DAPELO: 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.
What changed
DAPELO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56,692
2024 · €38,893+€17,799
Equity
€112,394
2024 · €524,552-€412,158
Cash
€4,261
2024 · €16,784-€12,523
Balance sheet total
€1.7m
2024 · €1.7m-€44,709
Largest movements
Assets
- Tangible fixed assets -€24,952
down €24,952 (-1.5%), from €1.6m to €1.6m
of which Land and buildings: -€36,973
Equity and liabilities
- Debts after one year +€853,186
up €853,186 (+153%), from €557,665 to €1.4m
- Short-term financial debts -€490,863
down €490,863 (-94.6%), from €518,646 to €27,784
- Contributions -€420,000
down €420,000 (-97.7%), from €430,000 to €10,000
- Profit (loss) carried forward +€62,048
up €62,048 (+67.4%), from -€92,021 to -€29,973
- Reserves -€54,206
down €54,206 (-29.1%), from €186,573 to €132,367
of which Distributable reserves: -€48,851
Income statement
- Gross operating margin +€20,437
up €20,437 (+16.2%), from €125,874 to €146,312
- Financial charges +€1,986
up €1,986 (+21.2%), from €9,383 to €11,368
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.
Result 2024
€38,893
Gross operating margin
+€20,437
Staff costs
-€643
Depreciation
-€1,354
Other operating charges
+€1,335
Financial income
+€8
Financial charges
-€1,986
Result 2025
€56,692
raises the resultlowers the result
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.
From operations
+€127,906
Investment
-€34,569
Financing
-€105,860
Cash 2024
€16,784
From operations (derived)
+€127,906
Net result for the year
+€56,692
Depreciation
+€67,292
Smaller working-capital items
-€2,979
Receivables within one year
-€2,380
Other debts
+€6,900
Accrued charges and deferred income
+€2,380
Investment (derived)
-€34,569
Investment in fixed assets (net)
-€34,569
Financing
-€105,860
Debts after one year
+€853,186
Current portion of long-term debt
+€667
Short-term financial debts
-€490,863
Contributions, distributions and other
-€468,851
Cash 2025
€4,261
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,734,313 | €1,689,604 | -€44,709 | -2.6% |
| Formation expenses | 20 | €14,561 | €12,454 | -€2,107 | -14.5% |
| Fixed assets | 21/28 | €1,698,626 | €1,668,009 | -€30,617 | -1.8% |
| Intangible fixed assets | 21 | €84,964 | €79,300 | -€5,664 | -6.7% |
| Tangible fixed assets | 22/27 | €1,613,662 | €1,588,710 | -€24,952 | -1.5% |
| Land and buildings | 22 | €1,613,329 | €1,576,356 | -€36,973 | -2.3% |
| Furniture and vehicles | 24 | €333 | €12,354 | +€12,021 | +3,607% |
| Current assets | 29/58 | €21,126 | €9,141 | -€11,985 | -56.7% |
| Amounts receivable after more than one year | 29 | €1,842 | - | -€1,842 | |
| Trade receivables | 290 | €1,842 | - | -€1,842 | |
| Amounts receivable within one year | 40/41 | €2,500 | €4,880 | +€2,380 | +95.2% |
| Trade receivables | 40 | - | €2,380 | +€2,380 | |
| Other amounts receivable | 41 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,784 | €4,261 | -€12,523 | -74.6% |
| Total equity and liabilities | 10/49 | €1,734,313 | €1,689,604 | -€44,709 | -2.6% |
| Equity | 10/15 | €524,552 | €112,394 | -€412,158 | -78.6% |
| Contributions | 10/11 | €430,000 | €10,000 | -€420,000 | -97.7% |
| Reserves | 13 | €186,573 | €132,367 | -€54,206 | -29.1% |
| Tax-exempt reserves | 132 | €137,723 | €132,367 | -€5,355 | -3.9% |
| Distributable reserves | 133 | €48,851 | - | -€48,851 | |
| Profit (loss) carried forward | 14 | -€92,021 | -€29,973 | +€62,048 | +67.4% |
| Provisions and deferred taxes | 16 | €45,908 | €44,122 | -€1,785 | -3.9% |
| Deferred taxes | 168 | €45,908 | €44,122 | -€1,785 | -3.9% |
| Amounts payable | 17/49 | €1,163,853 | €1,533,088 | +€369,235 | +31.7% |
| Amounts payable after more than one year | 17 | €557,665 | €1,410,852 | +€853,186 | +153% |
| Financial debts | 170/4 | €557,665 | €1,410,852 | +€853,186 | +153% |
| Amounts payable within one year | 42/48 | €606,188 | €119,856 | -€486,332 | -80.2% |
| Current portion of amounts payable after more than one year | 42 | €73,109 | €73,775 | +€667 | +0.9% |
| Financial debts | 43 | €518,646 | €27,784 | -€490,863 | -94.6% |
| Other loans | 439 | €518,646 | €27,784 | -€490,863 | -94.6% |
| Trade debts | 44 | €2,067 | - | -€2,067 | |
| Suppliers | 440/4 | €2,067 | - | -€2,067 | |
| Taxes, remuneration and social security | 45 | €2,346 | €1,377 | -€969 | -41.3% |
| Taxes | 450/3 | €2,073 | €1,377 | -€696 | -33.6% |
| Remuneration and social security | 454/9 | €274 | - | -€274 | |
| Other amounts payable | 47/48 | €10,020 | €16,920 | +€6,900 | +68.9% |
| Accrued charges and deferred income | 492/3 | - | €2,380 | +€2,380 | |
| Non-recurring operating income | 76A | €3,551 | €1,024 | -€2,527 | -71.2% |
| Remuneration, social security and pensions | 62 | €1,619 | €2,261 | +€643 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,939 | €67,292 | +€1,354 | +2.1% |
| Other operating charges | 640/8 | €11,826 | €10,491 | -€1,335 | -11.3% |
| Gross operating margin | 9900 | €125,874 | €146,312 | +€20,437 | +16.2% |
| Operating profit (loss) | 9901 | €46,491 | €66,267 | +€19,776 | +42.5% |
| Financial income | 75/76B | €0 | €8 | +€8 | +10,250% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +10,250% |
| Financial charges | 65/66B | €9,383 | €11,368 | +€1,986 | +21.2% |
| Recurring financial charges | 65 | €9,383 | €11,368 | +€1,986 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €37,108 | €54,907 | +€17,799 | +48.0% |
| Transfer from deferred taxes | 780 | €1,785 | €1,785 | = | 0.0% |
| Profit (loss) for the period | 9904 | €38,893 | €56,692 | +€17,799 | +45.8% |
| Transfer from tax-exempt reserves | 789 | €5,355 | €5,355 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,249 | €62,048 | +€17,799 | +40.2% |
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 13 October 2026 via checked.be.