De Neef Groep: 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.
De Neef Groep
Largest movements
- Receivables after one year +€11.9m
up €11.9m (+222%), from €5.4m to €17.3m
- Financial fixed assets -€11.4m
down €11.4m (-61.9%), from €18.4m to €7.0m
- Current investments +€4.4m
up €4.4m (+244%), from €1.8m to €6.2m
- Receivables within one year -€2.4m
down €2.4m (-93.4%), from €2.6m to €172,895
of which Other amounts receivable: -€2.5m
- Cash -€538,446
down €538,446 (-88.8%), from €606,555 to €68,109
mainly Receivables after one year (-€11.9m) and Contributions, distributions and other (-€4.8m)
- Other debts +€1.4m
new in 2025: €1.4m
- Reserves +€486,398
up €486,398 (+1.9%), from €25.0m to €25.5m
of which Distributable reserves: +€486,398
- Financial income +€5.2m
up €5.2m (+2,053%), from €254,735 to €5.5m
of which Non-recurring financial income: +€3.7m
- Financial charges -€184,572
down €184,572 (-99.8%), from €184,976 to €404
of which Non-recurring financial charges: -€184,640
- Gross operating margin -€105,380
down €105,380 (-99.5%), from -€105,876 to -€211,255
- Taxes -€28,837
down €28,837, from €400 to -€28,436
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 | €28,840,288 | €30,765,431 | +€1.9m | +6.7% |
| Fixed assets | 21/28 | €18,459,316 | €7,041,930 | -€11.4m | -61.9% |
| Tangible fixed assets | 22/27 | €41,622 | €32,677 | -€8,945 | -21.5% |
| Land and buildings | 22 | €4,974 | €4,200 | -€774 | -15.6% |
| Furniture and vehicles | 24 | €36,648 | €28,477 | -€8,171 | -22.3% |
| Financial fixed assets | 28 | €18,417,693 | €7,009,252 | -€11.4m | -61.9% |
| Current assets | 29/58 | €10,380,973 | €23,723,501 | +€13.3m | +129% |
| Amounts receivable after more than one year | 29 | €5,355,000 | €17,267,002 | +€11.9m | +222% |
| Other amounts receivable | 291 | €5,355,000 | €17,267,002 | +€11.9m | +222% |
| Amounts receivable within one year | 40/41 | €2,618,948 | €172,895 | -€2.4m | -93.4% |
| Trade receivables | 40 | - | €72,000 | +€72,000 | |
| Other amounts receivable | 41 | €2,618,948 | €100,895 | -€2.5m | -96.1% |
| Current investments | 50/53 | €1,800,000 | €6,200,000 | +€4.4m | +244% |
| Cash at bank and in hand | 54/58 | €606,555 | €68,109 | -€538,446 | -88.8% |
| Deferred charges and accrued income | 490/1 | €470 | €15,495 | +€15,025 | +3,198% |
| Total equity and liabilities | 10/49 | €28,840,288 | €30,765,431 | +€1.9m | +6.7% |
| Equity | 10/15 | €28,835,854 | €29,322,253 | +€486,398 | +1.7% |
| Contributions | 10/11 | €2,026,566 | €2,026,566 | = | 0.0% |
| Revaluation surpluses | 12 | €1,779,160 | €1,779,160 | = | 0.0% |
| Reserves | 13 | €25,030,128 | €25,516,527 | +€486,398 | +1.9% |
| Non-distributable reserves | 130/1 | €188,781 | €188,781 | = | 0.0% |
| Reserves not available under the articles | 1311 | €188,781 | €188,781 | = | 0.0% |
| Distributable reserves | 133 | €24,841,347 | €25,327,746 | +€486,398 | +2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,434 | €1,443,178 | +€1.4m | +32,448% |
| Amounts payable within one year | 42/48 | €4,434 | €1,443,178 | +€1.4m | +32,448% |
| Trade debts | 44 | €4,434 | €3,178 | -€1,256 | -28.3% |
| Suppliers | 440/4 | €4,434 | €3,178 | -€1,256 | -28.3% |
| Other amounts payable | 47/48 | - | €1,440,000 | +€1.4m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,404 | €8,945 | +€541 | +6.4% |
| Other operating charges | 640/8 | €2,772 | €2,789 | +€17 | +0.6% |
| Non-recurring operating charges | 66A | €2,701 | €2,389 | -€312 | -11.6% |
| Gross operating margin | 9900 | -€105,876 | -€211,255 | -€105,380 | -99.5% |
| Operating profit (loss) | 9901 | -€119,753 | -€225,378 | -€105,625 | -88.2% |
| Financial income | 75/76B | €254,735 | €5,483,744 | +€5.2m | +2,053% |
| Recurring financial income | 75 | €254,735 | €1,757,020 | +€1.5m | +590% |
| Non-recurring financial income | 76B | - | €3,726,725 | +€3.7m | |
| Financial charges | 65/66B | €184,976 | €404 | -€184,572 | -99.8% |
| Recurring financial charges | 65 | €336 | €404 | +€68 | +20.1% |
| Non-recurring financial charges | 66B | €184,640 | €0 | -€184,640 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€49,994 | €5,257,962 | +€5.3m | |
| Income taxes | 67/77 | €400 | -€28,436 | -€28,837 | |
| Profit (loss) for the period | 9904 | -€50,394 | €5,286,398 | +€5.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,394 | €5,286,398 | +€5.3m |
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 15 October 2026 via checked.be.