DAVACO: 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.
DAVACO
Largest movements
- Receivables within one year +€390,388
up €390,388 (+30.4%), from €1.3m to €1.7m
of which Other amounts receivable: +€402,527
- Cash -€311,873
down €311,873 (-42.6%), from €731,753 to €419,880
mainly Contributions, distributions and other (-€2.6m) and Receivables within one year (-€390,388)
- Tangible fixed assets -€43,513
down €43,513 (-24.9%), from €174,476 to €130,963
of which Furniture and vehicles: -€42,738
- Reserves -€1.4m
down €1.4m (-53.3%), from €2.6m to €1.2m
of which Distributable reserves: -€1.4m
- Other debts +€954,858
up €954,858 (+231.6%), from €412,230 to €1.4m
- Short-term financial debts +€225,000
new in 2025: €225,000
- Tax, wage and social debts +€206,450
up €206,450 (+161.9%), from €127,549 to €333,999
of which Taxes: +€193,362
- Financial income +€280,417
up €280,417 (+33.2%), from €844,583 to €1.1m
- Staff costs +€35,629
up €35,629 (+32.3%), from €110,332 to €145,961
- Gross operating margin +€33,753
up €33,753 (+12.3%), from €273,586 to €307,340
- Depreciation +€28,940
up €28,940 (+198.6%), from €14,573 to €43,513
- Financial charges -€5,183
down €5,183 (-93.0%), from €5,576 to €393
of which Non-recurring financial charges: -€4,854
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 | €3,146,549 | €3,171,703 | +€25,154 | +0.8% |
| Fixed assets | 21/28 | €1,115,626 | €1,072,113 | -€43,513 | -3.9% |
| Tangible fixed assets | 22/27 | €174,476 | €130,963 | -€43,513 | -24.9% |
| Plant, machinery and equipment | 23 | €2,011 | €1,236 | -€775 | -38.5% |
| Furniture and vehicles | 24 | €172,465 | €129,727 | -€42,738 | -24.8% |
| Financial fixed assets | 28 | €941,150 | €941,150 | = | 0.0% |
| Current assets | 29/58 | €2,030,923 | €2,099,591 | +€68,668 | +3.4% |
| Amounts receivable within one year | 40/41 | €1,285,205 | €1,675,593 | +€390,388 | +30.4% |
| Trade receivables | 40 | €96,839 | €84,700 | -€12,139 | -12.5% |
| Other amounts receivable | 41 | €1,188,366 | €1,590,893 | +€402,527 | +33.9% |
| Cash at bank and in hand | 54/58 | €731,753 | €419,880 | -€311,873 | -42.6% |
| Deferred charges and accrued income | 490/1 | €13,965 | €4,118 | -€9,847 | -70.5% |
| Total equity and liabilities | 10/49 | €3,146,549 | €3,171,703 | +€25,154 | +0.8% |
| Equity | 10/15 | €2,604,736 | €1,225,533 | -€1.4m | -52.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,586,136 | €1,206,933 | -€1.4m | -53.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,584,276 | €1,205,073 | -€1.4m | -53.4% |
| Amounts payable | 17/49 | €541,813 | €1,946,170 | +€1.4m | +259.2% |
| Amounts payable within one year | 42/48 | €541,813 | €1,946,170 | +€1.4m | +259.2% |
| Financial debts | 43 | - | €225,000 | +€225,000 | |
| Credit institutions | 430/8 | - | €225,000 | +€225,000 | |
| Trade debts | 44 | €2,034 | €20,083 | +€18,049 | +887.5% |
| Suppliers | 440/4 | €2,034 | €20,083 | +€18,049 | +887.5% |
| Taxes, remuneration and social security | 45 | €127,549 | €333,999 | +€206,450 | +161.9% |
| Taxes | 450/3 | €108,994 | €302,356 | +€193,362 | +177.4% |
| Remuneration and social security | 454/9 | €18,555 | €31,643 | +€13,088 | +70.5% |
| Other amounts payable | 47/48 | €412,230 | €1,367,088 | +€954,858 | +231.6% |
| Remuneration, social security and pensions | 62 | €110,332 | €145,961 | +€35,629 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,573 | €43,513 | +€28,940 | +198.6% |
| Other operating charges | 640/8 | €2,426 | €3,743 | +€1,317 | +54.3% |
| Gross operating margin | 9900 | €273,586 | €307,340 | +€33,753 | +12.3% |
| Operating profit (loss) | 9901 | €146,255 | €114,122 | -€32,134 | -22.0% |
| Financial income | 75/76B | €844,583 | €1,125,000 | +€280,417 | +33.2% |
| Recurring financial income | 75 | €844,583 | €1,125,000 | +€280,417 | +33.2% |
| Financial charges | 65/66B | €5,576 | €393 | -€5,183 | -93.0% |
| Recurring financial charges | 65 | €722 | €393 | -€328 | -45.5% |
| Non-recurring financial charges | 66B | €4,854 | - | -€4,854 | |
| Profit (loss) for the period before taxes | 9903 | €985,263 | €1,238,729 | +€253,466 | +25.7% |
| Income taxes | 67/77 | €34,977 | €33,655 | -€1,322 | -3.8% |
| Profit (loss) for the period | 9904 | €950,285 | €1,205,073 | +€254,788 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €950,285 | €1,205,073 | +€254,788 | +26.8% |
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 9 October 2026 via checked.be.