DNF: what changed
What changed
DNF
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€238,466
2024 · €160,097+€78,369
Equity
€4.8m
2024 · €4.5m+€238,466
Cash
€94,749
2024 · €144,690-€49,941
Balance sheet total
€5.1m
2024 · €5.2m-€59,123
Largest movements
Assets
- Tangible fixed assets -€99,748
down €99,748 (-4.4%), from €2.3m to €2.2m
of which Land and buildings: -€98,913
- Receivables within one year +€90,547
up €90,547 (+680%), from €13,314 to €103,861
of which Other amounts receivable: +€90,547
Equity and liabilities
- Other debts -€285,787
down €285,787 (-48.7%), from €586,442 to €300,655
- Reserves +€238,466
up €238,466 (+18.8%), from €1.3m to €1.5m
of which Distributable reserves: +€238,466
Income statement
- Financial income +€100,384
up €100,384 (+80.2%), from €125,117 to €225,501
- Gross operating margin -€24,520
down €24,520 (-11.8%), from €207,585 to €183,065
- Financial charges -€13,858
down €13,858 (-31.8%), from €43,612 to €29,753
- Taxes +€7,837
up €7,837 (+49.0%), from €16,010 to €23,847
- Other operating charges +€2,537
up €2,537 (+22.8%), from €11,128 to €13,665
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€160,097
Gross operating margin
-€24,520
Depreciation
-€979
Other operating charges
-€2,537
Financial income
+€100,384
Financial charges
+€13,858
Taxes
-€7,837
Result 2025
€238,466
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€46,855
Investment
-€3,086
Financing
€0
Cash 2024
€144,690
From operations (derived)
-€46,855
Net result for the year
+€238,466
Depreciation
+€102,834
Receivables within one year
-€90,547
Deferred charges and accrued income
-€19
Trade debts
+€3,408
Tax, wage and social debts
-€5,590
Other debts
-€285,787
Accrued charges and deferred income
-€9,620
Investment (derived)
-€3,086
Investment in fixed assets (net)
-€3,086
Cash 2025
€94,749
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,173,911 | €5,114,788 | -€59,123 | -1.1% |
| Fixed assets | 21/28 | €5,015,323 | €4,915,574 | -€99,748 | -2.0% |
| Tangible fixed assets | 22/27 | €2,267,523 | €2,167,774 | -€99,748 | -4.4% |
| Land and buildings | 22 | €2,265,522 | €2,166,609 | -€98,913 | -4.4% |
| Furniture and vehicles | 24 | €2,001 | €1,166 | -€835 | -41.7% |
| Financial fixed assets | 28 | €2,747,800 | €2,747,800 | = | 0.0% |
| Current assets | 29/58 | €158,589 | €199,214 | +€40,625 | +25.6% |
| Amounts receivable within one year | 40/41 | €13,314 | €103,861 | +€90,547 | +680% |
| Trade receivables | 40 | €13,310 | €13,310 | = | 0.0% |
| Other amounts receivable | 41 | €4 | €90,551 | +€90,547 | +2,327,679% |
| Cash at bank and in hand | 54/58 | €144,690 | €94,749 | -€49,941 | -34.5% |
| Deferred charges and accrued income | 490/1 | €585 | €604 | +€19 | +3.2% |
| Total equity and liabilities | 10/49 | €5,173,911 | €5,114,788 | -€59,123 | -1.1% |
| Equity | 10/15 | €4,529,240 | €4,767,706 | +€238,466 | +5.3% |
| Contributions | 10/11 | €3,259,000 | €3,259,000 | = | 0.0% |
| Capital | 10 | €3,258,400 | €3,258,400 | = | 0.0% |
| Issued capital | 100 | €3,258,400 | €3,258,400 | = | 0.0% |
| Contributions outside capital | 11 | €600 | €600 | = | 0.0% |
| Share premium | 1100/10 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €1,270,240 | €1,508,706 | +€238,466 | +18.8% |
| Non-distributable reserves | 130/1 | €325,840 | €325,840 | = | 0.0% |
| Legal reserve | 130 | €325,840 | €325,840 | = | 0.0% |
| Distributable reserves | 133 | €944,400 | €1,182,866 | +€238,466 | +25.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €644,671 | €347,082 | -€297,590 | -46.2% |
| Amounts payable within one year | 42/48 | €614,264 | €326,295 | -€287,970 | -46.9% |
| Trade debts | 44 | €224 | €3,632 | +€3,408 | +1,523% |
| Suppliers | 440/4 | €224 | €3,632 | +€3,408 | +1,523% |
| Taxes, remuneration and social security | 45 | €27,598 | €22,008 | -€5,590 | -20.3% |
| Taxes | 450/3 | €26,022 | €20,425 | -€5,597 | -21.5% |
| Remuneration and social security | 454/9 | €1,576 | €1,583 | +€7 | +0.4% |
| Other amounts payable | 47/48 | €586,442 | €300,655 | -€285,787 | -48.7% |
| Accrued charges and deferred income | 492/3 | €30,407 | €20,787 | -€9,620 | -31.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,855 | €102,834 | +€979 | +1.0% |
| Other operating charges | 640/8 | €11,128 | €13,665 | +€2,537 | +22.8% |
| Gross operating margin | 9900 | €207,585 | €183,065 | -€24,520 | -11.8% |
| Operating profit (loss) | 9901 | €94,601 | €66,565 | -€28,036 | -29.6% |
| Financial income | 75/76B | €125,117 | €225,501 | +€100,384 | +80.2% |
| Recurring financial income | 75 | €125,117 | €225,501 | +€100,384 | +80.2% |
| Financial charges | 65/66B | €43,612 | €29,753 | -€13,858 | -31.8% |
| Recurring financial charges | 65 | €43,612 | €29,753 | -€13,858 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €176,107 | €262,313 | +€86,206 | +49.0% |
| Income taxes | 67/77 | €16,010 | €23,847 | +€7,837 | +49.0% |
| Profit (loss) for the period | 9904 | €160,097 | €238,466 | +€78,369 | +49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,097 | €238,466 | +€78,369 | +49.0% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.