D.V.L.D.: 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.V.L.D.
Largest movements
- Tangible fixed assets -€186,581
down €186,581 (-37.8%), from €493,006 to €306,425
of which Plant, machinery and equipment: -€167,286
- Cash +€148,110
up €148,110 (+86.6%), from €171,072 to €319,182
mainly Depreciation (+€191,581) and Net result for the year (+€46,019)
- Receivables within one year +€41,220
up €41,220 (+23.8%), from €173,488 to €214,708
of which Trade receivables: +€40,908
- Reserves +€84,321
up €84,321 (+77.8%), from €108,344 to €192,665
of which Distributable reserves: +€103,477
- Debts after one year -€42,000
down €42,000 (-17.9%), from €234,000 to €192,000
of which Financial debts: -€42,000
- Profit (loss) carried forward -€38,301
no longer reported in 2025 (was €38,301)
- Tax, wage and social debts +€9,025
up €9,025 (+54.6%), from €16,537 to €25,562
of which Taxes: +€10,726
- Financial income -€95,687
down €95,687 (-95.4%), from €100,327 to €4,640
of which Non-recurring financial income: -€92,000
- Gross operating margin +€22,955
up €22,955 (+10.0%), from €229,287 to €252,241
- Taxes +€10,796
up €10,796 (+2,816%), from €383 to €11,179
- Depreciation +€7,131
up €7,131 (+3.9%), from €184,449 to €191,581
- Staff costs +€5,549
up €5,549 (+219%), from €2,529 to €8,078
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 | €848,316 | €853,920 | +€5,604 | +0.7% |
| Fixed assets | 21/28 | €493,006 | €306,425 | -€186,581 | -37.8% |
| Tangible fixed assets | 22/27 | €493,006 | €306,425 | -€186,581 | -37.8% |
| Plant, machinery and equipment | 23 | €473,711 | €306,425 | -€167,286 | -35.3% |
| Furniture and vehicles | 24 | €19,295 | - | -€19,295 | |
| Current assets | 29/58 | €355,310 | €547,495 | +€192,185 | +54.1% |
| Stocks and contracts in progress | 3 | €5,435 | €7,700 | +€2,265 | +41.7% |
| Stocks | 30/36 | €5,435 | €7,700 | +€2,265 | +41.7% |
| Amounts receivable within one year | 40/41 | €173,488 | €214,708 | +€41,220 | +23.8% |
| Trade receivables | 40 | €172,803 | €213,711 | +€40,908 | +23.7% |
| Other amounts receivable | 41 | €684 | €997 | +€313 | +45.7% |
| Cash at bank and in hand | 54/58 | €171,072 | €319,182 | +€148,110 | +86.6% |
| Deferred charges and accrued income | 490/1 | €5,315 | €5,905 | +€589 | +11.1% |
| Total equity and liabilities | 10/49 | €848,316 | €853,920 | +€5,604 | +0.7% |
| Equity | 10/15 | €267,388 | €312,665 | +€45,277 | +16.9% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €108,344 | €192,665 | +€84,321 | +77.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,344 | €47,189 | -€19,156 | -28.9% |
| Distributable reserves | 133 | €40,000 | €143,477 | +€103,477 | +259% |
| Profit (loss) carried forward | 14 | €38,301 | - | -€38,301 | |
| Investment grants | 15 | €742 | - | -€742 | |
| Provisions and deferred taxes | 16 | €22,115 | €15,730 | -€6,385 | -28.9% |
| Deferred taxes | 168 | €22,115 | €15,730 | -€6,385 | -28.9% |
| Amounts payable | 17/49 | €558,813 | €525,525 | -€33,288 | -6.0% |
| Amounts payable after more than one year | 17 | €234,000 | €192,000 | -€42,000 | -17.9% |
| Financial debts | 170/4 | €114,000 | €72,000 | -€42,000 | -36.8% |
| Other amounts payable | 178/9 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €324,813 | €333,525 | +€8,712 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €42,000 | €42,000 | = | 0.0% |
| Trade debts | 44 | €120 | €212 | +€92 | +76.2% |
| Suppliers | 440/4 | €120 | €212 | +€92 | +76.2% |
| Taxes, remuneration and social security | 45 | €16,537 | €25,562 | +€9,025 | +54.6% |
| Taxes | 450/3 | €837 | €11,562 | +€10,726 | +1,282% |
| Remuneration and social security | 454/9 | €15,700 | €14,000 | -€1,700 | -10.8% |
| Other amounts payable | 47/48 | €266,156 | €265,751 | -€405 | -0.2% |
| Non-recurring operating income | 76A | €2,575 | - | -€2,575 | |
| Remuneration, social security and pensions | 62 | €2,529 | €8,078 | +€5,549 | +219% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,449 | €191,581 | +€7,131 | +3.9% |
| Other operating charges | 640/8 | €660 | €1,430 | +€770 | +117% |
| Gross operating margin | 9900 | €229,287 | €252,241 | +€22,955 | +10.0% |
| Operating profit (loss) | 9901 | €41,648 | €51,152 | +€9,503 | +22.8% |
| Financial income | 75/76B | €100,327 | €4,640 | -€95,687 | -95.4% |
| Recurring financial income | 75 | €5,327 | €1,640 | -€3,687 | -69.2% |
| Non-recurring financial income | 76B | €95,000 | €3,000 | -€92,000 | -96.8% |
| Financial charges | 65/66B | €3,661 | €4,979 | +€1,318 | +36.0% |
| Recurring financial charges | 65 | €3,661 | €4,979 | +€1,318 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €138,315 | €50,813 | -€87,502 | -63.3% |
| Transfer from deferred taxes | 780 | €3,862 | €6,385 | +€2,524 | +65.4% |
| Transfer to deferred taxes | 680 | €23,750 | - | -€23,750 | |
| Income taxes | 67/77 | €383 | €11,179 | +€10,796 | +2,816% |
| Profit (loss) for the period | 9904 | €118,043 | €46,019 | -€72,023 | -61.0% |
| Transfer from tax-exempt reserves | 789 | €10,910 | €19,156 | +€8,246 | +75.6% |
| Transfer to tax-exempt reserves | 689 | €71,250 | - | -€71,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,703 | €65,175 | +€7,473 | +13.0% |
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 20 October 2026 via checked.be.