D-VEM: 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-VEM
Largest movements
- Receivables within one year -€40,865
down €40,865 (-18.5%), from €221,026 to €180,161
of which Other amounts receivable: -€34,998
- Deferred charges and accrued income +€14,610
up €14,610 (+259%), from €5,632 to €20,242
- Other debts -€127,485
down €127,485 (-24.6%), from €517,485 to €390,000
- Reserves +€108,846
up €108,846 (+17.4%), from €626,548 to €735,394
- Debts after one year -€16,971
no longer reported in 2025 (was €16,971)
- Gross operating margin -€14,840
down €14,840 (-7.8%), from €191,088 to €176,248
- Taxes -€6,389
down €6,389 (-10.7%), from €59,662 to €53,273
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 | €1,221,026 | €1,178,779 | -€42,247 | -3.5% |
| Fixed assets | 21/28 | €598,974 | €594,192 | -€4,782 | -0.8% |
| Tangible fixed assets | 22/27 | €26,574 | €21,792 | -€4,782 | -18.0% |
| Furniture and vehicles | 24 | €17,866 | €14,179 | -€3,686 | -20.6% |
| Other tangible fixed assets | 26 | €8,709 | €7,612 | -€1,096 | -12.6% |
| Financial fixed assets | 28 | €572,400 | €572,400 | = | 0.0% |
| Current assets | 29/58 | €622,051 | €584,587 | -€37,465 | -6.0% |
| Amounts receivable after more than one year | 29 | €359,737 | €359,737 | = | 0.0% |
| Other amounts receivable | 291 | €359,737 | €359,737 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €221,026 | €180,161 | -€40,865 | -18.5% |
| Trade receivables | 40 | €25,910 | €20,044 | -€5,867 | -22.6% |
| Other amounts receivable | 41 | €195,116 | €160,118 | -€34,998 | -17.9% |
| Cash at bank and in hand | 54/58 | €35,657 | €24,447 | -€11,210 | -31.4% |
| Deferred charges and accrued income | 490/1 | €5,632 | €20,242 | +€14,610 | +259% |
| Total equity and liabilities | 10/49 | €1,221,026 | €1,178,779 | -€42,247 | -3.5% |
| Equity | 10/15 | €632,748 | €741,594 | +€108,846 | +17.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €626,548 | €735,394 | +€108,846 | +17.4% |
| Distributable reserves | 133 | €626,548 | €735,394 | +€108,846 | +17.4% |
| Amounts payable | 17/49 | €588,278 | €437,184 | -€151,093 | -25.7% |
| Amounts payable after more than one year | 17 | €16,971 | - | -€16,971 | |
| Financial debts | 170/4 | €16,971 | - | -€16,971 | |
| Amounts payable within one year | 42/48 | €570,207 | €436,084 | -€134,122 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €25,279 | €16,971 | -€8,308 | -32.9% |
| Trade debts | 44 | €3,482 | €3,310 | -€172 | -4.9% |
| Suppliers | 440/4 | €3,482 | €3,310 | -€172 | -4.9% |
| Taxes, remuneration and social security | 45 | €23,960 | €25,804 | +€1,843 | +7.7% |
| Taxes | 450/3 | €23,960 | €25,804 | +€1,843 | +7.7% |
| Other amounts payable | 47/48 | €517,485 | €390,000 | -€127,485 | -24.6% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Non-recurring operating income | 76A | - | €20,500 | +€20,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,072 | €7,926 | +€854 | +12.1% |
| Other operating charges | 640/8 | €2,323 | €2,426 | +€103 | +4.4% |
| Gross operating margin | 9900 | €191,088 | €176,248 | -€14,840 | -7.8% |
| Operating profit (loss) | 9901 | €181,693 | €165,896 | -€15,797 | -8.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,961 | €3,777 | -€184 | -4.6% |
| Recurring financial charges | 65 | €3,961 | €3,777 | -€184 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €177,732 | €162,119 | -€15,613 | -8.8% |
| Income taxes | 67/77 | €59,662 | €53,273 | -€6,389 | -10.7% |
| Profit (loss) for the period | 9904 | €118,071 | €108,846 | -€9,225 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,071 | €108,846 | -€9,225 | -7.8% |
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 18 October 2026 via checked.be.