DES: 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.
What changed
DES
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€663,657
2024 · -€542,331+€1.2m
Equity
€4.6m
2024 · €4.1m+€548,199
Cash
€142,295
2024 · €193,144-€50,849
Balance sheet total
€26.2m
2024 · €27.7m-€1.5m
Largest movements
Assets
- Tangible fixed assets -€2.7m
down €2.7m (-13.1%), from €20.2m to €17.6m
of which Land and buildings: -€2.5m
- Receivables within one year +€946,597
up €946,597 (+23.6%), from €4.0m to €5.0m
of which Other amounts receivable: +€1.6m
- Deferred charges and accrued income +€385,751
up €385,751 (+1859.0%), from €20,750 to €406,501
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-20.1%), from €9.0m to €7.2m
- Other debts -€1.1m
down €1.1m (-34.3%), from €3.1m to €2.0m
- Reserves +€940,051
up €940,051 (+9.5%), from €9.9m to €10.9m
of which Distributable reserves: +€473,625
- Short-term financial debts +€657,882
up €657,882 (+12.8%), from €5.2m to €5.8m
- Current portion of long-term debt -€453,942
down €453,942 (-28.0%), from €1.6m to €1.2m
Income statement
- Depreciation -€1.2m
down €1.2m (-43.5%), from €2.7m to €1.5m
- Gross operating margin +€740,309
up €740,309 (+12.9%), from €5.7m to €6.5m
- Financial income -€596,582
down €596,582 (-95.3%), from €626,045 to €29,463
of which Non-recurring financial income: -€541,075
- Write-downs +€386,748
up €386,748 (+272.9%), from €141,696 to €528,445
- Other operating charges -€373,895
down €373,895 (-10.7%), from €3.5m to €3.1m
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
-€542,331
Gross operating margin
+€740,309
Depreciation
+€1.2m
Write-downs
-€386,748
Other operating charges
+€373,895
Financial income
-€596,582
Financial charges
+€157,122
Taxes
-€122,322
Deferred taxes and other
-€116,652
Result 2025
€663,657
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.
From operations
+€400,648
Investment
+€1.3m
Financing
-€1.7m
Cash 2024
€193,144
From operations (derived)
+€400,648
Net result for the year
+€663,657
Depreciation
+€1.5m
Receivables within one year
-€946,597
Deferred charges and accrued income
-€385,751
Provisions
+€25,157
Trade debts
+€383,556
Tax, wage and social debts
+€4,309
Other debts
-€1.1m
Accrued charges and deferred income
+€221,642
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.3m
Current investments
+€1,533
Financing
-€1.7m
Debts after one year
-€1.8m
Current portion of long-term debt
-€453,942
Short-term financial debts
+€657,882
Contributions, distributions and other
-€115,458
Cash 2025
€142,295
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,655,511 | €26,158,738 | -€1.5m | -5.4% |
| Fixed assets | 21/28 | €22,521,294 | €19,744,555 | -€2.8m | -12.3% |
| Intangible fixed assets | 21 | €592,232 | €470,252 | -€121,980 | -20.6% |
| Tangible fixed assets | 22/27 | €20,241,062 | €17,586,303 | -€2.7m | -13.1% |
| Land and buildings | 22 | €19,949,319 | €17,498,420 | -€2.5m | -12.3% |
| Plant, machinery and equipment | 23 | €235,170 | €6,625 | -€228,546 | -97.2% |
| Furniture and vehicles | 24 | €56,573 | €81,258 | +€24,686 | +43.6% |
| Financial fixed assets | 28 | €1,688,000 | €1,688,000 | = | 0.0% |
| Current assets | 29/58 | €5,134,217 | €6,414,183 | +€1.3m | +24.9% |
| Amounts receivable within one year | 40/41 | €4,013,342 | €4,959,940 | +€946,597 | +23.6% |
| Trade receivables | 40 | €2,094,969 | €1,400,585 | -€694,384 | -33.1% |
| Other amounts receivable | 41 | €1,918,373 | €3,559,355 | +€1.6m | +85.5% |
| Current investments | 50/53 | €906,980 | €905,447 | -€1,533 | -0.2% |
| Cash at bank and in hand | 54/58 | €193,144 | €142,295 | -€50,849 | -26.3% |
| Deferred charges and accrued income | 490/1 | €20,750 | €406,501 | +€385,751 | +1859.0% |
| Total equity and liabilities | 10/49 | €27,655,511 | €26,158,738 | -€1.5m | -5.4% |
