DAVID SURPLUS: 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 SURPLUS
Largest movements
- Cash -€1.6m
down €1.6m (-71.0%), from €2.2m to €644,503
mainly Stocks and contracts (-€1.1m) and Trade debts (-€696,868)
- Stocks and contracts +€1.1m
up €1.1m (+56.4%), from €2.0m to €3.1m
- Trade debts -€696,868
down €696,868 (-72.0%), from €968,348 to €271,480
- Reserves +€138,311
up €138,311 (+5.5%), from €2.5m to €2.6m
of which Distributable reserves: +€138,311
- Other debts +€95,364
up €95,364 (+18.7%), from €508,674 to €604,038
- Staff costs -€37,305
down €37,305 (-13.2%), from €282,020 to €244,715
- Financial income +€18,562
up €18,562 (+39.2%), from €47,294 to €65,856
- Financial charges +€15,406
up €15,406 (+28.6%), from €53,952 to €69,358
- Gross operating margin -€15,350
down €15,350 (-2.6%), from €590,970 to €575,620
- Taxes +€7,222
up €7,222 (+8.1%), from €89,554 to €96,777
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 | €6,167,649 | €5,735,854 | -€431,795 | -7.0% |
| Fixed assets | 21/28 | €56,092 | €57,999 | +€1,907 | +3.4% |
| Tangible fixed assets | 22/27 | €56,092 | €57,999 | +€1,907 | +3.4% |
| Land and buildings | 22 | €2,558 | €1,578 | -€980 | -38.3% |
| Plant, machinery and equipment | 23 | €29,182 | €35,695 | +€6,513 | +22.3% |
| Furniture and vehicles | 24 | €24,352 | €20,726 | -€3,626 | -14.9% |
| Current assets | 29/58 | €6,111,556 | €5,677,855 | -€433,702 | -7.1% |
| Amounts receivable after more than one year | 29 | €3,531 | €274 | -€3,257 | -92.2% |
| Trade receivables | 290 | €3,531 | €274 | -€3,257 | -92.2% |
| Stocks and contracts in progress | 3 | €1,950,113 | €3,050,113 | +€1.1m | +56.4% |
| Stocks | 30/36 | €1,950,113 | €3,050,113 | +€1.1m | +56.4% |
| Amounts receivable within one year | 40/41 | €85,037 | €103,134 | +€18,098 | +21.3% |
| Trade receivables | 40 | €54,006 | €88,864 | +€34,858 | +64.5% |
| Other amounts receivable | 41 | €31,031 | €14,270 | -€16,760 | -54.0% |
| Current investments | 50/53 | €1,845,971 | €1,876,971 | +€31,000 | +1.7% |
| Cash at bank and in hand | 54/58 | €2,223,216 | €644,503 | -€1.6m | -71.0% |
| Deferred charges and accrued income | 490/1 | €3,690 | €2,860 | -€830 | -22.5% |
| Total equity and liabilities | 10/49 | €6,167,649 | €5,735,854 | -€431,795 | -7.0% |
| Equity | 10/15 | €2,577,191 | €2,715,502 | +€138,311 | +5.4% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Capital | 10 | €74,400 | €74,400 | = | 0.0% |
| Issued capital | 100 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €2,502,791 | €2,641,102 | +€138,311 | +5.5% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Legal reserve | 130 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,476,601 | €2,614,912 | +€138,311 | +5.6% |
| Amounts payable | 17/49 | €3,590,458 | €3,020,352 | -€570,106 | -15.9% |
| Amounts payable after more than one year | 17 | €2,054,445 | €2,064,557 | +€10,112 | +0.5% |
| Other amounts payable | 178/9 | €2,054,445 | €2,064,557 | +€10,112 | +0.5% |
| Amounts payable within one year | 42/48 | €1,485,501 | €884,492 | -€601,010 | -40.5% |
| Trade debts | 44 | €968,348 | €271,480 | -€696,868 | -72.0% |
| Suppliers | 440/4 | €968,348 | €271,480 | -€696,868 | -72.0% |
| Taxes, remuneration and social security | 45 | €8,479 | €8,974 | +€495 | +5.8% |
| Remuneration and social security | 454/9 | €8,479 | €8,974 | +€495 | +5.8% |
| Other amounts payable | 47/48 | €508,674 | €604,038 | +€95,364 | +18.7% |
| Accrued charges and deferred income | 492/3 | €50,512 | €71,303 | +€20,792 | +41.2% |
| Remuneration, social security and pensions | 62 | €282,020 | €244,715 | -€37,305 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,384 | €14,284 | -€5,100 | -26.3% |
| Other operating charges | 640/8 | €9,347 | €10,532 | +€1,185 | +12.7% |
| Gross operating margin | 9900 | €590,970 | €575,620 | -€15,350 | -2.6% |
| Operating profit (loss) | 9901 | €280,220 | €306,089 | +€25,870 | +9.2% |
| Financial income | 75/76B | €47,294 | €65,856 | +€18,562 | +39.2% |
| Recurring financial income | 75 | €47,294 | €65,856 | +€18,562 | +39.2% |
| Financial charges | 65/66B | €53,952 | €69,358 | +€15,406 | +28.6% |
| Recurring financial charges | 65 | €53,952 | €69,358 | +€15,406 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €273,562 | €302,588 | +€29,026 | +10.6% |
| Income taxes | 67/77 | €89,554 | €96,777 | +€7,222 | +8.1% |
| Profit (loss) for the period | 9904 | €184,008 | €205,811 | +€21,803 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €184,008 | €205,811 | +€21,803 | +11.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.