DCD 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.
DCD INVEST
Largest movements
- Current investments -€1.4m
down €1.4m (-72.1%), from €2.0m to €556,489
- Tangible fixed assets +€414,204
up €414,204 (+36.8%), from €1.1m to €1.5m
of which Land and buildings: +€301,198
- Receivables within one year +€199,217
up €199,217 (+63.5%), from €313,488 to €512,706
of which Other amounts receivable: +€184,648
- Cash +€178,710
up €178,710 (+29.6%), from €603,780 to €782,490
mainly Current investments (+€1.4m) and Debts after one year (+€204,446)
- Tax, wage and social debts -€492,402
down €492,402 (-98.3%), from €500,697 to €8,295
- Reserves -€320,974
down €320,974 (-5.9%), from €5.5m to €5.1m
of which Distributable reserves: -€316,768
- Debts after one year +€204,446
up €204,446 (+36.1%), from €566,231 to €770,677
- Profit (loss) carried forward -€89,346
new in 2025: -€89,346
- Financial income -€3.3m
down €3.3m (-98.0%), from €3.4m to €66,419
of which Non-recurring financial income: -€3.3m
- Taxes -€361,039
down €361,039 (-99.7%), from €362,066 to €1,027
- Gross operating margin -€127,692
down €127,692 (-58.8%), from €217,062 to €89,369
- Depreciation +€107,837
up €107,837 (+121%), from €89,062 to €196,898
- Financial charges +€27,367
up €27,367 (+138%), from €19,895 to €47,263
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 | €6,683,820 | €6,023,277 | -€660,542 | -9.9% |
| Fixed assets | 21/28 | €3,761,587 | €4,147,483 | +€385,896 | +10.3% |
| Intangible fixed assets | 21 | €42,462 | €14,154 | -€28,308 | -66.7% |
| Tangible fixed assets | 22/27 | €1,125,178 | €1,539,382 | +€414,204 | +36.8% |
| Land and buildings | 22 | €478,408 | €779,605 | +€301,198 | +63.0% |
| Plant, machinery and equipment | 23 | €900 | €12,518 | +€11,618 | +1,290% |
| Furniture and vehicles | 24 | €218,416 | €350,192 | +€131,776 | +60.3% |
| Other tangible fixed assets | 26 | €395,349 | €397,067 | +€1,717 | +0.4% |
| Assets under construction and advance payments | 27 | €32,105 | - | -€32,105 | |
| Financial fixed assets | 28 | €2,593,947 | €2,593,947 | = | 0.0% |
| Current assets | 29/58 | €2,922,233 | €1,875,794 | -€1.0m | -35.8% |
| Amounts receivable within one year | 40/41 | €313,488 | €512,706 | +€199,217 | +63.5% |
| Trade receivables | 40 | €10,506 | €25,075 | +€14,569 | +139% |
| Other amounts receivable | 41 | €302,983 | €487,631 | +€184,648 | +60.9% |
| Current investments | 50/53 | €1,991,265 | €556,489 | -€1.4m | -72.1% |
| Cash at bank and in hand | 54/58 | €603,780 | €782,490 | +€178,710 | +29.6% |
| Deferred charges and accrued income | 490/1 | €13,699 | €24,109 | +€10,410 | +76.0% |
| Total equity and liabilities | 10/49 | €6,683,820 | €6,023,277 | -€660,542 | -9.9% |
| Equity | 10/15 | €5,493,946 | €5,083,626 | -€410,321 | -7.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €5,453,946 | €5,132,972 | -€320,974 | -5.9% |
| Tax-exempt reserves | 132 | €41,888 | €37,682 | -€4,206 | -10.0% |
| Distributable reserves | 133 | €5,412,058 | €5,095,290 | -€316,768 | -5.9% |
| Profit (loss) carried forward | 14 | - | -€89,346 | -€89,346 | |
| Provisions and deferred taxes | 16 | €21,569 | €19,403 | -€2,166 | -10.0% |
| Deferred taxes | 168 | €21,569 | €19,403 | -€2,166 | -10.0% |
| Amounts payable | 17/49 | €1,168,304 | €920,248 | -€248,056 | -21.2% |
| Amounts payable after more than one year | 17 | €566,231 | €770,677 | +€204,446 | +36.1% |
| Financial debts | 170/4 | €566,231 | €770,677 | +€204,446 | +36.1% |
| Amounts payable within one year | 42/48 | €602,073 | €149,571 | -€452,502 | -75.2% |
| Current portion of amounts payable after more than one year | 42 | €98,999 | €132,514 | +€33,515 | +33.9% |
| Trade debts | 44 | €1,518 | €8,762 | +€7,244 | +477% |
| Suppliers | 440/4 | €1,518 | €8,762 | +€7,244 | +477% |
| Taxes, remuneration and social security | 45 | €500,697 | €8,295 | -€492,402 | -98.3% |
| Taxes | 450/3 | €500,697 | €8,295 | -€492,402 | -98.3% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Non-recurring operating income | 76A | €138,479 | - | -€138,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,062 | €196,898 | +€107,837 | +121% |
| Other operating charges | 640/8 | €6,668 | €6,319 | -€349 | -5.2% |
| Gross operating margin | 9900 | €217,062 | €89,369 | -€127,692 | -58.8% |
| Operating profit (loss) | 9901 | €121,332 | -€113,848 | -€235,180 | |
| Financial income | 75/76B | €3,375,718 | €66,419 | -€3.3m | -98.0% |
| Recurring financial income | 75 | €43,946 | €66,419 | +€22,473 | +51.1% |
| Non-recurring financial income | 76B | €3,331,772 | - | -€3.3m | |
| Financial charges | 65/66B | €19,895 | €47,263 | +€27,367 | +138% |
| Recurring financial charges | 65 | €19,895 | €47,263 | +€27,367 | +138% |
| Profit (loss) for the period before taxes | 9903 | €3,477,155 | -€94,691 | -€3.6m | |
| Transfer from deferred taxes | 780 | €2,166 | €2,166 | = | 0.0% |
| Income taxes | 67/77 | €362,066 | €1,027 | -€361,039 | -99.7% |
| Profit (loss) for the period | 9904 | €3,117,255 | -€93,552 | -€3.2m | |
| Transfer from tax-exempt reserves | 789 | €4,206 | €4,206 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,121,462 | -€89,346 | -€3.2m |
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 17 October 2026 via checked.be.