DR D'HONDT: 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 D'HONDT
Largest movements
- Receivables within one year +€232,478
up €232,478 (+94.1%), from €247,058 to €479,536
of which Other amounts receivable: +€232,478
- Cash -€107,924
down €107,924 (-55.3%), from €195,174 to €87,251
mainly Receivables within one year (-€232,478) and Tax, wage and social debts (-€45,386)
- Current investments +€29,202
up €29,202 (+4.8%), from €610,680 to €639,882
- Reserves +€200,546
up €200,546 (+16.4%), from €1.2m to €1.4m
of which Distributable reserves: +€200,546
- Tax, wage and social debts -€45,386
down €45,386 (-78.2%), from €58,049 to €12,662
of which Taxes: -€45,063
- Gross operating margin -€54,667
down €54,667 (-14.7%), from €371,887 to €317,220
- Financial income +€27,739
up €27,739 (+127%), from €21,900 to €49,639
- Depreciation -€13,030
down €13,030 (-33.3%), from €39,087 to €26,057
- Taxes -€7,688
down €7,688 (-8.4%), from €91,608 to €83,920
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 | €1,299,724 | €1,455,966 | +€156,241 | +12.0% |
| Fixed assets | 21/28 | €172,057 | €163,027 | -€9,030 | -5.2% |
| Tangible fixed assets | 22/27 | €172,057 | €163,027 | -€9,030 | -5.2% |
| Land and buildings | 22 | €158,177 | €138,277 | -€19,900 | -12.6% |
| Plant, machinery and equipment | 23 | €363 | €6,747 | +€6,385 | +1,761% |
| Furniture and vehicles | 24 | €1,268 | €5,233 | +€3,965 | +313% |
| Other tangible fixed assets | 26 | €12,250 | €12,770 | +€520 | +4.2% |
| Current assets | 29/58 | €1,127,667 | €1,292,939 | +€165,272 | +14.7% |
| Amounts receivable after more than one year | 29 | €64,963 | €64,963 | = | 0.0% |
| Trade receivables | 290 | - | €64,963 | +€64,963 | |
| Other amounts receivable | 291 | €64,963 | - | -€64,963 | |
| Amounts receivable within one year | 40/41 | €247,058 | €479,536 | +€232,478 | +94.1% |
| Trade receivables | 40 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 41 | €222,058 | €454,536 | +€232,478 | +105% |
| Current investments | 50/53 | €610,680 | €639,882 | +€29,202 | +4.8% |
| Cash at bank and in hand | 54/58 | €195,174 | €87,251 | -€107,924 | -55.3% |
| Deferred charges and accrued income | 490/1 | €9,791 | €21,307 | +€11,515 | +118% |
| Total equity and liabilities | 10/49 | €1,299,724 | €1,455,966 | +€156,241 | +12.0% |
| Equity | 10/15 | €1,237,057 | €1,437,602 | +€200,546 | +16.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,224,657 | €1,425,202 | +€200,546 | +16.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €1,166,547 | €1,367,093 | +€200,546 | +17.2% |
| Amounts payable | 17/49 | €62,668 | €18,364 | -€44,304 | -70.7% |
| Amounts payable within one year | 42/48 | €62,668 | €18,364 | -€44,304 | -70.7% |
| Trade debts | 44 | €4,619 | €5,701 | +€1,082 | +23.4% |
| Suppliers | 440/4 | €4,619 | €5,701 | +€1,082 | +23.4% |
| Taxes, remuneration and social security | 45 | €58,049 | €12,662 | -€45,386 | -78.2% |
| Taxes | 450/3 | €52,419 | €7,355 | -€45,063 | -86.0% |
| Remuneration and social security | 454/9 | €5,630 | €5,307 | -€323 | -5.7% |
| Remuneration, social security and pensions | 62 | €44,582 | €45,974 | +€1,392 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,087 | €26,057 | -€13,030 | -33.3% |
| Other operating charges | 640/8 | €5,954 | €8,198 | +€2,244 | +37.7% |
| Gross operating margin | 9900 | €371,887 | €317,220 | -€54,667 | -14.7% |
| Operating profit (loss) | 9901 | €282,264 | €236,991 | -€45,273 | -16.0% |
| Financial income | 75/76B | €21,900 | €49,639 | +€27,739 | +127% |
| Recurring financial income | 75 | €21,900 | €49,639 | +€27,739 | +127% |
| Financial charges | 65/66B | €520 | €2,165 | +€1,645 | +316% |
| Recurring financial charges | 65 | €520 | €2,165 | +€1,645 | +316% |
| Profit (loss) for the period before taxes | 9903 | €303,644 | €284,465 | -€19,179 | -6.3% |
| Income taxes | 67/77 | €91,608 | €83,920 | -€7,688 | -8.4% |
| Profit (loss) for the period | 9904 | €212,036 | €200,546 | -€11,491 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €212,036 | €200,546 | -€11,491 | -5.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.