DAVID S.: 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 S.
Largest movements
- Receivables within one year +€52,057
up €52,057 (+163.7%), from €31,801 to €83,858
of which Trade receivables: +€50,164
- Tangible fixed assets -€49,436
down €49,436 (-22.7%), from €217,462 to €168,026
of which Leasing and similar rights: -€33,845
- Stocks and contracts +€31,609
up €31,609 (+38.0%), from €83,152 to €114,762
of which Contracts in progress: +€16,516
- Deferred charges and accrued income -€27,152
down €27,152 (-97.4%), from €27,877 to €725
- Cash -€17,161
down €17,161 (-49.9%), from €34,406 to €17,245
mainly Receivables within one year (-€52,057) and Debts after one year (-€41,158)
- Debts after one year -€41,158
down €41,158 (-27.9%), from €147,466 to €106,308
- Other debts +€24,248
up €24,248 (+208318.6%), from €12 to €24,260
- Tax, wage and social debts +€12,096
up €12,096 (+52.1%), from €23,238 to €35,335
of which Remuneration and social security: +€10,291
- Reserves -€8,130
down €8,130 (-7.1%), from €114,369 to €106,239
- Staff costs +€20,525
up €20,525 (+14.6%), from €140,176 to €160,701
- Gross operating margin +€13,889
up €13,889 (+6.2%), from €224,120 to €238,009
- Depreciation -€2,884
down €2,884 (-5.4%), from €53,392 to €50,507
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 | €394,699 | €384,616 | -€10,083 | -2.6% |
| Fixed assets | 21/28 | €217,462 | €168,026 | -€49,436 | -22.7% |
| Tangible fixed assets | 22/27 | €217,462 | €168,026 | -€49,436 | -22.7% |
| Plant, machinery and equipment | 23 | €32,850 | €25,207 | -€7,643 | -23.3% |
| Furniture and vehicles | 24 | €11,984 | €6,889 | -€5,094 | -42.5% |
| Leasing and similar rights | 25 | €148,486 | €114,640 | -€33,845 | -22.8% |
| Other tangible fixed assets | 26 | €24,142 | €21,288 | -€2,854 | -11.8% |
| Current assets | 29/58 | €177,237 | €216,590 | +€39,353 | +22.2% |
| Stocks and contracts in progress | 3 | €83,152 | €114,762 | +€31,609 | +38.0% |
| Stocks | 30/36 | €8,125 | €23,218 | +€15,093 | +185.8% |
| Contracts in progress | 37 | €75,027 | €91,544 | +€16,516 | +22.0% |
| Amounts receivable within one year | 40/41 | €31,801 | €83,858 | +€52,057 | +163.7% |
| Trade receivables | 40 | €21,766 | €71,930 | +€50,164 | +230.5% |
| Other amounts receivable | 41 | €10,035 | €11,928 | +€1,893 | +18.9% |
| Cash at bank and in hand | 54/58 | €34,406 | €17,245 | -€17,161 | -49.9% |
| Deferred charges and accrued income | 490/1 | €27,877 | €725 | -€27,152 | -97.4% |
| Total equity and liabilities | 10/49 | €394,699 | €384,616 | -€10,083 | -2.6% |
| Equity | 10/15 | €133,789 | €125,660 | -€8,130 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,369 | €106,239 | -€8,130 | -7.1% |
| Distributable reserves | 133 | €114,369 | €106,239 | -€8,130 | -7.1% |
| Profit (loss) carried forward | 14 | €820 | €820 | = | 0.0% |
| Amounts payable | 17/49 | €260,910 | €258,956 | -€1,953 | -0.7% |
| Amounts payable after more than one year | 17 | €147,466 | €106,308 | -€41,158 | -27.9% |
| Financial debts | 170/4 | €147,466 | €106,308 | -€41,158 | -27.9% |
| Amounts payable within one year | 42/48 | €113,443 | €152,399 | +€38,956 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €43,892 | €41,158 | -€2,734 | -6.2% |
| Financial debts | 43 | - | €2,932 | +€2,932 | |
| Credit institutions | 430/8 | - | €2,932 | +€2,932 | |
| Trade debts | 44 | €46,301 | €48,715 | +€2,413 | +5.2% |
| Suppliers | 440/4 | €46,301 | €48,715 | +€2,413 | +5.2% |
| Taxes, remuneration and social security | 45 | €23,238 | €35,335 | +€12,096 | +52.1% |
| Taxes | 450/3 | €9,683 | €11,488 | +€1,805 | +18.6% |
| Remuneration and social security | 454/9 | €13,555 | €23,847 | +€10,291 | +75.9% |
| Other amounts payable | 47/48 | €12 | €24,260 | +€24,248 | +208318.6% |
| Accrued charges and deferred income | 492/3 | - | €249 | +€249 | |
| Remuneration, social security and pensions | 62 | €140,176 | €160,701 | +€20,525 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,392 | €50,507 | -€2,884 | -5.4% |
| Other operating charges | 640/8 | €1,067 | €1,105 | +€38 | +3.6% |
| Gross operating margin | 9900 | €224,120 | €238,009 | +€13,889 | +6.2% |
| Operating profit (loss) | 9901 | €29,486 | €25,696 | -€3,790 | -12.9% |
| Financial income | 75/76B | €1,069 | €612 | -€457 | -42.8% |
| Recurring financial income | 75 | €1,069 | €612 | -€457 | -42.8% |
| Financial charges | 65/66B | €10,527 | €11,113 | +€586 | +5.6% |
| Recurring financial charges | 65 | €10,527 | €11,113 | +€586 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €20,028 | €15,194 | -€4,834 | -24.1% |
| Income taxes | 67/77 | €6,637 | €5,086 | -€1,551 | -23.4% |
| Profit (loss) for the period | 9904 | €13,391 | €10,109 | -€3,283 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,391 | €10,109 | -€3,283 | -24.5% |
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 7 October 2026 via checked.be.