Despiegelaere Projects: 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
Despiegelaere Projects
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €1.2m+€2.8m
Equity
€29.9m
2024 · €28.3m+€1.6m
Cash
€34,556
2024 · €57,163-€22,607
Balance sheet total
€41.6m
2024 · €36.3m+€5.2m
Largest movements
Assets
- Financial fixed assets +€2.8m
up €2.8m (+16.6%), from €17.0m to €19.9m
- Receivables within one year +€2.2m
up €2.2m (+20.6%), from €10.5m to €12.7m
of which Other amounts receivable: +€2.2m
Equity and liabilities
- Short-term financial debts +€2.2m
up €2.2m (+55.3%), from €3.9m to €6.1m
- Reserves +€1.6m
up €1.6m (+6.6%), from €24.5m to €26.1m
of which Distributable reserves: +€1.6m
- Other debts +€1.3m
up €1.3m (+48.8%), from €2.7m to €4.0m
Income statement
- Financial income +€3.0m
up €3.0m (+149%), from €2.0m to €5.0m
- Other operating charges +€136,170
up €136,170 (+6,266%), from €2,173 to €138,343
- Gross operating margin -€131,119
down €131,119 (-41.4%), from -€317,061 to -€448,180
- Financial charges -€79,773
down €79,773 (-18.2%), from €437,115 to €357,343
- Taxes -€15,999
down €15,999 (-97.6%), from €16,388 to €389
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
€1.2m
Gross operating margin
-€131,119
Depreciation
+€433
Other operating charges
-€136,170
Financial income
+€3.0m
Financial charges
+€79,773
Taxes
+€15,999
Result 2025
€4.0m
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
+€3.0m
Investment
-€2.8m
Financing
-€175,116
Cash 2024
€57,163
From operations (derived)
+€3.0m
Net result for the year
+€4.0m
Depreciation
+€2,598
Receivables after one year
-€252,724
Receivables within one year
-€2.2m
Deferred charges and accrued income
+€2,128
Trade debts
-€29,766
Tax, wage and social debts
+€136,880
Other debts
+€1.3m
Accrued charges and deferred income
-€24,022
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Financing
-€175,116
Debts after one year
+€58,218
Short-term financial debts
+€2.2m
Contributions, distributions and other
-€2.4m
Cash 2025
€34,556
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,343,914 | €41,575,143 | +€5.2m | +14.4% |
| Fixed assets | 21/28 | €17,046,605 | €19,880,688 | +€2.8m | +16.6% |
| Tangible fixed assets | 22/27 | €8,644 | €6,045 | -€2,598 | -30.1% |
| Furniture and vehicles | 24 | €8,644 | €6,045 | -€2,598 | -30.1% |
| Financial fixed assets | 28 | €17,037,962 | €19,874,643 | +€2.8m | +16.6% |
| Current assets | 29/58 | €19,297,309 | €21,694,455 | +€2.4m | +12.4% |
| Amounts receivable after more than one year | 29 | €8,192,591 | €8,445,315 | +€252,724 | +3.1% |
| Other amounts receivable | 291 | €8,192,591 | €8,445,315 | +€252,724 | +3.1% |
| Amounts receivable within one year | 40/41 | €10,542,905 | €12,712,063 | +€2.2m | +20.6% |
| Trade receivables | 40 | €32,056 | €998 | -€31,058 | -96.9% |
| Other amounts receivable | 41 | €10,510,849 | €12,711,065 | +€2.2m | +20.9% |
| Current investments | 50/53 | €502,521 | €502,521 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,163 | €34,556 | -€22,607 | -39.5% |
| Deferred charges and accrued income | 490/1 | €2,128 | €0 | -€2,128 | -100% |
| Total equity and liabilities | 10/49 | €36,343,914 | €41,575,143 | +€5.2m | +14.4% |
| Equity | 10/15 | €28,258,353 | €29,879,756 | +€1.6m | +5.7% |
| Contributions | 10/11 | €3,758,161 | €3,758,161 | = | 0.0% |
| Capital | 10 | €3,758,000 | €3,758,000 | = | 0.0% |
| Issued capital | 100 | €3,758,000 | €3,758,000 | = | 0.0% |
| Contributions outside capital | 11 | €161 | €161 | = | 0.0% |
| Share premium | 1100/10 | €161 | €161 | = | 0.0% |
| Reserves | 13 | €24,500,192 | €26,121,595 | +€1.6m | +6.6% |
| Non-distributable reserves | 130/1 | €375,800 | €375,800 | = | 0.0% |
| Legal reserve | 130 | €375,800 | €375,800 | = | 0.0% |
| Distributable reserves | 133 | €24,124,392 | €25,745,795 | +€1.6m | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,085,561 | €11,695,387 | +€3.6m | +44.6% |
| Amounts payable after more than one year | 17 | €1,312,503 | €1,370,721 | +€58,218 | +4.4% |
| Financial debts | 170/4 | €1,312,503 | €1,370,721 | +€58,218 | +4.4% |
| Amounts payable within one year | 42/48 | €6,689,890 | €10,265,520 | +€3.6m | +53.4% |
| Financial debts | 43 | €3,916,667 | €6,083,333 | +€2.2m | +55.3% |
| Credit institutions | 430/8 | €3,916,667 | €6,083,333 | +€2.2m | +55.3% |
| Trade debts | 44 | €104,282 | €74,516 | -€29,766 | -28.5% |
| Suppliers | 440/4 | €104,282 | €74,516 | -€29,766 | -28.5% |
| Taxes, remuneration and social security | 45 | €3,361 | €140,241 | +€136,880 | +4,073% |
| Taxes | 450/3 | €3,361 | €140,241 | +€136,880 | +4,073% |
| Other amounts payable | 47/48 | €2,665,580 | €3,967,430 | +€1.3m | +48.8% |
| Accrued charges and deferred income | 492/3 | €83,168 | €59,146 | -€24,022 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,031 | €2,598 | -€433 | -14.3% |
| Other operating charges | 640/8 | €2,173 | €138,343 | +€136,170 | +6,266% |
| Gross operating margin | 9900 | -€317,061 | -€448,180 | -€131,119 | -41.4% |
| Operating profit (loss) | 9901 | -€322,266 | -€589,121 | -€266,856 | -82.8% |
| Financial income | 75/76B | €1,992,527 | €4,968,256 | +€3.0m | +149% |
| Recurring financial income | 75 | €1,992,527 | €4,968,256 | +€3.0m | +149% |
| Financial charges | 65/66B | €437,115 | €357,343 | -€79,773 | -18.2% |
| Recurring financial charges | 65 | €437,115 | €357,343 | -€79,773 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €1,233,146 | €4,021,792 | +€2.8m | +226% |
| Income taxes | 67/77 | €16,388 | €389 | -€15,999 | -97.6% |
| Profit (loss) for the period | 9904 | €1,216,758 | €4,021,403 | +€2.8m | +231% |
| Profit (loss) for the period to be appropriated | 9905 | €1,216,758 | €4,021,403 | +€2.8m | +231% |
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.