DFRD: 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.
DFRD
Largest movements
- Tangible fixed assets +€299,321
up €299,321 (+22.2%), from €1.4m to €1.7m
of which Plant, machinery and equipment: +€391,631
- Cash -€52,239
down €52,239 (-10.6%), from €492,270 to €440,031
mainly Investment in fixed assets (net) (-€445,760) and Contributions, distributions and other (-€105,275)
- Receivables within one year -€28,292
down €28,292 (-59.2%), from €47,792 to €19,500
of which Other amounts receivable: -€14,700
- Other debts +€97,902
up €97,902 (+80.8%), from €121,122 to €219,024
- Debts after one year +€89,124
up €89,124 (+8.0%), from €1.1m to €1.2m
- Current portion of long-term debt +€31,776
up €31,776 (+31.0%), from €102,512 to €134,288
- Depreciation +€75,355
up €75,355 (+106%), from €71,085 to €146,440
- Gross operating margin +€65,571
up €65,571 (+20.0%), from €328,482 to €394,052
- Provisions +€24,897
up €24,897, from -€7,195 to €17,702
- Financial charges +€12,058
up €12,058 (+15.0%), from €80,559 to €92,617
- Taxes -€8,555
down €8,555 (-16.1%), from €53,006 to €44,451
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 | €1,945,236 | €2,165,314 | +€220,078 | +11.3% |
| Fixed assets | 21/28 | €1,401,094 | €1,700,415 | +€299,321 | +21.4% |
| Tangible fixed assets | 22/27 | €1,351,011 | €1,650,332 | +€299,321 | +22.2% |
| Land and buildings | 22 | €1,098,299 | €1,030,226 | -€68,072 | -6.2% |
| Plant, machinery and equipment | 23 | €166,122 | €557,753 | +€391,631 | +236% |
| Furniture and vehicles | 24 | €85,235 | €61,864 | -€23,372 | -27.4% |
| Other tangible fixed assets | 26 | €1,355 | €489 | -€866 | -63.9% |
| Financial fixed assets | 28 | €50,083 | €50,083 | = | 0.0% |
| Current assets | 29/58 | €544,142 | €464,900 | -€79,243 | -14.6% |
| Amounts receivable within one year | 40/41 | €47,792 | €19,500 | -€28,292 | -59.2% |
| Trade receivables | 40 | €16,592 | €3,000 | -€13,592 | -81.9% |
| Other amounts receivable | 41 | €31,200 | €16,500 | -€14,700 | -47.1% |
| Cash at bank and in hand | 54/58 | €492,270 | €440,031 | -€52,239 | -10.6% |
| Deferred charges and accrued income | 490/1 | €4,080 | €5,369 | +€1,288 | +31.6% |
| Total equity and liabilities | 10/49 | €1,945,236 | €2,165,314 | +€220,078 | +11.3% |
| Equity | 10/15 | €543,272 | €527,588 | -€15,684 | -2.9% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €526,800 | €510,800 | -€16,000 | -3.0% |
| Distributable reserves | 133 | €526,800 | €510,800 | -€16,000 | -3.0% |
| Profit (loss) carried forward | 14 | €2,212 | €2,528 | +€316 | +14.3% |
| Provisions and deferred taxes | 16 | €48,700 | €66,402 | +€17,702 | +36.4% |
| Provisions for liabilities and charges | 160/5 | €48,700 | €66,402 | +€17,702 | +36.4% |
| Other liabilities and charges | 164/5 | €48,700 | €66,402 | +€17,702 | +36.4% |
| Amounts payable | 17/49 | €1,353,265 | €1,571,324 | +€218,059 | +16.1% |
| Amounts payable after more than one year | 17 | €1,115,386 | €1,204,510 | +€89,124 | +8.0% |
| Financial debts | 170/4 | €1,115,386 | €1,204,510 | +€89,124 | +8.0% |
| Amounts payable within one year | 42/48 | €236,375 | €363,427 | +€127,052 | +53.8% |
| Current portion of amounts payable after more than one year | 42 | €102,512 | €134,288 | +€31,776 | +31.0% |
| Trade debts | 44 | €10,741 | €5,665 | -€5,077 | -47.3% |
| Suppliers | 440/4 | €10,741 | €5,665 | -€5,077 | -47.3% |
| Taxes, remuneration and social security | 45 | €2,000 | €4,450 | +€2,450 | +122% |
| Taxes | 450/3 | €2,000 | €4,450 | +€2,450 | +122% |
| Other amounts payable | 47/48 | €121,122 | €219,024 | +€97,902 | +80.8% |
| Accrued charges and deferred income | 492/3 | €1,504 | €3,388 | +€1,884 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,085 | €146,440 | +€75,355 | +106% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,195 | €17,702 | +€24,897 | |
| Other operating charges | 640/8 | €9,035 | €6,622 | -€2,412 | -26.7% |
| Gross operating margin | 9900 | €328,482 | €394,052 | +€65,571 | +20.0% |
| Operating profit (loss) | 9901 | €255,558 | €223,288 | -€32,270 | -12.6% |
| Financial income | 75/76B | €3,354 | €3,372 | +€17 | +0.5% |
| Recurring financial income | 75 | €3,354 | €3,372 | +€17 | +0.5% |
| Financial charges | 65/66B | €80,559 | €92,617 | +€12,058 | +15.0% |
| Recurring financial charges | 65 | €80,559 | €92,617 | +€12,058 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €178,353 | €134,043 | -€44,310 | -24.8% |
| Income taxes | 67/77 | €53,006 | €44,451 | -€8,555 | -16.1% |
| Profit (loss) for the period | 9904 | €125,347 | €89,591 | -€35,755 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,347 | €89,591 | -€35,755 | -28.5% |
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 17 October 2026 via checked.be.