D.J.V.: 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.J.V.
Largest movements
- Deferred charges and accrued income -€44,679
down €44,679 (-95.3%), from €46,871 to €2,192
- Receivables within one year +€17,631
up €17,631 (+49.4%), from €35,715 to €53,346
- Tangible fixed assets -€14,656
down €14,656 (-9.3%), from €157,914 to €143,258
of which Land and buildings: -€9,923
- Stocks and contracts +€12,749
up €12,749 (+33.8%), from €37,746 to €50,495
- Cash -€7,367
down €7,367 (-69.6%), from €10,590 to €3,223
mainly Receivables within one year (-€17,631) and Debts after one year (-€17,353)
- Debts after one year -€17,353
down €17,353 (-15.5%), from €111,772 to €94,419
- Trade debts -€16,160
down €16,160 (-26.0%), from €62,157 to €45,997
- Gross operating margin +€3,944
up €3,944 (+2.7%), from €148,477 to €152,422
- Financial income -€3,059
down €3,059 (-99.6%), from €3,072 to €13
of which Non-recurring financial income: -€2,054
- Depreciation +€2,394
up €2,394 (+15.6%), from €15,317 to €17,711
- Write-downs -€2,103
no longer reported in 2025 (was €2,103)
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 | €288,886 | €252,564 | -€36,322 | -12.6% |
| Fixed assets | 21/28 | €157,964 | €143,308 | -€14,656 | -9.3% |
| Tangible fixed assets | 22/27 | €157,914 | €143,258 | -€14,656 | -9.3% |
| Land and buildings | 22 | €125,666 | €115,743 | -€9,923 | -7.9% |
| Plant, machinery and equipment | 23 | €10,096 | €10,064 | -€33 | -0.3% |
| Furniture and vehicles | 24 | €22,152 | €17,452 | -€4,700 | -21.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €130,922 | €109,256 | -€21,666 | -16.5% |
| Stocks and contracts in progress | 3 | €37,746 | €50,495 | +€12,749 | +33.8% |
| Stocks | 30/36 | €37,746 | €50,495 | +€12,749 | +33.8% |
| Amounts receivable within one year | 40/41 | €35,715 | €53,346 | +€17,631 | +49.4% |
| Trade receivables | 40 | €35,715 | €53,346 | +€17,631 | +49.4% |
| Cash at bank and in hand | 54/58 | €10,590 | €3,223 | -€7,367 | -69.6% |
| Deferred charges and accrued income | 490/1 | €46,871 | €2,192 | -€44,679 | -95.3% |
| Total equity and liabilities | 10/49 | €288,886 | €252,564 | -€36,322 | -12.6% |
| Equity | 10/15 | €74,433 | €74,621 | +€188 | +0.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €12,460 | €12,647 | +€188 | +1.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €6,262 | €6,450 | +€188 | +3.0% |
| Amounts payable | 17/49 | €214,452 | €177,943 | -€36,510 | -17.0% |
| Amounts payable after more than one year | 17 | €111,772 | €94,419 | -€17,353 | -15.5% |
| Financial debts | 170/4 | €111,772 | €94,419 | -€17,353 | -15.5% |
| Amounts payable within one year | 42/48 | €102,681 | €83,524 | -€19,157 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €19,034 | €18,125 | -€910 | -4.8% |
| Trade debts | 44 | €62,157 | €45,997 | -€16,160 | -26.0% |
| Suppliers | 440/4 | €62,157 | €45,997 | -€16,160 | -26.0% |
| Advances received on contracts in progress | 46 | €286 | - | -€286 | |
| Taxes, remuneration and social security | 45 | €21,028 | €19,227 | -€1,801 | -8.6% |
| Taxes | 450/3 | €7,164 | €7,293 | +€129 | +1.8% |
| Remuneration and social security | 454/9 | €13,865 | €11,934 | -€1,931 | -13.9% |
| Other amounts payable | 47/48 | €176 | €176 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €126,536 | €127,652 | +€1,116 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,317 | €17,711 | +€2,394 | +15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,103 | - | -€2,103 | |
| Other operating charges | 640/8 | €2,541 | €2,853 | +€312 | +12.3% |
| Non-recurring operating charges | 66A | €1,763 | €162 | -€1,600 | -90.8% |
| Gross operating margin | 9900 | €148,477 | €152,422 | +€3,944 | +2.7% |
| Operating profit (loss) | 9901 | €217 | €4,043 | +€3,827 | +1766.5% |
| Financial income | 75/76B | €3,072 | €13 | -€3,059 | -99.6% |
| Recurring financial income | 75 | €1,018 | €13 | -€1,005 | -98.7% |
| Non-recurring financial income | 76B | €2,054 | - | -€2,054 | |
| Financial charges | 65/66B | €3,025 | €3,728 | +€703 | +23.2% |
| Recurring financial charges | 65 | €3,025 | €3,728 | +€703 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €263 | €328 | +€65 | +24.6% |
| Income taxes | 67/77 | €133 | €140 | +€7 | +5.4% |
| Profit (loss) for the period | 9904 | €130 | €188 | +€57 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130 | €188 | +€57 | +44.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.