DAPESCO: what changed
Two fiscal 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.
DAPESCO
Largest movements
- Receivables within one year +€206,661
up €206,661 (+21.1%), from €981,537 to €1.2m
of which Trade receivables: +€317,106
- Intangible fixed assets -€149,471
down €149,471 (-12.4%), from €1.2m to €1.1m
- Cash -€129,770
down €129,770 (-49.3%), from €262,991 to €133,222
mainly Net result for the year (-€680,481) and Investment in fixed assets (net) (-€261,962)
- Tangible fixed assets -€42,836
down €42,836 (-6.6%), from €646,722 to €603,886
of which Land and buildings: -€37,303
- Profit (loss) carried forward -€680,481
down €680,481 (-25.2%), from -€2.7m to -€3.4m
- Trade debts +€472,673
up €472,673 (+136.5%), from €346,231 to €818,904
- Debts after one year +€67,880
up €67,880 (+49.5%), from €137,114 to €204,994
- Gross operating margin -€749,073
down €749,073 (-43.9%), from €1.7m to €958,086
- Staff costs -€97,520
down €97,520 (-8.4%), from €1.2m to €1.1m
- Financial charges -€81,415
down €81,415 (-64.0%), from €127,267 to €45,852
of which Financial charges: -€46,359
- Depreciation +€71,093
up €71,093 (+18.0%), from €394,847 to €465,940
- Other operating charges +€46,282
up €46,282 (+251.4%), from €18,411 to €64,694
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.
Cash bridge derived
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 | €3,222,499 | €3,091,564 | -€130,936 | -4.1% |
| Fixed assets | 21/28 | €1,875,215 | €1,671,237 | -€203,978 | -10.9% |
| Intangible fixed assets | 21 | €1,205,516 | €1,056,045 | -€149,471 | -12.4% |
| Tangible fixed assets | 22/27 | €646,722 | €603,886 | -€42,836 | -6.6% |
| Land and buildings | 22 | €632,064 | €594,762 | -€37,303 | -5.9% |
| Plant, machinery and equipment | 23 | €4,964 | €3,377 | -€1,587 | -32.0% |
| Furniture and vehicles | 24 | €9,694 | €5,747 | -€3,946 | -40.7% |
| Financial fixed assets | 28 | €22,977 | €11,306 | -€11,672 | -50.8% |
| Current assets | 29/58 | €1,347,284 | €1,420,327 | +€73,043 | +5.4% |
| Stocks and contracts in progress | 3 | €70,346 | €70,346 | = | 0.0% |
| Stocks | 30/36 | €70,346 | €70,346 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €981,537 | €1,188,197 | +€206,661 | +21.1% |
| Trade receivables | 40 | €868,676 | €1,185,782 | +€317,106 | +36.5% |
| Other amounts receivable | 41 | €112,861 | €2,416 | -€110,445 | -97.9% |
| Cash at bank and in hand | 54/58 | €262,991 | €133,222 | -€129,770 | -49.3% |
| Deferred charges and accrued income | 490/1 | €32,410 | €28,561 | -€3,848 | -11.9% |
| Total equity and liabilities | 10/49 | €3,222,499 | €3,091,564 | -€130,936 | -4.1% |
| Equity | 10/15 | €2,216,274 | €1,533,667 | -€682,607 | -30.8% |
| Contributions | 10/11 | €4,537,403 | €4,537,403 | = | 0.0% |
| Capital | 10 | €4,537,403 | €4,537,403 | = | 0.0% |
| Issued capital | 100 | €4,537,403 | €4,537,403 | = | 0.0% |
| Revaluation surpluses | 12 | €331,912 | €331,912 | = | 0.0% |
| Reserves | 13 | €21,659 | €21,659 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,350 | €21,350 | = | 0.0% |
| Legal reserve | 130 | €21,350 | €21,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €309 | €309 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,702,804 | -€3,383,285 | -€680,481 | -25.2% |
| Investment grants | 15 | €28,104 | €25,977 | -€2,127 | -7.6% |
| Amounts payable | 17/49 | €1,006,225 | €1,557,897 | +€551,672 | +54.8% |
| Amounts payable after more than one year | 17 | €137,114 | €204,994 | +€67,880 | +49.5% |
| Financial debts | 170/4 | €137,114 | €204,994 | +€67,880 | +49.5% |
| Amounts payable within one year | 42/48 | €702,673 | €1,196,007 | +€493,335 | +70.2% |
| Current portion of amounts payable after more than one year | 42 | €203,629 | €204,461 | +€832 | +0.4% |
| Financial debts | 43 | €460 | €363 | -€97 | -21.1% |
| Credit institutions | 430/8 | €460 | €363 | -€97 | -21.1% |
| Trade debts | 44 | €346,231 | €818,904 | +€472,673 | +136.5% |
| Suppliers | 440/4 | €346,231 | €818,904 | +€472,673 | +136.5% |
| Taxes, remuneration and social security | 45 | €152,331 | €172,279 | +€19,948 | +13.1% |
| Taxes | 450/3 | €23,685 | €46,629 | +€22,944 | +96.9% |
| Remuneration and social security | 454/9 | €128,646 | €125,650 | -€2,996 | -2.3% |
| Other amounts payable | 47/48 | €21 | €0 | -€21 | -100.0% |
| Accrued charges and deferred income | 492/3 | €166,439 | €156,896 | -€9,543 | -5.7% |
| Non-recurring operating income | 76A | €386 | €4,426 | +€4,040 | +1047.5% |
| Remuneration, social security and pensions | 62 | €1,154,857 | €1,057,337 | -€97,520 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394,847 | €465,940 | +€71,093 | +18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,271 | €3,240 | +€1,969 | +154.9% |
| Other operating charges | 640/8 | €18,411 | €64,694 | +€46,282 | +251.4% |
| Non-recurring operating charges | 66A | - | €4,028 | +€4,028 | |
| Gross operating margin | 9900 | €1,707,159 | €958,086 | -€749,073 | -43.9% |
| Operating profit (loss) | 9901 | €137,772 | -€637,153 | -€774,925 | |
| Financial income | 75/76B | €14,627 | €4,357 | -€10,270 | -70.2% |
| Recurring financial income | 75 | €14,627 | €4,357 | -€10,270 | -70.2% |
| Financial charges | 65/66B | €127,267 | €45,852 | -€81,415 | -64.0% |
| Recurring financial charges | 65 | €92,211 | €45,852 | -€46,359 | -50.3% |
| Non-recurring financial charges | 66B | €35,056 | €0 | -€35,056 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €25,132 | -€678,648 | -€703,780 | |
| Income taxes | 67/77 | €2,182 | €1,833 | -€349 | -16.0% |
| Profit (loss) for the period | 9904 | €22,950 | -€680,481 | -€703,431 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,950 | -€680,481 | -€703,431 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.