DL2 Management: 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.
DL2 Management
Largest movements
- Receivables within one year +€564,040
up €564,040 (+319%), from €176,879 to €740,919
of which Trade receivables: +€564,040
- Cash -€61,389
down €61,389 (-81.2%), from €75,645 to €14,255
mainly Contributions, distributions and other (-€682,400) and Receivables within one year (-€564,040)
- Current investments -€60,098
down €60,098 (-100%), from €60,098 to €0
- Tax, wage and social debts +€255,058
up €255,058 (+323%), from €79,053 to €334,111
of which Taxes: +€253,239
- Other debts +€200,981
up €200,981 (+91.6%), from €219,355 to €420,336
- Current portion of long-term debt -€12,094
down €12,094 (-100%), from €12,094 to €0
- Profit (loss) carried forward -€10,967
down €10,967 (-98.8%), from €11,104 to €137
- Trade debts +€8,654
up €8,654 (+481%), from €1,799 to €10,453
- Gross operating margin +€500,769
up €500,769 (+146%), from €342,409 to €843,179
- Taxes +€146,015
up €146,015 (+186%), from €78,529 to €224,544
- Financial income +€69,014
up €69,014 (+41,004%), from €168 to €69,182
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 | €327,406 | €769,320 | +€441,914 | +135% |
| Fixed assets | 21/28 | €13,166 | €12,406 | -€759 | -5.8% |
| Tangible fixed assets | 22/27 | €13,166 | €12,406 | -€759 | -5.8% |
| Furniture and vehicles | 24 | €13,166 | €12,406 | -€759 | -5.8% |
| Current assets | 29/58 | €314,241 | €756,914 | +€442,673 | +141% |
| Amounts receivable within one year | 40/41 | €176,879 | €740,919 | +€564,040 | +319% |
| Trade receivables | 40 | €175,358 | €739,398 | +€564,040 | +322% |
| Other amounts receivable | 41 | €1,521 | €1,521 | = | 0.0% |
| Current investments | 50/53 | €60,098 | €0 | -€60,098 | -100% |
| Cash at bank and in hand | 54/58 | €75,645 | €14,255 | -€61,389 | -81.2% |
| Deferred charges and accrued income | 490/1 | €1,619 | €1,739 | +€120 | +7.4% |
| Total equity and liabilities | 10/49 | €327,406 | €769,320 | +€441,914 | +135% |
| Equity | 10/15 | €15,104 | €4,137 | -€10,967 | -72.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,104 | €137 | -€10,967 | -98.8% |
| Amounts payable | 17/49 | €312,302 | €765,183 | +€452,881 | +145% |
| Amounts payable within one year | 42/48 | €312,302 | €764,901 | +€452,598 | +145% |
| Current portion of amounts payable after more than one year | 42 | €12,094 | €0 | -€12,094 | -100% |
| Trade debts | 44 | €1,799 | €10,453 | +€8,654 | +481% |
| Suppliers | 440/4 | €1,799 | €10,453 | +€8,654 | +481% |
| Taxes, remuneration and social security | 45 | €79,053 | €334,111 | +€255,058 | +323% |
| Taxes | 450/3 | €76,110 | €329,348 | +€253,239 | +333% |
| Remuneration and social security | 454/9 | €2,943 | €4,762 | +€1,819 | +61.8% |
| Other amounts payable | 47/48 | €219,355 | €420,336 | +€200,981 | +91.6% |
| Accrued charges and deferred income | 492/3 | - | €282 | +€282 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,249 | €14,230 | -€1,019 | -6.7% |
| Other operating charges | 640/8 | €505 | €0 | -€505 | -100% |
| Gross operating margin | 9900 | €342,409 | €843,179 | +€500,769 | +146% |
| Operating profit (loss) | 9901 | €326,655 | €828,949 | +€502,294 | +154% |
| Financial income | 75/76B | €168 | €69,182 | +€69,014 | +41,004% |
| Recurring financial income | 75 | €168 | €69,182 | +€69,014 | +41,004% |
| Financial charges | 65/66B | €933 | €2,154 | +€1,221 | +131% |
| Recurring financial charges | 65 | €933 | €2,154 | +€1,221 | +131% |
| Profit (loss) for the period before taxes | 9903 | €325,890 | €895,977 | +€570,087 | +175% |
| Income taxes | 67/77 | €78,529 | €224,544 | +€146,015 | +186% |
| Profit (loss) for the period | 9904 | €247,361 | €671,433 | +€424,072 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €247,361 | €671,433 | +€424,072 | +171% |
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.