DEPAL: 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.
DEPAL
Largest movements
- Tangible fixed assets +€420,452
up €420,452 (+23.5%), from €1.8m to €2.2m
of which Land and buildings: +€2.2m
- Cash -€222,362
down €222,362 (-84.8%), from €262,251 to €39,888
mainly Investment in fixed assets (net) (-€491,078) and Short-term financial debts (-€318,000)
- Short-term financial debts -€318,000
down €318,000 (-60.0%), from €530,000 to €212,000
- Debts after one year +€244,875
up €244,875 (+16.1%), from €1.5m to €1.8m
- Reserves +€243,695
new in 2025: €243,695
- Profit (loss) carried forward -€140,186
down €140,186, from €6,414 to -€133,772
- Provisions +€81,232
new in 2025: €81,232
- Gross operating margin +€318,244
up €318,244 (+1,613%), from €19,735 to €337,979
- Depreciation +€70,625
new in 2025: €70,625
- Financial charges +€63,196
up €63,196 (+669%), from €9,441 to €72,637
- Other operating charges +€6,523
up €6,523 (+168%), from €3,880 to €10,402
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,071,813 | €2,291,897 | +€220,084 | +10.6% |
| Fixed assets | 21/28 | €1,796,044 | €2,216,497 | +€420,452 | +23.4% |
| Tangible fixed assets | 22/27 | €1,790,944 | €2,211,397 | +€420,452 | +23.5% |
| Land and buildings | 22 | - | €2,171,258 | +€2.2m | |
| Plant, machinery and equipment | 23 | - | €21,549 | +€21,549 | |
| Furniture and vehicles | 24 | - | €18,590 | +€18,590 | |
| Assets under construction and advance payments | 27 | €1,790,944 | - | -€1.8m | |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €275,768 | €75,400 | -€200,368 | -72.7% |
| Amounts receivable within one year | 40/41 | €13,010 | €32,692 | +€19,683 | +151% |
| Other amounts receivable | 41 | €13,010 | €32,692 | +€19,683 | +151% |
| Cash at bank and in hand | 54/58 | €262,251 | €39,888 | -€222,362 | -84.8% |
| Deferred charges and accrued income | 490/1 | €508 | €2,819 | +€2,311 | +455% |
| Total equity and liabilities | 10/49 | €2,071,813 | €2,291,897 | +€220,084 | +10.6% |
| Equity | 10/15 | €11,414 | €114,923 | +€103,509 | +907% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €243,695 | +€243,695 | |
| Tax-exempt reserves | 132 | - | €243,695 | +€243,695 | |
| Profit (loss) carried forward | 14 | €6,414 | -€133,772 | -€140,186 | |
| Provisions and deferred taxes | 16 | - | €81,232 | +€81,232 | |
| Deferred taxes | 168 | - | €81,232 | +€81,232 | |
| Amounts payable | 17/49 | €2,060,399 | €2,095,742 | +€35,343 | +1.7% |
| Amounts payable after more than one year | 17 | €1,520,000 | €1,764,875 | +€244,875 | +16.1% |
| Financial debts | 170/4 | €1,520,000 | €1,764,875 | +€244,875 | +16.1% |
| Amounts payable within one year | 42/48 | €540,399 | €330,867 | -€209,532 | -38.8% |
| Current portion of amounts payable after more than one year | 42 | - | €15,125 | +€15,125 | |
| Financial debts | 43 | €530,000 | €212,000 | -€318,000 | -60.0% |
| Credit institutions | 430/8 | €530,000 | €212,000 | -€318,000 | -60.0% |
| Trade debts | 44 | €4,962 | €34,305 | +€29,343 | +591% |
| Suppliers | 440/4 | €4,962 | €34,305 | +€29,343 | +591% |
| Other amounts payable | 47/48 | €5,437 | €69,437 | +€64,000 | +1,177% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €70,625 | +€70,625 | |
| Other operating charges | 640/8 | €3,880 | €10,402 | +€6,523 | +168% |
| Gross operating margin | 9900 | €19,735 | €337,979 | +€318,244 | +1,613% |
| Operating profit (loss) | 9901 | €15,855 | €256,951 | +€241,096 | +1,521% |
| Financial income | 75/76B | - | €427 | +€427 | |
| Recurring financial income | 75 | - | €427 | +€427 | |
| Financial charges | 65/66B | €9,441 | €72,637 | +€63,196 | +669% |
| Recurring financial charges | 65 | €9,441 | €72,637 | +€63,196 | +669% |
| Profit (loss) for the period before taxes | 9903 | €6,414 | €184,741 | +€178,327 | +2,780% |
| Transfer from deferred taxes | 780 | - | €3,768 | +€3,768 | |
| Transfer to deferred taxes | 680 | - | €85,000 | +€85,000 | |
| Profit (loss) for the period | 9904 | €6,414 | €103,509 | +€97,095 | +1,514% |
| Transfer from tax-exempt reserves | 789 | - | €11,305 | +€11,305 | |
| Transfer to tax-exempt reserves | 689 | - | €255,000 | +€255,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,414 | -€140,186 | -€146,600 |
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 13 October 2026 via checked.be.