D&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&V
Largest movements
- Stocks and contracts +€1.9m
new in 2025: €1.9m
- Receivables within one year -€178,416
down €178,416 (-36.8%), from €484,458 to €306,042
of which Trade receivables: -€167,750
- Cash +€112,836
up €112,836 (+51.6%), from €218,611 to €331,447
mainly Other debts (+€1.8m) and Receivables within one year (+€178,416)
- Other debts +€1.8m
up €1.8m (+148.2%), from €1.2m to €3.1m
- Trade debts -€97,388
down €97,388 (-92.4%), from €105,388 to €8,000
- Reserves +€56,518
new in 2025: €56,518
- Financial income +€1,763
up €1,763 (+38.7%), from €4,557 to €6,321
- Depreciation +€1,231
up €1,231 (+44.4%), from €2,774 to €4,005
- Gross operating margin -€988
down €988 (-1.3%), from €73,484 to €72,497
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 | €1,364,114 | €3,149,268 | +€1.8m | +130.9% |
| Fixed assets | 21/28 | €12,147 | €8,142 | -€4,005 | -33.0% |
| Tangible fixed assets | 22/27 | €12,147 | €8,142 | -€4,005 | -33.0% |
| Furniture and vehicles | 24 | €12,147 | €8,142 | -€4,005 | -33.0% |
| Current assets | 29/58 | €1,351,966 | €3,141,126 | +€1.8m | +132.3% |
| Amounts receivable after more than one year | 29 | €600,000 | €600,000 | = | 0.0% |
| Other amounts receivable | 291 | €600,000 | €600,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €1,870,281 | +€1.9m | |
| Stocks | 30/36 | - | €1,870,281 | +€1.9m | |
| Amounts receivable within one year | 40/41 | €484,458 | €306,042 | -€178,416 | -36.8% |
| Trade receivables | 40 | €464,550 | €296,800 | -€167,750 | -36.1% |
| Other amounts receivable | 41 | €19,908 | €9,242 | -€10,666 | -53.6% |
| Cash at bank and in hand | 54/58 | €218,611 | €331,447 | +€112,836 | +51.6% |
| Deferred charges and accrued income | 490/1 | €48,897 | €33,355 | -€15,542 | -31.8% |
| Total equity and liabilities | 10/49 | €1,364,114 | €3,149,268 | +€1.8m | +130.9% |
| Equity | 10/15 | €18,600 | €75,118 | +€56,518 | +303.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €56,518 | +€56,518 | |
| Distributable reserves | 133 | - | €56,518 | +€56,518 | |
| Amounts payable | 17/49 | €1,345,514 | €3,074,149 | +€1.7m | +128.5% |
| Amounts payable within one year | 42/48 | €1,345,514 | €3,074,149 | +€1.7m | +128.5% |
| Trade debts | 44 | €105,388 | €8,000 | -€97,388 | -92.4% |
| Suppliers | 440/4 | €105,388 | €8,000 | -€97,388 | -92.4% |
| Taxes, remuneration and social security | 45 | €5,130 | €1,162 | -€3,968 | -77.3% |
| Taxes | 450/3 | €5,130 | €1,162 | -€3,968 | -77.3% |
| Other amounts payable | 47/48 | €1,234,995 | €3,064,987 | +€1.8m | +148.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,774 | €4,005 | +€1,231 | +44.4% |
| Other operating charges | 640/8 | €1,576 | €1,612 | +€36 | +2.3% |
| Gross operating margin | 9900 | €73,484 | €72,497 | -€988 | -1.3% |
| Operating profit (loss) | 9901 | €69,134 | €66,880 | -€2,254 | -3.3% |
| Financial income | 75/76B | €4,557 | €6,321 | +€1,763 | +38.7% |
| Recurring financial income | 75 | €4,557 | €6,321 | +€1,763 | +38.7% |
| Financial charges | 65/66B | €483 | €591 | +€108 | +22.3% |
| Recurring financial charges | 65 | €483 | €591 | +€108 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €73,208 | €72,609 | -€599 | -0.8% |
| Income taxes | 67/77 | €15,592 | €15,258 | -€334 | -2.1% |
| Profit (loss) for the period | 9904 | €57,616 | €57,351 | -€265 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,616 | €57,351 | -€265 | -0.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.