D.O.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.O.V.
Largest movements
- Receivables within one year +€426,896
up €426,896 (+502%), from €85,112 to €512,008
of which Trade receivables: +€419,161
- Stocks and contracts -€282,482
down €282,482 (-36.0%), from €784,732 to €502,250
- Cash +€243,064
up €243,064 (+590%), from €41,213 to €284,277
mainly Stocks and contracts (+€282,482) and Net result for the year (+€185,768)
- Tangible fixed assets -€33,059
down €33,059 (-2.7%), from €1.2m to €1.2m
of which Land and buildings: -€45,159
- Trade debts +€179,017
up €179,017 (+385%), from €46,555 to €225,572
- Tax, wage and social debts +€149,259
up €149,259 (+1,728%), from €8,637 to €157,896
of which Taxes: +€141,598
- Debts after one year -€53,718
down €53,718 (-9.6%), from €560,933 to €507,215
- Short-term financial debts +€50,000
up €50,000, from €0 to €50,000
- Reserves +€37,579
up €37,579 (+2.2%), from €1.7m to €1.7m
of which Distributable reserves: +€39,439
- Gross operating margin +€185,888
up €185,888 (+54.7%), from €339,991 to €525,879
- Taxes +€57,256
up €57,256 (+132%), from €43,416 to €100,672
- Depreciation +€23,566
up €23,566 (+19.0%), from €124,028 to €147,594
- Other operating charges +€12,792
up €12,792 (+1,458%), from €877 to €13,669
- Staff costs +€8,830
up €8,830 (+19.5%), from €45,333 to €54,163
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 | €2,397,657 | €2,751,311 | +€353,654 | +14.7% |
| Fixed assets | 21/28 | €1,212,376 | €1,179,317 | -€33,059 | -2.7% |
| Tangible fixed assets | 22/27 | €1,212,156 | €1,179,097 | -€33,059 | -2.7% |
| Land and buildings | 22 | €911,042 | €865,883 | -€45,159 | -5.0% |
| Plant, machinery and equipment | 23 | €654 | €12,211 | +€11,557 | +1,766% |
| Furniture and vehicles | 24 | €300,459 | €301,003 | +€544 | +0.2% |
| Financial fixed assets | 28 | €220 | €220 | = | 0.0% |
| Current assets | 29/58 | €1,185,281 | €1,571,995 | +€386,713 | +32.6% |
| Amounts receivable after more than one year | 29 | €270,000 | €270,000 | = | 0.0% |
| Other amounts receivable | 291 | €270,000 | €270,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €784,732 | €502,250 | -€282,482 | -36.0% |
| Stocks | 30/36 | €784,732 | €502,250 | -€282,482 | -36.0% |
| Amounts receivable within one year | 40/41 | €85,112 | €512,008 | +€426,896 | +502% |
| Trade receivables | 40 | €78,528 | €497,689 | +€419,161 | +534% |
| Other amounts receivable | 41 | €6,584 | €14,319 | +€7,735 | +117% |
| Cash at bank and in hand | 54/58 | €41,213 | €284,277 | +€243,064 | +590% |
| Deferred charges and accrued income | 490/1 | €4,225 | €3,459 | -€765 | -18.1% |
| Total equity and liabilities | 10/49 | €2,397,657 | €2,751,311 | +€353,654 | +14.7% |
| Equity | 10/15 | €1,719,332 | €1,756,911 | +€37,579 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,700,732 | €1,738,311 | +€37,579 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,680,122 | €1,719,561 | +€39,439 | +2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €678,325 | €994,401 | +€316,075 | +46.6% |
| Amounts payable after more than one year | 17 | €560,933 | €507,215 | -€53,718 | -9.6% |
| Financial debts | 170/4 | €560,933 | €507,215 | -€53,718 | -9.6% |
| Amounts payable within one year | 42/48 | €117,393 | €487,186 | +€369,793 | +315% |
| Current portion of amounts payable after more than one year | 42 | €57,228 | €53,718 | -€3,510 | -6.1% |
| Financial debts | 43 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | €0 | €50,000 | +€50,000 | |
| Trade debts | 44 | €46,555 | €225,572 | +€179,017 | +385% |
| Suppliers | 440/4 | €46,555 | €225,572 | +€179,017 | +385% |
| Taxes, remuneration and social security | 45 | €8,637 | €157,896 | +€149,259 | +1,728% |
| Taxes | 450/3 | €3,959 | €145,557 | +€141,598 | +3,577% |
| Remuneration and social security | 454/9 | €4,678 | €12,339 | +€7,661 | +164% |
| Other amounts payable | 47/48 | €4,972 | €0 | -€4,972 | -100% |
| Non-recurring operating income | 76A | €11,799 | €0 | -€11,799 | -100% |
| Remuneration, social security and pensions | 62 | €45,333 | €54,163 | +€8,830 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,028 | €147,594 | +€23,566 | +19.0% |
| Other operating charges | 640/8 | €877 | €13,669 | +€12,792 | +1,458% |
| Non-recurring operating charges | 66A | €18,619 | €0 | -€18,619 | -100% |
| Gross operating margin | 9900 | €339,991 | €525,879 | +€185,888 | +54.7% |
| Operating profit (loss) | 9901 | €151,133 | €310,452 | +€159,319 | +105% |
| Financial income | 75/76B | €7,489 | €7,805 | +€316 | +4.2% |
| Recurring financial income | 75 | €7,489 | €7,805 | +€316 | +4.2% |
| Financial charges | 65/66B | €39,332 | €31,818 | -€7,514 | -19.1% |
| Recurring financial charges | 65 | €39,332 | €31,818 | -€7,514 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €119,291 | €286,440 | +€167,149 | +140% |
| Income taxes | 67/77 | €43,416 | €100,672 | +€57,256 | +132% |
| Profit (loss) for the period | 9904 | €75,875 | €185,768 | +€109,893 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €75,875 | €185,768 | +€109,893 | +145% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.