DHADEL: what changed
Two fiscal 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.
DHADEL
Largest movements
- Cash +€51,229
up €51,229 (+159.7%), from €32,077 to €83,306
mainly Depreciation (+€28,355) and Net result for the year (+€26,400)
- Receivables within one year -€24,078
down €24,078 (-99.2%), from €24,278 to €200
- Tangible fixed assets -€22,355
down €22,355 (-8.4%), from €265,745 to €243,390
of which Land and buildings: -€12,630
- Deferred charges and accrued income +€15,730
up €15,730 (+162.0%), from €9,707 to €25,437
- Intangible fixed assets -€6,000
down €6,000 (-22.2%), from €26,984 to €20,984
- Debts after one year -€25,618
down €25,618 (-11.9%), from €215,915 to €190,297
of which Financial debts: -€15,618
- Other debts +€19,581
up €19,581 (+195.7%), from €10,006 to €29,587
- Contributions +€12,400
up €12,400 (+200.0%), from €6,200 to €18,600
- Tax, wage and social debts +€8,413
up €8,413 (+145.6%), from €5,780 to €14,193
- Gross operating margin -€17,464
down €17,464 (-20.3%), from €86,099 to €68,635
- Taxes +€5,747
up €5,747 (+214.5%), from €2,679 to €8,425
- Depreciation +€4,886
up €4,886 (+20.8%), from €23,469 to €28,355
- Other operating charges +€1,178
up €1,178 (+140.8%), from €837 to €2,015
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 | €358,791 | €373,316 | +€14,525 | +4.0% |
| Fixed assets | 21/28 | €292,728 | €264,373 | -€28,355 | -9.7% |
| Intangible fixed assets | 21 | €26,984 | €20,984 | -€6,000 | -22.2% |
| Tangible fixed assets | 22/27 | €265,745 | €243,390 | -€22,355 | -8.4% |
| Land and buildings | 22 | €231,776 | €219,145 | -€12,630 | -5.4% |
| Plant, machinery and equipment | 23 | €33,969 | €24,244 | -€9,725 | -28.6% |
| Current assets | 29/58 | €66,062 | €108,943 | +€42,880 | +64.9% |
| Amounts receivable within one year | 40/41 | €24,278 | €200 | -€24,078 | -99.2% |
| Trade receivables | 40 | €24,278 | €200 | -€24,078 | -99.2% |
| Cash at bank and in hand | 54/58 | €32,077 | €83,306 | +€51,229 | +159.7% |
| Deferred charges and accrued income | 490/1 | €9,707 | €25,437 | +€15,730 | +162.0% |
| Total equity and liabilities | 10/49 | €358,791 | €373,316 | +€14,525 | +4.0% |
| Equity | 10/15 | €101,142 | €115,942 | +€14,800 | +14.6% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €94,942 | €97,342 | +€2,400 | +2.5% |
| Distributable reserves | 133 | €94,942 | €97,342 | +€2,400 | +2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €257,649 | €257,374 | -€275 | -0.1% |
| Amounts payable after more than one year | 17 | €215,915 | €190,297 | -€25,618 | -11.9% |
| Financial debts | 170/4 | €172,915 | €157,297 | -€15,618 | -9.0% |
| Trade debts | 175 | €43,000 | €33,000 | -€10,000 | -23.3% |
| Amounts payable within one year | 42/48 | €41,734 | €67,077 | +€25,343 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €14,870 | €15,368 | +€498 | +3.4% |
| Trade debts | 44 | €11,078 | €7,929 | -€3,149 | -28.4% |
| Suppliers | 440/4 | €11,078 | €7,929 | -€3,149 | -28.4% |
| Taxes, remuneration and social security | 45 | €5,780 | €14,193 | +€8,413 | +145.6% |
| Taxes | 450/3 | €5,780 | €14,193 | +€8,413 | +145.6% |
| Other amounts payable | 47/48 | €10,006 | €29,587 | +€19,581 | +195.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,469 | €28,355 | +€4,886 | +20.8% |
| Other operating charges | 640/8 | €837 | €2,015 | +€1,178 | +140.8% |
| Gross operating margin | 9900 | €86,099 | €68,635 | -€17,464 | -20.3% |
| Operating profit (loss) | 9901 | €61,793 | €38,265 | -€23,529 | -38.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €4,079 | €3,439 | -€641 | -15.7% |
| Recurring financial charges | 65 | €4,079 | €3,439 | -€641 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €57,716 | €34,826 | -€22,890 | -39.7% |
| Income taxes | 67/77 | €2,679 | €8,425 | +€5,747 | +214.5% |
| Profit (loss) for the period | 9904 | €55,037 | €26,400 | -€28,637 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,037 | €26,400 | -€28,637 | -52.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.