DNL MANAGEMENT: 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.
DNL MANAGEMENT
Largest movements
- Tangible fixed assets +€969,257
up €969,257 (+31.4%), from €3.1m to €4.1m
of which Land and buildings: +€956,825
- Revaluation surpluses +€1.0m
new in 2025: €1.0m
- Debts after one year +€370,875
up €370,875 (+17.1%), from €2.2m to €2.5m
of which Other amounts payable: +€420,445
- Short-term financial debts -€216,909
down €216,909 (-32.5%), from €666,909 to €450,000
- Profit (loss) carried forward -€181,962
down €181,962 (-20.6%), from -€883,712 to -€1.1m
- Gross operating margin +€78,062
up €78,062, from -€19,335 to €58,726
- Depreciation -€71,223
down €71,223 (-33.9%), from €209,788 to €138,565
- Financial charges +€18,119
up €18,119 (+23.6%), from €76,890 to €95,009
- Other operating charges -€7,264
down €7,264 (-51.5%), from €14,107 to €6,843
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 | €3,097,571 | €4,102,083 | +€1.0m | +32.4% |
| Fixed assets | 21/28 | €3,083,520 | €4,052,777 | +€969,257 | +31.4% |
| Tangible fixed assets | 22/27 | €3,083,520 | €4,052,777 | +€969,257 | +31.4% |
| Land and buildings | 22 | €2,338,753 | €3,295,578 | +€956,825 | +40.9% |
| Plant, machinery and equipment | 23 | €744,767 | €757,199 | +€12,432 | +1.7% |
| Current assets | 29/58 | €14,051 | €49,306 | +€35,255 | +250.9% |
| Amounts receivable within one year | 40/41 | - | €26,922 | +€26,922 | |
| Trade receivables | 40 | - | €26,922 | +€26,922 | |
| Cash at bank and in hand | 54/58 | €4,591 | €15,555 | +€10,963 | +238.8% |
| Deferred charges and accrued income | 490/1 | €9,460 | €6,829 | -€2,631 | -27.8% |
| Total equity and liabilities | 10/49 | €3,097,571 | €4,102,083 | +€1.0m | +32.4% |
| Equity | 10/15 | €186,288 | €1,024,326 | +€838,038 | +449.9% |
| Contributions | 10/11 | €1,070,000 | €1,070,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,020,000 | +€1.0m | |
| Profit (loss) carried forward | 14 | -€883,712 | -€1,065,674 | -€181,962 | -20.6% |
| Amounts payable | 17/49 | €2,911,283 | €3,077,756 | +€166,473 | +5.7% |
| Amounts payable after more than one year | 17 | €2,171,664 | €2,542,538 | +€370,875 | +17.1% |
| Financial debts | 170/4 | €1,292,882 | €1,243,311 | -€49,571 | -3.8% |
| Other amounts payable | 178/9 | €878,782 | €1,299,227 | +€420,445 | +47.8% |
| Amounts payable within one year | 42/48 | €739,619 | €525,093 | -€214,526 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €47,447 | €49,571 | +€2,124 | +4.5% |
| Financial debts | 43 | €666,909 | €450,000 | -€216,909 | -32.5% |
| Credit institutions | 430/8 | €666,909 | €450,000 | -€216,909 | -32.5% |
| Trade debts | 44 | €23,340 | €25,022 | +€1,683 | +7.2% |
| Suppliers | 440/4 | €23,340 | €25,022 | +€1,683 | +7.2% |
| Taxes, remuneration and social security | 45 | €1,924 | €500 | -€1,424 | -74.0% |
| Taxes | 450/3 | €1,924 | €500 | -€1,424 | -74.0% |
| Accrued charges and deferred income | 492/3 | - | €10,125 | +€10,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,788 | €138,565 | -€71,223 | -33.9% |
| Other operating charges | 640/8 | €14,107 | €6,843 | -€7,264 | -51.5% |
| Gross operating margin | 9900 | -€19,335 | €58,726 | +€78,062 | |
| Operating profit (loss) | 9901 | -€243,229 | -€86,681 | +€156,548 | +64.4% |
| Financial charges | 65/66B | €76,890 | €95,009 | +€18,119 | +23.6% |
| Recurring financial charges | 65 | €76,890 | €95,009 | +€18,119 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | -€320,119 | -€181,690 | +€138,429 | +43.2% |
| Income taxes | 67/77 | €267 | €272 | +€5 | +1.8% |
| Profit (loss) for the period | 9904 | -€320,386 | -€181,962 | +€138,424 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€320,386 | -€181,962 | +€138,424 | +43.2% |
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 8 October 2026 via checked.be.