DAHR: 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.
DAHR
Largest movements
- Tangible fixed assets +€527,873
up €527,873 (+82.0%), from €644,047 to €1.2m
of which Land and buildings: +€925,132
- Receivables within one year +€60,974
up €60,974 (+106%), from €57,756 to €118,730
of which Other amounts receivable: +€34,060
- Deferred charges and accrued income -€37,537
down €37,537 (-99.8%), from €37,627 to €90
- Cash -€29,316
down €29,316 (-71.0%), from €41,315 to €11,999
mainly Investment in fixed assets (net) (-€541,004) and Trade debts (-€95,496)
- Revaluation surpluses +€449,963
new in 2025: €449,963
- Debts after one year +€212,316
up €212,316 (+50.2%), from €423,304 to €635,620
- Trade debts -€95,496
down €95,496 (-90.0%), from €106,062 to €10,566
- Other debts -€71,930
down €71,930 (-63.9%), from €112,482 to €40,552
- Reserves +€41,753
up €41,753 (+51.7%), from €80,738 to €122,492
- Gross operating margin +€47,785
up €47,785 (+104%), from €46,122 to €93,907
- Taxes +€11,065
up €11,065 (+235%), from €4,706 to €15,770
- Depreciation +€5,888
up €5,888 (+81.3%), from €7,244 to €13,132
- Financial charges +€4,410
up €4,410 (+25.4%), from €17,354 to €21,764
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 | €786,113 | €1,308,108 | +€521,994 | +66.4% |
| Fixed assets | 21/28 | €649,416 | €1,177,289 | +€527,873 | +81.3% |
| Tangible fixed assets | 22/27 | €644,047 | €1,171,920 | +€527,873 | +82.0% |
| Land and buildings | 22 | €246,788 | €1,171,920 | +€925,132 | +375% |
| Plant, machinery and equipment | 23 | €524 | €0 | -€524 | -100% |
| Assets under construction and advance payments | 27 | €396,735 | - | -€396,735 | |
| Financial fixed assets | 28 | €5,369 | €5,369 | = | 0.0% |
| Current assets | 29/58 | €136,698 | €130,819 | -€5,878 | -4.3% |
| Amounts receivable within one year | 40/41 | €57,756 | €118,730 | +€60,974 | +106% |
| Trade receivables | 40 | €18,194 | €45,108 | +€26,914 | +148% |
| Other amounts receivable | 41 | €39,562 | €73,622 | +€34,060 | +86.1% |
| Cash at bank and in hand | 54/58 | €41,315 | €11,999 | -€29,316 | -71.0% |
| Deferred charges and accrued income | 490/1 | €37,627 | €90 | -€37,537 | -99.8% |
| Total equity and liabilities | 10/49 | €786,113 | €1,308,108 | +€521,994 | +66.4% |
| Equity | 10/15 | €83,738 | €575,455 | +€491,717 | +587% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €449,963 | +€449,963 | |
| Reserves | 13 | €80,738 | €122,492 | +€41,753 | +51.7% |
| Distributable reserves | 133 | €80,738 | €122,492 | +€41,753 | +51.7% |
| Amounts payable | 17/49 | €702,375 | €732,653 | +€30,278 | +4.3% |
| Amounts payable after more than one year | 17 | €423,304 | €635,620 | +€212,316 | +50.2% |
| Financial debts | 170/4 | €423,304 | €635,620 | +€212,316 | +50.2% |
| Amounts payable within one year | 42/48 | €279,071 | €97,033 | -€182,038 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €15,821 | €29,859 | +€14,037 | +88.7% |
| Trade debts | 44 | €106,062 | €10,566 | -€95,496 | -90.0% |
| Suppliers | 440/4 | €106,062 | €10,566 | -€95,496 | -90.0% |
| Advances received on contracts in progress | 46 | €40,000 | - | -€40,000 | |
| Taxes, remuneration and social security | 45 | €4,706 | €16,056 | +€11,350 | +241% |
| Taxes | 450/3 | €4,706 | €16,056 | +€11,350 | +241% |
| Other amounts payable | 47/48 | €112,482 | €40,552 | -€71,930 | -63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,244 | €13,132 | +€5,888 | +81.3% |
| Other operating charges | 640/8 | €1,560 | €1,490 | -€70 | -4.5% |
| Gross operating margin | 9900 | €46,122 | €93,907 | +€47,785 | +104% |
| Operating profit (loss) | 9901 | €37,318 | €79,286 | +€41,968 | +112% |
| Financial income | 75/76B | €105 | €2 | -€104 | -98.4% |
| Recurring financial income | 75 | €105 | €2 | -€104 | -98.4% |
| Financial charges | 65/66B | €17,354 | €21,764 | +€4,410 | +25.4% |
| Recurring financial charges | 65 | €17,354 | €21,764 | +€4,410 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €20,070 | €57,524 | +€37,454 | +187% |
| Income taxes | 67/77 | €4,706 | €15,770 | +€11,065 | +235% |
| Profit (loss) for the period | 9904 | €15,364 | €41,753 | +€26,389 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €15,364 | €41,753 | +€26,389 | +172% |
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 31 October 2026 via checked.be.