DERLEF: 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.
DERLEF
Largest movements
- Current investments -€438,856
down €438,856 (-55.5%), from €790,658 to €351,803
- Receivables within one year +€89,781
up €89,781 (+260.8%), from €34,421 to €124,202
of which Other amounts receivable: +€89,781
- Cash +€59,979
up €59,979 (+66.0%), from €90,874 to €150,853
mainly Current investments (+€438,856) and Net result for the year (+€276,462)
- Reserves -€383,732
down €383,732 (-35.6%), from €1.1m to €693,816
of which Distributable reserves: -€383,732
- Profit (loss) carried forward +€83,306
up €83,306, from -€83,306 to €0
- Tax, wage and social debts +€14,397
new in 2025: €14,397
- Gross operating margin +€179,823
up €179,823, from -€6,506 to €173,317
- Financial income +€118,553
up €118,553 (+627.2%), from €18,901 to €137,455
- Taxes +€19,922
new in 2025: €19,922
- Financial charges -€8,466
down €8,466 (-39.4%), from €21,471 to €13,005
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 | €1,004,065 | €714,969 | -€289,096 | -28.8% |
| Fixed assets | 21/28 | €88,112 | €88,112 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,110 | €4,110 | = | 0.0% |
| Land and buildings | 22 | €4,110 | €4,110 | = | 0.0% |
| Financial fixed assets | 28 | €84,001 | €84,001 | = | 0.0% |
| Current assets | 29/58 | €915,954 | €626,858 | -€289,096 | -31.6% |
| Amounts receivable within one year | 40/41 | €34,421 | €124,202 | +€89,781 | +260.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €34,421 | €124,202 | +€89,781 | +260.8% |
| Current investments | 50/53 | €790,658 | €351,803 | -€438,856 | -55.5% |
| Cash at bank and in hand | 54/58 | €90,874 | €150,853 | +€59,979 | +66.0% |
| Total equity and liabilities | 10/49 | €1,004,065 | €714,969 | -€289,096 | -28.8% |
| Equity | 10/15 | €1,000,448 | €700,021 | -€300,426 | -30.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,077,548 | €693,816 | -€383,732 | -35.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €864 | €864 | = | 0.0% |
| Distributable reserves | 133 | €1,074,824 | €691,092 | -€383,732 | -35.7% |
| Profit (loss) carried forward | 14 | -€83,306 | €0 | +€83,306 | |
| Amounts payable | 17/49 | €3,618 | €14,948 | +€11,330 | +313.2% |
| Amounts payable within one year | 42/48 | €3,380 | €14,708 | +€11,328 | +335.2% |
| Trade debts | 44 | - | €192 | +€192 | |
| Suppliers | 440/4 | - | €192 | +€192 | |
| Taxes, remuneration and social security | 45 | - | €14,397 | +€14,397 | |
| Taxes | 450/3 | - | €14,397 | +€14,397 | |
| Other amounts payable | 47/48 | €3,380 | €119 | -€3,261 | -96.5% |
| Accrued charges and deferred income | 492/3 | €238 | €239 | +€2 | +0.7% |
| Other operating charges | 640/8 | €1,346 | €1,382 | +€36 | +2.7% |
| Gross operating margin | 9900 | -€6,506 | €173,317 | +€179,823 | |
| Operating profit (loss) | 9901 | -€7,852 | €171,935 | +€179,787 | |
| Financial income | 75/76B | €18,901 | €137,455 | +€118,553 | +627.2% |
| Recurring financial income | 75 | €18,901 | €137,455 | +€118,553 | +627.2% |
| Financial charges | 65/66B | €21,471 | €13,005 | -€8,466 | -39.4% |
| Recurring financial charges | 65 | €21,471 | €13,005 | -€8,466 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,422 | €296,385 | +€306,806 | |
| Income taxes | 67/77 | - | €19,922 | +€19,922 | |
| Profit (loss) for the period | 9904 | -€10,422 | €276,462 | +€286,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,422 | €276,462 | +€286,884 |
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 30 September 2026 via checked.be.