DAVID: 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.
DAVID
Largest movements
- Receivables within one year +€40,380
up €40,380 (+432.6%), from €9,335 to €49,715
of which Trade receivables: +€33,263
- Cash -€3,849
down €3,849 (-83.8%), from €4,595 to €746
mainly Receivables within one year (-€40,380) and Other debts (-€7,726)
- Stocks and contracts -€2,500
down €2,500 (-3.6%), from €69,184 to €66,684
- Tangible fixed assets -€1,534
down €1,534 (-11.4%), from €13,452 to €11,918
of which Plant, machinery and equipment: -€4,247
- Trade debts +€25,557
up €25,557 (+98.7%), from €25,899 to €51,456
- Tax, wage and social debts +€15,476
up €15,476 (+424.5%), from €3,646 to €19,122
of which Remuneration and social security: +€7,876
- Current portion of long-term debt +€10,134
up €10,134 (+91.1%), from €11,130 to €21,264
- Other debts -€7,726
down €7,726 (-36.2%), from €21,371 to €13,645
- Profit (loss) carried forward -€5,400
down €5,400 (-28.3%), from -€19,063 to -€24,463
- Other operating charges +€33,972
up €33,972 (+4860.1%), from €699 to €34,671
- Gross operating margin +€17,931
up €17,931 (+54.7%), from €32,791 to €50,722
- Taxes +€10,764
up €10,764 (+1544.4%), from €697 to €11,461
- Depreciation +€2,215
up €2,215 (+48.7%), from €4,547 to €6,762
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 | €96,662 | €129,416 | +€32,754 | +33.9% |
| Fixed assets | 21/28 | €13,478 | €11,918 | -€1,560 | -11.6% |
| Tangible fixed assets | 22/27 | €13,452 | €11,918 | -€1,534 | -11.4% |
| Plant, machinery and equipment | 23 | €12,741 | €8,494 | -€4,247 | -33.3% |
| Furniture and vehicles | 24 | €711 | €3,424 | +€2,713 | +381.5% |
| Financial fixed assets | 28 | €26 | €0 | -€26 | -100.0% |
| Current assets | 29/58 | €83,184 | €117,499 | +€34,315 | +41.3% |
| Stocks and contracts in progress | 3 | €69,184 | €66,684 | -€2,500 | -3.6% |
| Stocks | 30/36 | €69,184 | €66,684 | -€2,500 | -3.6% |
| Amounts receivable within one year | 40/41 | €9,335 | €49,715 | +€40,380 | +432.6% |
| Trade receivables | 40 | €8,576 | €41,839 | +€33,263 | +387.9% |
| Other amounts receivable | 41 | €759 | €7,876 | +€7,117 | +937.6% |
| Cash at bank and in hand | 54/58 | €4,595 | €746 | -€3,849 | -83.8% |
| Deferred charges and accrued income | 490/1 | €70 | €353 | +€283 | +404.6% |
| Total equity and liabilities | 10/49 | €96,662 | €129,416 | +€32,754 | +33.9% |
| Equity | 10/15 | -€4,803 | -€10,203 | -€5,400 | -112.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,063 | -€24,463 | -€5,400 | -28.3% |
| Amounts payable | 17/49 | €101,465 | €139,620 | +€38,155 | +37.6% |
| Amounts payable after more than one year | 17 | €31,447 | €26,183 | -€5,264 | -16.7% |
| Financial debts | 170/4 | €31,447 | €26,183 | -€5,264 | -16.7% |
| Amounts payable within one year | 42/48 | €69,113 | €110,815 | +€41,702 | +60.3% |
| Current portion of amounts payable after more than one year | 42 | €11,130 | €21,264 | +€10,134 | +91.1% |
| Financial debts | 43 | €7,067 | €5,327 | -€1,740 | -24.6% |
| Credit institutions | 430/8 | €7,067 | €5,327 | -€1,740 | -24.6% |
| Trade debts | 44 | €25,899 | €51,456 | +€25,557 | +98.7% |
| Suppliers | 440/4 | €25,899 | €51,456 | +€25,557 | +98.7% |
| Taxes, remuneration and social security | 45 | €3,646 | €19,122 | +€15,476 | +424.5% |
| Taxes | 450/3 | €3,646 | €11,246 | +€7,600 | +208.5% |
| Remuneration and social security | 454/9 | - | €7,876 | +€7,876 | |
| Other amounts payable | 47/48 | €21,371 | €13,645 | -€7,726 | -36.2% |
| Accrued charges and deferred income | 492/3 | €905 | €2,622 | +€1,717 | +189.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,547 | €6,762 | +€2,215 | +48.7% |
| Other operating charges | 640/8 | €699 | €34,671 | +€33,972 | +4860.1% |
| Gross operating margin | 9900 | €32,791 | €50,722 | +€17,931 | +54.7% |
| Operating profit (loss) | 9901 | €27,545 | €9,289 | -€18,256 | -66.3% |
| Financial income | 75/76B | €7 | €6 | -€1 | -18.1% |
| Recurring financial income | 75 | €7 | €6 | -€1 | -18.1% |
| Financial charges | 65/66B | €2,865 | €3,233 | +€368 | +12.9% |
| Recurring financial charges | 65 | €2,865 | €3,233 | +€368 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €24,687 | €6,062 | -€18,625 | -75.4% |
| Income taxes | 67/77 | €697 | €11,461 | +€10,764 | +1544.4% |
| Profit (loss) for the period | 9904 | €23,990 | -€5,400 | -€29,390 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,990 | -€5,400 | -€29,390 |
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 28 September 2026 via checked.be.