DNF GROUP: 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 GROUP
Largest movements
- Cash -€198,795
down €198,795 (-79.8%), from €249,096 to €50,301
mainly Debts after one year (-€372,182) and Investment in fixed assets (net) (-€196,140)
- Tangible fixed assets +€196,386
up €196,386 (+7,467%), from €2,630 to €199,016
- Receivables within one year -€72,762
down €72,762 (-35.5%), from €205,156 to €132,394
of which Trade receivables: -€113,593
- Debts after one year -€372,182
down €372,182 (-16.3%), from €2.3m to €1.9m
of which Other amounts payable: -€238,700
- Reserves +€295,046
up €295,046 (+68.2%), from €432,703 to €727,749
of which Distributable reserves: +€210,846
- Trade debts +€47,843
up €47,843 (+77.3%), from €61,905 to €109,749
- Gross operating margin -€95,886
down €95,886 (-14.3%), from €670,578 to €574,693
- Staff costs +€70,566
up €70,566 (+117%), from €60,254 to €130,820
- Taxes -€44,301
down €44,301 (-29.6%), from €149,901 to €105,600
- Other operating charges +€11,604
up €11,604 (+898%), from €1,293 to €12,896
- Depreciation +€7,566
up €7,566 (+985%), from €768 to €8,334
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 | €4,108,185 | €4,045,892 | -€62,293 | -1.5% |
| Fixed assets | 21/28 | €3,626,424 | €3,814,230 | +€187,806 | +5.2% |
| Tangible fixed assets | 22/27 | €2,630 | €199,016 | +€196,386 | +7,467% |
| Furniture and vehicles | 24 | €2,630 | €199,016 | +€196,386 | +7,467% |
| Financial fixed assets | 28 | €3,623,794 | €3,615,214 | -€8,580 | -0.2% |
| Current assets | 29/58 | €481,761 | €231,662 | -€250,099 | -51.9% |
| Amounts receivable within one year | 40/41 | €205,156 | €132,394 | -€72,762 | -35.5% |
| Trade receivables | 40 | €137,123 | €23,530 | -€113,593 | -82.8% |
| Other amounts receivable | 41 | €68,033 | €108,864 | +€40,831 | +60.0% |
| Cash at bank and in hand | 54/58 | €249,096 | €50,301 | -€198,795 | -79.8% |
| Deferred charges and accrued income | 490/1 | €27,509 | €48,967 | +€21,458 | +78.0% |
| Total equity and liabilities | 10/49 | €4,108,185 | €4,045,892 | -€62,293 | -1.5% |
| Equity | 10/15 | €1,302,315 | €1,596,393 | +€294,078 | +22.6% |
| Contributions | 10/11 | €868,644 | €868,644 | = | 0.0% |
| Reserves | 13 | €432,703 | €727,749 | +€295,046 | +68.2% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €432,703 | €643,549 | +€210,846 | +48.7% |
| Profit (loss) carried forward | 14 | €968 | €0 | -€968 | -100% |
| Amounts payable | 17/49 | €2,805,870 | €2,449,499 | -€356,371 | -12.7% |
| Amounts payable after more than one year | 17 | €2,280,227 | €1,908,045 | -€372,182 | -16.3% |
| Financial debts | 170/4 | €1,040,693 | €907,211 | -€133,482 | -12.8% |
| Other amounts payable | 178/9 | €1,239,535 | €1,000,835 | -€238,700 | -19.3% |
| Amounts payable within one year | 42/48 | €515,643 | €536,446 | +€20,803 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €362,052 | €354,772 | -€7,280 | -2.0% |
| Trade debts | 44 | €61,905 | €109,749 | +€47,843 | +77.3% |
| Suppliers | 440/4 | €61,905 | €109,749 | +€47,843 | +77.3% |
| Taxes, remuneration and social security | 45 | €91,072 | €64,264 | -€26,807 | -29.4% |
| Taxes | 450/3 | €84,859 | €50,077 | -€34,783 | -41.0% |
| Remuneration and social security | 454/9 | €6,212 | €14,188 | +€7,975 | +128% |
| Other amounts payable | 47/48 | €614 | €7,661 | +€7,047 | +1,149% |
| Accrued charges and deferred income | 492/3 | €10,000 | €5,008 | -€4,992 | -49.9% |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100% |
| Remuneration, social security and pensions | 62 | €60,254 | €130,820 | +€70,566 | +117% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €768 | €8,334 | +€7,566 | +985% |
| Other operating charges | 640/8 | €1,293 | €12,896 | +€11,604 | +898% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €670,578 | €574,693 | -€95,886 | -14.3% |
| Operating profit (loss) | 9901 | €608,264 | €422,642 | -€185,622 | -30.5% |
| Financial income | 75/76B | €126,248 | €131,175 | +€4,927 | +3.9% |
| Recurring financial income | 75 | €126,248 | €131,175 | +€4,927 | +3.9% |
| Financial charges | 65/66B | €31,908 | €24,789 | -€7,119 | -22.3% |
| Recurring financial charges | 65 | €31,908 | €24,789 | -€7,119 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €702,604 | €529,028 | -€173,576 | -24.7% |
| Income taxes | 67/77 | €149,901 | €105,600 | -€44,301 | -29.6% |
| Profit (loss) for the period | 9904 | €552,703 | €423,428 | -€129,275 | -23.4% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €552,703 | €339,228 | -€213,475 | -38.6% |
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.