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
- Tangible fixed assets -€11,101
down €11,101 (-9.8%), from €112,975 to €101,874
of which Furniture and vehicles: -€15,187
- Cash +€10,409
up €10,409 (+20.8%), from €50,037 to €60,446
mainly Net result for the year (+€56,083) and Depreciation (+€38,540)
- Receivables within one year +€5,509
up €5,509 (+11.3%), from €48,580 to €54,089
of which Trade receivables: +€16,492
- Reserves +€26,083
up €26,083 (+24.6%), from €106,032 to €132,115
- Debts after one year -€18,375
down €18,375 (-46.1%), from €39,856 to €21,481
- Trade debts +€17,822
up €17,822 (+54.1%), from €32,932 to €50,754
- Tax, wage and social debts -€12,738
down €12,738 (-98.5%), from €12,936 to €198
of which Taxes: -€8,351
- Current portion of long-term debt -€12,397
down €12,397 (-41.0%), from €30,228 to €17,831
- Gross operating margin +€12,199
up €12,199 (+11.2%), from €109,005 to €121,204
- Staff costs -€11,295
down €11,295 (-89.6%), from €12,604 to €1,310
- Depreciation +€4,142
up €4,142 (+12.0%), from €34,398 to €38,540
- Taxes +€3,668
up €3,668 (+24.0%), from €15,279 to €18,947
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 | €227,320 | €228,259 | +€939 | +0.4% |
| Fixed assets | 21/28 | €113,132 | €101,881 | -€11,251 | -9.9% |
| Intangible fixed assets | 21 | €157 | €7 | -€150 | -95.5% |
| Tangible fixed assets | 22/27 | €112,975 | €101,874 | -€11,101 | -9.8% |
| Plant, machinery and equipment | 23 | €24,594 | €17,163 | -€7,431 | -30.2% |
| Furniture and vehicles | 24 | €67,096 | €51,909 | -€15,187 | -22.6% |
| Leasing and similar rights | 25 | €7,630 | €1,400 | -€6,231 | -81.7% |
| Other tangible fixed assets | 26 | €13,655 | €31,402 | +€17,747 | +130.0% |
| Current assets | 29/58 | €114,188 | €126,378 | +€12,190 | +10.7% |
| Stocks and contracts in progress | 3 | €10,774 | €8,762 | -€2,012 | -18.7% |
| Stocks | 30/36 | €10,774 | €8,762 | -€2,012 | -18.7% |
| Amounts receivable within one year | 40/41 | €48,580 | €54,089 | +€5,509 | +11.3% |
| Trade receivables | 40 | €18,408 | €34,900 | +€16,492 | +89.6% |
| Other amounts receivable | 41 | €30,172 | €19,189 | -€10,983 | -36.4% |
| Cash at bank and in hand | 54/58 | €50,037 | €60,446 | +€10,409 | +20.8% |
| Deferred charges and accrued income | 490/1 | €4,796 | €3,081 | -€1,715 | -35.8% |
| Total equity and liabilities | 10/49 | €227,320 | €228,259 | +€939 | +0.4% |
| Equity | 10/15 | €108,432 | €134,515 | +€26,083 | +24.1% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Reserves | 13 | €106,032 | €132,115 | +€26,083 | +24.6% |
| Distributable reserves | 133 | €106,032 | €132,115 | +€26,083 | +24.6% |
| Amounts payable | 17/49 | €118,888 | €93,744 | -€25,144 | -21.1% |
| Amounts payable after more than one year | 17 | €39,856 | €21,481 | -€18,375 | -46.1% |
| Financial debts | 170/4 | €39,856 | €21,481 | -€18,375 | -46.1% |
| Amounts payable within one year | 42/48 | €76,096 | €68,783 | -€7,313 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €30,228 | €17,831 | -€12,397 | -41.0% |
| Trade debts | 44 | €32,932 | €50,754 | +€17,822 | +54.1% |
| Suppliers | 440/4 | €32,932 | €50,754 | +€17,822 | +54.1% |
| Taxes, remuneration and social security | 45 | €12,936 | €198 | -€12,738 | -98.5% |
| Taxes | 450/3 | €8,538 | €187 | -€8,351 | -97.8% |
| Remuneration and social security | 454/9 | €4,398 | €10 | -€4,387 | -99.8% |
| Accrued charges and deferred income | 492/3 | €2,936 | €3,480 | +€544 | +18.5% |
| Non-recurring operating income | 76A | €8,644 | - | -€8,644 | |
| Remuneration, social security and pensions | 62 | €12,604 | €1,310 | -€11,295 | -89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,398 | €38,540 | +€4,142 | +12.0% |
| Other operating charges | 640/8 | €1,072 | €1,447 | +€375 | +35.0% |
| Gross operating margin | 9900 | €109,005 | €121,204 | +€12,199 | +11.2% |
| Operating profit (loss) | 9901 | €60,930 | €79,907 | +€18,977 | +31.1% |
| Financial income | 75/76B | €1,280 | €1,177 | -€104 | -8.1% |
| Recurring financial income | 75 | €1,280 | €1,177 | -€104 | -8.1% |
| Financial charges | 65/66B | €5,560 | €6,054 | +€494 | +8.9% |
| Recurring financial charges | 65 | €5,560 | €6,054 | +€494 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €56,650 | €75,030 | +€18,379 | +32.4% |
| Income taxes | 67/77 | €15,279 | €18,947 | +€3,668 | +24.0% |
| Profit (loss) for the period | 9904 | €41,372 | €56,083 | +€14,711 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,372 | €56,083 | +€14,711 | +35.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.