dnf belgium: 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.
dnf belgium
Largest movements
- Cash +€70,399
up €70,399 (+144%), from €48,768 to €119,167
mainly Net result for the year (+€121,919) and Other debts (+€45,435)
- Receivables within one year +€59,122
up €59,122 (+7.9%), from €751,532 to €810,654
of which Trade receivables: +€51,211
- Deferred charges and accrued income -€22,255
down €22,255 (-21.8%), from €102,218 to €79,963
- Reserves +€84,200
up €84,200 (+87.1%), from €96,619 to €180,819
of which Tax-exempt reserves: +€84,200
- Other debts +€45,435
up €45,435 (+58.9%), from €77,168 to €122,603
- Trade debts -€38,097
down €38,097 (-9.9%), from €384,703 to €346,606
- Staff costs -€312,239
down €312,239 (-33.5%), from €930,767 to €618,528
- Gross operating margin -€179,909
down €179,909 (-15.2%), from €1.2m to €1.0m
- Taxes +€36,800
up €36,800 (+109%), from €33,637 to €70,438
- Other operating charges -€19,437
down €19,437 (-61.2%), from €31,747 to €12,311
- Write-downs -€17,797
down €17,797 (-12.8%), from €139,557 to €121,761
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 | €957,636 | €1,059,585 | +€101,949 | +10.6% |
| Fixed assets | 21/28 | €55,119 | €49,801 | -€5,317 | -9.6% |
| Tangible fixed assets | 22/27 | €52,361 | €47,044 | -€5,317 | -10.2% |
| Furniture and vehicles | 24 | €34,160 | €28,843 | -€5,317 | -15.6% |
| Other tangible fixed assets | 26 | €18,201 | €18,201 | = | 0.0% |
| Financial fixed assets | 28 | €2,758 | €2,758 | = | 0.0% |
| Current assets | 29/58 | €902,517 | €1,009,784 | +€107,267 | +11.9% |
| Amounts receivable within one year | 40/41 | €751,532 | €810,654 | +€59,122 | +7.9% |
| Trade receivables | 40 | €718,618 | €769,829 | +€51,211 | +7.1% |
| Other amounts receivable | 41 | €32,914 | €40,825 | +€7,911 | +24.0% |
| Cash at bank and in hand | 54/58 | €48,768 | €119,167 | +€70,399 | +144% |
| Deferred charges and accrued income | 490/1 | €102,218 | €79,963 | -€22,255 | -21.8% |
| Total equity and liabilities | 10/49 | €957,636 | €1,059,585 | +€101,949 | +10.6% |
| Equity | 10/15 | €144,794 | €228,994 | +€84,200 | +58.2% |
| Contributions | 10/11 | €48,175 | €48,175 | = | 0.0% |
| Reserves | 13 | €96,619 | €180,819 | +€84,200 | +87.1% |
| Non-distributable reserves | 130/1 | €2,784 | €2,784 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,784 | €2,784 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,700 | €94,900 | +€84,200 | +787% |
| Distributable reserves | 133 | €83,135 | €83,135 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €812,842 | €830,591 | +€17,749 | +2.2% |
| Amounts payable within one year | 42/48 | €812,842 | €830,591 | +€17,749 | +2.2% |
| Financial debts | 43 | €250,256 | €254,768 | +€4,512 | +1.8% |
| Credit institutions | 430/8 | €250,256 | €253,712 | +€3,456 | +1.4% |
| Other loans | 439 | - | €1,056 | +€1,056 | |
| Trade debts | 44 | €384,703 | €346,606 | -€38,097 | -9.9% |
| Suppliers | 440/4 | €384,703 | €346,606 | -€38,097 | -9.9% |
| Taxes, remuneration and social security | 45 | €100,716 | €106,614 | +€5,899 | +5.9% |
| Taxes | 450/3 | €33,932 | €83,948 | +€50,016 | +147% |
| Remuneration and social security | 454/9 | €66,784 | €22,666 | -€44,118 | -66.1% |
| Other amounts payable | 47/48 | €77,168 | €122,603 | +€45,435 | +58.9% |
| Non-recurring operating income | 76A | €7,047 | €216,263 | +€209,216 | +2,969% |
| Remuneration, social security and pensions | 62 | €930,767 | €618,528 | -€312,239 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,249 | €10,765 | -€484 | -4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €139,557 | €121,761 | -€17,797 | -12.8% |
| Other operating charges | 640/8 | €31,747 | €12,311 | -€19,437 | -61.2% |
| Non-recurring operating charges | 66A | €0 | €10,752 | +€10,752 | |
| Gross operating margin | 9900 | €1,180,020 | €1,000,111 | -€179,909 | -15.2% |
| Operating profit (loss) | 9901 | €66,701 | €225,995 | +€159,294 | +239% |
| Financial income | 75/76B | €3,403 | €1,161 | -€2,242 | -65.9% |
| Recurring financial income | 75 | €3,403 | €1,161 | -€2,242 | -65.9% |
| Financial charges | 65/66B | €32,143 | €34,800 | +€2,658 | +8.3% |
| Recurring financial charges | 65 | €32,143 | €34,800 | +€2,658 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €37,962 | €192,356 | +€154,395 | +407% |
| Income taxes | 67/77 | €33,637 | €70,438 | +€36,800 | +109% |
| Profit (loss) for the period | 9904 | €4,324 | €121,919 | +€117,594 | +2,719% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,324 | €37,719 | +€33,394 | +772% |
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 24 October 2026 via checked.be.