DAVARO: 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.
DAVARO
Largest movements
- Tangible fixed assets +€511,881
up €511,881 (+393.7%), from €130,030 to €641,911
of which Land and buildings: +€522,819
- Cash -€59,752
down €59,752 (-92.9%), from €64,348 to €4,596
mainly Investment in fixed assets (net) (-€542,543) and Receivables within one year (-€31,032)
- Receivables within one year +€31,032
up €31,032 (+39.9%), from €77,739 to €108,770
of which Other amounts receivable: +€29,173
- Deferred charges and accrued income +€23,602
new in 2025: €23,602
- Debts after one year +€282,698
up €282,698 (+358.0%), from €78,972 to €361,670
- Provisions +€105,938
new in 2025: €105,938
- Other debts +€51,371
new in 2025: €51,371
- Current portion of long-term debt +€31,911
up €31,911 (+140.1%), from €22,780 to €54,692
- Reserves +€19,826
up €19,826 (+66.1%), from €30,000 to €49,826
- Gross operating margin -€64,044
down €64,044 (-30.2%), from €211,959 to €147,915
- Taxes +€56,951
up €56,951 (+1898.4%), from €3,000 to €59,951
- Financial charges +€10,713
up €10,713 (+252.5%), from €4,242 to €14,956
- Depreciation +€6,523
up €6,523 (+27.0%), from €24,139 to €30,662
- Financial income +€5,252
new in 2025: €5,252
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 | €272,117 | €778,879 | +€506,762 | +186.2% |
| Fixed assets | 21/28 | €130,030 | €641,911 | +€511,881 | +393.7% |
| Tangible fixed assets | 22/27 | €130,030 | €641,911 | +€511,881 | +393.7% |
| Land and buildings | 22 | €7,776 | €530,595 | +€522,819 | +6723.1% |
| Plant, machinery and equipment | 23 | €93,599 | €77,405 | -€16,194 | -17.3% |
| Furniture and vehicles | 24 | €28,654 | €33,910 | +€5,256 | +18.3% |
| Current assets | 29/58 | €142,087 | €136,968 | -€5,119 | -3.6% |
| Amounts receivable within one year | 40/41 | €77,739 | €108,770 | +€31,032 | +39.9% |
| Trade receivables | 40 | - | €1,859 | +€1,859 | |
| Other amounts receivable | 41 | €77,739 | €106,911 | +€29,173 | +37.5% |
| Cash at bank and in hand | 54/58 | €64,348 | €4,596 | -€59,752 | -92.9% |
| Deferred charges and accrued income | 490/1 | - | €23,602 | +€23,602 | |
| Total equity and liabilities | 10/49 | €272,117 | €778,879 | +€506,762 | +186.2% |
| Equity | 10/15 | €157,960 | €177,785 | +€19,826 | +12.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €49,826 | +€19,826 | +66.1% |
| Distributable reserves | 133 | €30,000 | €49,826 | +€19,826 | +66.1% |
| Profit (loss) carried forward | 14 | €117,960 | €117,960 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €105,938 | +€105,938 | |
| Provisions for liabilities and charges | 160/5 | - | €105,938 | +€105,938 | |
| Pensions and similar obligations | 160 | - | €105,938 | +€105,938 | |
| Amounts payable | 17/49 | €114,157 | €495,156 | +€380,998 | +333.7% |
| Amounts payable after more than one year | 17 | €78,972 | €361,670 | +€282,698 | +358.0% |
| Financial debts | 170/4 | €78,972 | €361,670 | +€282,698 | +358.0% |
| Amounts payable within one year | 42/48 | €35,185 | €132,505 | +€97,320 | +276.6% |
| Current portion of amounts payable after more than one year | 42 | €22,780 | €54,692 | +€31,911 | +140.1% |
| Trade debts | 44 | €9,405 | €5,512 | -€3,893 | -41.4% |
| Suppliers | 440/4 | €9,405 | €5,512 | -€3,893 | -41.4% |
| Taxes, remuneration and social security | 45 | €3,000 | €20,931 | +€17,931 | +597.7% |
| Taxes | 450/3 | €3,000 | €20,931 | +€17,931 | +597.7% |
| Other amounts payable | 47/48 | - | €51,371 | +€51,371 | |
| Accrued charges and deferred income | 492/3 | - | €981 | +€981 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,139 | €30,662 | +€6,523 | +27.0% |
| Other operating charges | 640/8 | €499 | €1,174 | +€674 | +135.0% |
| Non-recurring operating charges | 66A | - | €26,600 | +€26,600 | |
| Gross operating margin | 9900 | €211,959 | €147,915 | -€64,044 | -30.2% |
| Operating profit (loss) | 9901 | €187,320 | €89,480 | -€97,841 | -52.2% |
| Financial income | 75/76B | - | €5,252 | +€5,252 | |
| Recurring financial income | 75 | - | €5,252 | +€5,252 | |
| Financial charges | 65/66B | €4,242 | €14,956 | +€10,713 | +252.5% |
| Recurring financial charges | 65 | €4,242 | €14,956 | +€10,713 | +252.5% |
| Profit (loss) for the period before taxes | 9903 | €183,078 | €79,776 | -€103,302 | -56.4% |
| Income taxes | 67/77 | €3,000 | €59,951 | +€56,951 | +1898.4% |
| Profit (loss) for the period | 9904 | €180,078 | €19,826 | -€160,252 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €180,078 | €19,826 | -€160,252 | -89.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.