DR A DE GEYNDT: 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.
DR A DE GEYNDT
Largest movements
- Tangible fixed assets +€278,561
up €278,561 (+41.2%), from €675,542 to €954,103
of which Land and buildings: +€291,721
- Cash +€50,700
up €50,700 (+37.1%), from €136,490 to €187,191
mainly Debts after one year (+€166,541) and Net result for the year (+€123,604)
- Current investments -€31,334
down €31,334 (-5.3%), from €595,386 to €564,052
- Debts after one year +€166,541
new in 2025: €166,541
- Reserves +€102,771
up €102,771 (+8.1%), from €1.3m to €1.4m
- Current portion of long-term debt +€30,924
new in 2025: €30,924
- Gross operating margin +€16,941
up €16,941 (+7.4%), from €227,607 to €244,548
- Depreciation +€16,193
up €16,193 (+29.3%), from €55,217 to €71,410
- Financial charges +€13,094
up €13,094 (+104%), from €12,593 to €25,687
- Financial income +€9,489
up €9,489 (+48.5%), from €19,584 to €29,073
- Taxes -€3,164
down €3,164 (-6.0%), from €52,413 to €49,249
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 | €1,506,957 | €1,807,797 | +€300,840 | +20.0% |
| Fixed assets | 21/28 | €684,142 | €963,703 | +€279,561 | +40.9% |
| Tangible fixed assets | 22/27 | €675,542 | €954,103 | +€278,561 | +41.2% |
| Land and buildings | 22 | €591,791 | €883,512 | +€291,721 | +49.3% |
| Plant, machinery and equipment | 23 | €20,035 | €16,947 | -€3,088 | -15.4% |
| Furniture and vehicles | 24 | €63,715 | €53,644 | -€10,072 | -15.8% |
| Financial fixed assets | 28 | €8,600 | €9,600 | +€1,000 | +11.6% |
| Current assets | 29/58 | €822,815 | €844,094 | +€21,279 | +2.6% |
| Amounts receivable within one year | 40/41 | €83,936 | €85,162 | +€1,226 | +1.5% |
| Trade receivables | 40 | €83,936 | €85,162 | +€1,226 | +1.5% |
| Current investments | 50/53 | €595,386 | €564,052 | -€31,334 | -5.3% |
| Cash at bank and in hand | 54/58 | €136,490 | €187,191 | +€50,700 | +37.1% |
| Deferred charges and accrued income | 490/1 | €7,003 | €7,690 | +€687 | +9.8% |
| Total equity and liabilities | 10/49 | €1,506,957 | €1,807,797 | +€300,840 | +20.0% |
| Equity | 10/15 | €1,291,966 | €1,394,737 | +€102,771 | +8.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,273,416 | €1,376,187 | +€102,771 | +8.1% |
| Distributable reserves | 133 | €1,273,416 | €1,376,187 | +€102,771 | +8.1% |
| Amounts payable | 17/49 | €214,991 | €413,060 | +€198,069 | +92.1% |
| Amounts payable after more than one year | 17 | - | €166,541 | +€166,541 | |
| Financial debts | 170/4 | - | €166,541 | +€166,541 | |
| Amounts payable within one year | 42/48 | €213,725 | €245,252 | +€31,527 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | - | €30,924 | +€30,924 | |
| Trade debts | 44 | €850 | - | -€850 | |
| Suppliers | 440/4 | €850 | - | -€850 | |
| Taxes, remuneration and social security | 45 | €22,189 | €17,353 | -€4,836 | -21.8% |
| Taxes | 450/3 | €22,189 | €17,353 | -€4,836 | -21.8% |
| Other amounts payable | 47/48 | €190,686 | €196,975 | +€6,288 | +3.3% |
| Accrued charges and deferred income | 492/3 | €1,266 | €1,267 | +€1 | +0.1% |
| Non-recurring operating income | 76A | €2,700 | - | -€2,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,217 | €71,410 | +€16,193 | +29.3% |
| Other operating charges | 640/8 | €2,711 | €3,670 | +€959 | +35.4% |
| Non-recurring operating charges | 66A | €525 | - | -€525 | |
| Gross operating margin | 9900 | €227,607 | €244,548 | +€16,941 | +7.4% |
| Operating profit (loss) | 9901 | €169,154 | €169,467 | +€314 | +0.2% |
| Financial income | 75/76B | €19,584 | €29,073 | +€9,489 | +48.5% |
| Recurring financial income | 75 | €19,584 | €29,073 | +€9,489 | +48.5% |
| Financial charges | 65/66B | €12,593 | €25,687 | +€13,094 | +104% |
| Recurring financial charges | 65 | €12,593 | €25,687 | +€13,094 | +104% |
| Profit (loss) for the period before taxes | 9903 | €176,145 | €172,853 | -€3,291 | -1.9% |
| Income taxes | 67/77 | €52,413 | €49,249 | -€3,164 | -6.0% |
| Profit (loss) for the period | 9904 | €123,731 | €123,604 | -€127 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €123,731 | €123,604 | -€127 | -0.1% |
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 28 October 2026 via checked.be.