D.V.H.: 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.
What changed
D.V.H.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€50,794
2024 · €10,741-€61,536
Equity
€336,772
2024 · €387,567-€50,794
Cash
€210
2024 · €1,664-€1,455
Balance sheet total
€1.1m
2024 · €1.1m-€16,236
Largest movements
Assets
- Tangible fixed assets -€16,016
down €16,016 (-1.4%), from €1.1m to €1.1m
of which Furniture and vehicles: -€13,169
Equity and liabilities
- Profit (loss) carried forward -€47,454
down €47,454 (-67.9%), from -€69,922 to -€117,376
- Other debts +€44,049
up €44,049 (+6.2%), from €706,097 to €750,146
Income statement
- Gross operating margin -€17,827
down €17,827 (-66.8%), from €26,682 to €8,855
- Depreciation -€15,420
down €15,420 (-23.2%), from €66,448 to €51,029
- Other operating charges -€5,056
down €5,056 (-34.5%), from €14,674 to €9,619
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.
Result 2024
€10,741
Gross operating margin
-€17,827
Depreciation
+€15,420
Other operating charges
+€5,056
Financial income
+€9
Financial charges
+€138
Taxes
+€41
Deferred taxes and other
-€64,372
Result 2025
-€50,794
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€40,759
Investment
-€35,013
Financing
-€7,200
Cash 2024
€1,664
From operations (derived)
+€40,759
Net result for the year
-€50,794
Depreciation
+€51,029
Smaller working-capital items
-€37
Deferred charges and accrued income
-€1,238
Provisions
-€1,114
Trade debts
-€328
Other debts
+€44,049
Accrued charges and deferred income
-€808
Investment (derived)
-€35,013
Investment in fixed assets (net)
-€35,013
Financing
-€7,200
Debts after one year
-€600
Current portion of long-term debt
-€6,600
Cash 2025
€210
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,131,749 | €1,115,513 | -€16,236 | -1.4% |
| Fixed assets | 21/28 | €1,127,250 | €1,111,234 | -€16,016 | -1.4% |
| Tangible fixed assets | 22/27 | €1,127,250 | €1,111,234 | -€16,016 | -1.4% |
| Land and buildings | 22 | €1,079,515 | €1,085,004 | +€5,489 | +0.5% |
| Plant, machinery and equipment | 23 | €18,436 | €10,101 | -€8,335 | -45.2% |
| Furniture and vehicles | 24 | €29,299 | €16,130 | -€13,169 | -44.9% |
| Current assets | 29/58 | €4,499 | €4,279 | -€220 | -4.9% |
| Amounts receivable within one year | 40/41 | €4 | - | -€4 | |
| Other amounts receivable | 41 | €4 | - | -€4 | |
| Cash at bank and in hand | 54/58 | €1,664 | €210 | -€1,455 | -87.4% |
| Deferred charges and accrued income | 490/1 | €2,831 | €4,069 | +€1,238 | +43.7% |
| Total equity and liabilities | 10/49 | €1,131,749 | €1,115,513 | -€16,236 | -1.4% |
| Equity | 10/15 | €387,567 | €336,772 | -€50,794 | -13.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Contributions outside capital | 11 | €300,000 | €300,000 | = | 0.0% |
| Other | 1109/19 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €157,489 | €154,148 | -€3,341 | -2.1% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,504 | €70,163 | -€3,341 | -4.5% |
| Distributable reserves | 133 | €53,985 | €53,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,922 | -€117,376 | -€47,454 | -67.9% |
| Provisions and deferred taxes | 16 | €24,501 | €23,388 | -€1,114 | -4.5% |
| Deferred taxes | 168 | €24,501 | €23,388 | -€1,114 | -4.5% |
| Amounts payable | 17/49 | €719,681 | €755,353 | +€35,672 | +5.0% |
| Amounts payable after more than one year | 17 | €600 | - | -€600 | |
| Financial debts | 170/4 | €600 | - | -€600 | |
| Amounts payable within one year | 42/48 | €718,221 | €755,301 | +€37,080 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €7,200 | €600 | -€6,600 | -91.7% |
| Trade debts | 44 | €4,707 | €4,379 | -€328 | -7.0% |
| Suppliers | 440/4 | €4,707 | €4,379 | -€328 | -7.0% |
| Taxes, remuneration and social security | 45 | €217 | €176 | -€41 | -18.7% |
| Taxes | 450/3 | €217 | €176 | -€41 | -18.7% |
| Other amounts payable | 47/48 | €706,097 | €750,146 | +€44,049 | +6.2% |
| Accrued charges and deferred income | 492/3 | €860 | €52 | -€808 | -93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,448 | €51,029 | -€15,420 | -23.2% |
| Other operating charges | 640/8 | €14,674 | €9,619 | -€5,056 | -34.5% |
| Gross operating margin | 9900 | €26,682 | €8,855 | -€17,827 | -66.8% |
| Operating profit (loss) | 9901 | -€54,441 | -€51,792 | +€2,648 | +4.9% |
| Financial income | 75/76B | €10 | €19 | +€9 | +86.0% |
| Recurring financial income | 75 | €10 | €19 | +€9 | +86.0% |
| Financial charges | 65/66B | €97 | -€41 | -€138 | |
| Recurring financial charges | 65 | €97 | -€41 | -€138 | |
| Profit (loss) for the period before taxes | 9903 | -€54,527 | -€51,732 | +€2,795 | +5.1% |
| Transfer from deferred taxes | 780 | €65,485 | €1,114 | -€64,372 | -98.3% |
| Income taxes | 67/77 | €217 | €176 | -€41 | -18.7% |
| Profit (loss) for the period | 9904 | €10,741 | -€50,794 | -€61,536 | |
| Transfer from tax-exempt reserves | 789 | €196,456 | €3,341 | -€193,115 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €207,197 | -€47,454 | -€254,651 |
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 14 October 2026 via checked.be.