D.G.V.G.: 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.
D.G.V.G.
Largest movements
- Tangible fixed assets -€66,879
down €66,879 (-3.9%), from €1.7m to €1.7m
of which Land and buildings: -€75,040
- Cash -€37,912
down €37,912 (-64.5%), from €58,795 to €20,883
mainly Contributions, distributions and other (-€261,281) and Debts after one year (-€108,465)
- Other debts +€261,281
new in 2025: €261,281
- Reserves -€198,750
down €198,750 (-24.3%), from €816,924 to €618,174
of which Distributable reserves: -€187,356
- Debts after one year -€108,465
down €108,465 (-29.1%), from €372,890 to €264,425
- Gross operating margin -€81,923
down €81,923 (-25.5%), from €321,349 to €239,426
- Taxes -€28,594
down €28,594 (-46.1%), from €61,984 to €33,391
- Other operating charges +€5,912
up €5,912 (+21.8%), from €27,155 to €33,067
- Financial charges -€3,380
down €3,380 (-18.9%), from €17,914 to €14,534
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 | €1,806,880 | €1,720,320 | -€86,560 | -4.8% |
| Fixed assets | 21/28 | €1,736,653 | €1,669,774 | -€66,879 | -3.9% |
| Tangible fixed assets | 22/27 | €1,736,653 | €1,669,774 | -€66,879 | -3.9% |
| Land and buildings | 22 | €1,710,357 | €1,635,316 | -€75,040 | -4.4% |
| Other tangible fixed assets | 26 | €26,296 | €34,458 | +€8,162 | +31.0% |
| Current assets | 29/58 | €70,227 | €50,546 | -€19,681 | -28.0% |
| Amounts receivable within one year | 40/41 | €7,291 | €21,887 | +€14,595 | +200% |
| Trade receivables | 40 | €6,870 | €1,556 | -€5,314 | -77.4% |
| Other amounts receivable | 41 | €421 | €20,331 | +€19,909 | +4,727% |
| Cash at bank and in hand | 54/58 | €58,795 | €20,883 | -€37,912 | -64.5% |
| Deferred charges and accrued income | 490/1 | €4,141 | €7,777 | +€3,636 | +87.8% |
| Total equity and liabilities | 10/49 | €1,806,880 | €1,720,320 | -€86,560 | -4.8% |
| Equity | 10/15 | €1,208,774 | €1,010,024 | -€198,750 | -16.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €816,924 | €618,174 | -€198,750 | -24.3% |
| Tax-exempt reserves | 132 | €209,472 | €198,077 | -€11,394 | -5.4% |
| Distributable reserves | 133 | €607,452 | €420,097 | -€187,356 | -30.8% |
| Profit (loss) carried forward | 14 | €373,250 | €373,250 | = | 0.0% |
| Provisions and deferred taxes | 16 | €76,484 | €72,316 | -€4,168 | -5.4% |
| Deferred taxes | 168 | €76,484 | €72,316 | -€4,168 | -5.4% |
| Amounts payable | 17/49 | €521,622 | €637,980 | +€116,358 | +22.3% |
| Amounts payable after more than one year | 17 | €372,890 | €264,425 | -€108,465 | -29.1% |
| Financial debts | 170/4 | €372,890 | €264,425 | -€108,465 | -29.1% |
| Amounts payable within one year | 42/48 | €147,687 | €372,400 | +€224,713 | +152% |
| Current portion of amounts payable after more than one year | 42 | €124,515 | €108,465 | -€16,050 | -12.9% |
| Trade debts | 44 | €6,186 | €2,654 | -€3,533 | -57.1% |
| Suppliers | 440/4 | €6,186 | €2,654 | -€3,533 | -57.1% |
| Taxes, remuneration and social security | 45 | €16,986 | €0 | -€16,986 | -100% |
| Taxes | 450/3 | €16,986 | €0 | -€16,986 | -100% |
| Other amounts payable | 47/48 | - | €261,281 | +€261,281 | |
| Accrued charges and deferred income | 492/3 | €1,045 | €1,155 | +€110 | +10.6% |
| Non-recurring operating income | 76A | €94,226 | €0 | -€94,226 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,429 | €100,071 | -€1,358 | -1.3% |
| Other operating charges | 640/8 | €27,155 | €33,067 | +€5,912 | +21.8% |
| Gross operating margin | 9900 | €321,349 | €239,426 | -€81,923 | -25.5% |
| Operating profit (loss) | 9901 | €192,765 | €106,289 | -€86,477 | -44.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €17,914 | €14,534 | -€3,380 | -18.9% |
| Recurring financial charges | 65 | €17,914 | €14,534 | -€3,380 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €174,851 | €91,754 | -€83,097 | -47.5% |
| Transfer from deferred taxes | 780 | €4,168 | €4,168 | = | 0.0% |
| Income taxes | 67/77 | €61,984 | €33,391 | -€28,594 | -46.1% |
| Profit (loss) for the period | 9904 | €117,035 | €62,532 | -€54,503 | -46.6% |
| Transfer from tax-exempt reserves | 789 | €11,394 | €11,394 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,429 | €73,926 | -€54,503 | -42.4% |
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 21 October 2026 via checked.be.