DIMITRI GHEWY: 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.
DIMITRI GHEWY
Largest movements
- Tangible fixed assets -€122,306
down €122,306 (-14.4%), from €849,799 to €727,493
- Cash +€76,357
up €76,357 (+24.4%), from €312,866 to €389,222
mainly Depreciation (+€161,591) and Net result for the year (+€137,608)
- Stocks and contracts +€36,712
up €36,712 (+46.2%), from €79,429 to €116,141
of which Stocks: +€57,712
- Intangible fixed assets -€33,600
down €33,600 (-46.1%), from €72,814 to €39,214
- Receivables within one year +€27,956
up €27,956 (+24.5%), from €114,132 to €142,087
of which Trade receivables: +€31,186
- Debts after one year -€145,252
down €145,252 (-21.9%), from €662,014 to €516,762
- Reserves +€137,608
up €137,608 (+30.0%), from €458,350 to €595,958
- Gross operating margin +€26,734
up €26,734 (+6.8%), from €391,273 to €418,007
- Taxes +€11,872
up €11,872 (+22.7%), from €52,335 to €64,207
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 | €1,443,773 | €1,418,623 | -€25,150 | -1.7% |
| Fixed assets | 21/28 | €924,205 | €768,299 | -€155,906 | -16.9% |
| Intangible fixed assets | 21 | €72,814 | €39,214 | -€33,600 | -46.1% |
| Tangible fixed assets | 22/27 | €849,799 | €727,493 | -€122,306 | -14.4% |
| Land and buildings | 22 | €479,442 | €475,462 | -€3,980 | -0.8% |
| Plant, machinery and equipment | 23 | €8,299 | €3,215 | -€5,084 | -61.3% |
| Furniture and vehicles | 24 | €199,678 | €143,226 | -€56,452 | -28.3% |
| Leasing and similar rights | 25 | €162,380 | €105,591 | -€56,790 | -35.0% |
| Financial fixed assets | 28 | €1,592 | €1,592 | = | 0.0% |
| Current assets | 29/58 | €519,568 | €650,324 | +€130,756 | +25.2% |
| Stocks and contracts in progress | 3 | €79,429 | €116,141 | +€36,712 | +46.2% |
| Stocks | 30/36 | €58,429 | €116,141 | +€57,712 | +98.8% |
| Contracts in progress | 37 | €21,000 | - | -€21,000 | |
| Amounts receivable within one year | 40/41 | €114,132 | €142,087 | +€27,956 | +24.5% |
| Trade receivables | 40 | €107,638 | €138,824 | +€31,186 | +29.0% |
| Other amounts receivable | 41 | €6,494 | €3,264 | -€3,231 | -49.7% |
| Cash at bank and in hand | 54/58 | €312,866 | €389,222 | +€76,357 | +24.4% |
| Deferred charges and accrued income | 490/1 | €13,142 | €2,874 | -€10,269 | -78.1% |
| Total equity and liabilities | 10/49 | €1,443,773 | €1,418,623 | -€25,150 | -1.7% |
| Equity | 10/15 | €508,350 | €645,958 | +€137,608 | +27.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €458,350 | €595,958 | +€137,608 | +30.0% |
| Distributable reserves | 133 | €458,350 | €595,958 | +€137,608 | +30.0% |
| Amounts payable | 17/49 | €935,424 | €772,665 | -€162,759 | -17.4% |
| Amounts payable after more than one year | 17 | €662,014 | €516,762 | -€145,252 | -21.9% |
| Financial debts | 170/4 | €662,014 | €516,762 | -€145,252 | -21.9% |
| Amounts payable within one year | 42/48 | €270,010 | €252,903 | -€17,107 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €146,772 | €145,252 | -€1,520 | -1.0% |
| Trade debts | 44 | €42,117 | €32,815 | -€9,302 | -22.1% |
| Suppliers | 440/4 | €42,117 | €32,815 | -€9,302 | -22.1% |
| Taxes, remuneration and social security | 45 | €20,430 | €16,202 | -€4,228 | -20.7% |
| Taxes | 450/3 | €18,485 | €15,269 | -€3,216 | -17.4% |
| Remuneration and social security | 454/9 | €1,945 | €933 | -€1,012 | -52.0% |
| Other amounts payable | 47/48 | €60,691 | €58,634 | -€2,057 | -3.4% |
| Accrued charges and deferred income | 492/3 | €3,400 | €3,000 | -€400 | -11.8% |
| Remuneration, social security and pensions | 62 | €33,395 | €30,995 | -€2,400 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,617 | €161,591 | +€1,974 | +1.2% |
| Other operating charges | 640/8 | €5,876 | €5,003 | -€873 | -14.8% |
| Gross operating margin | 9900 | €391,273 | €418,007 | +€26,734 | +6.8% |
| Operating profit (loss) | 9901 | €192,385 | €220,418 | +€28,033 | +14.6% |
| Financial income | 75/76B | €158 | €47 | -€111 | -70.4% |
| Recurring financial income | 75 | €158 | €47 | -€111 | -70.4% |
| Financial charges | 65/66B | €20,948 | €18,649 | -€2,299 | -11.0% |
| Recurring financial charges | 65 | €20,948 | €18,649 | -€2,299 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €171,595 | €201,815 | +€30,220 | +17.6% |
| Income taxes | 67/77 | €52,335 | €64,207 | +€11,872 | +22.7% |
| Profit (loss) for the period | 9904 | €119,260 | €137,608 | +€18,349 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €119,260 | €137,608 | +€18,349 | +15.4% |
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 17 October 2026 via checked.be.