DEGOFOUR: 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.
DEGOFOUR
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+74.1%), from €1.9m to €3.4m
of which Leasing and similar rights: +€1.6m
- Cash -€162,834
down €162,834 (-59.6%), from €273,366 to €110,532
mainly Investment in fixed assets (net) (-€1.9m) and Net result for the year (-€344,084)
- Receivables within one year +€64,739
up €64,739 (+2.9%), from €2.2m to €2.3m
of which Trade receivables: +€66,214
- Stocks and contracts -€61,135
down €61,135 (-31.5%), from €193,851 to €132,716
- Debts after one year +€1.3m
up €1.3m (+100%), from €1.3m to €2.6m
- Reserves -€344,084
down €344,084 (-33.7%), from €1.0m to €676,836
of which Distributable reserves: -€329,373
- Trade debts +€168,408
up €168,408 (+8.9%), from €1.9m to €2.1m
- Current portion of long-term debt +€126,911
up €126,911 (+58.9%), from €215,605 to €342,515
- Gross operating margin -€216,666
down €216,666 (-27.7%), from €780,866 to €564,200
- Depreciation +€140,760
up €140,760 (+44.6%), from €315,519 to €456,279
- Financial charges +€52,263
up €52,263 (+72.9%), from €71,660 to €123,923
- Staff costs -€23,077
down €23,077 (-6.8%), from €340,182 to €317,105
- Taxes -€15,293
down €15,293 (-94.9%), from €16,113 to €819
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 | €4,695,660 | €6,006,095 | +€1.3m | +27.9% |
| Fixed assets | 21/28 | €1,943,393 | €3,386,149 | +€1.4m | +74.2% |
| Intangible fixed assets | 21 | €0 | €1,902 | +€1,902 | |
| Tangible fixed assets | 22/27 | €1,943,393 | €3,384,248 | +€1.4m | +74.1% |
| Land and buildings | 22 | €955,879 | €914,003 | -€41,876 | -4.4% |
| Plant, machinery and equipment | 23 | €145,149 | €124,585 | -€20,564 | -14.2% |
| Furniture and vehicles | 24 | €139,061 | €90,402 | -€48,660 | -35.0% |
| Leasing and similar rights | 25 | €703,303 | €2,255,258 | +€1.6m | +221% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €2,752,267 | €2,619,945 | -€132,322 | -4.8% |
| Stocks and contracts in progress | 3 | €193,851 | €132,716 | -€61,135 | -31.5% |
| Stocks | 30/36 | €193,851 | €132,716 | -€61,135 | -31.5% |
| Amounts receivable within one year | 40/41 | €2,233,672 | €2,298,410 | +€64,739 | +2.9% |
| Trade receivables | 40 | €2,125,210 | €2,191,424 | +€66,214 | +3.1% |
| Other amounts receivable | 41 | €108,462 | €106,986 | -€1,476 | -1.4% |
| Cash at bank and in hand | 54/58 | €273,366 | €110,532 | -€162,834 | -59.6% |
| Deferred charges and accrued income | 490/1 | €51,378 | €78,287 | +€26,909 | +52.4% |
| Total equity and liabilities | 10/49 | €4,695,660 | €6,006,095 | +€1.3m | +27.9% |
| Equity | 10/15 | €1,082,920 | €738,836 | -€344,084 | -31.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,020,920 | €676,836 | -€344,084 | -33.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,826 | €147,114 | -€14,711 | -9.1% |
| Distributable reserves | 133 | €852,894 | €523,521 | -€329,373 | -38.6% |
| Provisions and deferred taxes | 16 | €53,942 | €49,038 | -€4,904 | -9.1% |
| Deferred taxes | 168 | €53,942 | €49,038 | -€4,904 | -9.1% |
| Amounts payable | 17/49 | €3,558,798 | €5,218,221 | +€1.7m | +46.6% |
| Amounts payable after more than one year | 17 | €1,297,428 | €2,596,077 | +€1.3m | +100% |
| Financial debts | 170/4 | €1,297,428 | €2,596,077 | +€1.3m | +100% |
| Amounts payable within one year | 42/48 | €2,246,195 | €2,582,401 | +€336,206 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €215,605 | €342,515 | +€126,911 | +58.9% |
| Financial debts | 43 | €50,000 | €106,010 | +€56,010 | +112% |
| Credit institutions | 430/8 | €50,000 | €106,010 | +€56,010 | +112% |
| Trade debts | 44 | €1,884,940 | €2,053,348 | +€168,408 | +8.9% |
| Suppliers | 440/4 | €1,884,940 | €2,053,348 | +€168,408 | +8.9% |
| Taxes, remuneration and social security | 45 | €95,650 | €80,528 | -€15,123 | -15.8% |
| Taxes | 450/3 | €58,395 | €48,114 | -€10,282 | -17.6% |
| Remuneration and social security | 454/9 | €37,255 | €32,414 | -€4,841 | -13.0% |
| Accrued charges and deferred income | 492/3 | €15,175 | €39,743 | +€24,568 | +162% |
| Remuneration, social security and pensions | 62 | €340,182 | €317,105 | -€23,077 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315,519 | €456,279 | +€140,760 | +44.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,114 | €5,734 | +€3,620 | +171% |
| Other operating charges | 640/8 | €18,637 | €21,364 | +€2,727 | +14.6% |
| Gross operating margin | 9900 | €780,866 | €564,200 | -€216,666 | -27.7% |
| Operating profit (loss) | 9901 | €104,415 | -€236,282 | -€340,696 | |
| Financial income | 75/76B | €7,416 | €12,035 | +€4,619 | +62.3% |
| Recurring financial income | 75 | €7,416 | €12,035 | +€4,619 | +62.3% |
| Financial charges | 65/66B | €71,660 | €123,923 | +€52,263 | +72.9% |
| Recurring financial charges | 65 | €71,660 | €123,923 | +€52,263 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €40,171 | -€348,169 | -€388,340 | |
| Transfer from deferred taxes | 780 | €4,904 | €4,904 | = | 0.0% |
| Income taxes | 67/77 | €16,113 | €819 | -€15,293 | -94.9% |
| Profit (loss) for the period | 9904 | €28,962 | -€344,084 | -€373,047 | |
| Transfer from tax-exempt reserves | 789 | €14,711 | €14,711 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,674 | -€329,373 | -€373,047 |
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 18 October 2026 via checked.be.