DL-NET: 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.
DL-NET
Largest movements
- Receivables within one year -€105,220
down €105,220 (-21.8%), from €481,980 to €376,760
of which Other amounts receivable: -€155,253
- Tangible fixed assets -€42,969
down €42,969 (-34.5%), from €124,709 to €81,740
of which Other tangible fixed assets: -€33,076
- Stocks and contracts -€30,705
down €30,705 (-20.8%), from €147,711 to €117,006
- Cash +€22,559
up €22,559 (+20.9%), from €107,880 to €130,439
mainly Receivables within one year (+€105,220) and Stocks and contracts (+€30,705)
- Deferred charges and accrued income -€13,380
down €13,380 (-94.1%), from €14,214 to €834
- Profit (loss) carried forward -€277,355
no longer reported in 2025 (was €277,355)
- Reserves +€274,492
up €274,492 (+645%), from €42,565 to €317,057
of which Distributable reserves: +€281,197
- Trade debts -€84,009
down €84,009 (-29.7%), from €282,501 to €198,493
- Debts after one year -€41,105
down €41,105 (-40.2%), from €102,300 to €61,195
- Tax, wage and social debts -€24,312
down €24,312 (-28.5%), from €85,426 to €61,114
of which Taxes: -€18,540
- Staff costs +€78,097
up €78,097 (+15.4%), from €506,014 to €584,111
- Gross operating margin +€24,505
up €24,505 (+4.1%), from €603,641 to €628,146
- Other operating charges -€20,780
down €20,780 (-72.8%), from €28,547 to €7,767
- Write-downs +€11,501
no longer reported in 2025 (was -€11,501)
- Financial charges -€9,408
down €9,408 (-50.2%), from €18,729 to €9,321
of which Financial charges: -€9,523
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 | €877,617 | €707,903 | -€169,714 | -19.3% |
| Fixed assets | 21/28 | €125,832 | €82,864 | -€42,969 | -34.1% |
| Tangible fixed assets | 22/27 | €124,709 | €81,740 | -€42,969 | -34.5% |
| Plant, machinery and equipment | 23 | €861 | - | -€861 | |
| Furniture and vehicles | 24 | €23,065 | €14,033 | -€9,032 | -39.2% |
| Other tangible fixed assets | 26 | €100,783 | €67,707 | -€33,076 | -32.8% |
| Financial fixed assets | 28 | €1,123 | €1,123 | = | 0.0% |
| Current assets | 29/58 | €751,785 | €625,040 | -€126,745 | -16.9% |
| Stocks and contracts in progress | 3 | €147,711 | €117,006 | -€30,705 | -20.8% |
| Stocks | 30/36 | €147,711 | €117,006 | -€30,705 | -20.8% |
| Amounts receivable within one year | 40/41 | €481,980 | €376,760 | -€105,220 | -21.8% |
| Trade receivables | 40 | €247,520 | €297,553 | +€50,033 | +20.2% |
| Other amounts receivable | 41 | €234,460 | €79,207 | -€155,253 | -66.2% |
| Cash at bank and in hand | 54/58 | €107,880 | €130,439 | +€22,559 | +20.9% |
| Deferred charges and accrued income | 490/1 | €14,214 | €834 | -€13,380 | -94.1% |
| Total equity and liabilities | 10/49 | €877,617 | €707,903 | -€169,714 | -19.3% |
| Equity | 10/15 | €342,722 | €335,657 | -€7,065 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,565 | €317,057 | +€274,492 | +645% |
| Tax-exempt reserves | 132 | €24,705 | €18,000 | -€6,705 | -27.1% |
| Distributable reserves | 133 | €17,860 | €299,057 | +€281,197 | +1,574% |
| Profit (loss) carried forward | 14 | €277,355 | - | -€277,355 | |
| Investment grants | 15 | €4,202 | - | -€4,202 | |
| Provisions and deferred taxes | 16 | €3,636 | - | -€3,636 | |
| Deferred taxes | 168 | €3,636 | - | -€3,636 | |
| Amounts payable | 17/49 | €531,259 | €372,247 | -€159,013 | -29.9% |
| Amounts payable after more than one year | 17 | €102,300 | €61,195 | -€41,105 | -40.2% |
| Financial debts | 170/4 | €102,300 | €61,195 | -€41,105 | -40.2% |
| Amounts payable within one year | 42/48 | €428,959 | €311,051 | -€117,908 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €60,775 | €50,497 | -€10,278 | -16.9% |
| Trade debts | 44 | €282,501 | €198,493 | -€84,009 | -29.7% |
| Suppliers | 440/4 | €282,501 | €198,493 | -€84,009 | -29.7% |
| Taxes, remuneration and social security | 45 | €85,426 | €61,114 | -€24,312 | -28.5% |
| Taxes | 450/3 | €18,540 | - | -€18,540 | |
| Remuneration and social security | 454/9 | €66,886 | €61,114 | -€5,772 | -8.6% |
| Other amounts payable | 47/48 | €257 | €948 | +€691 | +269% |
| Non-recurring operating income | 76A | - | €10,016 | +€10,016 | |
| Remuneration, social security and pensions | 62 | €506,014 | €584,111 | +€78,097 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,636 | €29,878 | -€3,758 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,501 | - | +€11,501 | |
| Other operating charges | 640/8 | €28,547 | €7,767 | -€20,780 | -72.8% |
| Non-recurring operating charges | 66A | - | €11,425 | +€11,425 | |
| Gross operating margin | 9900 | €603,641 | €628,146 | +€24,505 | +4.1% |
| Operating profit (loss) | 9901 | €46,945 | -€5,034 | -€51,980 | |
| Financial income | 75/76B | €17,164 | €20,392 | +€3,228 | +18.8% |
| Recurring financial income | 75 | €17,164 | €20,392 | +€3,228 | +18.8% |
| Financial charges | 65/66B | €18,729 | €9,321 | -€9,408 | -50.2% |
| Recurring financial charges | 65 | €18,358 | €8,835 | -€9,523 | -51.9% |
| Non-recurring financial charges | 66B | €371 | €486 | +€115 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €45,380 | €6,037 | -€39,343 | -86.7% |
| Transfer from deferred taxes | 780 | €792 | €2,235 | +€1,443 | +182% |
| Income taxes | 67/77 | €16,819 | €11,135 | -€5,684 | -33.8% |
| Profit (loss) for the period | 9904 | €29,353 | -€2,863 | -€32,216 | |
| Transfer from tax-exempt reserves | 789 | €1,676 | €6,705 | +€5,029 | +300% |
| Profit (loss) for the period to be appropriated | 9905 | €31,030 | €3,842 | -€27,188 | -87.6% |
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 25 October 2026 via checked.be.