DUR ET NATURE: what changed
DUR ET NATURE
Largest movements
- Tangible fixed assets +€128,666
up €128,666 (+107%), from €120,638 to €249,305
of which Leasing and similar rights: +€138,730
- Cash -€24,699
down €24,699 (-84.0%), from €29,406 to €4,707
mainly Investment in fixed assets (net) (-€179,736) and Trade debts (-€18,240)
- Receivables within one year -€19,247
down €19,247 (-48.7%), from €39,523 to €20,276
of which Trade receivables: -€24,354
- Intangible fixed assets -€15,000
down €15,000 (-11.1%), from €134,978 to €119,978
- Deferred charges and accrued income +€4,082
up €4,082 (+134%), from €3,038 to €7,120
- Debts after one year +€58,155
up €58,155 (+27.2%), from €214,057 to €272,212
of which Financial debts: +€80,791
- Current portion of long-term debt +€31,418
up €31,418 (+82.2%), from €38,216 to €69,634
- Trade debts -€18,240
down €18,240 (-77.7%), from €23,466 to €5,226
- Other debts -€18,160
down €18,160 (-99.3%), from €18,296 to €137
- Reserves +€16,707
up €16,707 (+70.2%), from €23,811 to €40,518
- Gross operating margin +€54,990
up €54,990 (+58.1%), from €94,714 to €149,703
- Staff costs +€32,231
up €32,231 (+250%), from €12,907 to €45,138
- Depreciation +€26,359
up €26,359 (+66.4%), from €39,711 to €66,070
- Financial charges +€10,000
up €10,000 (+117%), from €8,553 to €18,554
- Taxes -€6,031
down €6,031 (-73.6%), from €8,189 to €2,159
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,582 | €401,385 | +€73,803 | +22.5% |
| Fixed assets | 21/28 | €255,616 | €369,282 | +€113,666 | +44.5% |
| Intangible fixed assets | 21 | €134,978 | €119,978 | -€15,000 | -11.1% |
| Tangible fixed assets | 22/27 | €120,638 | €249,305 | +€128,666 | +107% |
| Plant, machinery and equipment | 23 | €42,352 | €39,939 | -€2,413 | -5.7% |
| Furniture and vehicles | 24 | €47,567 | €37,379 | -€10,188 | -21.4% |
| Leasing and similar rights | 25 | €30,719 | €169,449 | +€138,730 | +452% |
| Other tangible fixed assets | 26 | - | €2,537 | +€2,537 | |
| Current assets | 29/58 | €71,966 | €32,103 | -€39,863 | -55.4% |
| Amounts receivable within one year | 40/41 | €39,523 | €20,276 | -€19,247 | -48.7% |
| Trade receivables | 40 | €31,517 | €7,163 | -€24,354 | -77.3% |
| Other amounts receivable | 41 | €8,006 | €13,113 | +€5,107 | +63.8% |
| Cash at bank and in hand | 54/58 | €29,406 | €4,707 | -€24,699 | -84.0% |
| Deferred charges and accrued income | 490/1 | €3,038 | €7,120 | +€4,082 | +134% |
| Total equity and liabilities | 10/49 | €327,582 | €401,385 | +€73,803 | +22.5% |
| Equity | 10/15 | €25,811 | €42,518 | +€16,707 | +64.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,811 | €40,518 | +€16,707 | +70.2% |
| Distributable reserves | 133 | €23,811 | €40,518 | +€16,707 | +70.2% |
| Amounts payable | 17/49 | €301,771 | €358,867 | +€57,096 | +18.9% |
| Amounts payable after more than one year | 17 | €214,057 | €272,212 | +€58,155 | +27.2% |
| Financial debts | 170/4 | €165,876 | €246,667 | +€80,791 | +48.7% |
| Other amounts payable | 178/9 | €48,182 | €25,545 | -€22,636 | -47.0% |
| Amounts payable within one year | 42/48 | €85,567 | €83,009 | -€2,557 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €38,216 | €69,634 | +€31,418 | +82.2% |
| Trade debts | 44 | €23,466 | €5,226 | -€18,240 | -77.7% |
| Suppliers | 440/4 | €23,466 | €5,226 | -€18,240 | -77.7% |
| Taxes, remuneration and social security | 45 | €5,588 | €8,013 | +€2,425 | +43.4% |
| Taxes | 450/3 | €4,120 | €895 | -€3,225 | -78.3% |
| Remuneration and social security | 454/9 | €1,468 | €7,117 | +€5,649 | +385% |
| Other amounts payable | 47/48 | €18,296 | €137 | -€18,160 | -99.3% |
| Accrued charges and deferred income | 492/3 | €2,147 | €3,646 | +€1,498 | +69.8% |
| Remuneration, social security and pensions | 62 | €12,907 | €45,138 | +€32,231 | +250% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,711 | €66,070 | +€26,359 | +66.4% |
| Other operating charges | 640/8 | €1,546 | €1,088 | -€458 | -29.6% |
| Gross operating margin | 9900 | €94,714 | €149,703 | +€54,990 | +58.1% |
| Operating profit (loss) | 9901 | €40,550 | €37,408 | -€3,142 | -7.7% |
| Financial income | 75/76B | €4 | €12 | +€7 | +165% |
| Recurring financial income | 75 | €4 | €12 | +€7 | +165% |
| Financial charges | 65/66B | €8,553 | €18,554 | +€10,000 | +117% |
| Recurring financial charges | 65 | €8,553 | €18,554 | +€10,000 | +117% |
| Profit (loss) for the period before taxes | 9903 | €32,001 | €18,866 | -€13,135 | -41.0% |
| Income taxes | 67/77 | €8,189 | €2,159 | -€6,031 | -73.6% |
| Profit (loss) for the period | 9904 | €23,811 | €16,707 | -€7,104 | -29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,811 | €16,707 | -€7,104 | -29.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.