Dirac: 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.
Dirac
Largest movements
- Cash +€44,759
up €44,759 (+102.0%), from €43,872 to €88,631
mainly Depreciation (+€88,706) and Net result for the year (+€42,712)
- Tangible fixed assets -€41,647
down €41,647 (-1.7%), from €2.5m to €2.5m
of which Land and buildings: -€40,551
- Debts after one year -€99,924
down €99,924 (-4.9%), from €2.1m to €2.0m
- Reserves +€42,712
up €42,712 (+12.4%), from €344,902 to €387,614
of which Distributable reserves: +€42,712
- Trade debts +€41,690
up €41,690 (+177.3%), from €23,507 to €65,197
- Gross operating margin -€16,934
down €16,934 (-7.3%), from €232,954 to €216,020
- Depreciation -€6,010
down €6,010 (-6.3%), from €94,715 to €88,706
- Financial charges -€2,560
down €2,560 (-3.5%), from €73,144 to €70,584
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 | €2,629,163 | €2,607,457 | -€21,706 | -0.8% |
| Fixed assets | 21/28 | €2,497,801 | €2,456,154 | -€41,647 | -1.7% |
| Tangible fixed assets | 22/27 | €2,496,751 | €2,455,104 | -€41,647 | -1.7% |
| Land and buildings | 22 | €2,487,333 | €2,446,782 | -€40,551 | -1.6% |
| Plant, machinery and equipment | 23 | €9,418 | €8,322 | -€1,096 | -11.6% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €131,362 | €151,303 | +€19,941 | +15.2% |
| Amounts receivable after more than one year | 29 | €43,033 | €21,717 | -€21,317 | -49.5% |
| Other amounts receivable | 291 | €43,033 | €21,717 | -€21,317 | -49.5% |
| Stocks and contracts in progress | 3 | €10,891 | €9,784 | -€1,107 | -10.2% |
| Stocks | 30/36 | €10,891 | €9,784 | -€1,107 | -10.2% |
| Amounts receivable within one year | 40/41 | €31,444 | €28,972 | -€2,472 | -7.9% |
| Trade receivables | 40 | €10,521 | €7,655 | -€2,865 | -27.2% |
| Other amounts receivable | 41 | €20,923 | €21,317 | +€393 | +1.9% |
| Cash at bank and in hand | 54/58 | €43,872 | €88,631 | +€44,759 | +102.0% |
| Deferred charges and accrued income | 490/1 | €2,121 | €2,199 | +€78 | +3.7% |
| Total equity and liabilities | 10/49 | €2,629,163 | €2,607,457 | -€21,706 | -0.8% |
| Equity | 10/15 | €359,776 | €402,488 | +€42,712 | +11.9% |
| Contributions | 10/11 | €14,874 | €14,874 | = | 0.0% |
| Reserves | 13 | €344,902 | €387,614 | +€42,712 | +12.4% |
| Tax-exempt reserves | 132 | €19,866 | €19,866 | = | 0.0% |
| Distributable reserves | 133 | €325,036 | €367,749 | +€42,712 | +13.1% |
| Amounts payable | 17/49 | €2,269,388 | €2,204,970 | -€64,418 | -2.8% |
| Amounts payable after more than one year | 17 | €2,050,410 | €1,950,487 | -€99,924 | -4.9% |
| Financial debts | 170/4 | €2,050,410 | €1,950,487 | -€99,924 | -4.9% |
| Amounts payable within one year | 42/48 | €215,533 | €249,489 | +€33,956 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €98,343 | €101,390 | +€3,047 | +3.1% |
| Trade debts | 44 | €23,507 | €65,197 | +€41,690 | +177.3% |
| Suppliers | 440/4 | €23,507 | €65,197 | +€41,690 | +177.3% |
| Taxes, remuneration and social security | 45 | €5,673 | €5,325 | -€348 | -6.1% |
| Taxes | 450/3 | €5,673 | €5,325 | -€348 | -6.1% |
| Other amounts payable | 47/48 | €88,010 | €77,577 | -€10,433 | -11.9% |
| Accrued charges and deferred income | 492/3 | €3,444 | €4,994 | +€1,550 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,715 | €88,706 | -€6,010 | -6.3% |
| Other operating charges | 640/8 | €14,548 | €15,033 | +€486 | +3.3% |
| Gross operating margin | 9900 | €232,954 | €216,020 | -€16,934 | -7.3% |
| Operating profit (loss) | 9901 | €123,691 | €112,281 | -€11,410 | -9.2% |
| Financial income | 75/76B | €1,428 | €1,015 | -€413 | -28.9% |
| Recurring financial income | 75 | €1,428 | €1,015 | -€413 | -28.9% |
| Financial charges | 65/66B | €73,144 | €70,584 | -€2,560 | -3.5% |
| Recurring financial charges | 65 | €73,144 | €70,584 | -€2,560 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €51,974 | €42,712 | -€9,262 | -17.8% |
| Income taxes | 67/77 | -€1,258 | €0 | +€1,258 | |
| Profit (loss) for the period | 9904 | €53,232 | €42,712 | -€10,520 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,232 | €42,712 | -€10,520 | -19.8% |
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 7 October 2026 via checked.be.