DHENDRO: 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.
DHENDRO
Largest movements
- Receivables within one year -€76,206
down €76,206 (-11.1%), from €688,102 to €611,897
of which Trade receivables: -€73,243
- Cash -€70,542
down €70,542 (-37.9%), from €186,257 to €115,714
mainly Contributions, distributions and other (-€80,000) and Advances received (-€63,457)
- Tangible fixed assets +€66,422
up €66,422 (+282.7%), from €23,497 to €89,919
of which Furniture and vehicles: +€41,482
- Deferred charges and accrued income +€37,827
up €37,827 (+32.8%), from €115,230 to €153,057
- Stocks and contracts -€29,984
down €29,984 (-6.9%), from €436,194 to €406,210
- Advances received -€63,457
down €63,457 (-10.0%), from €631,426 to €567,969
- Tax, wage and social debts -€49,663
down €49,663 (-43.5%), from €114,226 to €64,562
of which Taxes: -€30,658
- Debts after one year +€32,744
new in 2025: €32,744
- Trade debts -€27,506
down €27,506 (-26.6%), from €103,543 to €76,036
- Reserves +€21,822
up €21,822 (+31.8%), from €68,669 to €90,490
of which Distributable reserves: +€21,822
- Gross operating margin -€66,167
down €66,167 (-12.3%), from €539,527 to €473,360
- Staff costs -€51,293
down €51,293 (-12.2%), from €419,763 to €368,470
- Financial income +€14,709
up €14,709 (+23.6%), from €62,198 to €76,906
- Depreciation +€12,024
up €12,024 (+131.0%), from €9,177 to €21,201
- Taxes +€5,693
up €5,693 (+50.5%), from €11,283 to €16,976
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 | €1,474,820 | €1,377,337 | -€97,483 | -6.6% |
| Fixed assets | 21/28 | €49,037 | €90,459 | +€41,422 | +84.5% |
| Tangible fixed assets | 22/27 | €23,497 | €89,919 | +€66,422 | +282.7% |
| Plant, machinery and equipment | 23 | €20,274 | €45,214 | +€24,940 | +123.0% |
| Furniture and vehicles | 24 | €3,223 | €44,705 | +€41,482 | +1287.2% |
| Financial fixed assets | 28 | €25,540 | €540 | -€25,000 | -97.9% |
| Current assets | 29/58 | €1,425,784 | €1,286,878 | -€138,905 | -9.7% |
| Stocks and contracts in progress | 3 | €436,194 | €406,210 | -€29,984 | -6.9% |
| Stocks | 30/36 | €436,194 | €406,210 | -€29,984 | -6.9% |
| Amounts receivable within one year | 40/41 | €688,102 | €611,897 | -€76,206 | -11.1% |
| Trade receivables | 40 | €548,254 | €475,011 | -€73,243 | -13.4% |
| Other amounts receivable | 41 | €139,849 | €136,886 | -€2,963 | -2.1% |
| Cash at bank and in hand | 54/58 | €186,257 | €115,714 | -€70,542 | -37.9% |
| Deferred charges and accrued income | 490/1 | €115,230 | €153,057 | +€37,827 | +32.8% |
| Total equity and liabilities | 10/49 | €1,474,820 | €1,377,337 | -€97,483 | -6.6% |
| Equity | 10/15 | €168,669 | €190,490 | +€21,822 | +12.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €68,669 | €90,490 | +€21,822 | +31.8% |
| Tax-exempt reserves | 132 | €14,930 | €14,930 | = | 0.0% |
| Distributable reserves | 133 | €53,739 | €75,560 | +€21,822 | +40.6% |
| Amounts payable | 17/49 | €1,306,152 | €1,186,847 | -€119,305 | -9.1% |
| Amounts payable after more than one year | 17 | - | €32,744 | +€32,744 | |
| Financial debts | 170/4 | - | €32,744 | +€32,744 | |
| Amounts payable within one year | 42/48 | €1,281,750 | €1,138,374 | -€143,376 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | - | €9,559 | +€9,559 | |
| Financial debts | 43 | €335,056 | €340,248 | +€5,191 | +1.5% |
| Credit institutions | 430/8 | €335,056 | €340,248 | +€5,191 | +1.5% |
| Trade debts | 44 | €103,543 | €76,036 | -€27,506 | -26.6% |
| Suppliers | 440/4 | €103,543 | €76,036 | -€27,506 | -26.6% |
| Advances received on contracts in progress | 46 | €631,426 | €567,969 | -€63,457 | -10.0% |
| Taxes, remuneration and social security | 45 | €114,226 | €64,562 | -€49,663 | -43.5% |
| Taxes | 450/3 | €47,394 | €16,736 | -€30,658 | -64.7% |
| Remuneration and social security | 454/9 | €66,832 | €47,826 | -€19,005 | -28.4% |
| Other amounts payable | 47/48 | €97,500 | €80,000 | -€17,500 | -17.9% |
| Accrued charges and deferred income | 492/3 | €24,401 | €15,729 | -€8,672 | -35.5% |
| Remuneration, social security and pensions | 62 | €419,763 | €368,470 | -€51,293 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,177 | €21,201 | +€12,024 | +131.0% |
| Other operating charges | 640/8 | €8,718 | €14,263 | +€5,545 | +63.6% |
| Non-recurring operating charges | 66A | €25,273 | €497 | -€24,776 | -98.0% |
| Gross operating margin | 9900 | €539,527 | €473,360 | -€66,167 | -12.3% |
| Operating profit (loss) | 9901 | €76,595 | €68,929 | -€7,666 | -10.0% |
| Financial income | 75/76B | €62,198 | €76,906 | +€14,709 | +23.6% |
| Recurring financial income | 75 | €62,198 | €76,906 | +€14,709 | +23.6% |
| Financial charges | 65/66B | €25,369 | €27,038 | +€1,669 | +6.6% |
| Recurring financial charges | 65 | €25,369 | €27,038 | +€1,669 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €113,424 | €118,798 | +€5,374 | +4.7% |
| Income taxes | 67/77 | €11,283 | €16,976 | +€5,693 | +50.5% |
| Profit (loss) for the period | 9904 | €102,141 | €101,822 | -€319 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,141 | €101,822 | -€319 | -0.3% |
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 6 October 2026 via checked.be.