DTHF: 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.
What changed
DTHF
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €1.6m+€833,041
Equity
€143.3m
2024 · €140.9m+€2.4m
Cash
€3.2m
2024 · €1.9m+€1.3m
Balance sheet total
€181.0m
2024 · €175.7m+€5.3m
Largest movements
Assets
- Receivables within one year +€4.0m
up €4.0m (+36.3%), from €11.1m to €15.1m
of which Other amounts receivable: +€4.0m
Equity and liabilities
- Short-term financial debts +€4.0m
up €4.0m (+46.0%), from €8.6m to €12.6m
- Profit (loss) carried forward +€2.4m
up €2.4m (+2.2%), from €107.5m to €109.9m
Income statement
- Financial income +€584,481
up €584,481 (+21.8%), from €2.7m to €3.3m
- Financial charges -€207,726
down €207,726 (-26.6%), from €782,205 to €574,479
of which Financial charges: -€207,726
- Gross operating margin +€39,839
up €39,839 (+29.1%), from -€137,010 to -€97,172
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
€1.6m
Gross operating margin
+€39,839
Depreciation
-€46
Other operating charges
+€1,121
Financial income
+€584,481
Financial charges
+€207,726
Taxes
-€79
Result 2025
€2.4m
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.
From operations
-€2.5m
Investment
-€6,025
Financing
+€3.8m
Cash 2024
€1.9m
From operations (derived)
-€2.5m
Net result for the year
+€2.4m
Depreciation
+€86,571
Receivables within one year
-€4.0m
Smaller working-capital items
-€571
Trade debts
+€12,170
Other debts
-€980,673
Accrued charges and deferred income
+€51,767
Investment (derived)
-€6,025
Investment in fixed assets (net)
-€6,025
Financing
+€3.8m
Debts after one year
-€170,095
Current portion of long-term debt
+€2,905
Short-term financial debts
+€4.0m
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €175,736,408 | €181,017,295 | +€5.3m | +3.0% |
| Fixed assets | 21/28 | €162,792,179 | €162,711,633 | -€80,546 | 0.0% |
| Tangible fixed assets | 22/27 | €3,512,777 | €3,432,232 | -€80,546 | -2.3% |
| Land and buildings | 22 | €3,512,777 | €3,432,232 | -€80,546 | -2.3% |
| Financial fixed assets | 28 | €159,279,401 | €159,279,401 | = | 0.0% |
| Current assets | 29/58 | €12,944,229 | €18,305,662 | +€5.4m | +41.4% |
| Amounts receivable within one year | 40/41 | €11,084,202 | €15,106,163 | +€4.0m | +36.3% |
| Trade receivables | 40 | €7,639 | €15,133 | +€7,494 | +98.1% |
| Other amounts receivable | 41 | €11,076,563 | €15,091,030 | +€4.0m | +36.2% |
| Cash at bank and in hand | 54/58 | €1,855,689 | €3,195,075 | +€1.3m | +72.2% |
| Deferred charges and accrued income | 490/1 | €4,339 | €4,424 | +€85 | +2.0% |
| Total equity and liabilities | 10/49 | €175,736,408 | €181,017,295 | +€5.3m | +3.0% |
| Equity | 10/15 | €140,902,043 | €143,301,758 | +€2.4m | +1.7% |
| Contributions | 10/11 | €1,216,414 | €1,216,414 | = | 0.0% |
| Capital | 10 | €1,216,414 | €1,216,414 | = | 0.0% |
| Issued capital | 100 | €1,216,414 | €1,216,414 | = | 0.0% |
| Reserves | 13 | €32,198,441 | €32,198,441 | = | 0.0% |
| Non-distributable reserves | 130/1 | €121,641 | €121,641 | = | 0.0% |
| Legal reserve | 130 | €121,641 | €121,641 | = | 0.0% |
| Distributable reserves | 133 | €32,076,800 | €32,076,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,487,188 | €109,886,903 | +€2.4m | +2.2% |
| Amounts payable | 17/49 | €34,834,365 | €37,715,536 | +€2.9m | +8.3% |
| Amounts payable after more than one year | 17 | €2,563,006 | €2,392,911 | -€170,095 | -6.6% |
| Financial debts | 170/4 | €2,563,006 | €2,392,911 | -€170,095 | -6.6% |
| Amounts payable within one year | 42/48 | €32,223,677 | €35,223,177 | +€3.0m | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €167,191 | €170,095 | +€2,905 | +1.7% |
| Financial debts | 43 | €8,625,616 | €12,591,200 | +€4.0m | +46.0% |
| Credit institutions | 430/8 | €8,625,616 | €12,591,200 | +€4.0m | +46.0% |
| Trade debts | 44 | €10,499 | €22,669 | +€12,170 | +115.9% |
| Suppliers | 440/4 | €10,499 | €22,669 | +€12,170 | +115.9% |
| Taxes, remuneration and social security | 45 | €185,422 | €184,936 | -€486 | -0.3% |
| Taxes | 450/3 | €185,422 | €184,936 | -€486 | -0.3% |
| Other amounts payable | 47/48 | €23,234,950 | €22,254,277 | -€980,673 | -4.2% |
| Accrued charges and deferred income | 492/3 | €47,682 | €99,449 | +€51,767 | +108.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,525 | €86,571 | +€46 | +0.1% |
| Other operating charges | 640/8 | €111,652 | €110,531 | -€1,121 | -1.0% |
| Gross operating margin | 9900 | -€137,010 | -€97,172 | +€39,839 | +29.1% |
| Operating profit (loss) | 9901 | -€335,188 | -€294,274 | +€40,914 | +12.2% |
| Financial income | 75/76B | €2,684,672 | €3,269,153 | +€584,481 | +21.8% |
| Recurring financial income | 75 | €2,684,672 | €3,269,153 | +€584,481 | +21.8% |
| Financial charges | 65/66B | €782,205 | €574,479 | -€207,726 | -26.6% |
| Recurring financial charges | 65 | €746,409 | €538,683 | -€207,726 | -27.8% |
| Non-recurring financial charges | 66B | €35,796 | €35,796 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €1,567,280 | €2,400,400 | +€833,120 | +53.2% |
| Income taxes | 67/77 | €605 | €684 | +€79 | +13.0% |
| Profit (loss) for the period | 9904 | €1,566,674 | €2,399,715 | +€833,041 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,566,674 | €2,399,715 | +€833,041 | +53.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.