DG HS Immo: 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.
DG HS Immo
Largest movements
- Tangible fixed assets -€70,997
down €70,997 (-10.1%), from €706,144 to €635,147
- Receivables within one year -€38,815
down €38,815 (-23.8%), from €162,810 to €123,995
of which Trade receivables: -€50,348
- Debts after one year -€161,472
down €161,472 (-13.7%), from €1.2m to €1.0m
- Reserves +€123,339
up €123,339 (+15.8%), from €780,752 to €904,090
of which Distributable reserves: +€123,339
- Short-term financial debts -€48,271
down €48,271 (-31.1%), from €155,000 to €106,729
- Depreciation -€30,625
down €30,625 (-24.5%), from €125,222 to €94,597
- Financial charges -€7,974
down €7,974 (-12.8%), from €62,410 to €54,436
- Taxes +€4,261
up €4,261 (+14.1%), from €30,224 to €34,485
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.
Cash bridge derived
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 | €2,394,895 | €2,278,537 | -€116,359 | -4.9% |
| Fixed assets | 21/28 | €2,206,954 | €2,135,147 | -€71,807 | -3.3% |
| Tangible fixed assets | 22/27 | €706,144 | €635,147 | -€70,997 | -10.1% |
| Land and buildings | 22 | €439,173 | €410,297 | -€28,876 | -6.6% |
| Plant, machinery and equipment | 23 | €9,700 | €1,876 | -€7,825 | -80.7% |
| Furniture and vehicles | 24 | €58,054 | €31,717 | -€26,337 | -45.4% |
| Leasing and similar rights | 25 | €199,216 | €191,257 | -€7,959 | -4.0% |
| Financial fixed assets | 28 | €1,500,810 | €1,500,000 | -€810 | -0.1% |
| Current assets | 29/58 | €187,941 | €143,390 | -€44,552 | -23.7% |
| Amounts receivable within one year | 40/41 | €162,810 | €123,995 | -€38,815 | -23.8% |
| Trade receivables | 40 | €90,002 | €39,654 | -€50,348 | -55.9% |
| Other amounts receivable | 41 | €72,808 | €84,341 | +€11,533 | +15.8% |
| Cash at bank and in hand | 54/58 | €24,884 | €19,394 | -€5,490 | -22.1% |
| Deferred charges and accrued income | 490/1 | €247 | €0 | -€247 | -100.0% |
| Total equity and liabilities | 10/49 | €2,394,895 | €2,278,537 | -€116,359 | -4.9% |
| Equity | 10/15 | €811,739 | €935,077 | +€123,339 | +15.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €780,752 | €904,090 | +€123,339 | +15.8% |
| Tax-exempt reserves | 132 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €769,752 | €893,090 | +€123,339 | +16.0% |
| Amounts payable | 17/49 | €1,583,157 | €1,343,460 | -€239,697 | -15.1% |
| Amounts payable after more than one year | 17 | €1,181,563 | €1,020,091 | -€161,472 | -13.7% |
| Financial debts | 170/4 | €1,181,563 | €1,020,091 | -€161,472 | -13.7% |
| Amounts payable within one year | 42/48 | €401,586 | €323,368 | -€78,217 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €194,230 | €179,663 | -€14,567 | -7.5% |
| Financial debts | 43 | €155,000 | €106,729 | -€48,271 | -31.1% |
| Credit institutions | 430/8 | €155,000 | €106,729 | -€48,271 | -31.1% |
| Trade debts | 44 | €51,679 | €31,382 | -€20,297 | -39.3% |
| Suppliers | 440/4 | €51,679 | €31,382 | -€20,297 | -39.3% |
| Taxes, remuneration and social security | 45 | - | €4,485 | +€4,485 | |
| Taxes | 450/3 | - | €4,485 | +€4,485 | |
| Other amounts payable | 47/48 | €676 | €1,109 | +€433 | +64.0% |
| Accrued charges and deferred income | 492/3 | €8 | €0 | -€8 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,222 | €94,597 | -€30,625 | -24.5% |
| Other operating charges | 640/8 | €8,319 | €9,334 | +€1,016 | +12.2% |
| Non-recurring operating charges | 66A | €507 | €0 | -€507 | -100.0% |
| Gross operating margin | 9900 | €316,809 | €313,873 | -€2,936 | -0.9% |
| Operating profit (loss) | 9901 | €182,761 | €209,942 | +€27,181 | +14.9% |
| Financial income | 75/76B | €0 | €2,317 | +€2,317 | |
| Recurring financial income | 75 | €0 | €2,317 | +€2,317 | |
| Financial charges | 65/66B | €62,410 | €54,436 | -€7,974 | -12.8% |
| Recurring financial charges | 65 | €62,410 | €54,436 | -€7,974 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €120,351 | €157,824 | +€37,472 | +31.1% |
| Income taxes | 67/77 | €30,224 | €34,485 | +€4,261 | +14.1% |
| Profit (loss) for the period | 9904 | €90,127 | €123,339 | +€33,211 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,127 | €123,339 | +€33,211 | +36.8% |
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 11 October 2026 via checked.be.