DENIS DEHARD: 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
DENIS DEHARD
NACE 02.200, Logging
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€302,590
2024 · -€39,217-€263,372
Equity
€580,050
2024 · €887,060-€307,011
Cash
€102,904
2024 · €97,282+€5,622
Balance sheet total
€3.8m
2024 · €4.1m-€272,251
Largest movements
Assets
- Stocks and contracts -€661,597
down €661,597 (-33.3%), from €2.0m to €1.3m
of which Contracts in progress: -€802,603
- Tangible fixed assets +€599,091
up €599,091 (+42.3%), from €1.4m to €2.0m
of which Land and buildings: +€480,182
- Receivables within one year -€164,128
down €164,128 (-39.3%), from €417,113 to €252,985
of which Trade receivables: -€103,639
Equity and liabilities
- Advances received -€1.1m
down €1.1m (-68.8%), from €1.6m to €498,258
- Debts after one year +€565,953
up €565,953 (+73.1%), from €774,345 to €1.3m
- Short-term financial debts +€554,730
up €554,730 (+326%), from €170,270 to €725,000
- Profit (loss) carried forward -€302,590
down €302,590, from €24,473 to -€278,117
Income statement
- Gross operating margin -€142,616
down €142,616 (-13.9%), from €1.0m to €886,585
- Staff costs +€68,003
up €68,003 (+7.9%), from €858,908 to €926,911
- Financial charges +€50,147
up €50,147 (+117%), from €42,853 to €93,001
of which Financial charges: +€27,281
- Depreciation +€16,291
up €16,291 (+10.8%), from €151,182 to €167,473
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
-€39,217
Gross operating margin
-€142,616
Staff costs
-€68,003
Depreciation
-€16,291
Write-downs
+€1,500
Other operating charges
+€3,147
Other operating items
+€17,226
Financial income
-€9,008
Financial charges
-€50,147
Taxes
+€821
Result 2025
-€302,590
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
-€355,059
Investment
-€740,000
Financing
+€1.1m
Cash 2024
€97,282
From operations (derived)
-€355,059
Net result for the year
-€302,590
Depreciation
+€167,473
Stocks and contracts
+€661,597
Receivables within one year
+€164,128
Deferred charges and accrued income
+€24,675
Trade debts
+€35,373
Tax, wage and social debts
-€9,042
Advances received
-€1.1m
Accrued charges and deferred income
+€2,548
Investment (derived)
-€740,000
Investment in fixed assets (net)
-€739,999
Current investments
-€1
Financing
+€1.1m
Debts after one year
+€565,953
Current portion of long-term debt
-€15,581
Short-term financial debts
+€554,730
Contributions, distributions and other
-€4,421
Cash 2025
€102,904
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,082,475 | €3,810,224 | -€272,251 | -6.7% |
| Fixed assets | 21/28 | €1,549,778 | €2,122,304 | +€572,526 | +36.9% |
| Intangible fixed assets | 21 | €132,842 | €106,277 | -€26,565 | -20.0% |
| Tangible fixed assets | 22/27 | €1,416,556 | €2,015,647 | +€599,091 | +42.3% |
| Land and buildings | 22 | €1,180,925 | €1,661,107 | +€480,182 | +40.7% |
| Plant, machinery and equipment | 23 | €34,172 | €24,772 | -€9,400 | -27.5% |
| Furniture and vehicles | 24 | €32,326 | €18,477 | -€13,849 | -42.8% |
| Leasing and similar rights | 25 | €141,718 | €311,291 | +€169,574 | +120% |
| Assets under construction and advance payments | 27 | €27,414 | - | -€27,414 | |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €2,532,697 | €1,687,920 | -€844,777 | -33.4% |
| Stocks and contracts in progress | 3 | €1,984,379 | €1,322,782 | -€661,597 | -33.3% |
| Stocks | 30/36 | €424,577 | €565,584 | +€141,007 | +33.2% |
| Contracts in progress | 37 | €1,559,801 | €757,198 | -€802,603 | -51.5% |
