Davati: 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.
Davati
Largest movements
- Current investments +€358,048
up €358,048 (+43.6%), from €821,951 to €1.2m
- Cash -€169,056
down €169,056 (-50.2%), from €336,452 to €167,396
mainly Current investments (-€358,048) and Contributions, distributions and other (-€277,587)
- Tangible fixed assets -€50,187
down €50,187 (-16.2%), from €309,225 to €259,038
of which Furniture and vehicles: -€32,163
- Reserves +€154,166
up €154,166 (+10.6%), from €1.5m to €1.6m
of which Distributable reserves: +€154,166
- Gross operating margin +€28,029
up €28,029 (+4.1%), from €690,774 to €718,803
- Financial income +€23,972
up €23,972 (+204.8%), from €11,704 to €35,676
- Staff costs -€16,633
down €16,633 (-27.2%), from €61,132 to €44,499
- Taxes +€14,130
up €14,130 (+7.8%), from €180,745 to €194,874
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 | €1,580,515 | €1,734,918 | +€154,403 | +9.8% |
| Fixed assets | 21/28 | €309,225 | €259,038 | -€50,187 | -16.2% |
| Tangible fixed assets | 22/27 | €309,225 | €259,038 | -€50,187 | -16.2% |
| Land and buildings | 22 | €132,299 | €124,500 | -€7,800 | -5.9% |
| Plant, machinery and equipment | 23 | €67,027 | €56,802 | -€10,225 | -15.3% |
| Furniture and vehicles | 24 | €109,899 | €77,736 | -€32,163 | -29.3% |
| Current assets | 29/58 | €1,271,290 | €1,475,881 | +€204,590 | +16.1% |
| Stocks and contracts in progress | 3 | €76,818 | €92,383 | +€15,565 | +20.3% |
| Stocks | 30/36 | €76,818 | €92,383 | +€15,565 | +20.3% |
| Amounts receivable within one year | 40/41 | €28,927 | €29,509 | +€582 | +2.0% |
| Trade receivables | 40 | €18,387 | €3,562 | -€14,825 | -80.6% |
| Other amounts receivable | 41 | €10,540 | €25,947 | +€15,407 | +146.2% |
| Current investments | 50/53 | €821,951 | €1,179,998 | +€358,048 | +43.6% |
| Cash at bank and in hand | 54/58 | €336,452 | €167,396 | -€169,056 | -50.2% |
| Deferred charges and accrued income | 490/1 | €7,144 | €6,595 | -€549 | -7.7% |
| Total equity and liabilities | 10/49 | €1,580,515 | €1,734,918 | +€154,403 | +9.8% |
| Equity | 10/15 | €1,477,435 | €1,631,601 | +€154,166 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,458,835 | €1,613,001 | +€154,166 | +10.6% |
| Tax-exempt reserves | 132 | €551 | €551 | = | 0.0% |
| Distributable reserves | 133 | €1,458,284 | €1,612,450 | +€154,166 | +10.6% |
| Amounts payable | 17/49 | €103,080 | €103,317 | +€237 | +0.2% |
| Amounts payable within one year | 42/48 | €103,080 | €103,317 | +€237 | +0.2% |
| Trade debts | 44 | €77,387 | €66,247 | -€11,140 | -14.4% |
| Suppliers | 440/4 | €77,387 | €66,247 | -€11,140 | -14.4% |
| Taxes, remuneration and social security | 45 | €22,767 | €28,568 | +€5,801 | +25.5% |
| Taxes | 450/3 | €12,161 | €14,897 | +€2,736 | +22.5% |
| Remuneration and social security | 454/9 | €10,606 | €13,671 | +€3,065 | +28.9% |
| Other amounts payable | 47/48 | €2,926 | €8,502 | +€5,576 | +190.5% |
| Remuneration, social security and pensions | 62 | €61,132 | €44,499 | -€16,633 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,978 | €73,473 | +€5,494 | +8.1% |
| Other operating charges | 640/8 | €3,726 | €5,275 | +€1,549 | +41.6% |
| Non-recurring operating charges | 66A | - | €53 | +€53 | |
| Gross operating margin | 9900 | €690,774 | €718,803 | +€28,029 | +4.1% |
| Operating profit (loss) | 9901 | €557,937 | €595,503 | +€37,566 | +6.7% |
| Financial income | 75/76B | €11,704 | €35,676 | +€23,972 | +204.8% |
| Recurring financial income | 75 | €11,704 | €35,676 | +€23,972 | +204.8% |
| Financial charges | 65/66B | €4,862 | €4,552 | -€310 | -6.4% |
| Recurring financial charges | 65 | €4,862 | €4,552 | -€310 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €564,779 | €626,627 | +€61,848 | +11.0% |
| Income taxes | 67/77 | €180,745 | €194,874 | +€14,130 | +7.8% |
| Profit (loss) for the period | 9904 | €384,034 | €431,753 | +€47,719 | +12.4% |
| Transfer to tax-exempt reserves | 689 | €551 | - | -€551 | |
| Profit (loss) for the period to be appropriated | 9905 | €383,484 | €431,753 | +€48,269 | +12.6% |
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 10 October 2026 via checked.be.