DENDRE & SERVICES: 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 & SERVICES
Largest movements
- Cash +€135,090
up €135,090 (+151.8%), from €88,969 to €224,059
mainly Net result for the year (+€90,422) and Current investments (+€85,146)
- Current investments -€85,146
down €85,146 (-38.7%), from €219,892 to €134,746
- Receivables within one year +€36,927
up €36,927 (+10.1%), from €364,933 to €401,859
of which Trade receivables: +€19,613
- Tangible fixed assets -€11,016
down €11,016 (-6.6%), from €166,231 to €155,215
of which Land and buildings: -€6,120
- Reserves +€35,422
up €35,422 (+4.3%), from €824,263 to €859,685
of which Distributable reserves: +€69,102
- Other debts +€21,912
new in 2025: €21,912
- Gross operating margin +€9,546
up €9,546 (+5.1%), from €186,400 to €195,946
- Depreciation +€3,679
up €3,679 (+13.4%), from €27,422 to €31,101
- Staff costs +€3,580
up €3,580 (+13.8%), from €25,993 to €29,573
- Financial income -€3,158
down €3,158 (-42.7%), from €7,389 to €4,232
- Financial charges +€3,132
up €3,132 (+114.6%), from €2,733 to €5,865
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 | €843,335 | €915,880 | +€72,545 | +8.6% |
| Fixed assets | 21/28 | €166,231 | €155,215 | -€11,016 | -6.6% |
| Tangible fixed assets | 22/27 | €166,231 | €155,215 | -€11,016 | -6.6% |
| Land and buildings | 22 | €75,960 | €69,840 | -€6,120 | -8.1% |
| Plant, machinery and equipment | 23 | €38,398 | €34,067 | -€4,331 | -11.3% |
| Furniture and vehicles | 24 | €51,872 | €51,308 | -€565 | -1.1% |
| Current assets | 29/58 | €677,104 | €760,665 | +€83,561 | +12.3% |
| Amounts receivable within one year | 40/41 | €364,933 | €401,859 | +€36,927 | +10.1% |
| Trade receivables | 40 | €325,191 | €344,804 | +€19,613 | +6.0% |
| Other amounts receivable | 41 | €39,742 | €57,055 | +€17,313 | +43.6% |
| Current investments | 50/53 | €219,892 | €134,746 | -€85,146 | -38.7% |
| Cash at bank and in hand | 54/58 | €88,969 | €224,059 | +€135,090 | +151.8% |
| Deferred charges and accrued income | 490/1 | €3,311 | - | -€3,311 | |
| Total equity and liabilities | 10/49 | €843,335 | €915,880 | +€72,545 | +8.6% |
| Equity | 10/15 | €830,466 | €865,888 | +€35,422 | +4.3% |
| Contributions | 10/11 | €6,203 | €6,203 | = | 0.0% |
| Outside capital | 11 | €6,203 | €6,203 | = | 0.0% |
| Other | 1109/19 | €6,203 | €6,203 | = | 0.0% |
| Reserves | 13 | €824,263 | €859,685 | +€35,422 | +4.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,090 | €88,410 | -€33,680 | -27.6% |
| Distributable reserves | 133 | €700,313 | €769,415 | +€69,102 | +9.9% |
| Amounts payable | 17/49 | €12,869 | €49,992 | +€37,122 | +288.5% |
| Amounts payable within one year | 42/48 | €12,869 | €49,992 | +€37,122 | +288.5% |
| Current portion of amounts payable after more than one year | 42 | €3,741 | €5,775 | +€2,034 | +54.4% |
| Trade debts | 44 | €7,431 | €13,565 | +€6,134 | +82.5% |
| Suppliers | 440/4 | €7,431 | €13,565 | +€6,134 | +82.5% |
| Taxes, remuneration and social security | 45 | €1,696 | €8,739 | +€7,043 | +415.2% |
| Taxes | 450/3 | €594 | €7,500 | +€6,906 | +1163.5% |
| Remuneration and social security | 454/9 | €1,103 | €1,239 | +€136 | +12.4% |
| Other amounts payable | 47/48 | - | €21,912 | +€21,912 | |
| Remuneration, social security and pensions | 62 | €25,993 | €29,573 | +€3,580 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,422 | €31,101 | +€3,679 | +13.4% |
| Other operating charges | 640/8 | €6,262 | €6,180 | -€82 | -1.3% |
| Gross operating margin | 9900 | €186,400 | €195,946 | +€9,546 | +5.1% |
| Operating profit (loss) | 9901 | €126,722 | €129,092 | +€2,369 | +1.9% |
| Financial income | 75/76B | €7,389 | €4,232 | -€3,158 | -42.7% |
| Recurring financial income | 75 | €7,389 | €4,232 | -€3,158 | -42.7% |
| Financial charges | 65/66B | €2,733 | €5,865 | +€3,132 | +114.6% |
| Recurring financial charges | 65 | €2,733 | €5,865 | +€3,132 | +114.6% |
| Profit (loss) for the period before taxes | 9903 | €131,379 | €127,458 | -€3,920 | -3.0% |
| Income taxes | 67/77 | €38,772 | €37,036 | -€1,735 | -4.5% |
| Profit (loss) for the period | 9904 | €92,607 | €90,422 | -€2,185 | -2.4% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €46,310 | +€4,210 | +10.0% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €12,630 | -€71,570 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,507 | €124,102 | +€73,595 | +145.7% |
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 5 October 2026 via checked.be.