DAVE SELS: 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.
DAVE SELS
Largest movements
- Cash -€40,731
down €40,731 (-50.4%), from €80,892 to €40,161
mainly Other debts (-€34,297) and Stocks and contracts (-€20,529)
- Stocks and contracts +€20,529
up €20,529 (+53.5%), from €38,385 to €58,914
of which Stocks: +€18,958
- Tangible fixed assets -€19,885
down €19,885 (-40.5%), from €49,155 to €29,270
of which Furniture and vehicles: -€19,543
- Receivables within one year +€7,360
up €7,360 (+27.0%), from €27,280 to €34,640
of which Trade receivables: +€4,421
- Other debts -€34,297
down €34,297 (-58.5%), from €58,629 to €24,332
- Reserves +€16,062
up €16,062 (+19.8%), from €81,095 to €97,157
of which Distributable reserves: +€16,062
- Current portion of long-term debt -€9,580
down €9,580 (-58.0%), from €16,503 to €6,923
- Debts after one year -€6,923
down €6,923 (-76.1%), from €9,094 to €2,171
- Trade debts +€3,631
up €3,631 (+24.9%), from €14,591 to €18,222
- Gross operating margin +€11,382
up €11,382 (+32.3%), from €35,206 to €46,588
- Taxes +€3,009
up €3,009 (+66.1%), from €4,552 to €7,562
- Financial charges -€559
down €559 (-52.7%), from €1,061 to €502
- Financial income -€522
down €522 (-51.3%), from €1,018 to €496
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 | €195,712 | €162,985 | -€32,727 | -16.7% |
| Fixed assets | 21/28 | €49,155 | €29,270 | -€19,885 | -40.5% |
| Tangible fixed assets | 22/27 | €49,155 | €29,270 | -€19,885 | -40.5% |
| Plant, machinery and equipment | 23 | €2,113 | €1,772 | -€341 | -16.1% |
| Furniture and vehicles | 24 | €47,042 | €27,498 | -€19,543 | -41.5% |
| Current assets | 29/58 | €146,557 | €133,714 | -€12,843 | -8.8% |
| Stocks and contracts in progress | 3 | €38,385 | €58,914 | +€20,529 | +53.5% |
| Stocks | 30/36 | €23,385 | €42,343 | +€18,958 | +81.1% |
| Contracts in progress | 37 | €15,000 | €16,571 | +€1,571 | +10.5% |
| Amounts receivable within one year | 40/41 | €27,280 | €34,640 | +€7,360 | +27.0% |
| Trade receivables | 40 | €19,969 | €24,391 | +€4,421 | +22.1% |
| Other amounts receivable | 41 | €7,311 | €10,249 | +€2,938 | +40.2% |
| Cash at bank and in hand | 54/58 | €80,892 | €40,161 | -€40,731 | -50.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €195,712 | €162,985 | -€32,727 | -16.7% |
| Equity | 10/15 | €93,875 | €109,936 | +€16,062 | +17.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €81,095 | €97,157 | +€16,062 | +19.8% |
| Non-distributable reserves | 130/1 | €3,512 | €3,512 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,512 | €3,512 | = | 0.0% |
| Distributable reserves | 133 | €77,583 | €93,645 | +€16,062 | +20.7% |
| Profit (loss) carried forward | 14 | €380 | €380 | = | 0.0% |
| Amounts payable | 17/49 | €101,838 | €53,048 | -€48,789 | -47.9% |
| Amounts payable after more than one year | 17 | €9,094 | €2,171 | -€6,923 | -76.1% |
| Financial debts | 170/4 | €9,094 | €2,171 | -€6,923 | -76.1% |
| Amounts payable within one year | 42/48 | €92,743 | €50,877 | -€41,866 | -45.1% |
| Current portion of amounts payable after more than one year | 42 | €16,503 | €6,923 | -€9,580 | -58.0% |
| Financial debts | 43 | €470 | €0 | -€470 | -100.0% |
| Credit institutions | 430/8 | €470 | €0 | -€470 | -100.0% |
| Trade debts | 44 | €14,591 | €18,222 | +€3,631 | +24.9% |
| Suppliers | 440/4 | €14,591 | €18,222 | +€3,631 | +24.9% |
| Taxes, remuneration and social security | 45 | €2,550 | €1,400 | -€1,150 | -45.1% |
| Taxes | 450/3 | €2,550 | €1,400 | -€1,150 | -45.1% |
| Other amounts payable | 47/48 | €58,629 | €24,332 | -€34,297 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,920 | €22,067 | +€147 | +0.7% |
| Other operating charges | 640/8 | €1,040 | €891 | -€148 | -14.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €35,206 | €46,588 | +€11,382 | +32.3% |
| Operating profit (loss) | 9901 | €12,246 | €23,630 | +€11,384 | +93.0% |
| Financial income | 75/76B | €1,018 | €496 | -€522 | -51.3% |
| Recurring financial income | 75 | €1,018 | €496 | -€522 | -51.3% |
| Financial charges | 65/66B | €1,061 | €502 | -€559 | -52.7% |
| Recurring financial charges | 65 | €1,061 | €502 | -€559 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €12,203 | €23,624 | +€11,421 | +93.6% |
| Income taxes | 67/77 | €4,552 | €7,562 | +€3,009 | +66.1% |
| Profit (loss) for the period | 9904 | €7,651 | €16,062 | +€8,411 | +109.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,651 | €16,062 | +€8,411 | +109.9% |
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 29 September 2026 via checked.be.