D.N.V.: 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.N.V.
Largest movements
- Cash -€52,861
down €52,861 (-75.2%), from €70,313 to €17,453
mainly Trade debts (-€139,545) and Receivables within one year (-€34,945)
- Receivables within one year +€34,945
up €34,945 (+10.5%), from €331,367 to €366,312
of which Trade receivables: +€61,135
- Tangible fixed assets -€21,609
down €21,609 (-56.1%), from €38,547 to €16,938
of which Plant, machinery and equipment: -€17,771
- Trade debts -€139,545
down €139,545 (-40.1%), from €347,963 to €208,418
- Advances received +€67,782
up €67,782 (+23.3%), from €291,133 to €358,915
- Short-term financial debts +€55,221
up €55,221 (+550%), from €10,045 to €65,266
of which Other loans: +€56,029
- Current portion of long-term debt -€31,402
no longer reported in 2025 (was €31,402)
- Staff costs -€54,853
down €54,853 (-33.9%), from €161,645 to €106,792
- Gross operating margin +€19,564
up €19,564 (+11.0%), from €177,804 to €197,368
- Other operating charges -€7,820
down €7,820 (-34.8%), from €22,454 to €14,634
- Financial charges -€2,216
down €2,216 (-4.3%), from €51,535 to €49,319
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 | €804,801 | €771,522 | -€33,279 | -4.1% |
| Fixed assets | 21/28 | €44,547 | €22,938 | -€21,609 | -48.5% |
| Tangible fixed assets | 22/27 | €38,547 | €16,938 | -€21,609 | -56.1% |
| Plant, machinery and equipment | 23 | €30,243 | €12,472 | -€17,771 | -58.8% |
| Furniture and vehicles | 24 | €5,091 | €1,677 | -€3,414 | -67.1% |
| Other tangible fixed assets | 26 | €3,213 | €2,789 | -€424 | -13.2% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €760,254 | €748,584 | -€11,670 | -1.5% |
| Stocks and contracts in progress | 3 | €358,298 | €363,659 | +€5,361 | +1.5% |
| Stocks | 30/36 | €358,298 | €363,659 | +€5,361 | +1.5% |
| Amounts receivable within one year | 40/41 | €331,367 | €366,312 | +€34,945 | +10.5% |
| Trade receivables | 40 | €246,958 | €308,093 | +€61,135 | +24.8% |
| Other amounts receivable | 41 | €84,410 | €58,220 | -€26,190 | -31.0% |
| Cash at bank and in hand | 54/58 | €70,313 | €17,453 | -€52,861 | -75.2% |
| Deferred charges and accrued income | 490/1 | €275 | €1,160 | +€885 | +321% |
| Total equity and liabilities | 10/49 | €804,801 | €771,522 | -€33,279 | -4.1% |
| Equity | 10/15 | -€11,481 | -€3,458 | +€8,023 | +69.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,681 | -€9,658 | +€8,023 | +45.4% |
| Amounts payable | 17/49 | €816,282 | €774,980 | -€41,302 | -5.1% |
| Amounts payable within one year | 42/48 | €816,282 | €774,980 | -€41,302 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €31,402 | - | -€31,402 | |
| Financial debts | 43 | €10,045 | €65,266 | +€55,221 | +550% |
| Credit institutions | 430/8 | €10,045 | €9,237 | -€808 | -8.0% |
| Other loans | 439 | - | €56,029 | +€56,029 | |
| Trade debts | 44 | €347,963 | €208,418 | -€139,545 | -40.1% |
| Suppliers | 440/4 | €347,963 | €208,418 | -€139,545 | -40.1% |
| Advances received on contracts in progress | 46 | €291,133 | €358,915 | +€67,782 | +23.3% |
| Taxes, remuneration and social security | 45 | €125,739 | €127,274 | +€1,535 | +1.2% |
| Taxes | 450/3 | €111,116 | €114,741 | +€3,625 | +3.3% |
| Remuneration and social security | 454/9 | €14,623 | €12,533 | -€2,090 | -14.3% |
| Other amounts payable | 47/48 | €10,000 | €15,108 | +€5,108 | +51.1% |
| Remuneration, social security and pensions | 62 | €161,645 | €106,792 | -€54,853 | -33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,925 | €23,124 | -€801 | -3.3% |
| Other operating charges | 640/8 | €22,454 | €14,634 | -€7,820 | -34.8% |
| Gross operating margin | 9900 | €177,804 | €197,368 | +€19,564 | +11.0% |
| Operating profit (loss) | 9901 | -€30,220 | €52,818 | +€83,038 | |
| Financial income | 75/76B | €5,113 | €4,695 | -€419 | -8.2% |
| Recurring financial income | 75 | €5,113 | €4,695 | -€419 | -8.2% |
| Financial charges | 65/66B | €51,535 | €49,319 | -€2,216 | -4.3% |
| Recurring financial charges | 65 | €51,535 | €49,319 | -€2,216 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€76,642 | €8,193 | +€84,835 | |
| Income taxes | 67/77 | €170 | €170 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€76,812 | €8,023 | +€84,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,812 | €8,023 | +€84,835 |
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 18 October 2026 via checked.be.