de fundering: 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
de fundering
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€619,265
2024 · €0+€619,265
Equity
€8.5m
2024 · €7.9m+€602,569
Cash
€60,774
2024 · €51,313+€9,461
Balance sheet total
€9.4m
2024 · €9.7m-€323,538
Largest movements
Assets
- Tangible fixed assets -€615,224
down €615,224 (-7.5%), from €8.2m to €7.6m
of which Land and buildings: -€698,189
- Receivables within one year +€307,685
up €307,685 (+40.7%), from €755,413 to €1.1m
of which Trade receivables: +€299,887
Equity and liabilities
- Debts after one year -€900,000
down €900,000 (-68.3%), from €1.3m to €417,796
- Profit (loss) carried forward +€619,265
up €619,265 (+28.3%), from €2.2m to €2.8m
Income statement
- Gross operating margin +€417,514
up €417,514 (+46.2%), from €904,101 to €1.3m
- Depreciation -€200,279
down €200,279 (-22.2%), from €903,173 to €702,894
- Purchases and services +€29,189
up €29,189 (+2.1%), from €1.4m to €1.4m
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
€0
Gross operating margin
+€417,514
Depreciation
+€200,279
Other operating charges
+€1,367
Financial income
-€180
Financial charges
+€284
Result 2025
€619,265
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
+€993,827
Investment
-€67,670
Financing
-€916,696
Cash 2024
€51,313
From operations (derived)
+€993,827
Net result for the year
+€619,265
Depreciation
+€702,894
Receivables within one year
-€307,685
Deferred charges and accrued income
+€5,460
Smaller working-capital items
-€671
Tax, wage and social debts
-€25,436
Investment (derived)
-€67,670
Investment in fixed assets (net)
-€87,670
Current investments
+€20,000
Financing
-€916,696
Debts after one year
-€900,000
Contributions, distributions and other
-€16,696
Cash 2025
€60,774
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,690,233 | €9,366,694 | -€323,538 | -3.3% |
| Fixed assets | 21/28 | €8,606,311 | €7,991,086 | -€615,224 | -7.1% |
| Tangible fixed assets | 22/27 | €8,244,872 | €7,629,647 | -€615,224 | -7.5% |
| Land and buildings | 22 | €7,812,833 | €7,114,644 | -€698,189 | -8.9% |
| Plant, machinery and equipment | 23 | €3,660 | €60,570 | +€56,910 | +1,555% |
| Assets under construction and advance payments | 27 | €428,378 | €454,433 | +€26,055 | +6.1% |
| Financial fixed assets | 28 | €361,439 | €361,439 | = | 0.0% |
| Current assets | 29/58 | €1,083,922 | €1,375,608 | +€291,686 | +26.9% |
| Amounts receivable within one year | 40/41 | €755,413 | €1,063,098 | +€307,685 | +40.7% |
| Trade receivables | 40 | €688,122 | €988,009 | +€299,887 | +43.6% |
| Other amounts receivable | 41 | €67,291 | €75,089 | +€7,798 | +11.6% |
| Current investments | 50/53 | €260,000 | €240,000 | -€20,000 | -7.7% |
| Cash at bank and in hand | 54/58 | €51,313 | €60,774 | +€9,461 | +18.4% |
| Deferred charges and accrued income | 490/1 | €17,196 | €11,736 | -€5,460 | -31.8% |
| Total equity and liabilities | 10/49 | €9,690,233 | €9,366,694 | -€323,538 | -3.3% |
| Equity | 10/15 | €7,944,996 | €8,547,564 | +€602,569 | +7.6% |
| Contributions | 10/11 | €5,640,500 | €5,640,500 | = | 0.0% |
| Capital | 10 | €5,640,500 | €5,640,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,187,624 | €2,806,889 | +€619,265 | +28.3% |
| Investment grants | 15 | €116,872 | €100,176 | -€16,696 | -14.3% |
| Provisions and deferred taxes | 16 | €68,682 | €68,682 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €68,682 | €68,682 | = | 0.0% |
| Major repairs and maintenance | 162 | €68,682 | €68,682 | = | 0.0% |
| Amounts payable | 17/49 | €1,676,555 | €750,448 | -€926,107 | -55.2% |
| Amounts payable after more than one year | 17 | €1,317,796 | €417,796 | -€900,000 | -68.3% |
| Financial debts | 170/4 | €1,317,796 | €417,796 | -€900,000 | -68.3% |
| Amounts payable within one year | 42/48 | €353,631 | €327,162 | -€26,469 | -7.5% |
| Trade debts | 44 | €302,608 | €301,762 | -€846 | -0.3% |
| Suppliers | 440/4 | €302,608 | €301,762 | -€846 | -0.3% |
| Advances received on contracts in progress | 46 | €1,281 | €1,094 | -€187 | -14.6% |
| Taxes, remuneration and social security | 45 | €49,743 | €24,306 | -€25,436 | -51.1% |
| Taxes | 450/3 | €49,743 | €24,306 | -€25,436 | -51.1% |
| Accrued charges and deferred income | 492/3 | €5,128 | €5,490 | +€362 | +7.1% |
| Turnover | 70 | €14,179 | €13,473 | -€706 | -5.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,382,264 | €1,411,453 | +€29,189 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903,173 | €702,894 | -€200,279 | -22.2% |
| Other operating charges | 640/8 | €2,432 | €1,065 | -€1,367 | -56.2% |
| Gross operating margin | 9900 | €904,101 | €1,321,615 | +€417,514 | +46.2% |
| Operating profit (loss) | 9901 | -€1,504 | €617,656 | +€619,160 | |
| Financial income | 75/76B | €2,432 | €2,252 | -€180 | -7.4% |
| Recurring financial income | 75 | €2,432 | €2,252 | -€180 | -7.4% |
| Financial charges | 65/66B | €928 | €644 | -€284 | -30.6% |
| Recurring financial charges | 65 | €928 | €644 | -€284 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €0 | €619,265 | +€619,265 | |
| Profit (loss) for the period | 9904 | €0 | €619,265 | +€619,265 | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €619,265 | +€619,265 |
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 14 October 2026 via checked.be.