D&V PROJECT: 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 PROJECT
Largest movements
- Receivables within one year -€25,536
down €25,536 (-68.2%), from €37,428 to €11,892
of which Trade receivables: -€28,073
- Current investments +€18,506
up €18,506 (+20.9%), from €88,682 to €107,188
- Tangible fixed assets -€3,125
down €3,125 (-15.1%), from €20,642 to €17,516
- Other debts -€42,500
no longer reported in 2025 (was €42,500)
- Profit (loss) carried forward +€30,569
up €30,569 (+42.2%), from €72,384 to €102,953
- Trade debts +€8,580
new in 2025: €8,580
- Tax, wage and social debts -€7,500
down €7,500 (-25.8%), from €29,048 to €21,548
- Gross operating margin -€29,255
down €29,255 (-35.1%), from €83,260 to €54,005
- Taxes -€8,999
down €8,999 (-41.8%), from €21,548 to €12,550
- Depreciation +€1,070
up €1,070 (+11.8%), from €9,055 to €10,125
- Other operating charges -€936
down €936 (-49.1%), from €1,907 to €970
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 | €147,932 | €137,081 | -€10,852 | -7.3% |
| Fixed assets | 21/28 | €20,642 | €17,516 | -€3,125 | -15.1% |
| Tangible fixed assets | 22/27 | €20,642 | €17,516 | -€3,125 | -15.1% |
| Furniture and vehicles | 24 | €20,642 | €17,516 | -€3,125 | -15.1% |
| Current assets | 29/58 | €127,291 | €119,564 | -€7,726 | -6.1% |
| Amounts receivable within one year | 40/41 | €37,428 | €11,892 | -€25,536 | -68.2% |
| Trade receivables | 40 | €36,028 | €7,955 | -€28,073 | -77.9% |
| Other amounts receivable | 41 | €1,400 | €3,937 | +€2,537 | +181.3% |
| Current investments | 50/53 | €88,682 | €107,188 | +€18,506 | +20.9% |
| Cash at bank and in hand | 54/58 | €1,181 | €484 | -€696 | -59.0% |
| Total equity and liabilities | 10/49 | €147,932 | €137,081 | -€10,852 | -7.3% |
| Equity | 10/15 | €76,384 | €106,953 | +€30,569 | +40.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Capital | 10 | €4,000 | €4,000 | = | 0.0% |
| Issued capital | 100 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,384 | €102,953 | +€30,569 | +42.2% |
| Amounts payable | 17/49 | €71,548 | €30,128 | -€41,421 | -57.9% |
| Amounts payable within one year | 42/48 | €71,548 | €30,128 | -€41,421 | -57.9% |
| Trade debts | 44 | - | €8,580 | +€8,580 | |
| Suppliers | 440/4 | - | €8,580 | +€8,580 | |
| Taxes, remuneration and social security | 45 | €29,048 | €21,548 | -€7,500 | -25.8% |
| Taxes | 450/3 | €29,048 | €21,548 | -€7,500 | -25.8% |
| Other amounts payable | 47/48 | €42,500 | - | -€42,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,055 | €10,125 | +€1,070 | +11.8% |
| Other operating charges | 640/8 | €1,907 | €970 | -€936 | -49.1% |
| Gross operating margin | 9900 | €83,260 | €54,005 | -€29,255 | -35.1% |
| Operating profit (loss) | 9901 | €72,298 | €42,910 | -€29,389 | -40.6% |
| Financial income | 75/76B | €539 | €391 | -€148 | -27.4% |
| Recurring financial income | 75 | €539 | €391 | -€148 | -27.4% |
| Financial charges | 65/66B | €168 | €182 | +€14 | +8.5% |
| Recurring financial charges | 65 | €168 | €182 | +€14 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €72,669 | €43,118 | -€29,551 | -40.7% |
| Income taxes | 67/77 | €21,548 | €12,550 | -€8,999 | -41.8% |
| Profit (loss) for the period | 9904 | €51,121 | €30,569 | -€20,552 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,121 | €30,569 | -€20,552 | -40.2% |
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 12 October 2026 via checked.be.