DFZ ESTATE MANAGEMENT: what changed
DFZ ESTATE MANAGEMENT
Largest movements
- Receivables within one year +€47,138
up €47,138 (+200%), from €23,590 to €70,729
of which Trade receivables: +€45,357
- Tangible fixed assets -€23,319
down €23,319 (-29.6%), from €78,803 to €55,485
of which Other tangible fixed assets: -€22,788
- Cash -€11,045
down €11,045 (-7.9%), from €140,136 to €129,091
mainly Contributions, distributions and other (-€60,912) and Receivables within one year (-€47,138)
- Intangible fixed assets +€4,189
up €4,189 (+58.7%), from €7,134 to €11,323
- Other debts +€56,878
up €56,878 (+238%), from €23,902 to €80,780
- Profit (loss) carried forward -€40,500
down €40,500 (-60.1%), from €67,382 to €26,882
- Reserves -€15,750
down €15,750 (-18.8%), from €83,874 to €68,124
of which Distributable reserves: -€15,750
- Current portion of long-term debt +€6,650
up €6,650 (+64.8%), from €10,266 to €16,916
- Tax, wage and social debts +€6,649
up €6,649 (+1,597%), from €416 to €7,066
- Gross operating margin -€43,933
down €43,933 (-55.6%), from €78,978 to €35,045
- Staff costs -€11,333
no longer reported in 2025 (was €11,333)
- Taxes -€5,205
down €5,205 (-72.9%), from €7,139 to €1,934
- Other operating charges -€1,209
down €1,209 (-44.7%), from €2,705 to €1,496
- Financial income +€1,012
up €1,012 (+235%), from €431 to €1,443
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €254,623 | €270,982 | +€16,359 | +6.4% |
| Fixed assets | 21/28 | €86,119 | €66,989 | -€19,129 | -22.2% |
| Intangible fixed assets | 21 | €7,134 | €11,323 | +€4,189 | +58.7% |
| Tangible fixed assets | 22/27 | €78,803 | €55,485 | -€23,319 | -29.6% |
| Plant, machinery and equipment | 23 | €1,125 | €626 | -€500 | -44.4% |
| Furniture and vehicles | 24 | €31 | - | -€31 | |
| Other tangible fixed assets | 26 | €77,647 | €54,859 | -€22,788 | -29.3% |
| Financial fixed assets | 28 | €182 | €182 | = | 0.0% |
| Current assets | 29/58 | €168,504 | €203,993 | +€35,489 | +21.1% |
| Stocks and contracts in progress | 3 | €433 | €108 | -€325 | -75.0% |
| Stocks | 30/36 | €433 | €108 | -€325 | -75.0% |
| Amounts receivable within one year | 40/41 | €23,590 | €70,729 | +€47,138 | +200% |
| Trade receivables | 40 | €20,589 | €65,946 | +€45,357 | +220% |
| Other amounts receivable | 41 | €3,001 | €4,782 | +€1,781 | +59.4% |
| Cash at bank and in hand | 54/58 | €140,136 | €129,091 | -€11,045 | -7.9% |
| Deferred charges and accrued income | 490/1 | €4,344 | €4,064 | -€280 | -6.4% |
| Total equity and liabilities | 10/49 | €254,623 | €270,982 | +€16,359 | +6.4% |
| Equity | 10/15 | €176,408 | €120,158 | -€56,250 | -31.9% |
| Contributions | 10/11 | €25,152 | €25,152 | = | 0.0% |
| Reserves | 13 | €83,874 | €68,124 | -€15,750 | -18.8% |
| Tax-exempt reserves | 132 | €8,935 | €8,935 | = | 0.0% |
| Distributable reserves | 133 | €74,939 | €59,189 | -€15,750 | -21.0% |
| Profit (loss) carried forward | 14 | €67,382 | €26,882 | -€40,500 | -60.1% |
| Amounts payable | 17/49 | €78,215 | €150,824 | +€72,609 | +92.8% |
| Amounts payable after more than one year | 17 | €30,019 | €32,044 | +€2,025 | +6.7% |
| Financial debts | 170/4 | €30,019 | €32,044 | +€2,025 | +6.7% |
| Amounts payable within one year | 42/48 | €48,196 | €118,780 | +€70,584 | +146% |
| Current portion of amounts payable after more than one year | 42 | €10,266 | €16,916 | +€6,650 | +64.8% |
| Trade debts | 44 | €13,612 | €14,019 | +€407 | +3.0% |
| Suppliers | 440/4 | €13,612 | €14,019 | +€407 | +3.0% |
| Taxes, remuneration and social security | 45 | €416 | €7,066 | +€6,649 | +1,597% |
| Taxes | 450/3 | €416 | €7,066 | +€6,649 | +1,597% |
| Other amounts payable | 47/48 | €23,902 | €80,780 | +€56,878 | +238% |
| Non-recurring operating income | 76A | - | €9,500 | +€9,500 | |
| Remuneration, social security and pensions | 62 | €11,333 | - | -€11,333 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,739 | €26,754 | -€984 | -3.5% |
| Other operating charges | 640/8 | €2,705 | €1,496 | -€1,209 | -44.7% |
| Gross operating margin | 9900 | €78,978 | €35,045 | -€43,933 | -55.6% |
| Operating profit (loss) | 9901 | €37,202 | €6,795 | -€30,407 | -81.7% |
| Financial income | 75/76B | €431 | €1,443 | +€1,012 | +235% |
| Recurring financial income | 75 | €431 | €1,443 | +€1,012 | +235% |
| Financial charges | 65/66B | €2,115 | €1,641 | -€474 | -22.4% |
| Recurring financial charges | 65 | €2,115 | €1,641 | -€474 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €35,517 | €6,597 | -€28,921 | -81.4% |
| Income taxes | 67/77 | €7,139 | €1,934 | -€5,205 | -72.9% |
| Profit (loss) for the period | 9904 | €28,378 | €4,663 | -€23,716 | -83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,378 | €4,663 | -€23,716 | -83.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.