DEDICO: what changed
Two fiscal 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.
DEDICO
Largest movements
- Stocks and contracts -€673,748
down €673,748 (-47.3%), from €1.4m to €752,024
- Tangible fixed assets +€515,875
up €515,875 (+33.2%), from €1.6m to €2.1m
- Receivables within one year +€293,029
up €293,029 (+2338.3%), from €12,532 to €305,561
of which Other amounts receivable: +€297,758
- Cash -€142,103
down €142,103 (-79.6%), from €178,487 to €36,384
mainly Debts after one year (-€994,765) and Investment in fixed assets (net) (-€599,418)
- Debts after one year -€994,765
down €994,765 (-46.2%), from €2.2m to €1.2m
of which Other amounts payable: -€887,265
- Reserves +€928,130
up €928,130 (+119.9%), from €773,921 to €1.7m
of which Distributable reserves: +€579,110
- Provisions +€116,340
up €116,340 (+214.1%), from €54,338 to €170,678
- Other debts -€57,667
down €57,667 (-100.0%), from €57,667 to €0
- Gross operating margin +€1.2m
up €1.2m (+853.9%), from €142,099 to €1.4m
- Taxes +€181,742
up €181,742, from €0 to €181,742
- Financial charges -€60,707
down €60,707 (-82.5%), from €73,560 to €12,853
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.
Cash bridge derived
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 | €3,173,452 | €3,163,848 | -€9,604 | -0.3% |
| Fixed assets | 21/28 | €1,553,740 | €2,069,615 | +€515,875 | +33.2% |
| Tangible fixed assets | 22/27 | €1,553,740 | €2,069,615 | +€515,875 | +33.2% |
| Land and buildings | 22 | €1,553,740 | €2,069,615 | +€515,875 | +33.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,619,712 | €1,094,233 | -€525,479 | -32.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,425,772 | €752,024 | -€673,748 | -47.3% |
| Stocks | 30/36 | €1,425,772 | €752,024 | -€673,748 | -47.3% |
| Amounts receivable within one year | 40/41 | €12,532 | €305,561 | +€293,029 | +2338.3% |
| Trade receivables | 40 | €5,032 | €303 | -€4,728 | -94.0% |
| Other amounts receivable | 41 | €7,500 | €305,258 | +€297,758 | +3970.1% |
| Cash at bank and in hand | 54/58 | €178,487 | €36,384 | -€142,103 | -79.6% |
| Deferred charges and accrued income | 490/1 | €2,921 | €264 | -€2,657 | -91.0% |
| Total equity and liabilities | 10/49 | €3,173,452 | €3,163,848 | -€9,604 | -0.3% |
| Equity | 10/15 | €867,559 | €1,795,689 | +€928,130 | +107.0% |
| Contributions | 10/11 | €93,638 | €93,638 | = | 0.0% |
| Capital | 10 | €93,638 | €93,638 | = | 0.0% |
| Issued capital | 100 | €93,638 | €93,638 | = | 0.0% |
| Reserves | 13 | €773,921 | €1,702,051 | +€928,130 | +119.9% |
| Non-distributable reserves | 130/1 | €9,364 | €9,364 | = | 0.0% |
| Legal reserve | 130 | €9,364 | €9,364 | = | 0.0% |
| Tax-exempt reserves | 132 | €178,310 | €527,331 | +€349,021 | +195.7% |
| Distributable reserves | 133 | €586,247 | €1,165,357 | +€579,110 | +98.8% |
| Provisions and deferred taxes | 16 | €54,338 | €170,678 | +€116,340 | +214.1% |
| Deferred taxes | 168 | €54,338 | €170,678 | +€116,340 | +214.1% |
| Amounts payable | 17/49 | €2,251,555 | €1,197,481 | -€1.1m | -46.8% |
| Amounts payable after more than one year | 17 | €2,155,413 | €1,160,648 | -€994,765 | -46.2% |
| Financial debts | 170/4 | €659,375 | €551,875 | -€107,500 | -16.3% |
| Other amounts payable | 178/9 | €1,496,038 | €608,772 | -€887,265 | -59.3% |
| Amounts payable within one year | 42/48 | €85,467 | €36,033 | -€49,434 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €17,500 | = | 0.0% |
| Trade debts | 44 | €7,148 | €11,079 | +€3,931 | +55.0% |
| Suppliers | 440/4 | €7,148 | €11,079 | +€3,931 | +55.0% |
| Taxes, remuneration and social security | 45 | €3,152 | €7,454 | +€4,302 | +136.5% |
| Taxes | 450/3 | €3,152 | €7,454 | +€4,302 | +136.5% |
| Other amounts payable | 47/48 | €57,667 | €0 | -€57,667 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,675 | €800 | -€9,875 | -92.5% |
| Non-recurring operating income | 76A | - | €474,005 | +€474,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,812 | €83,542 | +€1,731 | +2.1% |
| Other operating charges | 640/8 | €29,237 | €32,848 | +€3,611 | +12.3% |
| Non-recurring operating charges | 66A | €138,699 | €0 | -€138,699 | -100.0% |
| Gross operating margin | 9900 | €142,099 | €1,355,455 | +€1.2m | +853.9% |
| Operating profit (loss) | 9901 | -€107,649 | €1,239,065 | +€1.3m | |
| Financial income | 75/76B | €34 | €1 | -€33 | -98.5% |
| Recurring financial income | 75 | €34 | €1 | -€33 | -98.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €73,560 | €12,853 | -€60,707 | -82.5% |
| Recurring financial charges | 65 | €73,560 | €12,853 | -€60,707 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | -€181,175 | €1,226,213 | +€1.4m | |
| Transfer from deferred taxes | 780 | €2,064 | €2,161 | +€97 | +4.7% |
| Transfer to deferred taxes | 680 | - | €118,501 | +€118,501 | |
| Income taxes | 67/77 | €0 | €181,742 | +€181,742 | |
| Profit (loss) for the period | 9904 | -€179,111 | €928,130 | +€1.1m | |
| Transfer from tax-exempt reserves | 789 | €6,191 | €6,484 | +€292 | +4.7% |
| Transfer to tax-exempt reserves | 689 | - | €355,504 | +€355,504 | |
| Profit (loss) for the period to be appropriated | 9905 | -€172,920 | €579,110 | +€752,030 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.