DEPA: 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.
DEPA
Largest movements
- Cash +€34,767
up €34,767 (+102.1%), from €34,060 to €68,827
mainly Net result for the year (+€137,769) and Depreciation (+€94,682)
- Tangible fixed assets +€31,811
up €31,811 (+1.5%), from €2.1m to €2.2m
- Reserves +€117,419
up €117,419 (+70.2%), from €167,213 to €284,632
of which Tax-exempt reserves: +€117,419
- Debts after one year -€68,085
down €68,085 (-7.4%), from €925,035 to €856,950
- Provisions +€37,596
up €37,596 (+201.2%), from €18,682 to €56,278
- Profit (loss) carried forward -€22,551
down €22,551 (-415.1%), from -€5,433 to -€27,984
- Gross operating margin +€120,031
up €120,031 (+81.6%), from €147,068 to €267,100
- Financial charges -€9,178
down €9,178 (-34.6%), from €26,515 to €17,337
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 | €2,171,349 | €2,235,125 | +€63,776 | +2.9% |
| Fixed assets | 21/28 | €2,134,487 | €2,166,298 | +€31,811 | +1.5% |
| Tangible fixed assets | 22/27 | €2,134,153 | €2,165,963 | +€31,811 | +1.5% |
| Land and buildings | 22 | €2,134,153 | €2,165,963 | +€31,811 | +1.5% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €36,862 | €68,827 | +€31,966 | +86.7% |
| Amounts receivable within one year | 40/41 | €2,394 | - | -€2,394 | |
| Trade receivables | 40 | €2,394 | - | -€2,394 | |
| Cash at bank and in hand | 54/58 | €34,060 | €68,827 | +€34,767 | +102.1% |
| Deferred charges and accrued income | 490/1 | €407 | - | -€407 | |
| Total equity and liabilities | 10/49 | €2,171,349 | €2,235,125 | +€63,776 | +2.9% |
| Equity | 10/15 | €310,517 | €405,385 | +€94,868 | +30.6% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €167,213 | €284,632 | +€117,419 | +70.2% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,773 | €149,192 | +€117,419 | +369.6% |
| Distributable reserves | 133 | €120,566 | €120,566 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,433 | -€27,984 | -€22,551 | -415.1% |
| Provisions and deferred taxes | 16 | €18,682 | €56,278 | +€37,596 | +201.2% |
| Deferred taxes | 168 | €18,682 | €56,278 | +€37,596 | +201.2% |
| Amounts payable | 17/49 | €1,842,150 | €1,773,463 | -€68,688 | -3.7% |
| Amounts payable after more than one year | 17 | €925,035 | €856,950 | -€68,085 | -7.4% |
| Financial debts | 170/4 | €925,035 | €856,950 | -€68,085 | -7.4% |
| Amounts payable within one year | 42/48 | €902,090 | €913,513 | +€11,423 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €67,371 | €65,085 | -€2,286 | -3.4% |
| Trade debts | 44 | €25,650 | €22,333 | -€3,317 | -12.9% |
| Suppliers | 440/4 | €25,650 | €22,333 | -€3,317 | -12.9% |
| Other amounts payable | 47/48 | €809,070 | €826,095 | +€17,025 | +2.1% |
| Accrued charges and deferred income | 492/3 | €15,025 | €3,000 | -€12,025 | -80.0% |
| Non-recurring operating income | 76A | - | €171,603 | +€171,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,737 | €94,682 | -€55 | -0.1% |
| Other operating charges | 640/8 | €24,242 | €22,616 | -€1,625 | -6.7% |
| Gross operating margin | 9900 | €147,068 | €267,100 | +€120,031 | +81.6% |
| Operating profit (loss) | 9901 | €28,089 | €149,801 | +€121,712 | +433.3% |
| Financial charges | 65/66B | €26,515 | €17,337 | -€9,178 | -34.6% |
| Recurring financial charges | 65 | €26,515 | €17,337 | -€9,178 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €1,575 | €132,464 | +€130,889 | +8312.9% |
| Transfer from deferred taxes | 780 | €4,052 | €5,305 | +€1,253 | +30.9% |
| Profit (loss) for the period | 9904 | €5,627 | €137,769 | +€132,142 | +2348.5% |
| Transfer from tax-exempt reserves | 789 | €7,526 | €11,283 | +€3,758 | +49.9% |
| Transfer to tax-exempt reserves | 689 | - | €171,603 | +€171,603 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,152 | -€22,551 | -€35,703 |
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 6 October 2026 via checked.be.