DHZ VAES: 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.
DHZ VAES
Largest movements
- Stocks and contracts -€129,964
down €129,964 (-74.5%), from €174,494 to €44,531
of which Stocks: -€154,494
- Cash -€120,045
down €120,045 (-48.5%), from €247,470 to €127,425
mainly Other debts (-€165,525) and Current investments (-€70,000)
- Current investments +€70,000
new in 2025: €70,000
- Receivables within one year +€58,772
up €58,772 (+42.4%), from €138,720 to €197,492
of which Trade receivables: +€46,528
- Tangible fixed assets +€6,871
up €6,871 (+24.6%), from €27,919 to €34,789
of which Assets under construction and advance payments: +€15,348
- Other debts -€165,525
down €165,525 (-33.4%), from €495,430 to €329,905
- Profit (loss) carried forward +€119,098
up €119,098, from -€99,584 to €19,514
- Tax, wage and social debts -€50,962
no longer reported in 2025 (was €50,962)
of which Remuneration and social security: -€37,036
- Trade debts -€17,012
down €17,012 (-48.7%), from €34,910 to €17,898
- Gross operating margin +€378,292
up €378,292, from -€68,365 to €309,928
- Taxes +€3,784
up €3,784 (+597%), from €634 to €4,418
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 | €588,638 | €474,237 | -€114,401 | -19.4% |
| Fixed assets | 21/28 | €27,919 | €34,789 | +€6,871 | +24.6% |
| Tangible fixed assets | 22/27 | €27,919 | €34,789 | +€6,871 | +24.6% |
| Land and buildings | 22 | €551 | €276 | -€276 | -50.0% |
| Plant, machinery and equipment | 23 | €26,785 | €19,156 | -€7,629 | -28.5% |
| Furniture and vehicles | 24 | €582 | €10 | -€573 | -98.3% |
| Assets under construction and advance payments | 27 | - | €15,348 | +€15,348 | |
| Current assets | 29/58 | €560,719 | €439,448 | -€121,272 | -21.6% |
| Stocks and contracts in progress | 3 | €174,494 | €44,531 | -€129,964 | -74.5% |
| Stocks | 30/36 | €174,494 | €20,000 | -€154,494 | -88.5% |
| Contracts in progress | 37 | - | €24,531 | +€24,531 | |
| Amounts receivable within one year | 40/41 | €138,720 | €197,492 | +€58,772 | +42.4% |
| Trade receivables | 40 | €128,313 | €174,841 | +€46,528 | +36.3% |
| Other amounts receivable | 41 | €10,407 | €22,651 | +€12,244 | +118% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €247,470 | €127,425 | -€120,045 | -48.5% |
| Deferred charges and accrued income | 490/1 | €35 | - | -€35 | |
| Total equity and liabilities | 10/49 | €588,638 | €474,237 | -€114,401 | -19.4% |
| Equity | 10/15 | €7,336 | €126,434 | +€119,098 | +1,623% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €100,121 | €100,121 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,261 | €98,261 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,584 | €19,514 | +€119,098 | |
| Amounts payable | 17/49 | €581,301 | €347,803 | -€233,499 | -40.2% |
| Amounts payable within one year | 42/48 | €581,301 | €347,803 | -€233,499 | -40.2% |
| Trade debts | 44 | €34,910 | €17,898 | -€17,012 | -48.7% |
| Suppliers | 440/4 | €34,910 | €17,898 | -€17,012 | -48.7% |
| Taxes, remuneration and social security | 45 | €50,962 | - | -€50,962 | |
| Taxes | 450/3 | €13,925 | - | -€13,925 | |
| Remuneration and social security | 454/9 | €37,036 | - | -€37,036 | |
| Other amounts payable | 47/48 | €495,430 | €329,905 | -€165,525 | -33.4% |
| Non-recurring operating income | 76A | - | €174,494 | +€174,494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,909 | €8,477 | +€568 | +7.2% |
| Other operating charges | 640/8 | €252 | €829 | +€577 | +229% |
| Non-recurring operating charges | 66A | - | €174,494 | +€174,494 | |
| Gross operating margin | 9900 | -€68,365 | €309,928 | +€378,292 | |
| Operating profit (loss) | 9901 | -€76,526 | €126,127 | +€202,653 | |
| Financial income | 75/76B | - | €187 | +€187 | |
| Recurring financial income | 75 | - | €187 | +€187 | |
| Financial charges | 65/66B | €436 | €2,799 | +€2,363 | +542% |
| Recurring financial charges | 65 | €436 | €2,799 | +€2,363 | +542% |
| Profit (loss) for the period before taxes | 9903 | -€76,961 | €123,516 | +€200,477 | |
| Income taxes | 67/77 | €634 | €4,418 | +€3,784 | +597% |
| Profit (loss) for the period | 9904 | -€77,595 | €119,098 | +€196,693 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,595 | €119,098 | +€196,693 |
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 27 October 2026 via checked.be.