D.E.R.C.A.: 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.
D.E.R.C.A.
Largest movements
- Cash -€14,298
down €14,298 (-24.0%), from €59,505 to €45,207
mainly Net result for the year (-€17,431) and Stocks and contracts (-€11,903)
- Stocks and contracts +€11,903
new in 2025: €11,903
- Profit (loss) carried forward -€17,431
down €17,431 (-13.5%), from €128,799 to €111,368
- Trade debts +€13,167
up €13,167 (+446.3%), from €2,950 to €16,116
- Gross operating margin -€58,524
down €58,524, from €50,687 to -€7,837
- Write-downs -€20,433
no longer reported in 2025 (was €20,433)
- Taxes -€9,240
down €9,240, from €9,079 to -€160
- Depreciation +€2,446
up €2,446 (+96.4%), from €2,537 to €4,983
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 | €189,919 | €185,608 | -€4,311 | -2.3% |
| Fixed assets | 21/28 | €3,225 | €1,548 | -€1,677 | -52.0% |
| Tangible fixed assets | 22/27 | €3,225 | €1,548 | -€1,677 | -52.0% |
| Plant, machinery and equipment | 23 | €3,225 | €1,548 | -€1,677 | -52.0% |
| Current assets | 29/58 | €186,694 | €184,060 | -€2,634 | -1.4% |
| Stocks and contracts in progress | 3 | - | €11,903 | +€11,903 | |
| Stocks | 30/36 | - | €11,903 | +€11,903 | |
| Amounts receivable within one year | 40/41 | €126,050 | €126,384 | +€334 | +0.3% |
| Trade receivables | 40 | €114,111 | €113,273 | -€838 | -0.7% |
| Other amounts receivable | 41 | €11,939 | €13,111 | +€1,172 | +9.8% |
| Cash at bank and in hand | 54/58 | €59,505 | €45,207 | -€14,298 | -24.0% |
| Deferred charges and accrued income | 490/1 | €1,139 | €565 | -€574 | -50.4% |
| Total equity and liabilities | 10/49 | €189,919 | €185,608 | -€4,311 | -2.3% |
| Equity | 10/15 | €157,666 | €140,235 | -€17,431 | -11.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €22,667 | €22,667 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,807 | €20,807 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,799 | €111,368 | -€17,431 | -13.5% |
| Amounts payable | 17/49 | €32,253 | €45,372 | +€13,120 | +40.7% |
| Amounts payable within one year | 42/48 | €32,253 | €45,372 | +€13,120 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €6,500 | €6,500 | = | 0.0% |
| Trade debts | 44 | €2,950 | €16,116 | +€13,167 | +446.3% |
| Suppliers | 440/4 | €2,950 | €16,116 | +€13,167 | +446.3% |
| Advances received on contracts in progress | 46 | €4,208 | €4,208 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,263 | €6,216 | -€47 | -0.8% |
| Taxes | 450/3 | €3,331 | €2,490 | -€841 | -25.2% |
| Remuneration and social security | 454/9 | €2,932 | €3,726 | +€794 | +27.1% |
| Other amounts payable | 47/48 | €12,332 | €12,332 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,537 | €4,983 | +€2,446 | +96.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,433 | - | -€20,433 | |
| Other operating charges | 640/8 | €723 | €839 | +€115 | +15.9% |
| Gross operating margin | 9900 | €50,687 | -€7,837 | -€58,524 | |
| Operating profit (loss) | 9901 | €26,994 | -€13,659 | -€40,653 | |
| Financial charges | 65/66B | €3,480 | €3,933 | +€453 | +13.0% |
| Recurring financial charges | 65 | €3,480 | €3,933 | +€453 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €23,515 | -€17,591 | -€41,106 | |
| Income taxes | 67/77 | €9,079 | -€160 | -€9,240 | |
| Profit (loss) for the period | 9904 | €14,435 | -€17,431 | -€31,866 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,435 | -€17,431 | -€31,866 |
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 6 October 2026 via checked.be.