DG²: 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
DG²
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.8m
2024 · €21.1m-€12.2m
Equity
€35.9m
2024 · €33.1m+€2.8m
Cash
€311,174
2024 · €133,851+€177,324
Balance sheet total
€46.3m
2024 · €45.4m+€835,951
Largest movements
Assets
- Receivables within one year +€668,878
up €668,878 (+19.5%), from €3.4m to €4.1m
of which Other amounts receivable: +€3.6m
Equity and liabilities
- Reserves +€2.8m
up €2.8m (+11.1%), from €25.0m to €27.8m
of which Distributable reserves: +€1.8m
- Debts after one year -€1.2m
down €1.2m (-28.6%), from €4.2m to €3.0m
- Accrued charges and deferred income -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Other debts +€550,999
up €550,999 (+10.0%), from €5.5m to €6.1m
Income statement
- Financial income -€10.6m
down €10.6m (-60.1%), from €17.6m to €7.0m
- Turnover -€2.4m
down €2.4m (-42.5%), from €5.5m to €3.2m
- Financial charges -€579,985
down €579,985 (-74.5%), from €778,848 to €198,863
- Services and other goods -€171,506
down €171,506 (-22.8%), from €751,166 to €579,660
- Taxes +€89,279
up €89,279 (+18.4%), from €485,196 to €574,474
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
€21.1m
Turnover
-€2.4m
Services and other goods
+€171,506
Other operating charges
-€45
Financial income
-€10.6m
Financial charges
+€579,985
Taxes
-€89,279
Result 2025
€8.8m
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
+€7.6m
Investment
€0
Financing
-€7.5m
Cash 2024
€133,851
From operations (derived)
+€7.6m
Net result for the year
+€8.8m
Receivables within one year
-€668,878
Deferred charges and accrued income
+€10,251
Trade debts
-€63,190
Tax, wage and social debts
+€45,445
Other debts
+€550,999
Accrued charges and deferred income
-€1.1m
Financing
-€7.5m
Debts after one year
-€1.2m
Current portion of long-term debt
-€197,942
Contributions, distributions and other
-€6.1m
Cash 2025
€311,174
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,436,735 | €46,272,686 | +€835,951 | +1.8% |
| Fixed assets | 21/28 | €41,869,364 | €41,869,364 | = | 0.0% |
| Financial fixed assets | 28 | €41,869,364 | €41,869,364 | = | 0.0% |
| Affiliated companies | 280/1 | €41,869,364 | €41,869,364 | = | 0.0% |
| Participating interests | 280 | €41,869,364 | €41,869,364 | = | 0.0% |
| Current assets | 29/58 | €3,567,371 | €4,403,322 | +€835,951 | +23.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,423,269 | €4,092,147 | +€668,878 | +19.5% |
| Trade receivables | 40 | €3,014,625 | €69,625 | -€2.9m | -97.7% |
| Other amounts receivable | 41 | €408,644 | €4,022,522 | +€3.6m | +884% |
| Cash at bank and in hand | 54/58 | €133,851 | €311,174 | +€177,324 | +132% |
| Deferred charges and accrued income | 490/1 | €10,251 | €0 | -€10,251 | -100% |
| Total equity and liabilities | 10/49 | €45,436,735 | €46,272,686 | +€835,951 | +1.8% |
| Equity | 10/15 | €33,101,712 | €35,875,016 | +€2.8m | +8.4% |
| Contributions | 10/11 | €8,121,000 | €8,121,000 | = | 0.0% |
| Capital | 10 | €8,121,000 | €8,121,000 | = | 0.0% |
| Issued capital | 100 | €8,121,000 | €8,121,000 | = | 0.0% |
| Reserves | 13 | €24,980,712 | €27,754,016 | +€2.8m | +11.1% |
| Non-distributable reserves | 130/1 | €812,100 | €812,100 | = | 0.0% |
| Legal reserve | 130 | €812,100 | €812,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €999,997 | €1,999,997 | +€1.0m | +100% |
| Distributable reserves | 133 | €23,168,614 | €24,941,919 | +€1.8m | +7.7% |
| Amounts payable | 17/49 | €12,335,023 | €10,397,670 | -€1.9m | -15.7% |
| Amounts payable after more than one year | 17 | €4,200,000 | €3,000,000 | -€1.2m | -28.6% |
| Financial debts | 170/4 | €4,200,000 | €3,000,000 | -€1.2m | -28.6% |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €4,200,000 | €3,000,000 | -€1.2m | -28.6% |
| Amounts payable within one year | 42/48 | €7,062,357 | €7,397,670 | +€335,312 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €1,397,942 | €1,200,000 | -€197,942 | -14.2% |
| Trade debts | 44 | €150,915 | €87,725 | -€63,190 | -41.9% |
| Suppliers | 440/4 | €150,915 | €87,725 | -€63,190 | -41.9% |
| Taxes, remuneration and social security | 45 | €4,500 | €49,945 | +€45,445 | +1,010% |
| Taxes | 450/3 | €4,500 | €49,945 | +€45,445 | +1,010% |
| Other amounts payable | 47/48 | €5,509,001 | €6,060,000 | +€550,999 | +10.0% |
| Accrued charges and deferred income | 492/3 | €1,072,666 | €0 | -€1.1m | -100% |
| Operating income | 70/76A | €5,546,500 | €3,187,500 | -€2.4m | -42.5% |
| Turnover | 70 | €5,546,500 | €3,187,500 | -€2.4m | -42.5% |
| Operating charges | 60/66A | €752,318 | €580,858 | -€171,460 | -22.8% |
| Services and other goods | 61 | €751,166 | €579,660 | -€171,506 | -22.8% |
| Other operating charges | 640/8 | €1,153 | €1,198 | +€45 | +3.9% |
| Operating profit (loss) | 9901 | €4,794,182 | €2,606,642 | -€2.2m | -45.6% |
| Financial income | 75/76B | €17,551,810 | €7,000,000 | -€10.6m | -60.1% |
| Recurring financial income | 75 | €17,551,810 | €7,000,000 | -€10.6m | -60.1% |
| Income from financial fixed assets | 750 | €17,550,000 | €7,000,000 | -€10.6m | -60.1% |
| Income from current assets | 751 | €1,810 | €0 | -€1,810 | -100% |
| Financial charges | 65/66B | €778,848 | €198,863 | -€579,985 | -74.5% |
| Recurring financial charges | 65 | €778,848 | €198,863 | -€579,985 | -74.5% |
| Debt charges | 650 | €778,131 | €197,576 | -€580,555 | -74.6% |
| Other financial charges | 652/9 | €718 | €1,288 | +€570 | +79.4% |
| Profit (loss) for the period before taxes | 9903 | €21,567,144 | €9,407,779 | -€12.2m | -56.4% |
| Income taxes | 67/77 | €485,196 | €574,474 | +€89,279 | +18.4% |
| Taxes | 670/3 | €485,196 | €574,474 | +€89,279 | +18.4% |
| Profit (loss) for the period | 9904 | €21,081,948 | €8,833,305 | -€12.2m | -58.1% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €1,000,000 | +€3 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,081,951 | €7,833,305 | -€12.2m | -61.0% |
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 15 October 2026 via checked.be.