DEWAN: 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.
DEWAN
Largest movements
- Tangible fixed assets +€216,634
up €216,634 (+53.9%), from €402,132 to €618,766
of which Land and buildings: +€219,042
- Stocks and contracts -€47,967
down €47,967 (-26.2%), from €182,967 to €135,000
- Cash +€36,178
up €36,178 (+232%), from €15,565 to €51,743
mainly Debts after one year (+€183,532) and Other debts (+€48,156)
- Debts after one year +€183,532
up €183,532 (+46.3%), from €396,385 to €579,917
- Other debts +€48,156
up €48,156 (+389%), from €12,382 to €60,537
- Short-term financial debts -€48,000
down €48,000 (-27.0%), from €178,000 to €130,000
- Profit (loss) carried forward +€21,722
up €21,722 (+640%), from €3,395 to €25,117
- Gross operating margin +€45,834
up €45,834 (+128%), from €35,743 to €81,577
- Financial charges +€13,465
up €13,465 (+96.2%), from €14,000 to €27,464
- Depreciation +€11,870
up €11,870 (+92.1%), from €12,894 to €24,765
- Other operating charges +€1,513
up €1,513 (+31.7%), from €4,774 to €6,287
- Taxes -€983
down €983, from €692 to -€291
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €622,416 | €832,672 | +€210,256 | +33.8% |
| Fixed assets | 21/28 | €402,133 | €618,766 | +€216,633 | +53.9% |
| Intangible fixed assets | 21 | €1 | €0 | -€1 | -100% |
| Tangible fixed assets | 22/27 | €402,132 | €618,766 | +€216,634 | +53.9% |
| Land and buildings | 22 | €379,055 | €598,096 | +€219,042 | +57.8% |
| Plant, machinery and equipment | 23 | €23,078 | €20,670 | -€2,408 | -10.4% |
| Current assets | 29/58 | €220,283 | €213,906 | -€6,378 | -2.9% |
| Stocks and contracts in progress | 3 | €182,967 | €135,000 | -€47,967 | -26.2% |
| Stocks | 30/36 | €182,967 | €135,000 | -€47,967 | -26.2% |
| Amounts receivable within one year | 40/41 | €18,464 | €25,420 | +€6,956 | +37.7% |
| Trade receivables | 40 | €5,495 | €24,191 | +€18,697 | +340% |
| Other amounts receivable | 41 | €12,969 | €1,228 | -€11,740 | -90.5% |
| Cash at bank and in hand | 54/58 | €15,565 | €51,743 | +€36,178 | +232% |
| Deferred charges and accrued income | 490/1 | €3,287 | €1,743 | -€1,544 | -47.0% |
| Total equity and liabilities | 10/49 | €622,416 | €832,672 | +€210,256 | +33.8% |
| Equity | 10/15 | €4,395 | €26,117 | +€21,722 | +494% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,395 | €25,117 | +€21,722 | +640% |
| Amounts payable | 17/49 | €618,021 | €806,555 | +€188,534 | +30.5% |
| Amounts payable after more than one year | 17 | €396,385 | €579,917 | +€183,532 | +46.3% |
| Financial debts | 170/4 | €396,385 | €579,917 | +€183,532 | +46.3% |
| Amounts payable within one year | 42/48 | €221,637 | €226,638 | +€5,002 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €18,405 | €26,468 | +€8,063 | +43.8% |
| Financial debts | 43 | €178,000 | €130,000 | -€48,000 | -27.0% |
| Credit institutions | 430/8 | €178,000 | €130,000 | -€48,000 | -27.0% |
| Trade debts | 44 | €10,347 | €4,972 | -€5,375 | -52.0% |
| Suppliers | 440/4 | €10,347 | €4,972 | -€5,375 | -52.0% |
| Taxes, remuneration and social security | 45 | €2,503 | €4,661 | +€2,158 | +86.2% |
| Taxes | 450/3 | €2,503 | €4,501 | +€1,998 | +79.8% |
| Remuneration and social security | 454/9 | - | €160 | +€160 | |
| Other amounts payable | 47/48 | €12,382 | €60,537 | +€48,156 | +389% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,894 | €24,765 | +€11,870 | +92.1% |
| Other operating charges | 640/8 | €4,774 | €6,287 | +€1,513 | +31.7% |
| Non-recurring operating charges | 66A | - | €1,862 | +€1,862 | |
| Gross operating margin | 9900 | €35,743 | €81,577 | +€45,834 | +128% |
| Operating profit (loss) | 9901 | €18,074 | €48,663 | +€30,589 | +169% |
| Financial income | 75/76B | €13 | €232 | +€219 | +1,754% |
| Recurring financial income | 75 | €13 | €232 | +€219 | +1,754% |
| Financial charges | 65/66B | €14,000 | €27,464 | +€13,465 | +96.2% |
| Recurring financial charges | 65 | €14,000 | €27,464 | +€13,465 | +96.2% |
| Profit (loss) for the period before taxes | 9903 | €4,087 | €21,431 | +€17,344 | +424% |
| Income taxes | 67/77 | €692 | -€291 | -€983 | |
| Profit (loss) for the period | 9904 | €3,395 | €21,722 | +€18,327 | +540% |
| Profit (loss) for the period to be appropriated | 9905 | €3,395 | €21,722 | +€18,327 | +540% |
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 14 October 2026 via checked.be.