| Amounts receivable within one year | 40/41 | €417,113 | €252,985 | -€164,128 | -39.3% |
| Trade receivables | 40 | €314,056 | €210,417 | -€103,639 | -33.0% |
| Other amounts receivable | 41 | €103,056 | €42,568 | -€60,489 | -58.7% |
| Current investments | 50/53 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €97,282 | €102,904 | +€5,622 | +5.8% |
| Deferred charges and accrued income | 490/1 | €33,924 | €9,249 | -€24,675 | -72.7% |
| Total equity and liabilities | 10/49 | €4,082,475 | €3,810,224 | -€272,251 | -6.7% |
| Equity | 10/15 | €887,060 | €580,050 | -€307,011 | -34.6% |
| Contributions | 10/11 | €611,316 | €611,316 | = | 0.0% |
| Capital | 10 | €611,316 | €611,316 | = | 0.0% |
| Issued capital | 100 | €611,316 | €611,316 | = | 0.0% |
| Reserves | 13 | €171,002 | €171,002 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,002 | €21,002 | = | 0.0% |
| Legal reserve | 130 | €21,002 | €21,002 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,473 | -€278,117 | -€302,590 | |
| Investment grants | 15 | €80,270 | €75,849 | -€4,421 | -5.5% |
| Amounts payable | 17/49 | €3,195,415 | €3,230,174 | +€34,760 | +1.1% |
| Amounts payable after more than one year | 17 | €774,345 | €1,340,298 | +€565,953 | +73.1% |
| Financial debts | 170/4 | €774,345 | €1,340,298 | +€565,953 | +73.1% |
| Amounts payable within one year | 42/48 | €2,418,786 | €1,885,045 | -€533,741 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €201,858 | €186,277 | -€15,581 | -7.7% |
| Financial debts | 43 | €170,270 | €725,000 | +€554,730 | +326% |
| Credit institutions | 430/8 | €170,270 | €725,000 | +€554,730 | +326% |
| Trade debts | 44 | €312,285 | €347,659 | +€35,373 | +11.3% |
| Suppliers | 440/4 | €312,285 | €347,659 | +€35,373 | +11.3% |
| Advances received on contracts in progress | 46 | €1,597,480 | €498,258 | -€1.1m | -68.8% |
| Taxes, remuneration and social security | 45 | €136,893 | €127,851 | -€9,042 | -6.6% |
| Taxes | 450/3 | €12,760 | - | -€12,760 | |
| Remuneration and social security | 454/9 | €124,133 | €127,851 | +€3,718 | +3.0% |
| Accrued charges and deferred income | 492/3 | €2,284 | €4,832 | +€2,548 | +112% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Remuneration, social security and pensions | 62 | €858,908 | €926,911 | +€68,003 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,182 | €167,473 | +€16,291 | +10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,500 | - | -€1,500 | |
| Other operating charges | 640/8 | €9,871 | €6,724 | -€3,147 | -31.9% |
| Non-recurring operating charges | 66A | €17,226 | - | -€17,226 | |
| Gross operating margin | 9900 | €1,029,201 | €886,585 | -€142,616 | -13.9% |
| Operating profit (loss) | 9901 | -€9,486 | -€214,523 | -€205,038 | -2,162% |
| Financial income | 75/76B | €13,948 | €4,940 | -€9,008 | -64.6% |
| Recurring financial income | 75 | €13,948 | €4,940 | -€9,008 | -64.6% |
| Financial charges | 65/66B | €42,853 | €93,001 | +€50,147 | +117% |
| Recurring financial charges | 65 | €42,853 | €70,135 | +€27,281 | +63.7% |
| Non-recurring financial charges | 66B | - | €22,866 | +€22,866 | |
| Profit (loss) for the period before taxes | 9903 | -€38,391 | -€302,584 | -€264,193 | -688% |
| Income taxes | 67/77 | €826 | €5 | -€821 | -99.4% |
| Profit (loss) for the period | 9904 | -€39,217 | -€302,590 | -€263,372 | -672% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,217 | -€302,590 | -€263,372 | -672% |
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 21 October 2026 via checked.be.