DEPCO: 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.
DEPCO
Largest movements
- Tangible fixed assets +€154,107
up €154,107 (+16.6%), from €928,766 to €1.1m
of which Furniture and vehicles: +€110,061
- Cash +€93,810
up €93,810 (+25.9%), from €362,848 to €456,658
mainly Net result for the year (+€157,047) and Deferred charges and accrued income (+€82,639)
- Deferred charges and accrued income -€82,639
down €82,639 (-80.2%), from €103,055 to €20,417
- Receivables within one year +€16,012
up €16,012 (+100.6%), from €15,916 to €31,927
of which Other amounts receivable: +€15,386
- Reserves +€157,047
up €157,047 (+8443.4%), from €1,860 to €158,907
of which Distributable reserves: +€157,047
- Debts after one year +€37,520
up €37,520 (+21.5%), from €174,479 to €212,000
- Gross operating margin -€62,302
down €62,302 (-15.8%), from €394,975 to €332,673
- Taxes -€5,126
down €5,126 (-7.1%), from €72,365 to €67,239
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 | €1,416,451 | €1,597,741 | +€181,291 | +12.8% |
| Fixed assets | 21/28 | €934,632 | €1,088,739 | +€154,107 | +16.5% |
| Tangible fixed assets | 22/27 | €928,766 | €1,082,873 | +€154,107 | +16.6% |
| Land and buildings | 22 | €743,188 | €796,577 | +€53,389 | +7.2% |
| Plant, machinery and equipment | 23 | €161,481 | €152,138 | -€9,342 | -5.8% |
| Furniture and vehicles | 24 | €24,097 | €134,158 | +€110,061 | +456.7% |
| Financial fixed assets | 28 | €5,866 | €5,866 | = | 0.0% |
| Current assets | 29/58 | €481,819 | €509,002 | +€27,183 | +5.6% |
| Amounts receivable within one year | 40/41 | €15,916 | €31,927 | +€16,012 | +100.6% |
| Trade receivables | 40 | €6,379 | €7,005 | +€626 | +9.8% |
| Other amounts receivable | 41 | €9,537 | €24,922 | +€15,386 | +161.3% |
| Cash at bank and in hand | 54/58 | €362,848 | €456,658 | +€93,810 | +25.9% |
| Deferred charges and accrued income | 490/1 | €103,055 | €20,417 | -€82,639 | -80.2% |
| Total equity and liabilities | 10/49 | €1,416,451 | €1,597,741 | +€181,291 | +12.8% |
| Equity | 10/15 | €1,029,983 | €1,187,029 | +€157,047 | +15.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €158,907 | +€157,047 | +8443.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €157,047 | +€157,047 | |
| Profit (loss) carried forward | 14 | €1,009,523 | €1,009,523 | = | 0.0% |
| Amounts payable | 17/49 | €386,468 | €410,712 | +€24,244 | +6.3% |
| Amounts payable after more than one year | 17 | €174,479 | €212,000 | +€37,520 | +21.5% |
| Financial debts | 170/4 | €174,479 | €212,000 | +€37,520 | +21.5% |
| Amounts payable within one year | 42/48 | €211,988 | €198,712 | -€13,277 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €51,271 | €59,419 | +€8,148 | +15.9% |
| Trade debts | 44 | €26,694 | €10,868 | -€15,826 | -59.3% |
| Suppliers | 440/4 | €26,694 | €10,868 | -€15,826 | -59.3% |
| Taxes, remuneration and social security | 45 | €72,314 | €67,203 | -€5,112 | -7.1% |
| Taxes | 450/3 | €72,314 | €67,203 | -€5,112 | -7.1% |
| Other amounts payable | 47/48 | €61,708 | €61,222 | -€486 | -0.8% |
| Remuneration, social security and pensions | 62 | €12,762 | €15,505 | +€2,743 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,983 | €81,137 | +€2,154 | +2.7% |
| Other operating charges | 640/8 | €2,797 | €3,394 | +€597 | +21.4% |
| Gross operating margin | 9900 | €394,975 | €332,673 | -€62,302 | -15.8% |
| Operating profit (loss) | 9901 | €300,433 | €232,637 | -€67,796 | -22.6% |
| Financial income | 75/76B | €184 | €136 | -€48 | -26.1% |
| Recurring financial income | 75 | €184 | €136 | -€48 | -26.1% |
| Financial charges | 65/66B | €6,372 | €8,487 | +€2,115 | +33.2% |
| Recurring financial charges | 65 | €6,372 | €8,487 | +€2,115 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | €294,245 | €224,286 | -€69,959 | -23.8% |
| Income taxes | 67/77 | €72,365 | €67,239 | -€5,126 | -7.1% |
| Profit (loss) for the period | 9904 | €221,879 | €157,047 | -€64,833 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €221,879 | €157,047 | -€64,833 | -29.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.