DRAAD: 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.
DRAAD
Largest movements
- Tangible fixed assets +€551,099
up €551,099 (+382.0%), from €144,261 to €695,360
of which Leasing and similar rights: +€502,334
- Stocks and contracts +€115,702
up €115,702 (+35.1%), from €329,507 to €445,209
of which Stocks: +€115,702
- Cash +€33,366
up €33,366 (+254.3%), from €13,123 to €46,489
mainly Debts after one year (+€251,478) and Net result for the year (+€195,674)
- Deferred charges and accrued income +€18,925
up €18,925 (+485.3%), from €3,900 to €22,825
- Debts after one year +€251,478
up €251,478 (+76.8%), from €327,434 to €578,912
- Reserves +€195,674
up €195,674 (+174.9%), from €111,900 to €307,574
- Short-term financial debts +€155,000
new in 2025: €155,000
- Current portion of long-term debt +€106,833
up €106,833 (+200.2%), from €53,372 to €160,204
- Gross operating margin +€204,304
up €204,304 (+48.8%), from €418,320 to €622,624
- Depreciation +€61,154
up €61,154 (+207.4%), from €29,487 to €90,641
- Staff costs +€45,013
up €45,013 (+22.4%), from €200,585 to €245,598
- Financial charges +€13,516
up €13,516 (+44.4%), from €30,411 to €43,927
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 | €714,953 | €1,439,211 | +€724,258 | +101.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €171,551 | €715,651 | +€544,099 | +317.2% |
| Intangible fixed assets | 21 | €27,290 | €20,290 | -€7,000 | -25.7% |
| Tangible fixed assets | 22/27 | €144,261 | €695,360 | +€551,099 | +382.0% |
| Plant, machinery and equipment | 23 | €47,782 | €97,211 | +€49,429 | +103.4% |
| Furniture and vehicles | 24 | €5,379 | €3,148 | -€2,231 | -41.5% |
| Leasing and similar rights | 25 | €91,101 | €593,435 | +€502,334 | +551.4% |
| Other tangible fixed assets | 26 | - | €1,567 | +€1,567 | |
| Current assets | 29/58 | €543,402 | €723,560 | +€180,158 | +33.2% |
| Stocks and contracts in progress | 3 | €329,507 | €445,209 | +€115,702 | +35.1% |
| Stocks | 30/36 | €329,507 | €445,209 | +€115,702 | +35.1% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €196,872 | €209,037 | +€12,165 | +6.2% |
| Trade receivables | 40 | €180,053 | €174,647 | -€5,406 | -3.0% |
| Other amounts receivable | 41 | €16,819 | €34,391 | +€17,572 | +104.5% |
| Cash at bank and in hand | 54/58 | €13,123 | €46,489 | +€33,366 | +254.3% |
| Deferred charges and accrued income | 490/1 | €3,900 | €22,825 | +€18,925 | +485.3% |
| Total equity and liabilities | 10/49 | €714,953 | €1,439,211 | +€724,258 | +101.3% |
| Equity | 10/15 | €121,900 | €317,574 | +€195,674 | +160.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €111,900 | €307,574 | +€195,674 | +174.9% |
| Distributable reserves | 133 | €111,900 | €307,574 | +€195,674 | +174.9% |
| Amounts payable | 17/49 | €593,053 | €1,121,637 | +€528,584 | +89.1% |
| Amounts payable after more than one year | 17 | €327,434 | €578,912 | +€251,478 | +76.8% |
| Financial debts | 170/4 | €327,434 | €578,912 | +€251,478 | +76.8% |
| Amounts payable within one year | 42/48 | €262,143 | €537,678 | +€275,535 | +105.1% |
| Current portion of amounts payable after more than one year | 42 | €53,372 | €160,204 | +€106,833 | +200.2% |
| Financial debts | 43 | - | €155,000 | +€155,000 | |
| Credit institutions | 430/8 | - | €155,000 | +€155,000 | |
| Trade debts | 44 | €123,026 | €135,859 | +€12,833 | +10.4% |
| Suppliers | 440/4 | €123,026 | €135,859 | +€12,833 | +10.4% |
| Taxes, remuneration and social security | 45 | €85,746 | €86,615 | +€869 | +1.0% |
| Taxes | 450/3 | €48,335 | €49,673 | +€1,337 | +2.8% |
| Remuneration and social security | 454/9 | €37,411 | €36,942 | -€468 | -1.3% |
| Accrued charges and deferred income | 492/3 | €3,475 | €5,047 | +€1,571 | +45.2% |
| Remuneration, social security and pensions | 62 | €200,585 | €245,598 | +€45,013 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,487 | €90,641 | +€61,154 | +207.4% |
| Other operating charges | 640/8 | €271 | €411 | +€140 | +51.6% |
| Gross operating margin | 9900 | €418,320 | €622,624 | +€204,304 | +48.8% |
| Operating profit (loss) | 9901 | €187,977 | €285,974 | +€97,998 | +52.1% |
| Financial income | 75/76B | €0 | €511 | +€511 | +5107200.0% |
| Recurring financial income | 75 | €0 | €511 | +€511 | +5107200.0% |
| Financial charges | 65/66B | €30,411 | €43,927 | +€13,516 | +44.4% |
| Recurring financial charges | 65 | €30,411 | €43,927 | +€13,516 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €157,566 | €242,558 | +€84,993 | +53.9% |
| Income taxes | 67/77 | €48,532 | €46,885 | -€1,648 | -3.4% |
| Profit (loss) for the period | 9904 | €109,033 | €195,674 | +€86,640 | +79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €109,033 | €195,674 | +€86,640 | +79.5% |
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 9 October 2026 via checked.be.