DE RESE: 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 RESE
Largest movements
- Tangible fixed assets +€2.5m
up €2.5m (+61.2%), from €4.1m to €6.6m
of which Land and buildings: +€2.4m
- Stocks and contracts +€214,000
up €214,000 (+7.5%), from €2.8m to €3.1m
- Receivables within one year +€197,928
up €197,928 (+67.2%), from €294,403 to €492,332
of which Trade receivables: +€200,368
- Debts after one year +€1.3m
up €1.3m (+52.9%), from €2.4m to €3.7m
- Other debts +€1.1m
up €1.1m (+46.6%), from €2.4m to €3.5m
- Reserves +€482,988
up €482,988 (+22.9%), from €2.1m to €2.6m
- Gross operating margin +€443,467
up €443,467 (+54.3%), from €816,793 to €1.3m
- Depreciation +€161,916
up €161,916 (+64.9%), from €249,407 to €411,323
- Taxes +€69,397
up €69,397 (+46.8%), from €148,180 to €217,577
- Financial charges +€58,876
up €58,876 (+82.8%), from €71,100 to €129,976
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 | €7,556,929 | €10,521,205 | +€3.0m | +39.2% |
| Fixed assets | 21/28 | €4,100,778 | €6,611,317 | +€2.5m | +61.2% |
| Tangible fixed assets | 22/27 | €4,100,778 | €6,611,317 | +€2.5m | +61.2% |
| Land and buildings | 22 | €4,025,100 | €6,418,335 | +€2.4m | +59.5% |
| Plant, machinery and equipment | 23 | €56,792 | €64,012 | +€7,220 | +12.7% |
| Furniture and vehicles | 24 | €18,885 | €128,970 | +€110,084 | +583% |
| Current assets | 29/58 | €3,456,151 | €3,909,889 | +€453,738 | +13.1% |
| Stocks and contracts in progress | 3 | €2,848,550 | €3,062,550 | +€214,000 | +7.5% |
| Stocks | 30/36 | €2,848,550 | €3,062,550 | +€214,000 | +7.5% |
| Amounts receivable within one year | 40/41 | €294,403 | €492,332 | +€197,928 | +67.2% |
| Trade receivables | 40 | €281,661 | €482,029 | +€200,368 | +71.1% |
| Other amounts receivable | 41 | €12,742 | €10,302 | -€2,440 | -19.1% |
| Cash at bank and in hand | 54/58 | €299,971 | €346,104 | +€46,132 | +15.4% |
| Deferred charges and accrued income | 490/1 | €13,226 | €8,903 | -€4,323 | -32.7% |
| Total equity and liabilities | 10/49 | €7,556,929 | €10,521,205 | +€3.0m | +39.2% |
| Equity | 10/15 | €2,137,699 | €2,620,687 | +€482,988 | +22.6% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €2,106,713 | €2,589,700 | +€482,988 | +22.9% |
| Distributable reserves | 133 | €2,106,713 | €2,589,700 | +€482,988 | +22.9% |
| Amounts payable | 17/49 | €5,419,229 | €7,900,518 | +€2.5m | +45.8% |
| Amounts payable after more than one year | 17 | €2,425,511 | €3,708,275 | +€1.3m | +52.9% |
| Financial debts | 170/4 | €2,425,511 | €3,708,275 | +€1.3m | +52.9% |
| Amounts payable within one year | 42/48 | €2,992,459 | €4,191,218 | +€1.2m | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €254,467 | €351,128 | +€96,662 | +38.0% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €301,107 | €276,047 | -€25,060 | -8.3% |
| Suppliers | 440/4 | €301,107 | €276,047 | -€25,060 | -8.3% |
| Taxes, remuneration and social security | 45 | €5,250 | €22,555 | +€17,305 | +330% |
| Taxes | 450/3 | €3,000 | €22,555 | +€19,555 | +652% |
| Remuneration and social security | 454/9 | €2,250 | €0 | -€2,250 | -100% |
| Other amounts payable | 47/48 | €2,381,636 | €3,491,488 | +€1.1m | +46.6% |
| Accrued charges and deferred income | 492/3 | €1,259 | €1,025 | -€234 | -18.6% |
| Non-recurring operating income | 76A | - | €17,500 | +€17,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,407 | €411,323 | +€161,916 | +64.9% |
| Other operating charges | 640/8 | €19,088 | €21,992 | +€2,904 | +15.2% |
| Gross operating margin | 9900 | €816,793 | €1,260,260 | +€443,467 | +54.3% |
| Operating profit (loss) | 9901 | €548,298 | €826,945 | +€278,647 | +50.8% |
| Financial income | 75/76B | €0 | €3,596 | +€3,596 | +3,595,780% |
| Recurring financial income | 75 | €0 | €3,596 | +€3,596 | +3,595,780% |
| Financial charges | 65/66B | €71,100 | €129,976 | +€58,876 | +82.8% |
| Recurring financial charges | 65 | €71,100 | €129,976 | +€58,876 | +82.8% |
| Profit (loss) for the period before taxes | 9903 | €477,198 | €700,565 | +€223,367 | +46.8% |
| Income taxes | 67/77 | €148,180 | €217,577 | +€69,397 | +46.8% |
| Profit (loss) for the period | 9904 | €329,018 | €482,988 | +€153,969 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €329,018 | €482,988 | +€153,969 | +46.8% |
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 19 October 2026 via checked.be.