DKMAX: 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.
DKMAX
Largest movements
- Tangible fixed assets +€5.6m
up €5.6m (+1,373%), from €405,754 to €6.0m
of which Land and buildings: +€5.6m
- Current investments +€890,312
up €890,312 (+49.2%), from €1.8m to €2.7m
- Receivables within one year +€411,217
up €411,217, from €0 to €411,217
of which Trade receivables: +€304,626
- Cash -€305,618
down €305,618 (-82.5%), from €370,229 to €64,611
mainly Investment in fixed assets (net) (-€6.2m) and Current investments (-€890,312)
- Accrued charges and deferred income +€5.6m
up €5.6m (+5,353%), from €105,386 to €5.7m
- Other debts +€1.4m
up €1.4m (+95.6%), from €1.4m to €2.8m
- Reserves -€327,040
down €327,040 (-9.5%), from €3.4m to €3.1m
of which Distributable reserves: -€327,040
- Debts after one year -€130,000
down €130,000 (-50.0%), from €260,000 to €130,000
- Depreciation +€579,471
up €579,471 (+1,443%), from €40,157 to €619,627
- Gross operating margin +€163,783
up €163,783 (+29.8%), from €549,891 to €713,675
- Taxes -€145,421
down €145,421 (-95.2%), from €152,823 to €7,402
- Financial income -€72,263
down €72,263 (-44.1%), from €163,787 to €91,524
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 | €5,414,799 | €11,992,218 | +€6.6m | +121% |
| Fixed assets | 21/28 | €2,007,987 | €7,579,852 | +€5.6m | +277% |
| Tangible fixed assets | 22/27 | €405,754 | €5,977,620 | +€5.6m | +1,373% |
| Land and buildings | 22 | €405,754 | €5,972,154 | +€5.6m | +1,372% |
| Furniture and vehicles | 24 | - | €5,465 | +€5,465 | |
| Financial fixed assets | 28 | €1,602,232 | €1,602,232 | = | 0.0% |
| Current assets | 29/58 | €3,406,813 | €4,412,366 | +€1.0m | +29.5% |
| Amounts receivable after more than one year | 29 | €1,121,000 | €1,121,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,121,000 | €1,121,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €411,217 | +€411,217 | |
| Trade receivables | 40 | €0 | €304,626 | +€304,626 | |
| Other amounts receivable | 41 | €0 | €106,591 | +€106,591 | |
| Current investments | 50/53 | €1,809,688 | €2,700,000 | +€890,312 | +49.2% |
| Cash at bank and in hand | 54/58 | €370,229 | €64,611 | -€305,618 | -82.5% |
| Deferred charges and accrued income | 490/1 | €105,895 | €115,538 | +€9,643 | +9.1% |
| Total equity and liabilities | 10/49 | €5,414,799 | €11,992,218 | +€6.6m | +121% |
| Equity | 10/15 | €3,465,660 | €3,138,620 | -€327,040 | -9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,447,060 | €3,120,020 | -€327,040 | -9.5% |
| Non-distributable reserves | 130/1 | €103,194 | €103,194 | = | 0.0% |
| Reserves not available under the articles | 1311 | €103,194 | €103,194 | = | 0.0% |
| Distributable reserves | 133 | €3,343,867 | €3,016,827 | -€327,040 | -9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,949,139 | €8,853,597 | +€6.9m | +354% |
| Amounts payable after more than one year | 17 | €260,000 | €130,000 | -€130,000 | -50.0% |
| Financial debts | 170/4 | €260,000 | €130,000 | -€130,000 | -50.0% |
| Amounts payable within one year | 42/48 | €1,583,753 | €2,977,343 | +€1.4m | +88.0% |
| Current portion of amounts payable after more than one year | 42 | €130,000 | €130,000 | = | 0.0% |
| Trade debts | 44 | €16,355 | €0 | -€16,355 | -100% |
| Suppliers | 440/4 | €16,355 | €0 | -€16,355 | -100% |
| Taxes, remuneration and social security | 45 | €12,746 | €60,493 | +€47,747 | +375% |
| Taxes | 450/3 | €12,746 | €60,493 | +€47,747 | +375% |
| Other amounts payable | 47/48 | €1,424,651 | €2,786,850 | +€1.4m | +95.6% |
| Accrued charges and deferred income | 492/3 | €105,386 | €5,746,254 | +€5.6m | +5,353% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,157 | €619,627 | +€579,471 | +1,443% |
| Other operating charges | 640/8 | €3,086 | €2,784 | -€302 | -9.8% |
| Gross operating margin | 9900 | €549,891 | €713,675 | +€163,783 | +29.8% |
| Operating profit (loss) | 9901 | €506,649 | €91,263 | -€415,386 | -82.0% |
| Financial income | 75/76B | €163,787 | €91,524 | -€72,263 | -44.1% |
| Recurring financial income | 75 | €163,787 | €91,524 | -€72,263 | -44.1% |
| Financial charges | 65/66B | €125,034 | €130,930 | +€5,895 | +4.7% |
| Recurring financial charges | 65 | €125,034 | €130,930 | +€5,895 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €545,402 | €51,858 | -€493,544 | -90.5% |
| Income taxes | 67/77 | €152,823 | €7,402 | -€145,421 | -95.2% |
| Profit (loss) for the period | 9904 | €392,578 | €44,456 | -€348,122 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €392,578 | €44,456 | -€348,122 | -88.7% |
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 16 October 2026 via checked.be.