D & V projects: 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 projects
Largest movements
- Receivables within one year -€46,269
down €46,269 (-73.0%), from €63,348 to €17,079
of which Trade receivables: -€45,313
- Cash +€20,602
up €20,602 (+369%), from €5,591 to €26,193
mainly Receivables within one year (+€46,269) and Depreciation (+€15,954)
- Stocks and contracts +€1,300
up €1,300 (+23.9%), from €5,440 to €6,740
of which Stocks: +€1,300
- Profit (loss) carried forward -€17,011
down €17,011, from €0 to -€17,011
- Debts after one year -€8,786
down €8,786 (-100%), from €8,786 to €0
- Trade debts +€3,108
up €3,108 (+96.0%), from €3,239 to €6,347
- Current portion of long-term debt -€1,649
down €1,649 (-15.8%), from €10,435 to €8,786
- Gross operating margin -€32,445
down €32,445 (-97.9%), from €33,137 to €692
- Taxes -€3,271
down €3,271, from €3,239 to -€32
- Depreciation +€1,876
up €1,876 (+13.3%), from €14,078 to €15,954
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 | €112,404 | €88,121 | -€24,282 | -21.6% |
| Fixed assets | 21/28 | €32,499 | €32,281 | -€219 | -0.7% |
| Tangible fixed assets | 22/27 | €30,849 | €30,631 | -€219 | -0.7% |
| Land and buildings | 22 | €4,323 | €7,965 | +€3,642 | +84.3% |
| Plant, machinery and equipment | 23 | €3,290 | €11,265 | +€7,975 | +242% |
| Furniture and vehicles | 24 | €23,237 | €11,401 | -€11,835 | -50.9% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €79,904 | €55,840 | -€24,064 | -30.1% |
| Stocks and contracts in progress | 3 | €5,440 | €6,740 | +€1,300 | +23.9% |
| Stocks | 30/36 | €5,440 | €6,740 | +€1,300 | +23.9% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €63,348 | €17,079 | -€46,269 | -73.0% |
| Trade receivables | 40 | €52,442 | €7,129 | -€45,313 | -86.4% |
| Other amounts receivable | 41 | €10,906 | €9,950 | -€956 | -8.8% |
| Cash at bank and in hand | 54/58 | €5,591 | €26,193 | +€20,602 | +369% |
| Deferred charges and accrued income | 490/1 | €5,525 | €5,828 | +€303 | +5.5% |
| Total equity and liabilities | 10/49 | €112,404 | €88,121 | -€24,282 | -21.6% |
| Equity | 10/15 | €89,690 | €72,679 | -€17,011 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,090 | €71,090 | = | 0.0% |
| Distributable reserves | 133 | €71,090 | €71,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€17,011 | -€17,011 | |
| Amounts payable | 17/49 | €22,713 | €15,442 | -€7,272 | -32.0% |
| Amounts payable after more than one year | 17 | €8,786 | €0 | -€8,786 | -100% |
| Financial debts | 170/4 | €8,786 | €0 | -€8,786 | -100% |
| Amounts payable within one year | 42/48 | €13,928 | €15,442 | +€1,514 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €10,435 | €8,786 | -€1,649 | -15.8% |
| Trade debts | 44 | €3,239 | €6,347 | +€3,108 | +96.0% |
| Suppliers | 440/4 | €3,239 | €6,347 | +€3,108 | +96.0% |
| Taxes, remuneration and social security | 45 | €255 | €310 | +€55 | +21.7% |
| Taxes | 450/3 | €255 | €310 | +€55 | +21.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,078 | €15,954 | +€1,876 | +13.3% |
| Other operating charges | 640/8 | €1,829 | €1,885 | +€56 | +3.1% |
| Gross operating margin | 9900 | €33,137 | €692 | -€32,445 | -97.9% |
| Operating profit (loss) | 9901 | €17,231 | -€17,147 | -€34,378 | |
| Financial income | 75/76B | €226 | €399 | +€173 | +76.7% |
| Recurring financial income | 75 | €226 | €399 | +€173 | +76.7% |
| Financial charges | 65/66B | €453 | €295 | -€158 | -34.9% |
| Recurring financial charges | 65 | €453 | €295 | -€158 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €17,004 | -€17,043 | -€34,047 | |
| Income taxes | 67/77 | €3,239 | -€32 | -€3,271 | |
| Profit (loss) for the period | 9904 | €13,765 | -€17,011 | -€30,776 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,765 | -€17,011 | -€30,776 |
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 16 October 2026 via checked.be.