DA - VANTAGE: what changed
Two fiscal 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.
DA - VANTAGE
Largest movements
- Receivables after one year -€298,447
down €298,447 (-36.1%), from €826,651 to €528,204
- Cash +€109,175
up €109,175 (+164.1%), from €66,510 to €175,684
mainly Receivables after one year (+€298,447) and Net result for the year (+€134,505)
- Receivables within one year +€103,004
up €103,004 (+33.7%), from €305,257 to €408,261
of which Trade receivables: +€124,625
- Tangible fixed assets -€81,343
down €81,343 (-5.2%), from €1.6m to €1.5m
of which Land and buildings: -€51,466
- Debts after one year -€173,532
down €173,532 (-13.5%), from €1.3m to €1.1m
of which Financial debts: -€112,032
- Profit (loss) carried forward +€163,305
up €163,305 (+8.4%), from €1.9m to €2.1m
- Short-term financial debts -€75,000
no longer reported in 2025 (was €75,000)
- Other debts -€70,871
no longer reported in 2025 (was €70,871)
- Gross operating margin -€990,463
down €990,463 (-76.9%), from €1.3m to €298,300
- Depreciation +€32,567
up €32,567 (+66.8%), from €48,775 to €81,343
- Other operating charges -€30,751
down €30,751 (-74.2%), from €41,456 to €10,705
- Financial charges +€20,404
up €20,404 (+66.7%), from €30,573 to €50,977
- Taxes -€18,788
down €18,788 (-34.5%), from €54,420 to €35,633
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 | €4,469,005 | €4,300,499 | -€168,505 | -3.8% |
| Fixed assets | 21/28 | €3,262,184 | €3,180,842 | -€81,343 | -2.5% |
| Tangible fixed assets | 22/27 | €1,559,852 | €1,478,510 | -€81,343 | -5.2% |
| Land and buildings | 22 | €1,467,124 | €1,415,658 | -€51,466 | -3.5% |
| Furniture and vehicles | 24 | €1,887 | €110 | -€1,778 | -94.2% |
| Leasing and similar rights | 25 | €90,841 | €62,742 | -€28,099 | -30.9% |
| Financial fixed assets | 28 | €1,702,332 | €1,702,332 | = | 0.0% |
| Current assets | 29/58 | €1,206,820 | €1,119,657 | -€87,163 | -7.2% |
| Amounts receivable after more than one year | 29 | €826,651 | €528,204 | -€298,447 | -36.1% |
| Other amounts receivable | 291 | €826,651 | €528,204 | -€298,447 | -36.1% |
| Amounts receivable within one year | 40/41 | €305,257 | €408,261 | +€103,004 | +33.7% |
| Trade receivables | 40 | €272,332 | €396,957 | +€124,625 | +45.8% |
| Other amounts receivable | 41 | €32,924 | €11,304 | -€21,620 | -65.7% |
| Cash at bank and in hand | 54/58 | €66,510 | €175,684 | +€109,175 | +164.1% |
| Deferred charges and accrued income | 490/1 | €8,403 | €7,508 | -€894 | -10.6% |
| Total equity and liabilities | 10/49 | €4,469,005 | €4,300,499 | -€168,505 | -3.8% |
| Equity | 10/15 | €2,647,234 | €2,781,739 | +€134,505 | +5.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €640,691 | €611,891 | -€28,800 | -4.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €634,491 | €605,691 | -€28,800 | -4.5% |
| Profit (loss) carried forward | 14 | €1,944,543 | €2,107,848 | +€163,305 | +8.4% |
| Provisions and deferred taxes | 16 | €211,497 | €201,897 | -€9,600 | -4.5% |
| Deferred taxes | 168 | €211,497 | €201,897 | -€9,600 | -4.5% |
| Amounts payable | 17/49 | €1,610,274 | €1,316,863 | -€293,411 | -18.2% |
| Amounts payable after more than one year | 17 | €1,284,928 | €1,111,396 | -€173,532 | -13.5% |
| Financial debts | 170/4 | €1,203,928 | €1,091,896 | -€112,032 | -9.3% |
| Other amounts payable | 178/9 | €81,000 | €19,500 | -€61,500 | -75.9% |
| Amounts payable within one year | 42/48 | €293,461 | €172,984 | -€120,477 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €110,928 | €112,032 | +€1,104 | +1.0% |
| Financial debts | 43 | €75,000 | - | -€75,000 | |
| Credit institutions | 430/8 | €75,000 | - | -€75,000 | |
| Trade debts | 44 | €9,735 | €17,762 | +€8,027 | +82.5% |
| Suppliers | 440/4 | €9,735 | €17,762 | +€8,027 | +82.5% |
| Taxes, remuneration and social security | 45 | €26,927 | €43,191 | +€16,264 | +60.4% |
| Taxes | 450/3 | €26,170 | €43,191 | +€17,021 | +65.0% |
| Remuneration and social security | 454/9 | €757 | - | -€757 | |
| Other amounts payable | 47/48 | €70,871 | - | -€70,871 | |
| Accrued charges and deferred income | 492/3 | €31,885 | €32,483 | +€598 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,775 | €81,343 | +€32,567 | +66.8% |
| Other operating charges | 640/8 | €41,456 | €10,705 | -€30,751 | -74.2% |
| Gross operating margin | 9900 | €1,288,763 | €298,300 | -€990,463 | -76.9% |
| Operating profit (loss) | 9901 | €1,198,532 | €206,252 | -€992,280 | -82.8% |
| Financial income | 75/76B | €11,420 | €5,263 | -€6,157 | -53.9% |
| Recurring financial income | 75 | €11,420 | €5,263 | -€6,157 | -53.9% |
| Financial charges | 65/66B | €30,573 | €50,977 | +€20,404 | +66.7% |
| Recurring financial charges | 65 | €30,573 | €50,977 | +€20,404 | +66.7% |
| Profit (loss) for the period before taxes | 9903 | €1,179,379 | €160,538 | -€1.0m | -86.4% |
| Transfer from deferred taxes | 780 | €4,605 | €9,600 | +€4,995 | +108.5% |
| Transfer to deferred taxes | 680 | €216,102 | - | -€216,102 | |
| Income taxes | 67/77 | €54,420 | €35,633 | -€18,788 | -34.5% |
| Profit (loss) for the period | 9904 | €913,462 | €134,505 | -€778,956 | -85.3% |
| Transfer from tax-exempt reserves | 789 | €13,816 | €28,800 | +€14,984 | +108.5% |
| Transfer to tax-exempt reserves | 689 | €648,307 | - | -€648,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €278,970 | €163,305 | -€115,665 | -41.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.