DINAGA: 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.
DINAGA
Largest movements
- Financial fixed assets +€1.2m
new in 2025: €1.2m
- Receivables after one year -€123,822
down €123,822 (-22.9%), from €541,755 to €417,933
- Receivables within one year -€108,219
down €108,219 (-31.5%), from €343,763 to €235,544
of which Other amounts receivable: -€97,958
- Tangible fixed assets -€108,123
down €108,123 (-11.2%), from €962,059 to €853,935
of which Land and buildings: -€105,191
- Cash +€74,202
up €74,202 (+37.2%), from €199,663 to €273,865
- Debts after one year +€708,667
up €708,667 (+115.2%), from €615,343 to €1.3m
- Current portion of long-term debt +€110,004
up €110,004 (+100.9%), from €109,062 to €219,066
- Reserves +€61,972
up €61,972 (+10.4%), from €596,717 to €658,689
of which Distributable reserves: +€61,972
- Other debts +€29,796
up €29,796 (+16.3%), from €182,280 to €212,076
- Gross operating margin +€53,877
up €53,877 (+25.3%), from €212,934 to €266,812
- Depreciation +€21,625
up €21,625 (+25.0%), from €86,499 to €108,123
- Financial charges +€17,114
up €17,114 (+28.6%), from €59,806 to €76,920
- Taxes +€3,129
up €3,129 (+17.9%), from €17,528 to €20,657
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,047,240 | €2,949,297 | +€902,056 | +44.1% |
| Fixed assets | 21/28 | €962,059 | €2,021,955 | +€1.1m | +110.2% |
| Tangible fixed assets | 22/27 | €962,059 | €853,935 | -€108,123 | -11.2% |
| Land and buildings | 22 | €946,152 | €840,961 | -€105,191 | -11.1% |
| Plant, machinery and equipment | 23 | €9,379 | €7,657 | -€1,723 | -18.4% |
| Other tangible fixed assets | 26 | €6,528 | €5,318 | -€1,210 | -18.5% |
| Financial fixed assets | 28 | - | €1,168,020 | +€1.2m | |
| Current assets | 29/58 | €1,085,181 | €927,342 | -€157,840 | -14.5% |
| Amounts receivable after more than one year | 29 | €541,755 | €417,933 | -€123,822 | -22.9% |
| Other amounts receivable | 291 | €541,755 | €417,933 | -€123,822 | -22.9% |
| Amounts receivable within one year | 40/41 | €343,763 | €235,544 | -€108,219 | -31.5% |
| Trade receivables | 40 | €10,262 | €0 | -€10,262 | -100.0% |
| Other amounts receivable | 41 | €333,501 | €235,544 | -€97,958 | -29.4% |
| Cash at bank and in hand | 54/58 | €199,663 | €273,865 | +€74,202 | +37.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,047,240 | €2,949,297 | +€902,056 | +44.1% |
| Equity | 10/15 | €1,105,467 | €1,167,439 | +€61,972 | +5.6% |
| Contributions | 10/11 | €508,750 | €508,750 | = | 0.0% |
| Capital | 10 | €508,750 | €508,750 | = | 0.0% |
| Issued capital | 100 | €508,750 | €508,750 | = | 0.0% |
| Reserves | 13 | €596,717 | €658,689 | +€61,972 | +10.4% |
| Non-distributable reserves | 130/1 | €50,875 | €50,875 | = | 0.0% |
| Legal reserve | 130 | €50,875 | €50,875 | = | 0.0% |
| Distributable reserves | 133 | €545,842 | €607,814 | +€61,972 | +11.4% |
| Amounts payable | 17/49 | €941,774 | €1,781,858 | +€840,084 | +89.2% |
| Amounts payable after more than one year | 17 | €615,343 | €1,324,010 | +€708,667 | +115.2% |
| Financial debts | 170/4 | €615,343 | €1,324,010 | +€708,667 | +115.2% |
| Amounts payable within one year | 42/48 | €326,430 | €452,348 | +€125,917 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €109,062 | €219,066 | +€110,004 | +100.9% |
| Trade debts | 44 | €12,682 | €2,595 | -€10,087 | -79.5% |
| Suppliers | 440/4 | €12,682 | €2,595 | -€10,087 | -79.5% |
| Taxes, remuneration and social security | 45 | €22,407 | €18,610 | -€3,796 | -16.9% |
| Taxes | 450/3 | €22,407 | €18,610 | -€3,796 | -16.9% |
| Other amounts payable | 47/48 | €182,280 | €212,076 | +€29,796 | +16.3% |
| Accrued charges and deferred income | 492/3 | €0 | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,499 | €108,123 | +€21,625 | +25.0% |
| Other operating charges | 640/8 | €23,142 | €25,658 | +€2,516 | +10.9% |
| Gross operating margin | 9900 | €212,934 | €266,812 | +€53,877 | +25.3% |
| Operating profit (loss) | 9901 | €103,294 | €133,031 | +€29,737 | +28.8% |
| Financial income | 75/76B | €26,624 | €26,519 | -€105 | -0.4% |
| Recurring financial income | 75 | €26,624 | €26,519 | -€105 | -0.4% |
| Financial charges | 65/66B | €59,806 | €76,920 | +€17,114 | +28.6% |
| Recurring financial charges | 65 | €59,806 | €76,920 | +€17,114 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €70,113 | €82,630 | +€12,517 | +17.9% |
| Income taxes | 67/77 | €17,528 | €20,657 | +€3,129 | +17.9% |
| Profit (loss) for the period | 9904 | €52,584 | €61,972 | +€9,388 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,584 | €61,972 | +€9,388 | +17.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.