DAL CONSTRUCT: 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.
DAL CONSTRUCT
Largest movements
- Tangible fixed assets -€121,709
down €121,709 (-4.7%), from €2.6m to €2.5m
of which Land and buildings: -€108,695
- Cash +€100,189
up €100,189 (+46.6%), from €214,928 to €315,116
mainly Other debts (+€215,089) and Depreciation (+€154,404)
- Receivables within one year -€71,865
down €71,865 (-39.8%), from €180,364 to €108,499
of which Trade receivables: -€96,690
- Other debts +€215,089
up €215,089 (+68.5%), from €313,882 to €528,970
- Reserves -€187,056
down €187,056 (-13.1%), from €1.4m to €1.2m
of which Distributable reserves: -€173,721
- Debts after one year -€85,048
down €85,048 (-4.4%), from €1.9m to €1.8m
of which Financial debts: -€85,048
- Current portion of long-term debt -€39,468
down €39,468 (-31.7%), from €124,516 to €85,048
- Taxes -€47,166
down €47,166 (-69.9%), from €67,461 to €20,295
- Financial charges +€30,471
up €30,471 (+53.1%), from €57,413 to €87,885
- Gross operating margin -€29,061
down €29,061 (-8.2%), from €355,361 to €326,300
- Staff costs +€25,502
up €25,502 (+331%), from €7,710 to €33,212
- Depreciation +€6,100
up €6,100 (+4.1%), from €148,304 to €154,404
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 | €3,937,528 | €3,842,010 | -€95,518 | -2.4% |
| Fixed assets | 21/28 | €2,577,563 | €2,460,153 | -€117,410 | -4.6% |
| Intangible fixed assets | 21 | - | €4,299 | +€4,299 | |
| Tangible fixed assets | 22/27 | €2,577,563 | €2,455,854 | -€121,709 | -4.7% |
| Land and buildings | 22 | €2,452,135 | €2,343,440 | -€108,695 | -4.4% |
| Plant, machinery and equipment | 23 | €4,168 | €3,215 | -€953 | -22.9% |
| Furniture and vehicles | 24 | €15,355 | €8,481 | -€6,874 | -44.8% |
| Assets under construction and advance payments | 27 | €105,905 | €100,718 | -€5,187 | -4.9% |
| Current assets | 29/58 | €1,359,965 | €1,381,857 | +€21,892 | +1.6% |
| Amounts receivable within one year | 40/41 | €180,364 | €108,499 | -€71,865 | -39.8% |
| Trade receivables | 40 | €141,597 | €44,907 | -€96,690 | -68.3% |
| Other amounts receivable | 41 | €38,767 | €63,592 | +€24,825 | +64.0% |
| Current investments | 50/53 | €963,971 | €955,311 | -€8,660 | -0.9% |
| Cash at bank and in hand | 54/58 | €214,928 | €315,116 | +€100,189 | +46.6% |
| Deferred charges and accrued income | 490/1 | €702 | €2,930 | +€2,228 | +317% |
| Total equity and liabilities | 10/49 | €3,937,528 | €3,842,010 | -€95,518 | -2.4% |
| Equity | 10/15 | €1,465,951 | €1,278,895 | -€187,056 | -12.8% |
| Contributions | 10/11 | €41,235 | €41,235 | = | 0.0% |
| Reserves | 13 | €1,424,716 | €1,237,660 | -€187,056 | -13.1% |
| Non-distributable reserves | 130/1 | €14,912 | €14,912 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,912 | €14,912 | = | 0.0% |
| Tax-exempt reserves | 132 | €251,106 | €237,772 | -€13,335 | -5.3% |
| Distributable reserves | 133 | €1,158,697 | €984,976 | -€173,721 | -15.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €58,511 | €55,517 | -€2,994 | -5.1% |
| Deferred taxes | 168 | €58,511 | €55,517 | -€2,994 | -5.1% |
| Amounts payable | 17/49 | €2,413,066 | €2,507,598 | +€94,531 | +3.9% |
| Amounts payable after more than one year | 17 | €1,917,352 | €1,832,305 | -€85,048 | -4.4% |
| Financial debts | 170/4 | €1,913,185 | €1,828,137 | -€85,048 | -4.4% |
| Other amounts payable | 178/9 | €4,168 | €4,168 | = | 0.0% |
| Amounts payable within one year | 42/48 | €471,086 | €638,268 | +€167,182 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €124,516 | €85,048 | -€39,468 | -31.7% |
| Trade debts | 44 | €7,620 | €7,482 | -€137 | -1.8% |
| Suppliers | 440/4 | €7,620 | €7,482 | -€137 | -1.8% |
| Taxes, remuneration and social security | 45 | €25,069 | €16,768 | -€8,301 | -33.1% |
| Taxes | 450/3 | €23,107 | €7,961 | -€15,145 | -65.5% |
| Remuneration and social security | 454/9 | €1,962 | €8,806 | +€6,844 | +349% |
| Other amounts payable | 47/48 | €313,882 | €528,970 | +€215,089 | +68.5% |
| Accrued charges and deferred income | 492/3 | €24,628 | €37,025 | +€12,397 | +50.3% |
| Non-recurring operating income | 76A | - | €54,590 | +€54,590 | |
| Remuneration, social security and pensions | 62 | €7,710 | €33,212 | +€25,502 | +331% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,304 | €154,404 | +€6,100 | +4.1% |
| Other operating charges | 640/8 | €21,202 | €21,654 | +€452 | +2.1% |
| Gross operating margin | 9900 | €355,361 | €326,300 | -€29,061 | -8.2% |
| Operating profit (loss) | 9901 | €178,145 | €117,030 | -€61,115 | -34.3% |
| Financial income | 75/76B | €0 | €1,100 | +€1,100 | +3,667,767% |
| Recurring financial income | 75 | €0 | €1,100 | +€1,100 | +3,667,767% |
| Financial charges | 65/66B | €57,413 | €87,885 | +€30,471 | +53.1% |
| Recurring financial charges | 65 | €57,413 | €87,885 | +€30,471 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €120,732 | €30,245 | -€90,486 | -74.9% |
| Transfer from deferred taxes | 780 | €2,994 | €2,994 | = | 0.0% |
| Income taxes | 67/77 | €67,461 | €20,295 | -€47,166 | -69.9% |
| Profit (loss) for the period | 9904 | €56,265 | €12,944 | -€43,321 | -77.0% |
| Transfer from tax-exempt reserves | 789 | €13,335 | €13,335 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,599 | €26,279 | -€43,321 | -62.2% |
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 26 October 2026 via checked.be.