DLD: 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.
DLD
Largest movements
- Receivables within one year -€187,470
down €187,470 (-59.1%), from €317,193 to €129,723
of which Trade receivables: -€120,755
- Cash +€170,705
up €170,705 (+364.0%), from €46,893 to €217,598
mainly Receivables within one year (+€187,470) and Stocks and contracts (+€37,272)
- Stocks and contracts -€37,272
down €37,272 (-26.0%), from €143,084 to €105,812
- Tangible fixed assets -€28,196
down €28,196 (-12.3%), from €229,428 to €201,232
of which Plant, machinery and equipment: -€26,900
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Trade debts -€38,040
down €38,040 (-30.5%), from €124,912 to €86,872
- Profit (loss) carried forward +€28,328
up €28,328 (+296.5%), from €9,553 to €37,880
- Current portion of long-term debt -€20,625
no longer reported in 2025 (was €20,625)
- Depreciation -€93,012
down €93,012 (-80.8%), from €115,072 to €22,061
- Gross operating margin -€23,862
down €23,862 (-16.9%), from €141,042 to €117,180
- Financial charges +€2,578
up €2,578 (+34.9%), from €7,398 to €9,976
- Taxes +€2,459
new in 2025: €2,459
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 | €741,198 | €657,509 | -€83,689 | -11.3% |
| Fixed assets | 21/28 | €229,428 | €201,232 | -€28,196 | -12.3% |
| Tangible fixed assets | 22/27 | €229,428 | €201,232 | -€28,196 | -12.3% |
| Land and buildings | 22 | €67,540 | €66,244 | -€1,296 | -1.9% |
| Plant, machinery and equipment | 23 | €161,888 | €134,988 | -€26,900 | -16.6% |
| Current assets | 29/58 | €511,770 | €456,277 | -€55,493 | -10.8% |
| Stocks and contracts in progress | 3 | €143,084 | €105,812 | -€37,272 | -26.0% |
| Stocks | 30/36 | €143,084 | €105,812 | -€37,272 | -26.0% |
| Amounts receivable within one year | 40/41 | €317,193 | €129,723 | -€187,470 | -59.1% |
| Trade receivables | 40 | €121,702 | €947 | -€120,755 | -99.2% |
| Other amounts receivable | 41 | €195,491 | €128,776 | -€66,715 | -34.1% |
| Cash at bank and in hand | 54/58 | €46,893 | €217,598 | +€170,705 | +364.0% |
| Deferred charges and accrued income | 490/1 | €4,600 | €3,144 | -€1,456 | -31.7% |
| Total equity and liabilities | 10/49 | €741,198 | €657,509 | -€83,689 | -11.3% |
| Equity | 10/15 | €21,597 | €49,925 | +€28,328 | +131.2% |
| Contributions | 10/11 | €6,240 | €6,240 | = | 0.0% |
| Reserves | 13 | €5,804 | €5,804 | = | 0.0% |
| Distributable reserves | 133 | €5,804 | €5,804 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,553 | €37,880 | +€28,328 | +296.5% |
| Amounts payable | 17/49 | €719,601 | €607,585 | -€112,017 | -15.6% |
| Amounts payable after more than one year | 17 | €375,000 | €375,000 | = | 0.0% |
| Financial debts | 170/4 | €375,000 | €375,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €341,172 | €232,585 | -€108,588 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €20,625 | - | -€20,625 | |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Other loans | 439 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €124,912 | €86,872 | -€38,040 | -30.5% |
| Suppliers | 440/4 | €124,912 | €86,872 | -€38,040 | -30.5% |
| Taxes, remuneration and social security | 45 | €2,554 | €2,407 | -€148 | -5.8% |
| Taxes | 450/3 | €2,554 | €2,407 | -€148 | -5.8% |
| Other amounts payable | 47/48 | €143,081 | €143,306 | +€225 | +0.2% |
| Accrued charges and deferred income | 492/3 | €3,429 | - | -€3,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,072 | €22,061 | -€93,012 | -80.8% |
| Other operating charges | 640/8 | €6,610 | €6,547 | -€63 | -1.0% |
| Non-recurring operating charges | 66A | - | €48,559 | +€48,559 | |
| Gross operating margin | 9900 | €141,042 | €117,180 | -€23,862 | -16.9% |
| Operating profit (loss) | 9901 | €19,359 | €40,013 | +€20,654 | +106.7% |
| Financial income | 75/76B | €626 | €749 | +€123 | +19.7% |
| Recurring financial income | 75 | €626 | €749 | +€123 | +19.7% |
| Financial charges | 65/66B | €7,398 | €9,976 | +€2,578 | +34.9% |
| Recurring financial charges | 65 | €7,398 | €9,976 | +€2,578 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €12,587 | €30,786 | +€18,199 | +144.6% |
| Income taxes | 67/77 | - | €2,459 | +€2,459 | |
| Profit (loss) for the period | 9904 | €12,587 | €28,328 | +€15,740 | +125.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,587 | €28,328 | +€15,740 | +125.0% |
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 6 October 2026 via checked.be.