DZH: 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.
DZH
Largest movements
- Current investments +€8.3m
up €8.3m (+155.4%), from €5.3m to €13.6m
- Receivables within one year -€433,404
down €433,404 (-76.1%), from €569,844 to €136,440
of which Other amounts receivable: -€435,043
- Reserves +€7.4m
up €7.4m (+105.2%), from €7.0m to €14.4m
of which Distributable reserves: +€7.4m
- Other debts +€503,902
up €503,902 (+243.9%), from €206,569 to €710,471
- Tax, wage and social debts +€470,395
up €470,395 (+97.2%), from €483,896 to €954,290
of which Taxes: +€470,078
- Debts after one year -€456,880
down €456,880 (-26.5%), from €1.7m to €1.3m
- Gross operating margin +€8.0m
up €8.0m (+221.5%), from €3.6m to €11.6m
- Taxes +€2.5m
up €2.5m (+219.5%), from €1.2m to €3.7m
- Financial income +€495,725
up €495,725 (+149.0%), from €332,758 to €828,483
- Financial charges +€154,701
up €154,701 (+226.8%), from €68,218 to €222,918
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 | €13,487,112 | €21,361,795 | +€7.9m | +58.4% |
| Fixed assets | 21/28 | €7,487,956 | €7,492,782 | +€4,826 | +0.1% |
| Tangible fixed assets | 22/27 | €1,186,096 | €1,190,922 | +€4,826 | +0.4% |
| Land and buildings | 22 | €1,018,859 | €1,077,652 | +€58,792 | +5.8% |
| Plant, machinery and equipment | 23 | €133,626 | €97,625 | -€36,001 | -26.9% |
| Furniture and vehicles | 24 | €28,624 | €10,659 | -€17,965 | -62.8% |
| Other tangible fixed assets | 26 | €4,987 | €4,987 | = | 0.0% |
| Financial fixed assets | 28 | €6,301,860 | €6,301,860 | = | 0.0% |
| Current assets | 29/58 | €5,999,156 | €13,869,014 | +€7.9m | +131.2% |
| Amounts receivable within one year | 40/41 | €569,844 | €136,440 | -€433,404 | -76.1% |
| Trade receivables | 40 | €679 | €2,318 | +€1,639 | +241.4% |
| Other amounts receivable | 41 | €569,165 | €134,122 | -€435,043 | -76.4% |
| Current investments | 50/53 | €5,340,756 | €13,639,081 | +€8.3m | +155.4% |
| Cash at bank and in hand | 54/58 | €75,962 | €65,596 | -€10,366 | -13.6% |
| Deferred charges and accrued income | 490/1 | €12,595 | €27,897 | +€15,302 | +121.5% |
| Total equity and liabilities | 10/49 | €13,487,112 | €21,361,795 | +€7.9m | +58.4% |
| Equity | 10/15 | €10,926,076 | €18,310,484 | +€7.4m | +67.6% |
| Contributions | 10/11 | €3,906,200 | €3,906,200 | = | 0.0% |
| Reserves | 13 | €7,019,876 | €14,404,284 | +€7.4m | +105.2% |
| Non-distributable reserves | 130/1 | €66,662 | €66,662 | = | 0.0% |
| Reserves not available under the articles | 1311 | €66,662 | €66,662 | = | 0.0% |
| Distributable reserves | 133 | €6,953,214 | €14,337,623 | +€7.4m | +106.2% |
| Amounts payable | 17/49 | €2,561,036 | €3,051,311 | +€490,275 | +19.1% |
| Amounts payable after more than one year | 17 | €1,721,118 | €1,264,238 | -€456,880 | -26.5% |
| Financial debts | 170/4 | €1,721,118 | €1,264,238 | -€456,880 | -26.5% |
| Amounts payable within one year | 42/48 | €755,891 | €1,719,343 | +€963,452 | +127.5% |
| Current portion of amounts payable after more than one year | 42 | €44,500 | €44,880 | +€380 | +0.9% |
| Trade debts | 44 | €20,927 | €9,702 | -€11,225 | -53.6% |
| Suppliers | 440/4 | €20,927 | €9,702 | -€11,225 | -53.6% |
| Taxes, remuneration and social security | 45 | €483,896 | €954,290 | +€470,395 | +97.2% |
| Taxes | 450/3 | €473,675 | €943,754 | +€470,078 | +99.2% |
| Remuneration and social security | 454/9 | €10,221 | €10,537 | +€316 | +3.1% |
| Other amounts payable | 47/48 | €206,569 | €710,471 | +€503,902 | +243.9% |
| Accrued charges and deferred income | 492/3 | €84,027 | €67,730 | -€16,297 | -19.4% |
| Non-recurring operating income | 76A | - | €17,994 | +€17,994 | |
| Remuneration, social security and pensions | 62 | €33,431 | €33,580 | +€148 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,886 | €64,485 | -€2,401 | -3.6% |
| Other operating charges | 640/8 | €14,150 | €22,838 | +€8,688 | +61.4% |
| Gross operating margin | 9900 | €3,601,340 | €11,577,158 | +€8.0m | +221.5% |
| Operating profit (loss) | 9901 | €3,486,872 | €11,456,255 | +€8.0m | +228.6% |
| Financial income | 75/76B | €332,758 | €828,483 | +€495,725 | +149.0% |
| Recurring financial income | 75 | €332,758 | €828,483 | +€495,725 | +149.0% |
| Financial charges | 65/66B | €68,218 | €222,918 | +€154,701 | +226.8% |
| Recurring financial charges | 65 | €68,218 | €222,918 | +€154,701 | +226.8% |
| Profit (loss) for the period before taxes | 9903 | €3,751,412 | €12,061,820 | +€8.3m | +221.5% |
| Income taxes | 67/77 | €1,151,556 | €3,679,081 | +€2.5m | +219.5% |
| Profit (loss) for the period | 9904 | €2,599,856 | €8,382,739 | +€5.8m | +222.4% |
| Transfer from tax-exempt reserves | 789 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,684,056 | €8,382,739 | +€5.7m | +212.3% |
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 5 October 2026 via checked.be.