Dean: 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.
Dean
Largest movements
- Cash +€317,852
up €317,852 (+236%), from €134,967 to €452,819
mainly Net result for the year (+€470,903) and Receivables within one year (+€146,128)
- Receivables within one year -€146,128
down €146,128 (-35.7%), from €409,252 to €263,124
of which Other amounts receivable: -€144,612
- Financial fixed assets -€91,954
no longer reported in 2025 (was €91,954)
- Tangible fixed assets -€34,583
down €34,583 (-2.0%), from €1.7m to €1.7m
of which Land and buildings: -€65,179
- Reserves +€469,237
up €469,237 (+79.4%), from €591,339 to €1.1m
- Debts after one year -€371,480
down €371,480 (-35.5%), from €1.0m to €674,824
- Current portion of long-term debt -€54,736
down €54,736 (-27.0%), from €202,672 to €147,936
- Financial income +€470,955
up €470,955 (+129,919%), from €363 to €471,318
of which Non-recurring financial income: +€467,453
- Gross operating margin -€117,423
down €117,423 (-18.7%), from €626,261 to €508,837
- Staff costs -€30,046
down €30,046 (-10.4%), from €289,892 to €259,846
- Depreciation +€29,654
up €29,654 (+34.3%), from €86,579 to €116,233
- Taxes +€6,506
up €6,506 (+10.0%), from €64,951 to €71,457
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 | €2,410,962 | €2,449,086 | +€38,124 | +1.6% |
| Fixed assets | 21/28 | €1,854,304 | €1,717,767 | -€136,537 | -7.4% |
| Intangible fixed assets | 21 | €59,973 | €49,973 | -€10,000 | -16.7% |
| Tangible fixed assets | 22/27 | €1,702,378 | €1,667,795 | -€34,583 | -2.0% |
| Land and buildings | 22 | €834,305 | €769,126 | -€65,179 | -7.8% |
| Plant, machinery and equipment | 23 | €126,541 | €100,854 | -€25,688 | -20.3% |
| Furniture and vehicles | 24 | €31,612 | €24,225 | -€7,387 | -23.4% |
| Other tangible fixed assets | 26 | €709,919 | €773,590 | +€63,671 | +9.0% |
| Financial fixed assets | 28 | €91,954 | - | -€91,954 | |
| Current assets | 29/58 | €556,658 | €731,319 | +€174,661 | +31.4% |
| Stocks and contracts in progress | 3 | €5,122 | €6,841 | +€1,719 | +33.6% |
| Stocks | 30/36 | €5,122 | €6,841 | +€1,719 | +33.6% |
| Amounts receivable within one year | 40/41 | €409,252 | €263,124 | -€146,128 | -35.7% |
| Trade receivables | 40 | €104,123 | €102,608 | -€1,516 | -1.5% |
| Other amounts receivable | 41 | €305,129 | €160,517 | -€144,612 | -47.4% |
| Cash at bank and in hand | 54/58 | €134,967 | €452,819 | +€317,852 | +236% |
| Deferred charges and accrued income | 490/1 | €7,316 | €8,534 | +€1,218 | +16.6% |
| Total equity and liabilities | 10/49 | €2,410,962 | €2,449,086 | +€38,124 | +1.6% |
| Equity | 10/15 | €721,057 | €1,190,294 | +€469,237 | +65.1% |
| Contributions | 10/11 | €12,705 | €12,705 | = | 0.0% |
| Reserves | 13 | €591,339 | €1,060,576 | +€469,237 | +79.4% |
| Distributable reserves | 133 | €591,339 | €1,060,576 | +€469,237 | +79.4% |
| Profit (loss) carried forward | 14 | €117,013 | €117,013 | = | 0.0% |
| Amounts payable | 17/49 | €1,689,905 | €1,258,792 | -€431,113 | -25.5% |
| Amounts payable after more than one year | 17 | €1,046,304 | €674,824 | -€371,480 | -35.5% |
| Financial debts | 170/4 | €1,046,304 | €674,824 | -€371,480 | -35.5% |
| Amounts payable within one year | 42/48 | €643,601 | €583,968 | -€59,633 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €202,672 | €147,936 | -€54,736 | -27.0% |
| Trade debts | 44 | €213,762 | €209,187 | -€4,575 | -2.1% |
| Suppliers | 440/4 | €213,762 | €209,187 | -€4,575 | -2.1% |
| Advances received on contracts in progress | 46 | €89 | €176 | +€87 | +96.8% |
| Taxes, remuneration and social security | 45 | €98,471 | €97,955 | -€516 | -0.5% |
| Taxes | 450/3 | €67,285 | €66,500 | -€785 | -1.2% |
| Remuneration and social security | 454/9 | €31,186 | €31,455 | +€269 | +0.9% |
| Other amounts payable | 47/48 | €128,606 | €128,714 | +€107 | +0.1% |
| Remuneration, social security and pensions | 62 | €289,892 | €259,846 | -€30,046 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,579 | €116,233 | +€29,654 | +34.3% |
| Other operating charges | 640/8 | €8,383 | €11,365 | +€2,982 | +35.6% |
| Gross operating margin | 9900 | €626,261 | €508,837 | -€117,423 | -18.7% |
| Operating profit (loss) | 9901 | €241,408 | €121,394 | -€120,014 | -49.7% |
| Financial income | 75/76B | €363 | €471,318 | +€470,955 | +129,919% |
| Recurring financial income | 75 | €363 | €3,865 | +€3,503 | +966% |
| Non-recurring financial income | 76B | - | €467,453 | +€467,453 | |
| Financial charges | 65/66B | €49,462 | €50,351 | +€890 | +1.8% |
| Recurring financial charges | 65 | €49,462 | €50,351 | +€890 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €192,309 | €542,360 | +€350,051 | +182% |
| Income taxes | 67/77 | €64,951 | €71,457 | +€6,506 | +10.0% |
| Profit (loss) for the period | 9904 | €127,358 | €470,903 | +€343,545 | +270% |
| Profit (loss) for the period to be appropriated | 9905 | €127,358 | €470,903 | +€343,545 | +270% |
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.