DEQUALEX: 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
DEQUALEX
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€181,698
2024 · €335,584-€153,886
Equity
€4.0m
2024 · €3.9m+€21,698
Cash
€229,282
2024 · €92,376+€136,906
Balance sheet total
€4.1m
2024 · €4.2m-€55,945
Largest movements
Assets
- Deferred charges and accrued income -€149,964
down €149,964 (-99.0%), from €151,436 to €1,472
- Cash +€136,906
up €136,906 (+148%), from €92,376 to €229,282
mainly Net result for the year (+€181,698) and Deferred charges and accrued income (+€149,964)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€150,000
down €150,000 (-37.5%), from €400,000 to €250,000
- Gross operating margin +€35,890
up €35,890 (+49.8%), from -€72,045 to -€36,155
- Taxes +€33,330
up €33,330, from -€33,330 to €0
- Write-downs +€21,239
up €21,239, from -€21,239 to €0
- Other operating charges -€21,021
down €21,021 (-74.7%), from €28,159 to €7,137
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
€335,584
Gross operating margin
+€35,890
Depreciation
-€6,394
Write-downs
-€21,239
Other operating charges
+€21,021
Financial income
-€150,000
Financial charges
+€165
Taxes
-€33,330
Result 2025
€181,698
raises the resultlowers the result
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
+€330,715
Investment
-€3,464
Financing
-€190,345
Cash 2024
€92,376
From operations (derived)
+€330,715
Net result for the year
+€181,698
Depreciation
+€24,330
Receivables within one year
+€22,021
Deferred charges and accrued income
+€149,964
Trade debts
-€2,969
Tax, wage and social debts
-€4,329
Other debts
-€40,000
Investment (derived)
-€3,464
Investment in fixed assets (net)
-€3,464
Financing
-€190,345
Debts after one year
-€2,540
Current portion of long-term debt
-€27,805
Contributions, distributions and other
-€160,000
Cash 2025
€229,282
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,184,176 | €4,128,231 | -€55,945 | -1.3% |
| Fixed assets | 21/28 | €3,918,273 | €3,897,407 | -€20,866 | -0.5% |
| Tangible fixed assets | 22/27 | €205,925 | €185,058 | -€20,866 | -10.1% |
| Land and buildings | 22 | €96,801 | €89,803 | -€6,999 | -7.2% |
| Plant, machinery and equipment | 23 | - | €1,830 | +€1,830 | |
| Furniture and vehicles | 24 | €1,693 | €2,520 | +€827 | +48.8% |
| Other tangible fixed assets | 26 | €107,430 | €90,906 | -€16,524 | -15.4% |
| Financial fixed assets | 28 | €3,712,349 | €3,712,349 | = | 0.0% |
| Current assets | 29/58 | €265,903 | €230,823 | -€35,079 | -13.2% |
| Amounts receivable within one year | 40/41 | €22,090 | €69 | -€22,021 | -99.7% |
| Trade receivables | 40 | €21,780 | €0 | -€21,780 | -100% |
| Other amounts receivable | 41 | €310 | €69 | -€241 | -77.8% |
| Cash at bank and in hand | 54/58 | €92,376 | €229,282 | +€136,906 | +148% |
| Deferred charges and accrued income | 490/1 | €151,436 | €1,472 | -€149,964 | -99.0% |
| Total equity and liabilities | 10/49 | €4,184,176 | €4,128,231 | -€55,945 | -1.3% |
| Equity | 10/15 | €3,935,032 | €3,956,730 | +€21,698 | +0.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,338,052 | €1,338,052 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,063 | €27,063 | = | 0.0% |
| Legal reserve | 130 | €27,063 | €27,063 | = | 0.0% |
| Distributable reserves | 133 | €1,310,989 | €1,310,989 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,535,480 | €2,557,178 | +€21,698 | +0.9% |
| Amounts payable | 17/49 | €249,144 | €171,501 | -€77,643 | -31.2% |
| Amounts payable after more than one year | 17 | €2,540 | €0 | -€2,540 | -100% |
| Financial debts | 170/4 | €2,540 | €0 | -€2,540 | -100% |
| Amounts payable within one year | 42/48 | €246,604 | €171,501 | -€75,103 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €30,345 | €2,540 | -€27,805 | -91.6% |
| Trade debts | 44 | €5,875 | €2,906 | -€2,969 | -50.5% |
| Suppliers | 440/4 | €5,875 | €2,906 | -€2,969 | -50.5% |
| Taxes, remuneration and social security | 45 | €8,283 | €3,954 | -€4,329 | -52.3% |
| Taxes | 450/3 | €4,548 | €1,606 | -€2,942 | -64.7% |
| Remuneration and social security | 454/9 | €3,735 | €2,348 | -€1,387 | -37.1% |
| Other amounts payable | 47/48 | €202,100 | €162,100 | -€40,000 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,936 | €24,330 | +€6,394 | +35.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,239 | €0 | +€21,239 | |
| Other operating charges | 640/8 | €28,159 | €7,137 | -€21,021 | -74.7% |
| Gross operating margin | 9900 | -€72,045 | -€36,155 | +€35,890 | +49.8% |
| Operating profit (loss) | 9901 | -€96,901 | -€67,622 | +€29,279 | +30.2% |
| Financial income | 75/76B | €400,000 | €250,000 | -€150,000 | -37.5% |
| Recurring financial income | 75 | €400,000 | €250,000 | -€150,000 | -37.5% |
| Financial charges | 65/66B | €845 | €680 | -€165 | -19.5% |
| Recurring financial charges | 65 | €845 | €680 | -€165 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €302,254 | €181,698 | -€120,556 | -39.9% |
| Income taxes | 67/77 | -€33,330 | €0 | +€33,330 | |
| Profit (loss) for the period | 9904 | €335,584 | €181,698 | -€153,886 | -45.9% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €335,584 | €181,698 | -€153,886 | -45.9% |
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 25 October 2026 via checked.be.