DEN DRIEGHE: 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.
What changed
DEN DRIEGHE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6,819
2024 · €40,007-€33,188
Equity
€139,094
2024 · €132,275+€6,819
Cash
€2,453
2024 · €1,832+€621
Balance sheet total
€2.2m
2024 · €2.4m-€130,739
Largest movements
Assets
- Stocks and contracts -€198,150
down €198,150 (-60.9%), from €325,144 to €126,994
- Receivables within one year +€44,927
up €44,927 (+11.2%), from €400,078 to €445,005
of which Other amounts receivable: +€81,165
Equity and liabilities
- Other debts -€133,373
down €133,373 (-23.7%), from €562,593 to €429,220
- Tax, wage and social debts -€80,273
down €80,273 (-65.3%), from €122,943 to €42,670
- Debts after one year +€51,225
up €51,225 (+4.1%), from €1.3m to €1.3m
Income statement
- Gross operating margin -€71,907
down €71,907 (-27.2%), from €264,139 to €192,232
- Financial charges -€53,950
down €53,950 (-35.1%), from €153,876 to €99,926
- Depreciation +€17,524
up €17,524 (+36.7%), from €47,733 to €65,257
- Financial income -€15,007
down €15,007 (-99.9%), from €15,021 to €14
- Taxes -€14,910
down €14,910 (-62.7%), from €23,783 to €8,873
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.
Result 2024
€40,007
Gross operating margin
-€71,907
Depreciation
-€17,524
Other operating charges
+€115
Other operating items
+€2,274
Financial income
-€15,007
Financial charges
+€53,950
Taxes
+€14,910
Result 2025
€6,819
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€45,756
Investment
-€90,717
Financing
+€45,582
Cash 2024
€1,832
From operations (derived)
+€45,756
Net result for the year
+€6,819
Depreciation
+€65,257
Stocks and contracts
+€198,150
Receivables within one year
-€44,927
Deferred charges and accrued income
+€3,597
Trade debts
+€13,752
Tax, wage and social debts
-€80,273
Other debts
-€133,373
Accrued charges and deferred income
+€16,754
Investment (derived)
-€90,717
Investment in fixed assets (net)
-€90,717
Financing
+€45,582
Debts after one year
+€51,225
Current portion of long-term debt
-€1,720
Short-term financial debts
-€3,923
Cash 2025
€2,453
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,369,331 | €2,238,592 | -€130,739 | -5.5% |
| Fixed assets | 21/28 | €1,628,481 | €1,653,941 | +€25,460 | +1.6% |
| Tangible fixed assets | 22/27 | €1,623,481 | €1,646,941 | +€23,460 | +1.4% |
| Land and buildings | 22 | €1,607,968 | €1,632,453 | +€24,486 | +1.5% |
| Plant, machinery and equipment | 23 | €15,513 | €6,884 | -€8,630 | -55.6% |
| Furniture and vehicles | 24 | - | €7,604 | +€7,604 | |
| Financial fixed assets | 28 | €5,000 | €7,000 | +€2,000 | +40.0% |
| Current assets | 29/58 | €740,850 | €584,651 | -€156,199 | -21.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €325,144 | €126,994 | -€198,150 | -60.9% |
| Stocks | 30/36 | €325,144 | €126,994 | -€198,150 | -60.9% |
| Amounts receivable within one year | 40/41 | €400,078 | €445,005 | +€44,927 | +11.2% |
| Trade receivables | 40 | €56,103 | €19,865 | -€36,238 | -64.6% |
| Other amounts receivable | 41 | €343,975 | €425,140 | +€81,165 | +23.6% |
| Cash at bank and in hand | 54/58 | €1,832 | €2,453 | +€621 | +33.9% |
| Deferred charges and accrued income | 490/1 | €13,796 | €10,199 | -€3,597 | -26.1% |
| Total equity and liabilities | 10/49 | €2,369,331 | €2,238,592 | -€130,739 | -5.5% |
| Equity | 10/15 | €132,275 | €139,094 | +€6,819 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,675 | €120,494 | +€6,819 | +6.0% |
| Distributable reserves | 133 | €113,675 | €120,494 | +€6,819 | +6.0% |
| Amounts payable | 17/49 | €2,237,056 | €2,099,498 | -€137,558 | -6.1% |
| Amounts payable after more than one year | 17 | €1,250,301 | €1,301,526 | +€51,225 | +4.1% |
| Financial debts | 170/4 | €1,250,301 | €1,301,526 | +€51,225 | +4.1% |
| Amounts payable within one year | 42/48 | €962,756 | €757,218 | -€205,537 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €58,618 | €56,898 | -€1,720 | -2.9% |
| Financial debts | 43 | €136,700 | €132,777 | -€3,923 | -2.9% |
| Credit institutions | 430/8 | €136,700 | €132,777 | -€3,923 | -2.9% |
| Trade debts | 44 | €81,902 | €95,654 | +€13,752 | +16.8% |
| Suppliers | 440/4 | €81,902 | €95,654 | +€13,752 | +16.8% |
| Taxes, remuneration and social security | 45 | €122,943 | €42,670 | -€80,273 | -65.3% |
| Taxes | 450/3 | €122,943 | €42,670 | -€80,273 | -65.3% |
| Other amounts payable | 47/48 | €562,593 | €429,220 | -€133,373 | -23.7% |
| Accrued charges and deferred income | 492/3 | €24,000 | €40,754 | +€16,754 | +69.8% |
| Non-recurring operating income | 76A | €98,357 | €0 | -€98,357 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,733 | €65,257 | +€17,524 | +36.7% |
| Other operating charges | 640/8 | €11,486 | €11,371 | -€115 | -1.0% |
| Non-recurring operating charges | 66A | €2,274 | €0 | -€2,274 | -100% |
| Gross operating margin | 9900 | €264,139 | €192,232 | -€71,907 | -27.2% |
| Operating profit (loss) | 9901 | €202,646 | €115,604 | -€87,042 | -43.0% |
| Financial income | 75/76B | €15,021 | €14 | -€15,007 | -99.9% |
| Recurring financial income | 75 | €15,021 | €14 | -€15,007 | -99.9% |
| Financial charges | 65/66B | €153,876 | €99,926 | -€53,950 | -35.1% |
| Recurring financial charges | 65 | €153,876 | €99,926 | -€53,950 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €63,790 | €15,691 | -€48,099 | -75.4% |
| Income taxes | 67/77 | €23,783 | €8,873 | -€14,910 | -62.7% |
| Profit (loss) for the period | 9904 | €40,007 | €6,819 | -€33,188 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,007 | €6,819 | -€33,188 | -83.0% |
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 23 October 2026 via checked.be.