DR. DEROO FRANK: 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.
What changed
DR. DEROO FRANK
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€249,416
2024 · €228,399+€21,017
Equity
€2.8m
2024 · €2.6m+€248,583
Cash
€332,976
2024 · €195,381+€137,594
Balance sheet total
€6.3m
2024 · €6.3m+€36,949
Largest movements
Assets
- Cash +€137,594
up €137,594 (+70.4%), from €195,381 to €332,976
mainly Net result for the year (+€249,416) and Depreciation (+€189,106)
- Tangible fixed assets -€95,345
down €95,345 (-1.6%), from €5.9m to €5.8m
of which Land and buildings: -€94,305
Equity and liabilities
- Reserves +€248,583
up €248,583 (+9.8%), from €2.5m to €2.8m
of which Distributable reserves: +€258,947
- Debts after one year -€188,153
down €188,153 (-6.1%), from €3.1m to €2.9m
of which Financial debts: -€358,153
Income statement
- Depreciation -€84,037
down €84,037 (-30.8%), from €273,143 to €189,106
- Taxes +€36,826
up €36,826 (+42.6%), from €86,505 to €123,331
- Gross operating margin -€36,463
down €36,463 (-5.0%), from €730,576 to €694,114
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.
Result 2024
€228,399
Gross operating margin
-€36,463
Depreciation
+€84,037
Write-downs
+€494
Other operating charges
-€5,352
Financial income
-€1,809
Financial charges
-€3,286
Taxes
-€36,826
Deferred taxes and other
+€20,220
Result 2025
€249,416
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€435,159
Investment
-€93,969
Financing
-€203,596
Cash 2024
€195,381
From operations (derived)
+€435,159
Net result for the year
+€249,416
Depreciation
+€189,106
Receivables within one year
-€7,326
Deferred charges and accrued income
+€12,834
Provisions
-€3,455
Trade debts
-€11,455
Tax, wage and social debts
+€7,964
Advances received
-€1,629
Other debts
+€3,579
Accrued charges and deferred income
-€3,875
Investment (derived)
-€93,969
Investment in fixed assets (net)
-€93,969
Financing
-€203,596
Debts after one year
-€188,153
Current portion of long-term debt
-€7,830
Short-term financial debts
-€6,781
Contributions, distributions and other
-€833
Cash 2025
€332,976
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,287,041 | €6,323,991 | +€36,949 | +0.6% |
| Fixed assets | 21/28 | €5,889,170 | €5,794,034 | -€95,137 | -1.6% |
| Tangible fixed assets | 22/27 | €5,879,037 | €5,783,692 | -€95,345 | -1.6% |
| Land and buildings | 22 | €5,842,736 | €5,748,431 | -€94,305 | -1.6% |
| Furniture and vehicles | 24 | €36,301 | €35,261 | -€1,040 | -2.9% |
| Financial fixed assets | 28 | €10,133 | €10,342 | +€208 | +2.1% |
| Current assets | 29/58 | €397,871 | €529,957 | +€132,086 | +33.2% |
| Amounts receivable within one year | 40/41 | €28,764 | €36,090 | +€7,326 | +25.5% |
| Trade receivables | 40 | €28,605 | €23,214 | -€5,391 | -18.8% |
| Other amounts receivable | 41 | €159 | €12,876 | +€12,717 | +7,980% |
| Cash at bank and in hand | 54/58 | €195,381 | €332,976 | +€137,594 | +70.4% |
| Deferred charges and accrued income | 490/1 | €173,725 | €160,891 | -€12,834 | -7.4% |
| Total equity and liabilities | 10/49 | €6,287,041 | €6,323,991 | +€36,949 | +0.6% |
| Equity | 10/15 | €2,555,406 | €2,803,989 | +€248,583 | +9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,543,006 | €2,791,589 | +€248,583 | +9.8% |
| Tax-exempt reserves | 132 | €292,210 | €281,846 | -€10,364 | -3.5% |
| Distributable reserves | 133 | €2,250,795 | €2,509,742 | +€258,947 | +11.5% |
| Provisions and deferred taxes | 16 | €97,403 | €93,949 | -€3,455 | -3.5% |
| Deferred taxes | 168 | €97,403 | €93,949 | -€3,455 | -3.5% |
| Amounts payable | 17/49 | €3,634,232 | €3,426,053 | -€208,179 | -5.7% |
| Amounts payable after more than one year | 17 | €3,099,162 | €2,911,009 | -€188,153 | -6.1% |
| Financial debts | 170/4 | €2,909,593 | €2,551,441 | -€358,153 | -12.3% |
| Other amounts payable | 178/9 | €189,568 | €359,568 | +€170,000 | +89.7% |
| Amounts payable within one year | 42/48 | €466,134 | €449,983 | -€16,151 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €365,982 | €358,153 | -€7,830 | -2.1% |
| Financial debts | 43 | €6,781 | - | -€6,781 | |
| Credit institutions | 430/8 | €6,781 | - | -€6,781 | |
| Trade debts | 44 | €24,276 | €12,822 | -€11,455 | -47.2% |
| Suppliers | 440/4 | €24,276 | €12,822 | -€11,455 | -47.2% |
| Advances received on contracts in progress | 46 | €2,679 | €1,050 | -€1,629 | -60.8% |
| Taxes, remuneration and social security | 45 | €47,544 | €55,508 | +€7,964 | +16.8% |
| Taxes | 450/3 | €47,544 | €53,726 | +€6,182 | +13.0% |
| Remuneration and social security | 454/9 | - | €1,782 | +€1,782 | |
| Other amounts payable | 47/48 | €18,872 | €22,451 | +€3,579 | +19.0% |
| Accrued charges and deferred income | 492/3 | €68,936 | €65,061 | -€3,875 | -5.6% |
| Non-recurring operating income | 76A | €3,178 | - | -€3,178 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,143 | €189,106 | -€84,037 | -30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €494 | - | -€494 | |
| Other operating charges | 640/8 | €25,086 | €30,438 | +€5,352 | +21.3% |
| Gross operating margin | 9900 | €730,576 | €694,114 | -€36,463 | -5.0% |
| Operating profit (loss) | 9901 | €431,853 | €474,570 | +€42,717 | +9.9% |
| Financial income | 75/76B | €2,779 | €970 | -€1,809 | -65.1% |
| Recurring financial income | 75 | €2,779 | €970 | -€1,809 | -65.1% |
| Financial charges | 65/66B | €102,962 | €106,248 | +€3,286 | +3.2% |
| Recurring financial charges | 65 | €102,962 | €106,248 | +€3,286 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €331,670 | €369,292 | +€37,622 | +11.3% |
| Transfer from deferred taxes | 780 | €3,455 | €3,455 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €20,220 | - | -€20,220 | |
| Income taxes | 67/77 | €86,505 | €123,331 | +€36,826 | +42.6% |
| Profit (loss) for the period | 9904 | €228,399 | €249,416 | +€21,017 | +9.2% |
| Transfer from tax-exempt reserves | 789 | €10,364 | €10,364 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €60,661 | - | -€60,661 | |
| Profit (loss) for the period to be appropriated | 9905 | €178,102 | €259,780 | +€81,678 | +45.9% |
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 27 October 2026 via checked.be.