DQN.: 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.
DQN.
Largest movements
- Cash +€250,255
up €250,255 (+93.5%), from €267,719 to €517,974
mainly Net result for the year (+€146,092) and Stocks and contracts (+€106,960)
- Stocks and contracts -€106,960
down €106,960 (-19.6%), from €545,602 to €438,643
- Receivables within one year +€56,297
up €56,297 (+31.9%), from €176,464 to €232,761
of which Trade receivables: +€50,338
- Tangible fixed assets -€45,355
down €45,355 (-16.6%), from €273,234 to €227,879
of which Land and buildings: -€27,325
- Deferred charges and accrued income +€16,668
up €16,668 (+115%), from €14,540 to €31,208
- Reserves +€146,000
up €146,000 (+456%), from €32,000 to €178,000
of which Distributable reserves: +€146,000
- Trade debts -€37,660
down €37,660 (-25.0%), from €150,631 to €112,970
- Accrued charges and deferred income +€31,557
up €31,557 (+151%), from €20,830 to €52,387
- Tax, wage and social debts +€30,907
up €30,907 (+48.0%), from €64,445 to €95,352
of which Taxes: +€23,778
- Gross operating margin +€228,674
up €228,674 (+39.5%), from €578,356 to €807,030
- Staff costs +€99,088
up €99,088 (+23.4%), from €424,036 to €523,123
- Taxes +€50,917
up €50,917 (+186%), from €27,383 to €78,301
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 | €1,277,564 | €1,448,469 | +€170,905 | +13.4% |
| Fixed assets | 21/28 | €273,239 | €227,884 | -€45,355 | -16.6% |
| Tangible fixed assets | 22/27 | €273,234 | €227,879 | -€45,355 | -16.6% |
| Land and buildings | 22 | €204,959 | €177,633 | -€27,325 | -13.3% |
| Plant, machinery and equipment | 23 | €18,053 | €11,081 | -€6,972 | -38.6% |
| Furniture and vehicles | 24 | €50,223 | €39,165 | -€11,057 | -22.0% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €1,004,325 | €1,220,585 | +€216,260 | +21.5% |
| Stocks and contracts in progress | 3 | €545,602 | €438,643 | -€106,960 | -19.6% |
| Stocks | 30/36 | €545,602 | €438,643 | -€106,960 | -19.6% |
| Amounts receivable within one year | 40/41 | €176,464 | €232,761 | +€56,297 | +31.9% |
| Trade receivables | 40 | €176,464 | €226,803 | +€50,338 | +28.5% |
| Other amounts receivable | 41 | - | €5,959 | +€5,959 | |
| Cash at bank and in hand | 54/58 | €267,719 | €517,974 | +€250,255 | +93.5% |
| Deferred charges and accrued income | 490/1 | €14,540 | €31,208 | +€16,668 | +115% |
| Total equity and liabilities | 10/49 | €1,277,564 | €1,448,469 | +€170,905 | +13.4% |
| Equity | 10/15 | €1,024,975 | €1,171,066 | +€146,092 | +14.3% |
| Contributions | 10/11 | €50,025 | €50,025 | = | 0.0% |
| Reserves | 13 | €32,000 | €178,000 | +€146,000 | +456% |
| Non-distributable reserves | 130/1 | €32,000 | €32,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,000 | €32,000 | = | 0.0% |
| Distributable reserves | 133 | - | €146,000 | +€146,000 | |
| Profit (loss) carried forward | 14 | €942,950 | €943,041 | +€92 | 0.0% |
| Amounts payable | 17/49 | €252,590 | €277,403 | +€24,814 | +9.8% |
| Amounts payable within one year | 42/48 | €231,760 | €225,016 | -€6,743 | -2.9% |
| Trade debts | 44 | €150,631 | €112,970 | -€37,660 | -25.0% |
| Suppliers | 440/4 | €150,631 | €112,970 | -€37,660 | -25.0% |
| Taxes, remuneration and social security | 45 | €64,445 | €95,352 | +€30,907 | +48.0% |
| Taxes | 450/3 | €19,822 | €43,600 | +€23,778 | +120% |
| Remuneration and social security | 454/9 | €44,623 | €51,752 | +€7,129 | +16.0% |
| Other amounts payable | 47/48 | €16,684 | €16,694 | +€10 | +0.1% |
| Accrued charges and deferred income | 492/3 | €20,830 | €52,387 | +€31,557 | +151% |
| Remuneration, social security and pensions | 62 | €424,036 | €523,123 | +€99,088 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,057 | €56,152 | -€2,904 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,145 | - | -€2,145 | |
| Other operating charges | 640/8 | €4,488 | €4,331 | -€158 | -3.5% |
| Gross operating margin | 9900 | €578,356 | €807,030 | +€228,674 | +39.5% |
| Operating profit (loss) | 9901 | €88,630 | €223,424 | +€134,794 | +152% |
| Financial income | 75/76B | €2,632 | €2,538 | -€94 | -3.6% |
| Recurring financial income | 75 | €2,632 | €2,538 | -€94 | -3.6% |
| Financial charges | 65/66B | €1,554 | €1,570 | +€16 | +1.0% |
| Recurring financial charges | 65 | €1,554 | €1,570 | +€16 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €89,708 | €224,392 | +€134,684 | +150% |
| Income taxes | 67/77 | €27,383 | €78,301 | +€50,917 | +186% |
| Profit (loss) for the period | 9904 | €62,324 | €146,092 | +€83,767 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €62,324 | €146,092 | +€83,767 | +134% |
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 13 October 2026 via checked.be.