DB Invest: what changed
What changed
DB Invest
NACE 46.496, Wholesale trade
filed annual accounts (NBB)
Net result for the year
€41,655
2024 · €5,419+€36,236
Equity
€908,176
2024 · €866,522+€41,655
Cash
€379,048
2024 · €627,536-€248,488
Balance sheet total
€1.6m
2024 · €1.9m-€336,548
Largest movements
Assets
- Cash -€248,488
down €248,488 (-39.6%), from €627,536 to €379,048
mainly Other debts (-€251,098) and Debts after one year (-€69,561)
- Tangible fixed assets -€109,720
down €109,720 (-8.4%), from €1.3m to €1.2m
of which Land and buildings: -€63,777
- Receivables within one year +€21,637
up €21,637 (+842%), from €2,570 to €24,207
of which Other amounts receivable: +€20,735
Equity and liabilities
- Other debts -€251,098
down €251,098 (-52.0%), from €483,246 to €232,148
- Debts after one year -€69,561
down €69,561 (-19.7%), from €353,936 to €284,375
- Reserves +€41,655
up €41,655 (+4.9%), from €847,922 to €889,576
of which Distributable reserves: +€63,560
- Tax, wage and social debts -€31,464
down €31,464 (-55.3%), from €56,886 to €25,422
- Current portion of long-term debt -€19,686
down €19,686 (-22.1%), from €89,248 to €69,561
Income statement
- Gross operating margin +€33,816
up €33,816 (+22.5%), from €150,403 to €184,219
- Taxes +€16,281
up €16,281 (+114%), from €14,244 to €30,524
- Financial charges -€14,822
down €14,822 (-29.5%), from €50,161 to €35,340
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€5,419
Gross operating margin
+€33,816
Depreciation
-€259
Other operating charges
-€1,194
Other operating items
+€5,616
Financial income
-€284
Financial charges
+€14,822
Taxes
-€16,281
Result 2025
€41,655
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€203,136
Investment
+€43,896
Financing
-€89,248
Cash 2024
€627,536
From operations (derived)
-€203,136
Net result for the year
+€41,655
Depreciation
+€65,825
Receivables within one year
-€21,637
Deferred charges and accrued income
-€23
Provisions
-€7,302
Trade debts
+€4,125
Tax, wage and social debts
-€31,464
Other debts
-€251,098
Accrued charges and deferred income
-€3,215
Investment (derived)
+€43,896
Investment in fixed assets (net)
+€43,896
Financing
-€89,248
Debts after one year
-€69,561
Current portion of long-term debt
-€19,686
Cash 2025
€379,048
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,944,747 | €1,608,199 | -€336,548 | -17.3% |
| Fixed assets | 21/28 | €1,313,352 | €1,203,631 | -€109,720 | -8.4% |
| Tangible fixed assets | 22/27 | €1,313,352 | €1,203,631 | -€109,720 | -8.4% |
| Land and buildings | 22 | €742,002 | €678,225 | -€63,777 | -8.6% |
| Furniture and vehicles | 24 | €10,603 | €9,877 | -€726 | -6.8% |
| Assets under construction and advance payments | 27 | €560,747 | €515,529 | -€45,217 | -8.1% |
| Current assets | 29/58 | €631,395 | €404,568 | -€226,827 | -35.9% |
| Amounts receivable within one year | 40/41 | €2,570 | €24,207 | +€21,637 | +842% |
| Trade receivables | 40 | €0 | €902 | +€902 | |
| Other amounts receivable | 41 | €2,570 | €23,305 | +€20,735 | +807% |
| Cash at bank and in hand | 54/58 | €627,536 | €379,048 | -€248,488 | -39.6% |
| Deferred charges and accrued income | 490/1 | €1,289 | €1,313 | +€23 | +1.8% |
| Total equity and liabilities | 10/49 | €1,944,747 | €1,608,199 | -€336,548 | -17.3% |
| Equity | 10/15 | €866,522 | €908,176 | +€41,655 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €847,922 | €889,576 | +€41,655 | +4.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €197,630 | €175,725 | -€21,905 | -11.1% |
| Distributable reserves | 133 | €644,092 | €707,651 | +€63,560 | +9.9% |
| Provisions and deferred taxes | 16 | €65,877 | €58,575 | -€7,302 | -11.1% |
| Deferred taxes | 168 | €65,877 | €58,575 | -€7,302 | -11.1% |
| Amounts payable | 17/49 | €1,012,348 | €641,448 | -€370,901 | -36.6% |
| Amounts payable after more than one year | 17 | €353,936 | €284,375 | -€69,561 | -19.7% |
| Financial debts | 170/4 | €353,936 | €284,375 | -€69,561 | -19.7% |
| Amounts payable within one year | 42/48 | €633,848 | €335,724 | -€298,124 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €89,248 | €69,561 | -€19,686 | -22.1% |
| Trade debts | 44 | €4,469 | €8,593 | +€4,125 | +92.3% |
| Suppliers | 440/4 | €4,469 | €8,593 | +€4,125 | +92.3% |
| Taxes, remuneration and social security | 45 | €56,886 | €25,422 | -€31,464 | -55.3% |
| Taxes | 450/3 | €56,886 | €25,422 | -€31,464 | -55.3% |
| Other amounts payable | 47/48 | €483,246 | €232,148 | -€251,098 | -52.0% |
| Accrued charges and deferred income | 492/3 | €24,564 | €21,348 | -€3,215 | -13.1% |
| Non-recurring operating income | 76A | - | €21,562 | +€21,562 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,566 | €65,825 | +€259 | +0.4% |
| Other operating charges | 640/8 | €16,985 | €18,179 | +€1,194 | +7.0% |
| Non-recurring operating charges | 66A | €5,616 | €0 | -€5,616 | -100% |
| Gross operating margin | 9900 | €150,403 | €184,219 | +€33,816 | +22.5% |
| Operating profit (loss) | 9901 | €62,237 | €100,216 | +€37,979 | +61.0% |
| Financial income | 75/76B | €285 | €1 | -€284 | -99.8% |
| Recurring financial income | 75 | €285 | €1 | -€284 | -99.8% |
| Financial charges | 65/66B | €50,161 | €35,340 | -€14,822 | -29.5% |
| Recurring financial charges | 65 | €50,161 | €35,340 | -€14,822 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €12,361 | €64,877 | +€52,516 | +425% |
| Transfer from deferred taxes | 780 | €7,302 | €7,302 | = | 0.0% |
| Income taxes | 67/77 | €14,244 | €30,524 | +€16,281 | +114% |
| Profit (loss) for the period | 9904 | €5,419 | €41,655 | +€36,236 | +669% |
| Transfer from tax-exempt reserves | 789 | €21,905 | €21,905 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,324 | €63,560 | +€36,236 | +133% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.