DE NEEF & PARTNERS: 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 & PARTNERS
Largest movements
- Intangible fixed assets -€158,985
down €158,985 (-20.3%), from €783,615 to €624,630
- Cash -€61,227
down €61,227 (-87.4%), from €70,078 to €8,851
mainly Other debts (-€524,968) and Investment in fixed assets (net) (-€37,229)
- Stocks and contracts -€21,750
down €21,750 (-100%), from €21,750 to €0
- Receivables within one year -€18,796
down €18,796 (-6.7%), from €281,802 to €263,006
of which Other amounts receivable: -€38,894
- Tangible fixed assets +€14,632
up €14,632 (+25.9%), from €56,456 to €71,088
- Other debts -€524,968
down €524,968 (-64.8%), from €809,691 to €284,723
- Profit (loss) carried forward +€185,678
up €185,678 (+104%), from €178,354 to €364,032
- Trade debts +€83,283
up €83,283 (+120%), from €69,638 to €152,920
- Staff costs +€47,521
up €47,521 (+13.4%), from €355,757 to €403,278
- Gross operating margin -€23,826
down €23,826 (-2.7%), from €887,100 to €863,274
- Taxes +€18,799
up €18,799 (+38.3%), from €49,127 to €67,927
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 | €1,238,010 | €987,366 | -€250,645 | -20.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €840,071 | €695,718 | -€144,353 | -17.2% |
| Intangible fixed assets | 21 | €783,615 | €624,630 | -€158,985 | -20.3% |
| Tangible fixed assets | 22/27 | €56,456 | €71,088 | +€14,632 | +25.9% |
| Furniture and vehicles | 24 | €56,456 | €71,088 | +€14,632 | +25.9% |
| Current assets | 29/58 | €397,939 | €291,648 | -€106,291 | -26.7% |
| Stocks and contracts in progress | 3 | €21,750 | €0 | -€21,750 | -100% |
| Contracts in progress | 37 | €21,750 | €0 | -€21,750 | -100% |
| Amounts receivable within one year | 40/41 | €281,802 | €263,006 | -€18,796 | -6.7% |
| Trade receivables | 40 | €231,835 | €251,933 | +€20,098 | +8.7% |
| Other amounts receivable | 41 | €49,967 | €11,073 | -€38,894 | -77.8% |
| Cash at bank and in hand | 54/58 | €70,078 | €8,851 | -€61,227 | -87.4% |
| Deferred charges and accrued income | 490/1 | €24,309 | €19,790 | -€4,519 | -18.6% |
| Total equity and liabilities | 10/49 | €1,238,010 | €987,366 | -€250,645 | -20.2% |
| Equity | 10/15 | €278,354 | €464,032 | +€185,678 | +66.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,354 | €364,032 | +€185,678 | +104% |
| Amounts payable | 17/49 | €959,656 | €523,334 | -€436,322 | -45.5% |
| Amounts payable within one year | 42/48 | €959,656 | €523,334 | -€436,322 | -45.5% |
| Trade debts | 44 | €69,638 | €152,920 | +€83,283 | +120% |
| Suppliers | 440/4 | €69,638 | €152,920 | +€83,283 | +120% |
| Taxes, remuneration and social security | 45 | €80,328 | €85,691 | +€5,363 | +6.7% |
| Taxes | 450/3 | €33,387 | €11,934 | -€21,453 | -64.3% |
| Remuneration and social security | 454/9 | €46,940 | €73,757 | +€26,816 | +57.1% |
| Other amounts payable | 47/48 | €809,691 | €284,723 | -€524,968 | -64.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €355,757 | €403,278 | +€47,521 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,933 | €181,583 | +€6,650 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,267 | -€355 | -€3,622 | |
| Other operating charges | 640/8 | €3,905 | €2,439 | -€1,466 | -37.5% |
| Gross operating margin | 9900 | €887,100 | €863,274 | -€23,826 | -2.7% |
| Operating profit (loss) | 9901 | €349,239 | €276,329 | -€72,909 | -20.9% |
| Financial income | 75/76B | €54 | €252 | +€199 | +370% |
| Recurring financial income | 75 | €54 | €252 | +€199 | +370% |
| Financial charges | 65/66B | €29,128 | €22,977 | -€6,150 | -21.1% |
| Recurring financial charges | 65 | €29,128 | €22,977 | -€6,150 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €320,165 | €253,604 | -€66,560 | -20.8% |
| Income taxes | 67/77 | €49,127 | €67,927 | +€18,799 | +38.3% |
| Profit (loss) for the period | 9904 | €271,037 | €185,678 | -€85,360 | -31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €271,037 | €185,678 | -€85,360 | -31.5% |
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 31 October 2026 via checked.be.