DENDRE IMMO: 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.
DENDRE IMMO
Largest movements
- Tangible fixed assets -€170,018
down €170,018 (-6.6%), from €2.6m to €2.4m
of which Plant, machinery and equipment: -€107,950
- Current portion of long-term debt -€271,529
down €271,529 (-63.2%), from €429,963 to €158,433
- Debts after one year +€114,067
up €114,067 (+7.3%), from €1.6m to €1.7m
- Other debts +€29,470
up €29,470 (+4.6%), from €645,018 to €674,488
- Gross operating margin -€49,450
down €49,450 (-15.2%), from €324,993 to €275,543
- Financial charges +€11,752
up €11,752 (+19.0%), from €62,002 to €73,753
- Staff costs -€7,762
down €7,762 (-51.4%), from €15,089 to €7,327
- Depreciation +€6,549
up €6,549 (+3.7%), from €177,549 to €184,098
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 | €2,648,479 | €2,491,141 | -€157,338 | -5.9% |
| Fixed assets | 21/28 | €2,592,196 | €2,422,177 | -€170,018 | -6.6% |
| Tangible fixed assets | 22/27 | €2,592,196 | €2,422,177 | -€170,018 | -6.6% |
| Land and buildings | 22 | €744,347 | €707,253 | -€37,094 | -5.0% |
| Plant, machinery and equipment | 23 | €1,800,880 | €1,692,930 | -€107,950 | -6.0% |
| Furniture and vehicles | 24 | €46,968 | €21,994 | -€24,974 | -53.2% |
| Current assets | 29/58 | €56,283 | €68,964 | +€12,681 | +22.5% |
| Amounts receivable within one year | 40/41 | €41,385 | €65,074 | +€23,689 | +57.2% |
| Trade receivables | 40 | €26,315 | €49,864 | +€23,549 | +89.5% |
| Other amounts receivable | 41 | €15,070 | €15,210 | +€140 | +0.9% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €14,898 | €3,890 | -€11,008 | -73.9% |
| Total equity and liabilities | 10/49 | €2,648,479 | €2,491,141 | -€157,338 | -5.9% |
| Equity | 10/15 | -€14,522 | -€28,590 | -€14,069 | -96.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €588 | €588 | = | 0.0% |
| Distributable reserves | 133 | €588 | €588 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,659 | -€47,728 | -€14,069 | -41.8% |
| Amounts payable | 17/49 | €2,663,001 | €2,519,732 | -€143,269 | -5.4% |
| Amounts payable after more than one year | 17 | €1,555,740 | €1,669,806 | +€114,067 | +7.3% |
| Financial debts | 170/4 | €1,555,740 | €1,669,806 | +€114,067 | +7.3% |
| Amounts payable within one year | 42/48 | €1,104,614 | €849,925 | -€254,689 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €429,963 | €158,433 | -€271,529 | -63.2% |
| Financial debts | 43 | €26,133 | €9,878 | -€16,255 | -62.2% |
| Credit institutions | 430/8 | €26,133 | €9,878 | -€16,255 | -62.2% |
| Trade debts | 44 | €3,501 | €7,126 | +€3,625 | +103.6% |
| Suppliers | 440/4 | €3,501 | €7,126 | +€3,625 | +103.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €645,018 | €674,488 | +€29,470 | +4.6% |
| Accrued charges and deferred income | 492/3 | €2,647 | €0 | -€2,647 | -100.0% |
| Remuneration, social security and pensions | 62 | €15,089 | €7,327 | -€7,762 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,549 | €184,098 | +€6,549 | +3.7% |
| Other operating charges | 640/8 | €24,611 | €24,905 | +€294 | +1.2% |
| Gross operating margin | 9900 | €324,993 | €275,543 | -€49,450 | -15.2% |
| Operating profit (loss) | 9901 | €107,744 | €59,213 | -€48,531 | -45.0% |
| Financial income | 75/76B | €381 | €472 | +€91 | +23.8% |
| Recurring financial income | 75 | €381 | €472 | +€91 | +23.8% |
| Financial charges | 65/66B | €62,002 | €73,753 | +€11,752 | +19.0% |
| Recurring financial charges | 65 | €62,002 | €73,753 | +€11,752 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €46,123 | -€14,069 | -€60,192 | |
| Profit (loss) for the period | 9904 | €46,123 | -€14,069 | -€60,192 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,123 | -€14,069 | -€60,192 |
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 9 October 2026 via checked.be.