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
- Cash +€44,790
up €44,790 (+14.3%), from €313,098 to €357,888
mainly Net result for the year (+€98,032) and Stocks and contracts (+€12,636)
- Stocks and contracts -€12,636
down €12,636 (-33.6%), from €37,582 to €24,946
- Tangible fixed assets -€10,029
down €10,029 (-50.5%), from €19,864 to €9,835
of which Furniture and vehicles: -€10,494
- Reserves +€65,000
up €65,000 (+20.4%), from €318,934 to €383,934
- Trade debts -€47,153
down €47,153 (-80.8%), from €58,371 to €11,218
- Profit (loss) carried forward +€8,032
up €8,032 (+24.9%), from €32,279 to €40,311
- Other debts -€7,146
down €7,146 (-58.6%), from €12,195 to €5,049
- Gross operating margin +€37,851
up €37,851 (+36.0%), from €105,106 to €142,957
- Taxes +€11,216
up €11,216 (+39.4%), from €28,465 to €39,681
- Financial charges +€2,842
up €2,842 (+628.3%), from €452 to €3,294
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 | €445,064 | €461,225 | +€16,161 | +3.6% |
| Fixed assets | 21/28 | €20,266 | €10,039 | -€10,227 | -50.5% |
| Intangible fixed assets | 21 | €402 | €204 | -€198 | -49.3% |
| Tangible fixed assets | 22/27 | €19,864 | €9,835 | -€10,029 | -50.5% |
| Plant, machinery and equipment | 23 | €1,056 | €772 | -€284 | -26.9% |
| Furniture and vehicles | 24 | €16,501 | €6,007 | -€10,494 | -63.6% |
| Other tangible fixed assets | 26 | €2,307 | €3,056 | +€749 | +32.5% |
| Current assets | 29/58 | €424,798 | €451,186 | +€26,389 | +6.2% |
| Stocks and contracts in progress | 3 | €37,582 | €24,946 | -€12,636 | -33.6% |
| Stocks | 30/36 | €37,582 | €24,946 | -€12,636 | -33.6% |
| Amounts receivable within one year | 40/41 | €72,150 | €68,352 | -€3,798 | -5.3% |
| Trade receivables | 40 | €70,848 | €68,352 | -€2,496 | -3.5% |
| Other amounts receivable | 41 | €1,301 | - | -€1,301 | |
| Cash at bank and in hand | 54/58 | €313,098 | €357,888 | +€44,790 | +14.3% |
| Deferred charges and accrued income | 490/1 | €1,968 | - | -€1,968 | |
| Total equity and liabilities | 10/49 | €445,064 | €461,225 | +€16,161 | +3.6% |
| Equity | 10/15 | €357,412 | €430,444 | +€73,032 | +20.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €318,934 | €383,934 | +€65,000 | +20.4% |
| Distributable reserves | 133 | €318,934 | €383,934 | +€65,000 | +20.4% |
| Profit (loss) carried forward | 14 | €32,279 | €40,311 | +€8,032 | +24.9% |
| Amounts payable | 17/49 | €87,651 | €30,781 | -€56,871 | -64.9% |
| Amounts payable within one year | 42/48 | €87,651 | €30,781 | -€56,871 | -64.9% |
| Trade debts | 44 | €58,371 | €11,218 | -€47,153 | -80.8% |
| Suppliers | 440/4 | €58,371 | €11,218 | -€47,153 | -80.8% |
| Taxes, remuneration and social security | 45 | €17,085 | €14,513 | -€2,572 | -15.1% |
| Taxes | 450/3 | €15,085 | €14,513 | -€572 | -3.8% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €12,195 | €5,049 | -€7,146 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,362 | €3,448 | +€86 | +2.6% |
| Other operating charges | 640/8 | €731 | €400 | -€331 | -45.3% |
| Non-recurring operating charges | 66A | €12 | - | -€12 | |
| Gross operating margin | 9900 | €105,106 | €142,957 | +€37,851 | +36.0% |
| Operating profit (loss) | 9901 | €101,002 | €139,109 | +€38,107 | +37.7% |
| Financial income | 75/76B | €1,265 | €1,899 | +€633 | +50.1% |
| Recurring financial income | 75 | €1,265 | €1,899 | +€633 | +50.1% |
| Financial charges | 65/66B | €452 | €3,294 | +€2,842 | +628.3% |
| Recurring financial charges | 65 | €452 | €3,294 | +€2,842 | +628.3% |
| Profit (loss) for the period before taxes | 9903 | €101,815 | €137,713 | +€35,899 | +35.3% |
| Income taxes | 67/77 | €28,465 | €39,681 | +€11,216 | +39.4% |
| Profit (loss) for the period | 9904 | €73,350 | €98,032 | +€24,682 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €73,350 | €98,032 | +€24,682 | +33.7% |
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 6 October 2026 via checked.be.