DAL INVEST: 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 INVEST
Largest movements
- Tangible fixed assets +€183,055
up €183,055 (+8.8%), from €2.1m to €2.3m
- Debts after one year +€84,468
up €84,468 (+6.2%), from €1.4m to €1.4m
of which Financial debts: +€84,468
- Other debts +€41,846
up €41,846 (+13.3%), from €314,552 to €356,397
- Reserves +€28,699
up €28,699 (+71.3%), from €40,247 to €68,947
of which Distributable reserves: +€28,699
- Other operating charges +€36,983
up €36,983 (+222%), from €16,649 to €53,632
- Gross operating margin +€11,367
up €11,367 (+5.7%), from €199,508 to €210,875
- Depreciation +€9,394
up €9,394 (+12.6%), from €74,551 to €83,945
- Financial charges -€3,806
down €3,806 (-10.9%), from €35,012 to €31,206
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 | €2,166,763 | €2,331,741 | +€164,978 | +7.6% |
| Fixed assets | 21/28 | €2,073,229 | €2,256,284 | +€183,055 | +8.8% |
| Tangible fixed assets | 22/27 | €2,073,229 | €2,256,284 | +€183,055 | +8.8% |
| Land and buildings | 22 | €2,073,229 | €2,256,284 | +€183,055 | +8.8% |
| Current assets | 29/58 | €93,534 | €75,457 | -€18,076 | -19.3% |
| Amounts receivable within one year | 40/41 | €26,700 | €9,607 | -€17,093 | -64.0% |
| Trade receivables | 40 | €26,700 | - | -€26,700 | |
| Other amounts receivable | 41 | - | €9,607 | +€9,607 | |
| Cash at bank and in hand | 54/58 | €60,438 | €54,758 | -€5,681 | -9.4% |
| Deferred charges and accrued income | 490/1 | €6,395 | €11,093 | +€4,697 | +73.4% |
| Total equity and liabilities | 10/49 | €2,166,763 | €2,331,741 | +€164,978 | +7.6% |
| Equity | 10/15 | €314,615 | €343,315 | +€28,699 | +9.1% |
| Contributions | 10/11 | €274,368 | €274,368 | = | 0.0% |
| Capital | 10 | €274,368 | €274,368 | = | 0.0% |
| Issued capital | 100 | €274,368 | €274,368 | = | 0.0% |
| Reserves | 13 | €40,247 | €68,947 | +€28,699 | +71.3% |
| Non-distributable reserves | 130/1 | €5,874 | €5,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,874 | €5,874 | = | 0.0% |
| Distributable reserves | 133 | €34,374 | €63,073 | +€28,699 | +83.5% |
| Amounts payable | 17/49 | €1,852,148 | €1,988,427 | +€136,279 | +7.4% |
| Amounts payable after more than one year | 17 | €1,365,307 | €1,449,775 | +€84,468 | +6.2% |
| Financial debts | 170/4 | €1,353,057 | €1,437,525 | +€84,468 | +6.2% |
| Other amounts payable | 178/9 | €12,250 | €12,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €441,365 | €500,475 | +€59,110 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €104,745 | €126,027 | +€21,282 | +20.3% |
| Trade debts | 44 | €16,661 | €18,051 | +€1,390 | +8.3% |
| Suppliers | 440/4 | €16,661 | €18,051 | +€1,390 | +8.3% |
| Taxes, remuneration and social security | 45 | €5,408 | - | -€5,408 | |
| Taxes | 450/3 | €5,408 | - | -€5,408 | |
| Other amounts payable | 47/48 | €314,552 | €356,397 | +€41,846 | +13.3% |
| Accrued charges and deferred income | 492/3 | €45,476 | €38,177 | -€7,299 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,551 | €83,945 | +€9,394 | +12.6% |
| Other operating charges | 640/8 | €16,649 | €53,632 | +€36,983 | +222% |
| Gross operating margin | 9900 | €199,508 | €210,875 | +€11,367 | +5.7% |
| Operating profit (loss) | 9901 | €108,308 | €73,298 | -€35,010 | -32.3% |
| Financial charges | 65/66B | €35,012 | €31,206 | -€3,806 | -10.9% |
| Recurring financial charges | 65 | €35,012 | €31,206 | -€3,806 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €73,296 | €42,092 | -€31,204 | -42.6% |
| Income taxes | 67/77 | €12,220 | €13,393 | +€1,173 | +9.6% |
| Profit (loss) for the period | 9904 | €61,076 | €28,699 | -€32,377 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,076 | €28,699 | -€32,377 | -53.0% |
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 27 October 2026 via checked.be.