Drednot: what changed
What changed
Drednot
NACE 68.204, Real estate activities
filed annual accounts (NBB)
Net result for the year
€483,934
2025 · €70,749+€413,185
Equity
€2.0m
2025 · €1.5m+€483,934
Cash
€29,346
2025 · €119,533-€90,187
Balance sheet total
€3.9m
2025 · €1.6m+€2.4m
Largest movements
Assets
- Stocks and contracts +€2.7m
new in 2026: €2.7m
- Tangible fixed assets -€202,067
down €202,067 (-20.6%), from €980,877 to €778,810
of which Land and buildings: -€200,301
- Cash -€90,187
down €90,187 (-75.4%), from €119,533 to €29,346
mainly Stocks and contracts (-€2.7m) and Trade debts (-€27,856)
Equity and liabilities
- Debts after one year +€1.6m
new in 2026: €1.6m
- Reserves +€483,934
up €483,934 (+32.8%), from €1.5m to €2.0m
of which Tax-exempt reserves: +€269,198
- Other debts +€200,000
up €200,000, from €0 to €200,000
- Provisions +€128,324
new in 2026: €128,324
Income statement
- Gross operating margin +€557,687
up €557,687 (+308%), from €181,055 to €738,743
- Write-downs +€14,232
new in 2026: €14,232
- Depreciation -€7,798
down €7,798 (-10.7%), from €73,162 to €65,365
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€70,749
Gross operating margin
+€557,687
Depreciation
+€7,798
Write-downs
-€14,232
Other operating charges
-€7,107
Financial income
+€2,906
Financial charges
+€257
Taxes
-€5,800
Deferred taxes and other
-€128,324
Result 2026
€483,934
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€1.8m
Investment
+€136,702
Financing
+€1.6m
Cash 2025
€119,533
From operations (derived)
-€1.8m
Net result for the year
+€483,934
Depreciation
+€65,365
Stocks and contracts
-€2.7m
Receivables within one year
+€28,063
Smaller working-capital items
+€1,906
Provisions
+€128,324
Trade debts
-€27,856
Other debts
+€200,000
Investment (derived)
+€136,702
Investment in fixed assets (net)
+€136,702
Financing
+€1.6m
Debts after one year
+€1.6m
Cash 2026
€29,346
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,560,324 | €3,940,404 | +€2.4m | +153% |
| Fixed assets | 21/28 | €980,877 | €778,810 | -€202,067 | -20.6% |
| Tangible fixed assets | 22/27 | €980,877 | €778,810 | -€202,067 | -20.6% |
| Land and buildings | 22 | €971,899 | €771,598 | -€200,301 | -20.6% |
| Plant, machinery and equipment | 23 | €8,978 | €7,212 | -€1,766 | -19.7% |
| Current assets | 29/58 | €579,447 | €3,161,594 | +€2.6m | +446% |
| Stocks and contracts in progress | 3 | - | €2,706,626 | +€2.7m | |
| Stocks | 30/36 | - | €2,706,626 | +€2.7m | |
| Amounts receivable within one year | 40/41 | €34,808 | €6,745 | -€28,063 | -80.6% |
| Trade receivables | 40 | €19,789 | €5,647 | -€14,142 | -71.5% |
| Other amounts receivable | 41 | €15,019 | €1,098 | -€13,921 | -92.7% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €119,533 | €29,346 | -€90,187 | -75.4% |
| Deferred charges and accrued income | 490/1 | €25,106 | €18,877 | -€6,228 | -24.8% |
| Total equity and liabilities | 10/49 | €1,560,324 | €3,940,404 | +€2.4m | +153% |
| Equity | 10/15 | €1,515,674 | €1,999,608 | +€483,934 | +31.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,475,674 | €1,959,608 | +€483,934 | +32.8% |
| Tax-exempt reserves | 132 | €199,975 | €469,173 | +€269,198 | +135% |
| Distributable reserves | 133 | €1,275,699 | €1,490,435 | +€214,736 | +16.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €128,324 | +€128,324 | |
| Deferred taxes | 168 | - | €128,324 | +€128,324 | |
| Amounts payable | 17/49 | €44,650 | €1,812,472 | +€1.8m | +3,959% |
| Amounts payable after more than one year | 17 | - | €1,600,000 | +€1.6m | |
| Financial debts | 170/4 | - | €1,600,000 | +€1.6m | |
| Amounts payable within one year | 42/48 | €44,650 | €212,472 | +€167,822 | +376% |
| Trade debts | 44 | €38,825 | €10,969 | -€27,856 | -71.7% |
| Suppliers | 440/4 | €38,825 | €10,969 | -€27,856 | -71.7% |
| Taxes, remuneration and social security | 45 | €5,825 | €1,503 | -€4,322 | -74.2% |
| Taxes | 450/3 | €5,825 | €1,503 | -€4,322 | -74.2% |
| Other amounts payable | 47/48 | €0 | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €513,298 | +€513,298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,162 | €65,365 | -€7,798 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,232 | +€14,232 | |
| Other operating charges | 640/8 | €20,213 | €27,320 | +€7,107 | +35.2% |
| Gross operating margin | 9900 | €181,055 | €738,743 | +€557,687 | +308% |
| Operating profit (loss) | 9901 | €87,680 | €631,826 | +€544,146 | +621% |
| Financial income | 75/76B | €12,215 | €15,120 | +€2,906 | +23.8% |
| Recurring financial income | 75 | €12,215 | €15,120 | +€2,906 | +23.8% |
| Financial charges | 65/66B | €1,781 | €1,523 | -€257 | -14.4% |
| Recurring financial charges | 65 | €1,781 | €1,523 | -€257 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €98,114 | €645,422 | +€547,309 | +558% |
| Transfer to deferred taxes | 680 | - | €128,324 | +€128,324 | |
| Income taxes | 67/77 | €27,365 | €33,164 | +€5,800 | +21.2% |
| Profit (loss) for the period | 9904 | €70,749 | €483,934 | +€413,185 | +584% |
| Transfer from tax-exempt reserves | 789 | €0 | €115,775 | +€115,775 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €384,973 | +€342,873 | +814% |
| Profit (loss) for the period to be appropriated | 9905 | €28,649 | €214,736 | +€186,086 | +650% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.