| Equity | 10/15 | €4,081,963 | €4,630,162 | +€548,199 | +13.4% |
| Contributions | 10/11 | €218,146 | €218,146 | = | 0.0% |
| Capital | 10 | €218,146 | €218,146 | = | 0.0% |
| Issued capital | 100 | €218,146 | €218,146 | = | 0.0% |
| Revaluation surpluses | 12 | €1,710,412 | €1,594,954 | -€115,458 | -6.8% |
| Reserves | 13 | €9,915,300 | €10,855,351 | +€940,051 | +9.5% |
| Non-distributable reserves | 130/1 | €1,068,426 | €1,068,426 | = | 0.0% |
| Legal reserve | 130 | €1,068,426 | - | -€1.1m | |
| Other | 1319 | - | €1,068,426 | +€1.1m | |
| Tax-exempt reserves | 132 | €8,108,278 | €8,574,705 | +€466,426 | +5.8% |
| Distributable reserves | 133 | €738,596 | €1,212,221 | +€473,625 | +64.1% |
| Profit (loss) carried forward | 14 | -€7,761,896 | -€8,038,290 | -€276,395 | -3.6% |
| Provisions and deferred taxes | 16 | €3,022,784 | €3,047,940 | +€25,157 | +0.8% |
| Provisions for liabilities and charges | 160/5 | €53,800 | €53,800 | = | 0.0% |
| Pensions and similar obligations | 160 | €53,800 | €53,800 | = | 0.0% |
| Deferred taxes | 168 | €2,968,984 | €2,994,140 | +€25,157 | +0.8% |
| Amounts payable | 17/49 | €20,550,764 | €18,480,635 | -€2.1m | -10.1% |
| Amounts payable after more than one year | 17 | €9,045,318 | €7,228,069 | -€1.8m | -20.1% |
| Financial debts | 170/4 | €9,045,318 | €7,228,069 | -€1.8m | -20.1% |
| Amounts payable within one year | 42/48 | €11,037,628 | €10,563,106 | -€474,521 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €1,622,776 | €1,168,834 | -€453,942 | -28.0% |
| Financial debts | 43 | €5,157,618 | €5,815,500 | +€657,882 | +12.8% |
| Credit institutions | 430/8 | €5,157,618 | €5,815,500 | +€657,882 | +12.8% |
| Trade debts | 44 | €1,091,671 | €1,475,227 | +€383,556 | +35.1% |
| Suppliers | 440/4 | €1,091,671 | €1,475,227 | +€383,556 | +35.1% |
| Taxes, remuneration and social security | 45 | €54,000 | €58,309 | +€4,309 | +8.0% |
| Taxes | 450/3 | €54,000 | €58,309 | +€4,309 | +8.0% |
| Other amounts payable | 47/48 | €3,111,563 | €2,045,235 | -€1.1m | -34.3% |
| Accrued charges and deferred income | 492/3 | €467,818 | €689,460 | +€221,642 | +47.4% |
| Non-recurring operating income | 76A | €462,726 | €1,778,225 | +€1.3m | +284.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,657,968 | €1,501,002 | -€1.2m | -43.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €141,696 | €528,445 | +€386,748 | +272.9% |
| Other operating charges | 640/8 | €3,502,546 | €3,128,650 | -€373,895 | -10.7% |
| Gross operating margin | 9900 | €5,718,598 | €6,458,907 | +€740,309 | +12.9% |
| Operating profit (loss) | 9901 | -€583,612 | €1,300,810 | +€1.9m | |
| Financial income | 75/76B | €626,045 | €29,463 | -€596,582 | -95.3% |
| Recurring financial income | 75 | €84,970 | €29,463 | -€55,507 | -65.3% |
| Non-recurring financial income | 76B | €541,075 | - | -€541,075 | |
| Financial charges | 65/66B | €609,620 | €452,498 | -€157,122 | -25.8% |
| Recurring financial charges | 65 | €563,648 | €452,498 | -€111,150 | -19.7% |
| Non-recurring financial charges | 66B | €45,972 | - | -€45,972 | |
| Profit (loss) for the period before taxes | 9903 | -€567,187 | €877,775 | +€1.4m | |
| Transfer from deferred taxes | 780 | €175,790 | €408,926 | +€233,136 | +132.6% |
| Transfer to deferred taxes | 680 | €84,295 | €434,082 | +€349,788 | +415.0% |
| Income taxes | 67/77 | €66,640 | €188,962 | +€122,322 | +183.6% |
| Profit (loss) for the period | 9904 | -€542,331 | €663,657 | +€1.2m | |
| Transfer from tax-exempt reserves | 789 | €1,037,093 | €1,076,160 | +€39,067 | +3.8% |
| Transfer to tax-exempt reserves | 689 | €314,004 | €1,542,586 | +€1.2m | +391.3% |
| Profit (loss) for the period to be appropriated | 9905 | €180,757 | €197,230 | +€16,473 | +9.1% |
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 7 October 2026 via checked.be.