DAVID & DAVID CONSTRUCT: 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 & DAVID CONSTRUCT
Largest movements
- Tangible fixed assets +€95,531
up €95,531 (+53.9%), from €177,235 to €272,766
of which Land and buildings: +€104,297
- Receivables within one year +€86,000
up €86,000 (+289.0%), from €29,762 to €115,762
of which Trade receivables: +€94,618
- Stocks and contracts -€21,500
down €21,500 (-41.5%), from €51,760 to €30,260
- Cash -€13,785
down €13,785 (-90.9%), from €15,169 to €1,384
mainly Investment in fixed assets (net) (-€121,967) and Receivables within one year (-€86,000)
- Debts after one year +€88,933
up €88,933 (+445.1%), from €19,982 to €108,916
- Profit (loss) carried forward +€46,354
up €46,354 (+193.9%), from €23,908 to €70,262
- Current portion of long-term debt +€13,664
up €13,664 (+157.2%), from €8,690 to €22,353
- Short-term financial debts +€9,008
new in 2025: €9,008
- Other debts -€7,509
down €7,509 (-12.0%), from €62,572 to €55,063
- Gross operating margin +€30,259
up €30,259 (+40.9%), from €73,983 to €104,241
- Taxes +€6,466
up €6,466 (+57.3%), from €11,287 to €17,752
- Depreciation +€2,331
up €2,331 (+9.7%), from €24,105 to €26,436
- Financial charges +€2,312
up €2,312 (+69.7%), from €3,317 to €5,629
- Provisions +€1,987
new in 2025: €1,987
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 | €276,205 | €420,298 | +€144,093 | +52.2% |
| Fixed assets | 21/28 | €177,360 | €272,891 | +€95,531 | +53.9% |
| Tangible fixed assets | 22/27 | €177,235 | €272,766 | +€95,531 | +53.9% |
| Land and buildings | 22 | €145,458 | €249,755 | +€104,297 | +71.7% |
| Plant, machinery and equipment | 23 | €14,271 | €11,663 | -€2,608 | -18.3% |
| Furniture and vehicles | 24 | €2,633 | €1,404 | -€1,228 | -46.7% |
| Leasing and similar rights | 25 | €14,873 | €9,944 | -€4,929 | -33.1% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €98,844 | €147,406 | +€48,562 | +49.1% |
| Stocks and contracts in progress | 3 | €51,760 | €30,260 | -€21,500 | -41.5% |
| Stocks | 30/36 | €51,760 | €30,260 | -€21,500 | -41.5% |
| Amounts receivable within one year | 40/41 | €29,762 | €115,762 | +€86,000 | +289.0% |
| Trade receivables | 40 | €11,268 | €105,886 | +€94,618 | +839.7% |
| Other amounts receivable | 41 | €18,493 | €9,876 | -€8,618 | -46.6% |
| Cash at bank and in hand | 54/58 | €15,169 | €1,384 | -€13,785 | -90.9% |
| Deferred charges and accrued income | 490/1 | €2,153 | - | -€2,153 | |
| Total equity and liabilities | 10/49 | €276,205 | €420,298 | +€144,093 | +52.2% |
| Equity | 10/15 | €104,208 | €150,562 | +€46,354 | +44.5% |
| Contributions | 10/11 | €73,000 | €73,000 | = | 0.0% |
| Capital | 10 | €73,000 | €73,000 | = | 0.0% |
| Issued capital | 100 | €73,000 | €73,000 | = | 0.0% |
| Reserves | 13 | €7,300 | €7,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,300 | €7,300 | = | 0.0% |
| Legal reserve | 130 | €7,300 | €7,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,908 | €70,262 | +€46,354 | +193.9% |
| Amounts payable | 17/49 | €171,996 | €269,736 | +€97,739 | +56.8% |
| Amounts payable after more than one year | 17 | €19,982 | €108,916 | +€88,933 | +445.1% |
| Financial debts | 170/4 | €19,982 | €108,916 | +€88,933 | +445.1% |
| Amounts payable within one year | 42/48 | €152,014 | €160,820 | +€8,806 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €8,690 | €22,353 | +€13,664 | +157.2% |
| Financial debts | 43 | - | €9,008 | +€9,008 | |
| Credit institutions | 430/8 | - | €9,008 | +€9,008 | |
| Trade debts | 44 | €67,651 | €64,118 | -€3,532 | -5.2% |
| Suppliers | 440/4 | €67,651 | €64,118 | -€3,532 | -5.2% |
| Advances received on contracts in progress | 46 | €1,815 | - | -€1,815 | |
| Taxes, remuneration and social security | 45 | €11,287 | €10,277 | -€1,010 | -8.9% |
| Taxes | 450/3 | €11,287 | €10,277 | -€1,010 | -8.9% |
| Other amounts payable | 47/48 | €62,572 | €55,063 | -€7,509 | -12.0% |
| Remuneration, social security and pensions | 62 | €704 | €241 | -€463 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,105 | €26,436 | +€2,331 | +9.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,987 | +€1,987 | |
| Other operating charges | 640/8 | €4,335 | €5,163 | +€829 | +19.1% |
| Non-recurring operating charges | 66A | - | €840 | +€840 | |
| Gross operating margin | 9900 | €73,983 | €104,241 | +€30,259 | +40.9% |
| Operating profit (loss) | 9901 | €44,839 | €69,574 | +€24,734 | +55.2% |
| Financial income | 75/76B | - | €161 | +€161 | |
| Recurring financial income | 75 | - | €161 | +€161 | |
| Financial charges | 65/66B | €3,317 | €5,629 | +€2,312 | +69.7% |
| Recurring financial charges | 65 | €3,317 | €5,629 | +€2,312 | +69.7% |
| Profit (loss) for the period before taxes | 9903 | €41,522 | €64,106 | +€22,584 | +54.4% |
| Income taxes | 67/77 | €11,287 | €17,752 | +€6,466 | +57.3% |
| Profit (loss) for the period | 9904 | €30,235 | €46,354 | +€16,118 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,235 | €46,354 | +€16,118 | +53.3% |
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 30 September 2026 via checked.be.