DAVID'S HOF: 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'S HOF
Largest movements
- Cash +€33,098
up €33,098 (+27.4%), from €120,958 to €154,056
mainly Net result for the year (+€75,918) and Depreciation (+€67,979)
- Tangible fixed assets -€13,375
down €13,375 (-2.8%), from €484,425 to €471,049
of which Land and buildings: -€33,106
- Reserves -€76,540
down €76,540 (-27.0%), from €283,152 to €206,612
of which Distributable reserves: -€76,540
- Other debts +€49,530
up €49,530 (+140%), from €35,481 to €85,011
- Trade debts +€38,053
up €38,053 (+78.4%), from €48,552 to €86,605
- Debts after one year -€17,914
down €17,914 (-8.2%), from €218,081 to €200,167
- Current portion of long-term debt +€13,409
up €13,409 (+52.7%), from €25,451 to €38,861
- Staff costs -€29,963
down €29,963 (-11.9%), from €252,068 to €222,105
- Depreciation +€6,561
up €6,561 (+10.7%), from €61,418 to €67,979
- Taxes +€6,439
up €6,439 (+24.0%), from €26,799 to €33,238
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.
Derived cash bridge
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 | €701,639 | €730,945 | +€29,305 | +4.2% |
| Fixed assets | 21/28 | €493,056 | €481,250 | -€11,806 | -2.4% |
| Intangible fixed assets | 21 | €7,576 | €9,145 | +€1,569 | +20.7% |
| Tangible fixed assets | 22/27 | €484,425 | €471,049 | -€13,375 | -2.8% |
| Land and buildings | 22 | €430,731 | €397,625 | -€33,106 | -7.7% |
| Plant, machinery and equipment | 23 | €22,171 | €23,490 | +€1,318 | +5.9% |
| Furniture and vehicles | 24 | €31,522 | €49,934 | +€18,413 | +58.4% |
| Financial fixed assets | 28 | €1,056 | €1,056 | = | 0.0% |
| Current assets | 29/58 | €208,583 | €249,695 | +€41,112 | +19.7% |
| Stocks and contracts in progress | 3 | €28,538 | €30,654 | +€2,116 | +7.4% |
| Stocks | 30/36 | €28,538 | €30,654 | +€2,116 | +7.4% |
| Amounts receivable within one year | 40/41 | €52,253 | €54,887 | +€2,633 | +5.0% |
| Trade receivables | 40 | €45,658 | €49,778 | +€4,120 | +9.0% |
| Other amounts receivable | 41 | €6,596 | €5,109 | -€1,487 | -22.5% |
| Cash at bank and in hand | 54/58 | €120,958 | €154,056 | +€33,098 | +27.4% |
| Deferred charges and accrued income | 490/1 | €6,833 | €10,098 | +€3,265 | +47.8% |
| Total equity and liabilities | 10/49 | €701,639 | €730,945 | +€29,305 | +4.2% |
| Equity | 10/15 | €338,152 | €261,612 | -€76,540 | -22.6% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €283,152 | €206,612 | -€76,540 | -27.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €278,152 | €201,612 | -€76,540 | -27.5% |
| Amounts payable | 17/49 | €363,488 | €469,333 | +€105,845 | +29.1% |
| Amounts payable after more than one year | 17 | €218,081 | €200,167 | -€17,914 | -8.2% |
| Financial debts | 170/4 | €218,081 | €200,167 | -€17,914 | -8.2% |
| Amounts payable within one year | 42/48 | €145,406 | €269,166 | +€123,760 | +85.1% |
| Current portion of amounts payable after more than one year | 42 | €25,451 | €38,861 | +€13,409 | +52.7% |
| Financial debts | 43 | €3,419 | €13,409 | +€9,990 | +292% |
| Credit institutions | 430/8 | €3,419 | €13,409 | +€9,990 | +292% |
| Trade debts | 44 | €48,552 | €86,605 | +€38,053 | +78.4% |
| Suppliers | 440/4 | €48,552 | €86,605 | +€38,053 | +78.4% |
| Taxes, remuneration and social security | 45 | €32,503 | €45,280 | +€12,777 | +39.3% |
| Taxes | 450/3 | €9,710 | €22,146 | +€12,436 | +128% |
| Remuneration and social security | 454/9 | €22,793 | €23,134 | +€341 | +1.5% |
| Other amounts payable | 47/48 | €35,481 | €85,011 | +€49,530 | +140% |
| Remuneration, social security and pensions | 62 | €252,068 | €222,105 | -€29,963 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,418 | €67,979 | +€6,561 | +10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | -€170 | -€3,170 | |
| Other operating charges | 640/8 | €3,162 | €2,987 | -€175 | -5.5% |
| Gross operating margin | 9900 | €422,614 | €420,712 | -€1,903 | -0.5% |
| Operating profit (loss) | 9901 | €102,965 | €127,810 | +€24,845 | +24.1% |
| Financial income | 75/76B | €857 | €610 | -€246 | -28.7% |
| Recurring financial income | 75 | €857 | €610 | -€246 | -28.7% |
| Financial charges | 65/66B | €19,168 | €19,265 | +€97 | +0.5% |
| Recurring financial charges | 65 | €19,168 | €19,265 | +€97 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €84,654 | €109,156 | +€24,502 | +28.9% |
| Income taxes | 67/77 | €26,799 | €33,238 | +€6,439 | +24.0% |
| Profit (loss) for the period | 9904 | €57,855 | €75,918 | +€18,063 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,855 | €75,918 | +€18,063 | +31.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.