D.V.C.+: 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.C.+
Largest movements
- Stocks and contracts -€1.4m
down €1.4m (-37.0%), from €3.8m to €2.4m
- Cash +€216,440
up €216,440 (+158.5%), from €136,579 to €353,019
mainly Stocks and contracts (+€1.4m) and Net result for the year (+€55,922)
- Tangible fixed assets +€134,970
up €134,970 (+7.7%), from €1.8m to €1.9m
of which Assets under construction and advance payments: +€139,940
- Debts after one year -€496,093
down €496,093 (-12.3%), from €4.0m to €3.5m
- Trade debts -€448,942
down €448,942 (-51.7%), from €868,952 to €420,010
- Tax, wage and social debts -€83,983
down €83,983 (-68.7%), from €122,220 to €38,237
- Gross operating margin +€82,261
up €82,261 (+29.3%), from €280,377 to €362,638
- Financial charges +€33,761
up €33,761 (+14.9%), from €226,335 to €260,096
- Taxes +€28,535
up €28,535 (+9116.6%), from €313 to €28,848
- Depreciation +€4,876
up €4,876 (+98.1%), from €4,970 to €9,846
- Other operating charges -€4,228
down €4,228 (-25.0%), from €16,933 to €12,705
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 | €5,706,203 | €4,689,355 | -€1.0m | -17.8% |
| Fixed assets | 21/28 | €1,762,770 | €1,897,740 | +€134,970 | +7.7% |
| Tangible fixed assets | 22/27 | €1,762,770 | €1,897,740 | +€134,970 | +7.7% |
| Land and buildings | 22 | €1,634,665 | €1,630,508 | -€4,157 | -0.3% |
| Plant, machinery and equipment | 23 | €2,579 | €1,994 | -€585 | -22.7% |
| Furniture and vehicles | 24 | €371 | €143 | -€228 | -61.5% |
| Assets under construction and advance payments | 27 | €125,155 | €265,095 | +€139,940 | +111.8% |
| Current assets | 29/58 | €3,943,433 | €2,791,615 | -€1.2m | -29.2% |
| Stocks and contracts in progress | 3 | €3,754,186 | €2,366,152 | -€1.4m | -37.0% |
| Stocks | 30/36 | €3,754,186 | €2,366,152 | -€1.4m | -37.0% |
| Amounts receivable within one year | 40/41 | €52,668 | €72,444 | +€19,776 | +37.5% |
| Trade receivables | 40 | €17,424 | €33,886 | +€16,462 | +94.5% |
| Other amounts receivable | 41 | €35,244 | €38,558 | +€3,314 | +9.4% |
| Cash at bank and in hand | 54/58 | €136,579 | €353,019 | +€216,440 | +158.5% |
| Total equity and liabilities | 10/49 | €5,706,203 | €4,689,355 | -€1.0m | -17.8% |
| Equity | 10/15 | €109,723 | €165,645 | +€55,922 | +51.0% |
| Contributions | 10/11 | €28,100 | €28,100 | = | 0.0% |
| Outside capital | 11 | €28,100 | €28,100 | = | 0.0% |
| Other | 1109/19 | €28,100 | €28,100 | = | 0.0% |
| Reserves | 13 | €30,911 | €86,811 | +€55,900 | +180.8% |
| Distributable reserves | 133 | €30,911 | €86,811 | +€55,900 | +180.8% |
| Profit (loss) carried forward | 14 | €50,712 | €50,734 | +€22 | 0.0% |
| Amounts payable | 17/49 | €5,596,480 | €4,523,710 | -€1.1m | -19.2% |
| Amounts payable after more than one year | 17 | €4,040,713 | €3,544,620 | -€496,093 | -12.3% |
| Financial debts | 170/4 | €4,040,713 | €3,544,620 | -€496,093 | -12.3% |
| Amounts payable within one year | 42/48 | €1,555,767 | €979,090 | -€576,677 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €8,158 | €10,345 | +€2,187 | +26.8% |
| Trade debts | 44 | €868,952 | €420,010 | -€448,942 | -51.7% |
| Suppliers | 440/4 | €868,952 | €420,010 | -€448,942 | -51.7% |
| Advances received on contracts in progress | 46 | €12,652 | - | -€12,652 | |
| Taxes, remuneration and social security | 45 | €122,220 | €38,237 | -€83,983 | -68.7% |
| Taxes | 450/3 | €122,220 | €38,237 | -€83,983 | -68.7% |
| Other amounts payable | 47/48 | €543,785 | €510,498 | -€33,287 | -6.1% |
| Remuneration, social security and pensions | 62 | €1,040 | - | -€1,040 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,970 | €9,846 | +€4,876 | +98.1% |
| Other operating charges | 640/8 | €16,933 | €12,705 | -€4,228 | -25.0% |
| Gross operating margin | 9900 | €280,377 | €362,638 | +€82,261 | +29.3% |
| Operating profit (loss) | 9901 | €257,434 | €340,087 | +€82,653 | +32.1% |
| Financial income | 75/76B | €608 | €4,779 | +€4,171 | +686.0% |
| Recurring financial income | 75 | €608 | €4,779 | +€4,171 | +686.0% |
| Financial charges | 65/66B | €226,335 | €260,096 | +€33,761 | +14.9% |
| Recurring financial charges | 65 | €226,335 | €260,096 | +€33,761 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €31,707 | €84,770 | +€53,063 | +167.4% |
| Income taxes | 67/77 | €313 | €28,848 | +€28,535 | +9116.6% |
| Profit (loss) for the period | 9904 | €31,394 | €55,922 | +€24,528 | +78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,394 | €55,922 | +€24,528 | +78.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.