DL PROJECT: 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.
DL PROJECT
Largest movements
- Receivables within one year +€385,481
up €385,481 (+29.2%), from €1.3m to €1.7m
of which Other amounts receivable: +€604,063
- Stocks and contracts -€44,320
down €44,320 (-22.0%), from €201,395 to €157,075
- Debts after one year +€567,578
up €567,578 (+95.2%), from €596,495 to €1.2m
of which Financial debts: +€567,578
- Current portion of long-term debt -€249,763
down €249,763 (-23.7%), from €1.1m to €804,422
- Gross operating margin +€33,327
up €33,327, from -€25,505 to €7,821
- Financial charges -€17,806
down €17,806 (-30.6%), from €58,150 to €40,343
- Financial income +€7,799
up €7,799 (+24.1%), from €32,392 to €40,191
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 | €1,680,220 | €2,004,384 | +€324,165 | +19.3% |
| Fixed assets | 21/28 | €142,232 | €138,499 | -€3,733 | -2.6% |
| Tangible fixed assets | 22/27 | €116,132 | €112,399 | -€3,733 | -3.2% |
| Land and buildings | 22 | €116,132 | €112,399 | -€3,733 | -3.2% |
| Financial fixed assets | 28 | €26,100 | €26,100 | = | 0.0% |
| Current assets | 29/58 | €1,537,987 | €1,865,885 | +€327,898 | +21.3% |
| Stocks and contracts in progress | 3 | €201,395 | €157,075 | -€44,320 | -22.0% |
| Stocks | 30/36 | €201,395 | €157,075 | -€44,320 | -22.0% |
| Amounts receivable within one year | 40/41 | €1,321,848 | €1,707,329 | +€385,481 | +29.2% |
| Trade receivables | 40 | €218,582 | €0 | -€218,582 | -100% |
| Other amounts receivable | 41 | €1,103,266 | €1,707,329 | +€604,063 | +54.8% |
| Cash at bank and in hand | 54/58 | €14,544 | €1,440 | -€13,103 | -90.1% |
| Deferred charges and accrued income | 490/1 | €201 | €41 | -€160 | -79.7% |
| Total equity and liabilities | 10/49 | €1,680,220 | €2,004,384 | +€324,165 | +19.3% |
| Equity | 10/15 | €21,754 | €25,086 | +€3,332 | +15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,154 | €6,486 | +€3,332 | +106% |
| Amounts payable | 17/49 | €1,658,465 | €1,979,298 | +€320,833 | +19.3% |
| Amounts payable after more than one year | 17 | €596,495 | €1,164,073 | +€567,578 | +95.2% |
| Financial debts | 170/4 | €594,275 | €1,161,853 | +€567,578 | +95.5% |
| Other amounts payable | 178/9 | €2,220 | €2,220 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,061,970 | €815,226 | -€246,744 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €1,054,186 | €804,422 | -€249,763 | -23.7% |
| Trade debts | 44 | €7,785 | €1,573 | -€6,212 | -79.8% |
| Suppliers | 440/4 | €7,785 | €1,573 | -€6,212 | -79.8% |
| Taxes, remuneration and social security | 45 | €0 | €9,230 | +€9,230 | |
| Taxes | 450/3 | €0 | €9,230 | +€9,230 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,733 | €3,733 | = | 0.0% |
| Other operating charges | 640/8 | €582 | €604 | +€23 | +3.9% |
| Gross operating margin | 9900 | -€25,505 | €7,821 | +€33,327 | |
| Operating profit (loss) | 9901 | -€29,820 | €3,484 | +€33,304 | |
| Financial income | 75/76B | €32,392 | €40,191 | +€7,799 | +24.1% |
| Recurring financial income | 75 | €32,392 | €40,191 | +€7,799 | +24.1% |
| Financial charges | 65/66B | €58,150 | €40,343 | -€17,806 | -30.6% |
| Recurring financial charges | 65 | €58,150 | €40,343 | -€17,806 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | -€55,578 | €3,332 | +€58,909 | |
| Profit (loss) for the period | 9904 | -€55,578 | €3,332 | +€58,909 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,578 | €3,332 | +€58,909 |
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 20 October 2026 via checked.be.