DEPAEPE: 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.
DEPAEPE
Largest movements
- Current investments -€354,000
down €354,000 (-50.3%), from €704,000 to €350,000
- Receivables within one year +€263,135
up €263,135 (+15.7%), from €1.7m to €1.9m
of which Trade receivables: +€263,135
- Cash +€191,764
up €191,764 (+85.8%), from €223,565 to €415,328
mainly Net result for the year (+€542,185) and Current investments (+€354,000)
- Stocks and contracts -€124,765
down €124,765 (-6.2%), from €2.0m to €1.9m
- Tangible fixed assets -€121,123
down €121,123 (-12.2%), from €990,461 to €869,338
- Reserves +€542,185
up €542,185 (+27.1%), from €2.0m to €2.5m
of which Distributable reserves: +€542,185
- Other debts -€530,664
down €530,664 (-19.6%), from €2.7m to €2.2m
- Tax, wage and social debts -€126,774
down €126,774 (-32.0%), from €395,780 to €269,006
of which Remuneration and social security: -€68,057
- Trade debts -€81,007
down €81,007 (-23.3%), from €347,335 to €266,328
- Staff costs +€160,447
up €160,447 (+15.9%), from €1.0m to €1.2m
- Gross operating margin -€100,472
down €100,472 (-4.4%), from €2.3m to €2.2m
- Taxes -€68,696
down €68,696 (-26.6%), from €257,781 to €189,085
- Depreciation +€37,650
up €37,650 (+15.4%), from €245,245 to €282,895
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 | €5,630,500 | €5,480,779 | -€149,721 | -2.7% |
| Fixed assets | 21/28 | €1,004,513 | €878,388 | -€126,125 | -12.6% |
| Intangible fixed assets | 21 | €13,765 | €8,763 | -€5,002 | -36.3% |
| Tangible fixed assets | 22/27 | €990,461 | €869,338 | -€121,123 | -12.2% |
| Land and buildings | 22 | €627,829 | €580,225 | -€47,604 | -7.6% |
| Plant, machinery and equipment | 23 | €74,285 | €57,710 | -€16,575 | -22.3% |
| Furniture and vehicles | 24 | €288,347 | €231,403 | -€56,944 | -19.7% |
| Financial fixed assets | 28 | €288 | €288 | = | 0.0% |
| Current assets | 29/58 | €4,625,986 | €4,602,390 | -€23,596 | -0.5% |
| Stocks and contracts in progress | 3 | €2,010,167 | €1,885,402 | -€124,765 | -6.2% |
| Stocks | 30/36 | €2,010,167 | €1,885,402 | -€124,765 | -6.2% |
| Amounts receivable within one year | 40/41 | €1,675,898 | €1,939,033 | +€263,135 | +15.7% |
| Trade receivables | 40 | €1,675,898 | €1,939,033 | +€263,135 | +15.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €704,000 | €350,000 | -€354,000 | -50.3% |
| Cash at bank and in hand | 54/58 | €223,565 | €415,328 | +€191,764 | +85.8% |
| Deferred charges and accrued income | 490/1 | €12,357 | €12,627 | +€270 | +2.2% |
| Total equity and liabilities | 10/49 | €5,630,500 | €5,480,779 | -€149,721 | -2.7% |
| Equity | 10/15 | €2,063,063 | €2,605,248 | +€542,185 | +26.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,001,063 | €2,543,248 | +€542,185 | +27.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,833,933 | €1,833,933 | = | 0.0% |
| Distributable reserves | 133 | €160,930 | €703,115 | +€542,185 | +336.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,567,436 | €2,875,531 | -€691,906 | -19.4% |
| Amounts payable within one year | 42/48 | €3,503,439 | €2,802,756 | -€700,682 | -20.0% |
| Trade debts | 44 | €347,335 | €266,328 | -€81,007 | -23.3% |
| Suppliers | 440/4 | €347,335 | €266,328 | -€81,007 | -23.3% |
| Advances received on contracts in progress | 46 | €58,014 | €95,777 | +€37,763 | +65.1% |
| Taxes, remuneration and social security | 45 | €395,780 | €269,006 | -€126,774 | -32.0% |
| Taxes | 450/3 | €221,652 | €162,935 | -€58,717 | -26.5% |
| Remuneration and social security | 454/9 | €174,128 | €106,071 | -€68,057 | -39.1% |
| Other amounts payable | 47/48 | €2,702,310 | €2,171,645 | -€530,664 | -19.6% |
| Accrued charges and deferred income | 492/3 | €63,998 | €72,774 | +€8,776 | +13.7% |
| Non-recurring operating income | 76A | €35,050 | €2,500 | -€32,550 | -92.9% |
| Remuneration, social security and pensions | 62 | €1,010,066 | €1,170,513 | +€160,447 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,245 | €282,895 | +€37,650 | +15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,245 | €11,199 | +€9,954 | +799.5% |
| Other operating charges | 640/8 | €70,219 | €49,791 | -€20,428 | -29.1% |
| Non-recurring operating charges | 66A | €30,451 | €4,234 | -€26,217 | -86.1% |
| Gross operating margin | 9900 | €2,268,864 | €2,168,392 | -€100,472 | -4.4% |
| Operating profit (loss) | 9901 | €911,639 | €649,761 | -€261,878 | -28.7% |
| Financial income | 75/76B | €351,089 | €335,492 | -€15,597 | -4.4% |
| Recurring financial income | 75 | €351,089 | €335,492 | -€15,597 | -4.4% |
| Financial charges | 65/66B | €247,947 | €253,983 | +€6,035 | +2.4% |
| Recurring financial charges | 65 | €247,947 | €253,983 | +€6,035 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €1,014,780 | €731,270 | -€283,510 | -27.9% |
| Income taxes | 67/77 | €257,781 | €189,085 | -€68,696 | -26.6% |
| Profit (loss) for the period | 9904 | €756,999 | €542,185 | -€214,814 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €756,999 | €542,185 | -€214,814 | -28.4% |
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 11 October 2026 via checked.be.