dr dw: 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.
dr dw
Largest movements
- Current investments +€417,493
up €417,493 (+8.7%), from €4.8m to €5.2m
- Cash +€252,061
up €252,061 (+54.9%), from €459,516 to €711,578
mainly Net result for the year (+€683,654) and Receivables within one year (+€40,180)
- Reserves +€683,654
up €683,654 (+12.6%), from €5.4m to €6.1m
- Gross operating margin +€82,004
up €82,004 (+9.7%), from €845,308 to €927,312
- Financial charges +€16,532
up €16,532 (+41.1%), from €40,221 to €56,754
- Taxes +€15,996
up €15,996 (+5.4%), from €294,997 to €310,994
- Financial income +€13,328
up €13,328 (+8.8%), from €151,694 to €165,022
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 | €5,599,480 | €6,188,444 | +€588,965 | +10.5% |
| Fixed assets | 21/28 | €273,971 | €234,234 | -€39,737 | -14.5% |
| Tangible fixed assets | 22/27 | €273,971 | €234,234 | -€39,737 | -14.5% |
| Land and buildings | 22 | €233,667 | €202,483 | -€31,184 | -13.3% |
| Furniture and vehicles | 24 | €39,348 | €30,914 | -€8,433 | -21.4% |
| Other tangible fixed assets | 26 | €956 | €837 | -€120 | -12.5% |
| Current assets | 29/58 | €5,325,509 | €5,954,210 | +€628,701 | +11.8% |
| Amounts receivable within one year | 40/41 | €40,180 | €0 | -€40,180 | -100.0% |
| Trade receivables | 40 | €40,180 | €0 | -€40,180 | -100.0% |
| Current investments | 50/53 | €4,825,139 | €5,242,632 | +€417,493 | +8.7% |
| Cash at bank and in hand | 54/58 | €459,516 | €711,578 | +€252,061 | +54.9% |
| Deferred charges and accrued income | 490/1 | €673 | €0 | -€673 | -100.0% |
| Total equity and liabilities | 10/49 | €5,599,480 | €6,188,444 | +€588,965 | +10.5% |
| Equity | 10/15 | €5,458,132 | €6,141,786 | +€683,654 | +12.5% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €5,437,132 | €6,120,786 | +€683,654 | +12.6% |
| Distributable reserves | 133 | €5,437,132 | €6,120,786 | +€683,654 | +12.6% |
| Amounts payable | 17/49 | €141,347 | €46,658 | -€94,689 | -67.0% |
| Amounts payable within one year | 42/48 | €141,347 | €42,793 | -€98,555 | -69.7% |
| Trade debts | 44 | €40,692 | €2,060 | -€38,632 | -94.9% |
| Suppliers | 440/4 | €40,692 | €2,060 | -€38,632 | -94.9% |
| Taxes, remuneration and social security | 45 | €91,785 | €40,057 | -€51,728 | -56.4% |
| Taxes | 450/3 | €91,785 | €40,057 | -€51,728 | -56.4% |
| Other amounts payable | 47/48 | €8,870 | €676 | -€8,194 | -92.4% |
| Accrued charges and deferred income | 492/3 | - | €3,865 | +€3,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,215 | €39,737 | +€6,522 | +19.6% |
| Other operating charges | 640/8 | €968 | €1,196 | +€229 | +23.6% |
| Gross operating margin | 9900 | €845,308 | €927,312 | +€82,004 | +9.7% |
| Operating profit (loss) | 9901 | €811,125 | €886,379 | +€75,254 | +9.3% |
| Financial income | 75/76B | €151,694 | €165,022 | +€13,328 | +8.8% |
| Recurring financial income | 75 | €151,694 | €165,022 | +€13,328 | +8.8% |
| Financial charges | 65/66B | €40,221 | €56,754 | +€16,532 | +41.1% |
| Recurring financial charges | 65 | €40,221 | €56,754 | +€16,532 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €922,598 | €994,647 | +€72,049 | +7.8% |
| Income taxes | 67/77 | €294,997 | €310,994 | +€15,996 | +5.4% |
| Profit (loss) for the period | 9904 | €627,600 | €683,654 | +€56,053 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €627,600 | €683,654 | +€56,053 | +8.9% |
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 3 October 2026 via checked.be.