DEHEM: 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.
DEHEM
Largest movements
- Tangible fixed assets -€66,970
down €66,970 (-2.4%), from €2.8m to €2.7m
of which Land and buildings: -€82,820
- Cash -€60,815
down €60,815 (-15.6%), from €388,680 to €327,865
mainly Accrued charges and deferred income (-€106,217) and Investment in fixed assets (net) (-€102,425)
- Receivables within one year +€59,020
up €59,020 (+79.3%), from €74,421 to €133,441
of which Other amounts receivable: +€35,016
- Accrued charges and deferred income -€106,217
down €106,217 (-99.2%), from €107,022 to €806
- Trade debts -€92,126
down €92,126 (-44.8%), from €205,446 to €113,320
- Other debts +€51,568
up €51,568 (+4.5%), from €1.1m to €1.2m
- Reserves +€50,449
up €50,449 (+2.4%), from €2.1m to €2.2m
of which Distributable reserves: +€50,449
- Gross operating margin -€266,211
down €266,211 (-39.3%), from €677,597 to €411,386
- Financial charges -€104,386
down €104,386 (-85.7%), from €121,808 to €17,422
- Taxes -€48,188
down €48,188 (-73.9%), from €65,249 to €17,061
- Other operating charges +€25,808
up €25,808 (+69.2%), from €37,272 to €63,080
- Depreciation +€18,462
up €18,462 (+12.2%), from €150,933 to €169,395
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 | €3,667,289 | €3,584,140 | -€83,149 | -2.3% |
| Fixed assets | 21/28 | €2,752,750 | €2,685,780 | -€66,970 | -2.4% |
| Tangible fixed assets | 22/27 | €2,752,750 | €2,685,780 | -€66,970 | -2.4% |
| Land and buildings | 22 | €2,535,849 | €2,453,029 | -€82,820 | -3.3% |
| Plant, machinery and equipment | 23 | €175,553 | €202,151 | +€26,598 | +15.2% |
| Furniture and vehicles | 24 | €41,348 | €30,600 | -€10,748 | -26.0% |
| Current assets | 29/58 | €914,539 | €898,360 | -€16,179 | -1.8% |
| Stocks and contracts in progress | 3 | €437,430 | €425,594 | -€11,836 | -2.7% |
| Stocks | 30/36 | €437,430 | €425,594 | -€11,836 | -2.7% |
| Amounts receivable within one year | 40/41 | €74,421 | €133,441 | +€59,020 | +79.3% |
| Trade receivables | 40 | €71,808 | €95,812 | +€24,005 | +33.4% |
| Other amounts receivable | 41 | €2,613 | €37,629 | +€35,016 | +1339.9% |
| Cash at bank and in hand | 54/58 | €388,680 | €327,865 | -€60,815 | -15.6% |
| Deferred charges and accrued income | 490/1 | €14,008 | €11,459 | -€2,548 | -18.2% |
| Total equity and liabilities | 10/49 | €3,667,289 | €3,584,140 | -€83,149 | -2.3% |
| Equity | 10/15 | €2,184,860 | €2,235,309 | +€50,449 | +2.3% |
| Contributions | 10/11 | €76,004 | €76,004 | = | 0.0% |
| Reserves | 13 | €2,108,856 | €2,159,304 | +€50,449 | +2.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,108,856 | €2,159,304 | +€50,449 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,482,429 | €1,348,831 | -€133,598 | -9.0% |
| Amounts payable within one year | 42/48 | €1,375,407 | €1,348,026 | -€27,381 | -2.0% |
| Trade debts | 44 | €205,446 | €113,320 | -€92,126 | -44.8% |
| Suppliers | 440/4 | €205,446 | €113,320 | -€92,126 | -44.8% |
| Advances received on contracts in progress | 46 | €900 | €1,750 | +€850 | +94.4% |
| Taxes, remuneration and social security | 45 | €22,799 | €35,126 | +€12,327 | +54.1% |
| Taxes | 450/3 | €3,516 | €13,149 | +€9,633 | +273.9% |
| Remuneration and social security | 454/9 | €19,282 | €21,977 | +€2,695 | +14.0% |
| Other amounts payable | 47/48 | €1,146,262 | €1,197,830 | +€51,568 | +4.5% |
| Accrued charges and deferred income | 492/3 | €107,022 | €806 | -€106,217 | -99.2% |
| Non-recurring operating income | 76A | €2,500 | €0 | -€2,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €80,664 | €90,875 | +€10,210 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,933 | €169,395 | +€18,462 | +12.2% |
| Other operating charges | 640/8 | €37,272 | €63,080 | +€25,808 | +69.2% |
| Non-recurring operating charges | 66A | €0 | €3,184 | +€3,184 | |
| Gross operating margin | 9900 | €677,597 | €411,386 | -€266,211 | -39.3% |
| Operating profit (loss) | 9901 | €408,728 | €84,853 | -€323,875 | -79.2% |
| Financial income | 75/76B | €33 | €78 | +€45 | +137.5% |
| Recurring financial income | 75 | €33 | €78 | +€45 | +137.5% |
| Financial charges | 65/66B | €121,808 | €17,422 | -€104,386 | -85.7% |
| Recurring financial charges | 65 | €121,808 | €17,422 | -€104,386 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | €286,953 | €67,510 | -€219,443 | -76.5% |
| Income taxes | 67/77 | €65,249 | €17,061 | -€48,188 | -73.9% |
| Profit (loss) for the period | 9904 | €221,704 | €50,449 | -€171,255 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €221,704 | €50,449 | -€171,255 | -77.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.