DAVE DEBAL: 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.
DAVE DEBAL
Largest movements
- Tangible fixed assets -€36,504
down €36,504 (-8.0%), from €454,618 to €418,114
of which Land and buildings: -€28,405
- Cash -€19,145
down €19,145 (-10.8%), from €177,638 to €158,493
mainly Debts after one year (-€36,836) and Contributions, distributions and other (-€21,053)
- Debts after one year -€36,836
down €36,836 (-11.4%), from €321,840 to €285,004
- Tax, wage and social debts -€14,861
down €14,861 (-44.0%), from €33,786 to €18,926
of which Taxes: -€7,778
- Gross operating margin -€41,208
down €41,208 (-17.8%), from €231,650 to €190,442
- Staff costs -€13,357
down €13,357 (-14.6%), from €91,318 to €77,961
- Taxes +€5,816
up €5,816 (+34.6%), from €16,814 to €22,630
- Financial charges -€4,906
down €4,906 (-27.6%), from €17,780 to €12,874
- Depreciation -€3,990
down €3,990 (-8.0%), from €49,811 to €45,821
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 | €668,319 | €619,194 | -€49,125 | -7.4% |
| Fixed assets | 21/28 | €454,947 | €418,443 | -€36,504 | -8.0% |
| Tangible fixed assets | 22/27 | €454,618 | €418,114 | -€36,504 | -8.0% |
| Land and buildings | 22 | €408,775 | €380,371 | -€28,405 | -6.9% |
| Plant, machinery and equipment | 23 | €24,173 | €17,877 | -€6,296 | -26.0% |
| Furniture and vehicles | 24 | €17,040 | €7,669 | -€9,371 | -55.0% |
| Other tangible fixed assets | 26 | €4,629 | €12,197 | +€7,568 | +163% |
| Financial fixed assets | 28 | €329 | €329 | = | 0.0% |
| Current assets | 29/58 | €213,372 | €200,751 | -€12,621 | -5.9% |
| Stocks and contracts in progress | 3 | €30,720 | €31,553 | +€833 | +2.7% |
| Stocks | 30/36 | €30,720 | €31,553 | +€833 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,427 | €7,556 | +€6,130 | +430% |
| Trade receivables | 40 | €1,337 | €7,556 | +€6,219 | +465% |
| Other amounts receivable | 41 | €89 | €0 | -€89 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €177,638 | €158,493 | -€19,145 | -10.8% |
| Deferred charges and accrued income | 490/1 | €3,587 | €3,149 | -€439 | -12.2% |
| Total equity and liabilities | 10/49 | €668,319 | €619,194 | -€49,125 | -7.4% |
| Equity | 10/15 | €249,046 | €252,377 | +€3,332 | +1.3% |
| Reserves | 13 | €249,046 | €252,377 | +€3,332 | +1.3% |
| Distributable reserves | 133 | €249,046 | €252,377 | +€3,332 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €419,273 | €366,817 | -€52,456 | -12.5% |
| Amounts payable after more than one year | 17 | €321,840 | €285,004 | -€36,836 | -11.4% |
| Financial debts | 170/4 | €321,840 | €285,004 | -€36,836 | -11.4% |
| Amounts payable within one year | 42/48 | €97,433 | €80,961 | -€16,473 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €35,938 | €36,836 | +€898 | +2.5% |
| Trade debts | 44 | €13,612 | €14,058 | +€446 | +3.3% |
| Suppliers | 440/4 | €13,612 | €14,058 | +€446 | +3.3% |
| Advances received on contracts in progress | 46 | €8,295 | €6,304 | -€1,991 | -24.0% |
| Taxes, remuneration and social security | 45 | €33,786 | €18,926 | -€14,861 | -44.0% |
| Taxes | 450/3 | €22,414 | €14,636 | -€7,778 | -34.7% |
| Remuneration and social security | 454/9 | €11,373 | €4,290 | -€7,083 | -62.3% |
| Other amounts payable | 47/48 | €5,803 | €4,838 | -€965 | -16.6% |
| Accrued charges and deferred income | 492/3 | - | €852 | +€852 | |
| Remuneration, social security and pensions | 62 | €91,318 | €77,961 | -€13,357 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,811 | €45,821 | -€3,990 | -8.0% |
| Other operating charges | 640/8 | €7,916 | €8,368 | +€452 | +5.7% |
| Non-recurring operating charges | 66A | €20,467 | €0 | -€20,467 | -100% |
| Gross operating margin | 9900 | €231,650 | €190,442 | -€41,208 | -17.8% |
| Operating profit (loss) | 9901 | €62,138 | €58,292 | -€3,846 | -6.2% |
| Financial income | 75/76B | €2,916 | €1,596 | -€1,319 | -45.3% |
| Recurring financial income | 75 | €2,916 | €1,596 | -€1,319 | -45.3% |
| Financial charges | 65/66B | €17,780 | €12,874 | -€4,906 | -27.6% |
| Recurring financial charges | 65 | €17,780 | €12,874 | -€4,906 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €47,273 | €47,014 | -€259 | -0.5% |
| Income taxes | 67/77 | €16,814 | €22,630 | +€5,816 | +34.6% |
| Profit (loss) for the period | 9904 | €30,459 | €24,384 | -€6,075 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,459 | €24,384 | -€6,075 | -19.9% |
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 14 October 2026 via checked.be.