DAVID&ALEX: 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.
DAVID&ALEX
Largest movements
- Receivables within one year +€14,802
up €14,802 (+6.8%), from €217,107 to €231,909
- Stocks and contracts -€7,200
down €7,200 (-10.3%), from €70,200 to €63,000
- Profit (loss) carried forward -€83,008
down €83,008, from €56,038 to -€26,970
- Other debts +€72,919
up €72,919 (+110.3%), from €66,089 to €139,009
- Trade debts +€16,451
up €16,451 (+10.7%), from €153,112 to €169,563
- Gross operating margin -€87,235
down €87,235, from €11,103 to -€76,131
- Staff costs -€2,765
no longer reported in 2025 (was €2,765)
- Taxes -€1,034
down €1,034 (-79.2%), from €1,307 to €272
- Financial income -€819
down €819 (-100.0%), from €819 to €0
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 | €303,146 | €307,288 | +€4,142 | +1.4% |
| Fixed assets | 21/28 | €14,487 | €12,319 | -€2,167 | -15.0% |
| Tangible fixed assets | 22/27 | €13,788 | €11,620 | -€2,167 | -15.7% |
| Plant, machinery and equipment | 23 | €1,650 | €1,224 | -€426 | -25.8% |
| Furniture and vehicles | 24 | - | €1,022 | +€1,022 | |
| Other tangible fixed assets | 26 | €12,138 | €9,374 | -€2,764 | -22.8% |
| Financial fixed assets | 28 | €699 | €699 | = | 0.0% |
| Current assets | 29/58 | €288,659 | €294,969 | +€6,310 | +2.2% |
| Stocks and contracts in progress | 3 | €70,200 | €63,000 | -€7,200 | -10.3% |
| Stocks | 30/36 | €70,200 | €63,000 | -€7,200 | -10.3% |
| Amounts receivable within one year | 40/41 | €217,107 | €231,909 | +€14,802 | +6.8% |
| Trade receivables | 40 | €217,107 | €231,909 | +€14,802 | +6.8% |
| Cash at bank and in hand | 54/58 | €1,352 | €60 | -€1,293 | -95.6% |
| Total equity and liabilities | 10/49 | €303,146 | €307,288 | +€4,142 | +1.4% |
| Equity | 10/15 | €68,438 | -€14,570 | -€83,008 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,038 | -€26,970 | -€83,008 | |
| Amounts payable | 17/49 | €234,708 | €321,858 | +€87,150 | +37.1% |
| Amounts payable within one year | 42/48 | €234,339 | €321,858 | +€87,520 | +37.3% |
| Financial debts | 43 | €1 | - | -€1 | |
| Credit institutions | 430/8 | €1 | - | -€1 | |
| Trade debts | 44 | €153,112 | €169,563 | +€16,451 | +10.7% |
| Suppliers | 440/4 | €153,112 | €169,563 | +€16,451 | +10.7% |
| Taxes, remuneration and social security | 45 | €15,137 | €13,287 | -€1,850 | -12.2% |
| Taxes | 450/3 | €9,022 | €8,972 | -€50 | -0.6% |
| Remuneration and social security | 454/9 | €6,115 | €4,315 | -€1,800 | -29.4% |
| Other amounts payable | 47/48 | €66,089 | €139,009 | +€72,919 | +110.3% |
| Accrued charges and deferred income | 492/3 | €369 | - | -€369 | |
| Remuneration, social security and pensions | 62 | €2,765 | - | -€2,765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,261 | €3,489 | +€228 | +7.0% |
| Other operating charges | 640/8 | €2,901 | €2,474 | -€427 | -14.7% |
| Gross operating margin | 9900 | €11,103 | -€76,131 | -€87,235 | |
| Operating profit (loss) | 9901 | €2,176 | -€82,094 | -€84,270 | |
| Financial income | 75/76B | €819 | €0 | -€819 | -100.0% |
| Recurring financial income | 75 | €819 | €0 | -€819 | -100.0% |
| Financial charges | 65/66B | €757 | €642 | -€115 | -15.2% |
| Recurring financial charges | 65 | €757 | €642 | -€115 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €2,239 | -€82,736 | -€84,974 | |
| Income taxes | 67/77 | €1,307 | €272 | -€1,034 | -79.2% |
| Profit (loss) for the period | 9904 | €932 | -€83,008 | -€83,940 | |
| Profit (loss) for the period to be appropriated | 9905 | €932 | -€83,008 | -€83,940 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.