DERO: 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.
DERO
Largest movements
- Cash +€382,389
up €382,389 (+252.9%), from €151,217 to €533,605
mainly Current investments (+€300,000) and Depreciation (+€239,951)
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Tangible fixed assets -€95,569
down €95,569 (-2.3%), from €4.2m to €4.1m
of which Land and buildings: -€94,062
- Reserves +€79,267
up €79,267 (+3.0%), from €2.7m to €2.7m
of which Distributable reserves: +€172,955
- Taxes -€20,142
down €20,142 (-22.6%), from €89,310 to €69,168
- Gross operating margin -€14,773
down €14,773 (-3.3%), from €448,921 to €434,148
- Depreciation +€12,816
up €12,816 (+5.6%), from €227,135 to €239,951
- Financial charges -€8,594
down €8,594 (-18.0%), from €47,839 to €39,245
- Financial income +€7,333
new in 2025: €7,333
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 | €4,654,051 | €4,645,296 | -€8,755 | -0.2% |
| Fixed assets | 21/28 | €4,184,336 | €4,088,767 | -€95,569 | -2.3% |
| Tangible fixed assets | 22/27 | €4,184,311 | €4,088,742 | -€95,569 | -2.3% |
| Land and buildings | 22 | €4,179,254 | €4,085,192 | -€94,062 | -2.3% |
| Plant, machinery and equipment | 23 | €3,631 | €2,706 | -€926 | -25.5% |
| Furniture and vehicles | 24 | €1,426 | €845 | -€581 | -40.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €469,715 | €556,529 | +€86,814 | +18.5% |
| Amounts receivable within one year | 40/41 | - | €7,992 | +€7,992 | |
| Other amounts receivable | 41 | - | €7,992 | +€7,992 | |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €151,217 | €533,605 | +€382,389 | +252.9% |
| Deferred charges and accrued income | 490/1 | €18,499 | €14,932 | -€3,567 | -19.3% |
| Total equity and liabilities | 10/49 | €4,654,051 | €4,645,296 | -€8,755 | -0.2% |
| Equity | 10/15 | €3,198,688 | €3,278,088 | +€79,400 | +2.5% |
| Contributions | 10/11 | €540,472 | €540,472 | = | 0.0% |
| Capital | 10 | €540,472 | €540,472 | = | 0.0% |
| Issued capital | 100 | €540,472 | €540,472 | = | 0.0% |
| Reserves | 13 | €2,657,733 | €2,737,000 | +€79,267 | +3.0% |
| Non-distributable reserves | 130/1 | €654,376 | €654,376 | = | 0.0% |
| Legal reserve | 130 | €54,047 | €54,047 | = | 0.0% |
| Other | 1319 | €600,329 | €600,329 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,408,542 | €1,314,854 | -€93,688 | -6.7% |
| Distributable reserves | 133 | €594,815 | €767,770 | +€172,955 | +29.1% |
| Profit (loss) carried forward | 14 | €483 | €616 | +€133 | +27.5% |
| Provisions and deferred taxes | 16 | €468,639 | €437,410 | -€31,229 | -6.7% |
| Deferred taxes | 168 | €468,639 | €437,410 | -€31,229 | -6.7% |
| Amounts payable | 17/49 | €986,724 | €929,798 | -€56,926 | -5.8% |
| Amounts payable within one year | 42/48 | €936,571 | €883,840 | -€52,732 | -5.6% |
| Trade debts | 44 | €4,319 | €10,126 | +€5,807 | +134.4% |
| Suppliers | 440/4 | €4,319 | €10,126 | +€5,807 | +134.4% |
| Taxes, remuneration and social security | 45 | €14,310 | - | -€14,310 | |
| Taxes | 450/3 | €14,310 | - | -€14,310 | |
| Other amounts payable | 47/48 | €917,942 | €873,714 | -€44,228 | -4.8% |
| Accrued charges and deferred income | 492/3 | €50,153 | €45,959 | -€4,194 | -8.4% |
| Non-recurring operating income | 76A | - | €834 | +€834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,135 | €239,951 | +€12,816 | +5.6% |
| Other operating charges | 640/8 | €43,848 | €44,888 | +€1,039 | +2.4% |
| Non-recurring operating charges | 66A | €179 | €58 | -€121 | -67.6% |
| Gross operating margin | 9900 | €448,921 | €434,148 | -€14,773 | -3.3% |
| Operating profit (loss) | 9901 | €177,759 | €149,251 | -€28,508 | -16.0% |
| Financial income | 75/76B | - | €7,333 | +€7,333 | |
| Recurring financial income | 75 | - | €7,333 | +€7,333 | |
| Financial charges | 65/66B | €47,839 | €39,245 | -€8,594 | -18.0% |
| Recurring financial charges | 65 | €47,839 | €39,245 | -€8,594 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €129,920 | €117,339 | -€12,581 | -9.7% |
| Transfer from deferred taxes | 780 | €31,229 | €31,229 | = | 0.0% |
| Income taxes | 67/77 | €89,310 | €69,168 | -€20,142 | -22.6% |
| Profit (loss) for the period | 9904 | €71,838 | €79,400 | +€7,561 | +10.5% |
| Transfer from tax-exempt reserves | 789 | €93,688 | €93,688 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €165,526 | €173,088 | +€7,561 | +4.6% |
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 4 October 2026 via checked.be.