DECLAUW: 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.
DECLAUW
Largest movements
- Tangible fixed assets +€453,820
up €453,820 (+25,398%), from €1,787 to €455,607
of which Land and buildings: +€454,514
- Cash +€23,471
up €23,471 (+22.2%), from €105,786 to €129,257
mainly Debts after one year (+€341,778) and Other debts (+€149,644)
- Deferred charges and accrued income -€11,913
down €11,913 (-97.4%), from €12,232 to €318
- Debts after one year +€341,778
new in 2025: €341,778
- Other debts +€149,644
up €149,644 (+272%), from €55,000 to €204,644
- Reserves -€145,416
down €145,416 (-67.4%), from €215,812 to €70,396
- Trade debts +€72,790
up €72,790 (+5,498%), from €1,324 to €74,114
- Current portion of long-term debt +€35,313
new in 2025: €35,313
- Gross operating margin +€81,777
up €81,777 (+92.3%), from €88,577 to €170,354
- Other operating charges +€55,859
up €55,859 (+3,253%), from €1,717 to €57,576
- Depreciation +€10,150
up €10,150 (+1,584%), from €641 to €10,791
- Financial charges +€9,016
up €9,016 (+286%), from €3,152 to €12,168
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 | €298,228 | €770,735 | +€472,508 | +158% |
| Fixed assets | 21/28 | €77,445 | €531,265 | +€453,820 | +586% |
| Tangible fixed assets | 22/27 | €1,787 | €455,607 | +€453,820 | +25,398% |
| Land and buildings | 22 | - | €454,514 | +€454,514 | |
| Plant, machinery and equipment | 23 | €1,270 | €966 | -€304 | -24.0% |
| Furniture and vehicles | 24 | €517 | €127 | -€390 | -75.4% |
| Financial fixed assets | 28 | €75,658 | €75,658 | = | 0.0% |
| Current assets | 29/58 | €220,783 | €239,470 | +€18,688 | +8.5% |
| Amounts receivable within one year | 40/41 | €102,765 | €109,895 | +€7,130 | +6.9% |
| Trade receivables | 40 | €58,423 | €98,416 | +€39,992 | +68.5% |
| Other amounts receivable | 41 | €44,342 | €11,479 | -€32,862 | -74.1% |
| Cash at bank and in hand | 54/58 | €105,786 | €129,257 | +€23,471 | +22.2% |
| Deferred charges and accrued income | 490/1 | €12,232 | €318 | -€11,913 | -97.4% |
| Total equity and liabilities | 10/49 | €298,228 | €770,735 | +€472,508 | +158% |
| Equity | 10/15 | €234,412 | €88,996 | -€145,416 | -62.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,812 | €70,396 | -€145,416 | -67.4% |
| Distributable reserves | 133 | €215,812 | €70,396 | -€145,416 | -67.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €63,815 | €681,739 | +€617,924 | +968% |
| Amounts payable after more than one year | 17 | - | €341,778 | +€341,778 | |
| Financial debts | 170/4 | - | €341,778 | +€341,778 | |
| Amounts payable within one year | 42/48 | €63,815 | €339,961 | +€276,146 | +433% |
| Current portion of amounts payable after more than one year | 42 | - | €35,313 | +€35,313 | |
| Trade debts | 44 | €1,324 | €74,114 | +€72,790 | +5,498% |
| Suppliers | 440/4 | €1,324 | €74,114 | +€72,790 | +5,498% |
| Taxes, remuneration and social security | 45 | €7,492 | €25,891 | +€18,400 | +246% |
| Taxes | 450/3 | €7,492 | €25,891 | +€18,400 | +246% |
| Other amounts payable | 47/48 | €55,000 | €204,644 | +€149,644 | +272% |
| Remuneration, social security and pensions | 62 | €631 | - | -€631 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €641 | €10,791 | +€10,150 | +1,584% |
| Other operating charges | 640/8 | €1,717 | €57,576 | +€55,859 | +3,253% |
| Gross operating margin | 9900 | €88,577 | €170,354 | +€81,777 | +92.3% |
| Operating profit (loss) | 9901 | €85,588 | €101,986 | +€16,399 | +19.2% |
| Financial income | 75/76B | €1,375 | €160 | -€1,215 | -88.4% |
| Recurring financial income | 75 | €1,375 | €160 | -€1,215 | -88.4% |
| Financial charges | 65/66B | €3,152 | €12,168 | +€9,016 | +286% |
| Recurring financial charges | 65 | €3,152 | €12,168 | +€9,016 | +286% |
| Profit (loss) for the period before taxes | 9903 | €83,810 | €89,979 | +€6,168 | +7.4% |
| Income taxes | 67/77 | €18,957 | €19,595 | +€638 | +3.4% |
| Profit (loss) for the period | 9904 | €64,853 | €70,384 | +€5,530 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,853 | €70,384 | +€5,530 | +8.5% |
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 15 October 2026 via checked.be.