DEGENDT: 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.
DEGENDT
Largest movements
- Stocks and contracts -€81,661
down €81,661 (-76.6%), from €106,661 to €25,000
- Receivables within one year +€56,728
up €56,728 (+41.7%), from €136,164 to €192,892
of which Other amounts receivable: +€40,903
- Receivables after one year -€7,163
down €7,163 (-11.0%), from €65,065 to €57,902
- Cash -€5,567
down €5,567 (-84.4%), from €6,597 to €1,030
mainly Receivables within one year (-€56,728) and Short-term financial debts (-€14,967)
- Tangible fixed assets +€4,037
up €4,037, from €0 to €4,037
of which Other tangible fixed assets: +€4,037
- Short-term financial debts -€14,967
down €14,967 (-17.0%), from €88,041 to €73,074
- Reserves +€12,569
up €12,569 (+401.1%), from €3,134 to €15,703
of which Distributable reserves: +€12,569
- Trade debts -€9,971
down €9,971 (-15.5%), from €64,529 to €54,558
- Tax, wage and social debts -€8,020
down €8,020 (-22.6%), from €35,473 to €27,453
of which Remuneration and social security: -€12,032
- Other debts -€5,682
down €5,682 (-33.6%), from €16,921 to €11,239
- Gross operating margin -€75,027
down €75,027 (-34.1%), from €219,867 to €144,840
- Staff costs -€37,948
down €37,948 (-26.8%), from €141,826 to €103,879
- Depreciation -€23,401
down €23,401 (-98.6%), from €23,728 to €327
- Other operating charges -€10,387
down €10,387 (-34.9%), from €29,736 to €19,350
- Write-downs -€6,457
down €6,457 (-167.0%), from -€3,866 to -€10,323
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 | €315,097 | €281,611 | -€33,486 | -10.6% |
| Fixed assets | 21/28 | €0 | €4,037 | +€4,037 | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | €4,037 | +€4,037 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €4,037 | +€4,037 | |
| Current assets | 29/58 | €315,097 | €277,573 | -€37,524 | -11.9% |
| Amounts receivable after more than one year | 29 | €65,065 | €57,902 | -€7,163 | -11.0% |
| Other amounts receivable | 291 | €65,065 | €57,902 | -€7,163 | -11.0% |
| Stocks and contracts in progress | 3 | €106,661 | €25,000 | -€81,661 | -76.6% |
| Contracts in progress | 37 | €106,661 | €25,000 | -€81,661 | -76.6% |
| Amounts receivable within one year | 40/41 | €136,164 | €192,892 | +€56,728 | +41.7% |
| Trade receivables | 40 | €61,315 | €77,140 | +€15,825 | +25.8% |
| Other amounts receivable | 41 | €74,849 | €115,751 | +€40,903 | +54.6% |
| Cash at bank and in hand | 54/58 | €6,597 | €1,030 | -€5,567 | -84.4% |
| Deferred charges and accrued income | 490/1 | €610 | €750 | +€140 | +23.0% |
| Total equity and liabilities | 10/49 | €315,097 | €281,611 | -€33,486 | -10.6% |
| Equity | 10/15 | €22,134 | €34,703 | +€12,569 | +56.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €3,134 | €15,703 | +€12,569 | +401.1% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,234 | €13,803 | +€12,569 | +1018.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €292,963 | €246,907 | -€46,056 | -15.7% |
| Amounts payable after more than one year | 17 | €80,583 | €75,000 | -€5,583 | -6.9% |
| Financial debts | 170/4 | €80,583 | €75,000 | -€5,583 | -6.9% |
| Amounts payable within one year | 42/48 | €212,380 | €171,907 | -€40,473 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €5,309 | €5,583 | +€273 | +5.1% |
| Financial debts | 43 | €88,041 | €73,074 | -€14,967 | -17.0% |
| Credit institutions | 430/8 | €88,041 | €73,074 | -€14,967 | -17.0% |
| Trade debts | 44 | €64,529 | €54,558 | -€9,971 | -15.5% |
| Suppliers | 440/4 | €64,529 | €54,558 | -€9,971 | -15.5% |
| Advances received on contracts in progress | 46 | €2,108 | €0 | -€2,108 | -100.0% |
| Taxes, remuneration and social security | 45 | €35,473 | €27,453 | -€8,020 | -22.6% |
| Taxes | 450/3 | €9,136 | €13,148 | +€4,012 | +43.9% |
| Remuneration and social security | 454/9 | €26,336 | €14,305 | -€12,032 | -45.7% |
| Other amounts payable | 47/48 | €16,921 | €11,239 | -€5,682 | -33.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €141,826 | €103,879 | -€37,948 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,728 | €327 | -€23,401 | -98.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,866 | -€10,323 | -€6,457 | -167.0% |
| Other operating charges | 640/8 | €29,736 | €19,350 | -€10,387 | -34.9% |
| Non-recurring operating charges | 66A | €1,145 | €0 | -€1,145 | -100.0% |
| Gross operating margin | 9900 | €219,867 | €144,840 | -€75,027 | -34.1% |
| Operating profit (loss) | 9901 | €27,297 | €31,608 | +€4,310 | +15.8% |
| Financial income | 75/76B | €5,218 | €6,190 | +€973 | +18.6% |
| Recurring financial income | 75 | €5,218 | €6,190 | +€973 | +18.6% |
| Financial charges | 65/66B | €10,973 | €16,334 | +€5,360 | +48.9% |
| Recurring financial charges | 65 | €10,973 | €16,334 | +€5,360 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | €21,542 | €21,464 | -€77 | -0.4% |
| Income taxes | 67/77 | €9,072 | €8,895 | -€177 | -2.0% |
| Profit (loss) for the period | 9904 | €12,469 | €12,569 | +€100 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,469 | €12,569 | +€100 | +0.8% |
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 11 October 2026 via checked.be.