DUNE HILLS: 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.
DUNE HILLS
Largest movements
- Stocks and contracts -€119,699
down €119,699 (-66.6%), from €179,667 to €59,968
- Cash -€27,606
down €27,606 (-44.2%), from €62,470 to €34,865
mainly Debts after one year (-€109,354) and Net result for the year (-€51,304)
- Debts after one year -€109,354
down €109,354 (-31.0%), from €352,580 to €243,226
- Reserves -€51,304
down €51,304 (-4.4%), from €1.2m to €1.1m
of which Distributable reserves: -€51,304
- Gross operating margin -€42,170
down €42,170, from €25,309 to -€16,861
- Other operating charges +€6,313
up €6,313 (+1,514%), from €417 to €6,730
- Financial charges -€6,288
down €6,288 (-37.3%), from €16,864 to €10,575
- Depreciation +€2,995
up €2,995 (+20.8%), from €14,379 to €17,373
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 | €1,593,864 | €1,428,385 | -€165,479 | -10.4% |
| Fixed assets | 21/28 | €1,292,638 | €1,275,265 | -€17,373 | -1.3% |
| Intangible fixed assets | 21 | €17,110 | €7,401 | -€9,709 | -56.7% |
| Tangible fixed assets | 22/27 | €26,858 | €19,194 | -€7,664 | -28.5% |
| Furniture and vehicles | 24 | €20,434 | €16,051 | -€4,383 | -21.4% |
| Other tangible fixed assets | 26 | €6,424 | €3,143 | -€3,281 | -51.1% |
| Financial fixed assets | 28 | €1,248,670 | €1,248,670 | = | 0.0% |
| Current assets | 29/58 | €301,226 | €153,120 | -€148,106 | -49.2% |
| Stocks and contracts in progress | 3 | €179,667 | €59,968 | -€119,699 | -66.6% |
| Stocks | 30/36 | €179,667 | €59,968 | -€119,699 | -66.6% |
| Amounts receivable within one year | 40/41 | €59,089 | €58,287 | -€802 | -1.4% |
| Trade receivables | 40 | €7,941 | €12,426 | +€4,485 | +56.5% |
| Other amounts receivable | 41 | €51,149 | €45,861 | -€5,287 | -10.3% |
| Cash at bank and in hand | 54/58 | €62,470 | €34,865 | -€27,606 | -44.2% |
| Total equity and liabilities | 10/49 | €1,593,864 | €1,428,385 | -€165,479 | -10.4% |
| Equity | 10/15 | €1,215,418 | €1,164,113 | -€51,304 | -4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,153,418 | €1,102,113 | -€51,304 | -4.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,147,218 | €1,095,913 | -€51,304 | -4.5% |
| Amounts payable | 17/49 | €378,447 | €264,272 | -€114,175 | -30.2% |
| Amounts payable after more than one year | 17 | €352,580 | €243,226 | -€109,354 | -31.0% |
| Financial debts | 170/4 | €352,580 | €243,226 | -€109,354 | -31.0% |
| Amounts payable within one year | 42/48 | €9,987 | €12,456 | +€2,469 | +24.7% |
| Trade debts | 44 | €252 | €2,721 | +€2,469 | +980% |
| Suppliers | 440/4 | - | €2,721 | +€2,721 | |
| Bills of exchange payable | 441 | €252 | - | -€252 | |
| Other amounts payable | 47/48 | €9,735 | €9,735 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €15,880 | €8,590 | -€7,290 | -45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,379 | €17,373 | +€2,995 | +20.8% |
| Other operating charges | 640/8 | €417 | €6,730 | +€6,313 | +1,514% |
| Gross operating margin | 9900 | €25,309 | -€16,861 | -€42,170 | |
| Operating profit (loss) | 9901 | €10,513 | -€40,963 | -€51,477 | |
| Financial income | 75/76B | €156 | €235 | +€79 | +50.5% |
| Recurring financial income | 75 | €156 | €235 | +€79 | +50.5% |
| Financial charges | 65/66B | €16,864 | €10,575 | -€6,288 | -37.3% |
| Recurring financial charges | 65 | €16,864 | €10,575 | -€6,288 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€6,195 | -€51,304 | -€45,110 | -728% |
| Profit (loss) for the period | 9904 | -€6,195 | -€51,304 | -€45,110 | -728% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,195 | -€51,304 | -€45,110 | -728% |
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 22 October 2026 via checked.be.