DHAESE: 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.
DHAESE
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-85.2%), from €1.8m to €267,746
of which Land and buildings: -€1.5m
- Current investments +€487,138
up €487,138 (+1,859%), from €26,197 to €513,335
- Receivables within one year +€433,416
up €433,416 (+7,328%), from €5,915 to €439,331
of which Other amounts receivable: +€433,757
- Debts after one year -€853,432
down €853,432 (-89.9%), from €949,174 to €95,741
- Reserves +€360,633
up €360,633 (+84.2%), from €428,518 to €789,150
of which Distributable reserves: +€497,832
- Other debts -€78,576
down €78,576 (-100%), from €78,576 to €0
- Provisions -€64,244
down €64,244 (-100%), from €64,244 to €0
- Tax, wage and social debts +€49,630
up €49,630 (+2,962%), from €1,675 to €51,306
- Gross operating margin +€478,244
up €478,244 (+473%), from €101,207 to €579,451
- Taxes +€223,178
up €223,178 (+107,691%), from €207 to €223,385
- Depreciation -€43,153
down €43,153 (-66.2%), from €65,168 to €22,015
- Financial charges -€6,618
down €6,618 (-28.8%), from €22,958 to €16,340
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 | €1,872,001 | €1,237,254 | -€634,746 | -33.9% |
| Fixed assets | 21/28 | €1,813,240 | €267,746 | -€1.5m | -85.2% |
| Tangible fixed assets | 22/27 | €1,813,240 | €267,746 | -€1.5m | -85.2% |
| Land and buildings | 22 | €1,766,645 | €232,325 | -€1.5m | -86.8% |
| Plant, machinery and equipment | 23 | €5,367 | €7,731 | +€2,364 | +44.0% |
| Furniture and vehicles | 24 | €41,228 | €27,690 | -€13,538 | -32.8% |
| Current assets | 29/58 | €58,761 | €969,508 | +€910,747 | +1,550% |
| Amounts receivable within one year | 40/41 | €5,915 | €439,331 | +€433,416 | +7,328% |
| Trade receivables | 40 | €5,732 | €5,392 | -€341 | -5.9% |
| Other amounts receivable | 41 | €182 | €433,939 | +€433,757 | +237,949% |
| Current investments | 50/53 | €26,197 | €513,335 | +€487,138 | +1,859% |
| Cash at bank and in hand | 54/58 | €24,333 | €15,191 | -€9,142 | -37.6% |
| Deferred charges and accrued income | 490/1 | €2,316 | €1,652 | -€664 | -28.7% |
| Total equity and liabilities | 10/49 | €1,872,001 | €1,237,254 | -€634,746 | -33.9% |
| Equity | 10/15 | €698,268 | €1,059,750 | +€361,483 | +51.8% |
| Contributions | 10/11 | €270,600 | €270,600 | = | 0.0% |
| Reserves | 13 | €428,518 | €789,150 | +€360,633 | +84.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €137,199 | €0 | -€137,199 | -100% |
| Distributable reserves | 133 | €291,319 | €789,150 | +€497,832 | +171% |
| Profit (loss) carried forward | 14 | -€850 | €0 | +€850 | |
| Provisions and deferred taxes | 16 | €64,244 | €0 | -€64,244 | -100% |
| Deferred taxes | 168 | €64,244 | €0 | -€64,244 | -100% |
| Amounts payable | 17/49 | €1,109,489 | €177,504 | -€931,985 | -84.0% |
| Amounts payable after more than one year | 17 | €949,174 | €95,741 | -€853,432 | -89.9% |
| Financial debts | 170/4 | €949,174 | €95,741 | -€853,432 | -89.9% |
| Amounts payable within one year | 42/48 | €139,160 | €75,223 | -€63,937 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €58,169 | €23,708 | -€34,461 | -59.2% |
| Trade debts | 44 | €740 | €209 | -€530 | -71.7% |
| Suppliers | 440/4 | €740 | €209 | -€530 | -71.7% |
| Taxes, remuneration and social security | 45 | €1,675 | €51,306 | +€49,630 | +2,962% |
| Taxes | 450/3 | €1,675 | €51,306 | +€49,630 | +2,962% |
| Other amounts payable | 47/48 | €78,576 | €0 | -€78,576 | -100% |
| Accrued charges and deferred income | 492/3 | €21,154 | €6,539 | -€14,615 | -69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,168 | €22,015 | -€43,153 | -66.2% |
| Other operating charges | 640/8 | €20,566 | €21,152 | +€586 | +2.9% |
| Gross operating margin | 9900 | €101,207 | €579,451 | +€478,244 | +473% |
| Operating profit (loss) | 9901 | €15,473 | €536,284 | +€520,811 | +3,366% |
| Financial income | 75/76B | €161 | €680 | +€518 | +321% |
| Recurring financial income | 75 | €161 | €680 | +€518 | +321% |
| Financial charges | 65/66B | €22,958 | €16,340 | -€6,618 | -28.8% |
| Recurring financial charges | 65 | €22,958 | €16,340 | -€6,618 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,324 | €520,624 | +€527,948 | |
| Transfer from deferred taxes | 780 | €1,986 | €64,244 | +€62,258 | +3,135% |
| Income taxes | 67/77 | €207 | €223,385 | +€223,178 | +107,691% |
| Profit (loss) for the period | 9904 | -€5,545 | €361,483 | +€367,028 | |
| Transfer from tax-exempt reserves | 789 | €3,972 | €137,199 | +€133,227 | +3,354% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,573 | €498,682 | +€500,254 |
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 16 October 2026 via checked.be.