Dirk Van Dessel: 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.
Dirk Van Dessel
Largest movements
- Receivables within one year -€174,181
down €174,181 (-89.5%), from €194,528 to €20,348
of which Trade receivables: -€181,948
- Tangible fixed assets -€129,249
down €129,249 (-4.3%), from €3.0m to €2.8m
of which Land and buildings: -€92,844
- Cash +€36,253
up €36,253 (+86.8%), from €41,788 to €78,041
mainly Depreciation (+€223,445) and Receivables within one year (+€174,181)
- Debts after one year -€205,462
down €205,462 (-8.3%), from €2.5m to €2.3m
of which Financial debts: -€249,965
- Other debts -€128,776
down €128,776 (-50.4%), from €255,508 to €126,733
- Short-term financial debts +€100,000
new in 2025: €100,000
- Trade debts -€48,230
down €48,230 (-42.9%), from €112,473 to €64,244
- Gross operating margin -€319,164
down €319,164 (-45.0%), from €709,055 to €389,891
- Staff costs -€172,353
down €172,353 (-64.9%), from €265,388 to €93,035
- Financial income -€23,596
down €23,596 (-88.9%), from €26,534 to €2,937
- Financial charges -€19,150
down €19,150 (-22.7%), from €84,429 to €65,279
- Depreciation +€9,947
up €9,947 (+4.7%), from €213,498 to €223,445
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 | €3,368,906 | €3,112,004 | -€256,902 | -7.6% |
| Fixed assets | 21/28 | €2,976,305 | €2,847,056 | -€129,249 | -4.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €2,976,305 | €2,847,056 | -€129,249 | -4.3% |
| Land and buildings | 22 | €2,723,024 | €2,630,181 | -€92,844 | -3.4% |
| Plant, machinery and equipment | 23 | €217,241 | €192,413 | -€24,828 | -11.4% |
| Furniture and vehicles | 24 | €20,398 | €13,264 | -€7,134 | -35.0% |
| Leasing and similar rights | 25 | €15,642 | €11,199 | -€4,443 | -28.4% |
| Current assets | 29/58 | €392,601 | €264,948 | -€127,653 | -32.5% |
| Stocks and contracts in progress | 3 | €141,100 | €153,300 | +€12,200 | +8.6% |
| Stocks | 30/36 | €141,100 | €153,300 | +€12,200 | +8.6% |
| Amounts receivable within one year | 40/41 | €194,528 | €20,348 | -€174,181 | -89.5% |
| Trade receivables | 40 | €193,458 | €11,510 | -€181,948 | -94.1% |
| Other amounts receivable | 41 | €1,070 | €8,837 | +€7,767 | +726.1% |
| Cash at bank and in hand | 54/58 | €41,788 | €78,041 | +€36,253 | +86.8% |
| Deferred charges and accrued income | 490/1 | €15,185 | €13,260 | -€1,925 | -12.7% |
| Total equity and liabilities | 10/49 | €3,368,906 | €3,112,004 | -€256,902 | -7.6% |
| Equity | 10/15 | €284,217 | €276,124 | -€8,094 | -2.8% |
| Contributions | 10/11 | €12,569 | €12,569 | = | 0.0% |
| Reserves | 13 | €271,648 | €263,555 | -€8,094 | -3.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €181,684 | €173,493 | -€8,192 | -4.5% |
| Distributable reserves | 133 | €89,964 | €90,062 | +€98 | +0.1% |
| Provisions and deferred taxes | 16 | €60,561 | €57,831 | -€2,731 | -4.5% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Deferred taxes | 168 | €60,561 | €57,831 | -€2,731 | -4.5% |
| Amounts payable | 17/49 | €3,024,127 | €2,778,050 | -€246,078 | -8.1% |
| Amounts payable after more than one year | 17 | €2,470,503 | €2,265,041 | -€205,462 | -8.3% |
| Financial debts | 170/4 | €1,801,527 | €1,551,563 | -€249,965 | -13.9% |
| Other amounts payable | 178/9 | €668,976 | €713,479 | +€44,503 | +6.7% |
| Amounts payable within one year | 42/48 | €553,624 | €513,008 | -€40,616 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €144,078 | €157,815 | +€13,737 | +9.5% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €112,473 | €64,244 | -€48,230 | -42.9% |
| Suppliers | 440/4 | €112,473 | €64,244 | -€48,230 | -42.9% |
| Taxes, remuneration and social security | 45 | €41,565 | €64,217 | +€22,652 | +54.5% |
| Taxes | 450/3 | €32,332 | €46,215 | +€13,883 | +42.9% |
| Remuneration and social security | 454/9 | €9,233 | €18,002 | +€8,769 | +95.0% |
| Other amounts payable | 47/48 | €255,508 | €126,733 | -€128,776 | -50.4% |
| Non-recurring operating income | 76A | €247,799 | €0 | -€247,799 | -100.0% |
| Remuneration, social security and pensions | 62 | €265,388 | €93,035 | -€172,353 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,498 | €223,445 | +€9,947 | +4.7% |
| Other operating charges | 640/8 | €16,735 | €21,894 | +€5,159 | +30.8% |
| Non-recurring operating charges | 66A | -€74,594 | €0 | +€74,594 | |
| Gross operating margin | 9900 | €709,055 | €389,891 | -€319,164 | -45.0% |
| Operating profit (loss) | 9901 | €288,028 | €51,517 | -€236,511 | -82.1% |
| Financial income | 75/76B | €26,534 | €2,937 | -€23,596 | -88.9% |
| Recurring financial income | 75 | €26,534 | €2,937 | -€23,596 | -88.9% |
| Financial charges | 65/66B | €84,429 | €65,279 | -€19,150 | -22.7% |
| Recurring financial charges | 65 | €84,429 | €65,279 | -€19,150 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €230,133 | -€10,824 | -€240,958 | |
| Transfer from deferred taxes | 780 | €1,388 | €2,731 | +€1,342 | +96.7% |
| Transfer to deferred taxes | 680 | €61,950 | €0 | -€61,950 | -100.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €169,572 | -€8,094 | -€177,666 | |
| Transfer from tax-exempt reserves | 789 | €4,165 | €8,192 | +€4,027 | +96.7% |
| Transfer to tax-exempt reserves | 689 | €185,849 | €0 | -€185,849 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,112 | €98 | +€12,210 |
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 11 October 2026 via checked.be.