €1,515 | €1,515 | = | 0.0% |
| Current assets | 29/58 | €345,922 | €446,216 | +€100,294 | +29.0% |
| Stocks and contracts in progress | 3 | €56,899 | €100,057 | +€43,157 | +75.8% |
| Stocks | 30/36 | €56,899 | €100,057 | +€43,157 | +75.8% |
| Amounts receivable within one year | 40/41 | €130,907 | €91,539 | -€39,368 | -30.1% |
| Trade receivables | 40 | €104,673 | €68,158 | -€36,515 | -34.9% |
| Other amounts receivable | 41 | €26,234 | €23,381 | -€2,853 | -10.9% |
| Cash at bank and in hand | 54/58 | €157,662 | €254,233 | +€96,571 | +61.3% |
| Deferred charges and accrued income | 490/1 | €454 | €388 | -€66 | -14.6% |
| Total equity and liabilities | 10/49 | €705,920 | €821,886 | +€115,966 | +16.4% |
| Equity | 10/15 | €628,368 | €543,767 | -€84,601 | -13.5% |
| Contributions | 10/11 | €206,700 | €206,700 | = | 0.0% |
| Capital | 10 | €206,700 | €206,700 | = | 0.0% |
| Issued capital | 100 | €206,700 | €206,700 | = | 0.0% |
| Reserves | 13 | €75,431 | €59,215 | -€16,216 | -21.5% |
| Non-distributable reserves | 130/1 | €20,670 | €20,670 | = | 0.0% |
| Legal reserve | 130 | €20,670 | €20,670 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,761 | €38,545 | -€16,216 | -29.6% |
| Profit (loss) carried forward | 14 | €330,705 | €263,392 | -€67,313 | -20.4% |
| Investment grants | 15 | €15,532 | €14,460 | -€1,071 | -6.9% |
| Provisions and deferred taxes | 16 | €9,866 | €3,736 | -€6,130 | -62.1% |
| Deferred taxes | 168 | €9,866 | €3,736 | -€6,130 | -62.1% |
| Amounts payable | 17/49 | €67,686 | €274,383 | +€206,697 | +305% |
| Amounts payable after more than one year | 17 | - | €78,000 | +€78,000 | |
| Financial debts | 170/4 | - | €78,000 | +€78,000 | |
| Amounts payable within one year | 42/48 | €67,551 | €195,947 | +€128,396 | +190% |
| Current portion of amounts payable after more than one year | 42 | - | €26,000 | +€26,000 | |
| Trade debts | 44 | €67,239 | €150,855 | +€83,615 | +124% |
| Suppliers | 440/4 | €67,239 | €150,855 | +€83,615 | +124% |
| Taxes, remuneration and social security | 45 | €312 | €19,092 | +€18,780 | +6,021% |
| Taxes | 450/3 | - | €18,778 | +€18,778 | |
| Remuneration and social security | 454/9 | €312 | €314 | +€2 | +0.7% |
| Accrued charges and deferred income | 492/3 | €135 | €436 | +€301 | +223% |
| Non-recurring operating income | 76A | €4,815 | €5,273 | +€458 | +9.5% |
| Remuneration, social security and pensions | 62 | €19,129 | €20,646 | +€1,517 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,610 | €132,072 | +€2,462 | +1.9% |
| Other operating charges | 640/8 | €4,423 | €4,125 | -€298 | -6.7% |
| Gross operating margin | 9900 | €163,414 | €104,743 | -€58,671 | -35.9% |
| Operating profit (loss) | 9901 | €10,253 | -€52,100 | -€62,353 | |
| Financial income | 75/76B | €157 | €28 | -€129 | -82.1% |
| Recurring financial income | 75 | €157 | €28 | -€129 | -82.1% |
| Financial charges | 65/66B | €872 | €4,161 | +€3,289 | +377% |
| Recurring financial charges | 65 | €872 | €4,161 | +€3,289 | +377% |
| Profit (loss) for the period before taxes | 9903 | €9,538 | -€56,233 | -€65,770 | |
| Transfer from deferred taxes | 780 | €12,290 | €6,130 | -€6,161 | -50.1% |
| Income taxes | 67/77 | - | €33,426 | +€33,426 | |
| Profit (loss) for the period | 9904 | €21,828 | -€83,529 | -€105,357 | |
| Transfer from tax-exempt reserves | 789 | €28,180 | €16,216 | -€11,964 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,008 | -€67,313 | -€117,321 |
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 25 October 2026 via checked.be.