Davidsfonds: 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.
Davidsfonds
Largest movements
- Current investments +€273,157
up €273,157, from €0 to €273,157
- Cash -€146,997
down €146,997 (-8.5%), from €1.7m to €1.6m
mainly Current investments (-€273,157) and Trade debts (-€40,059)
- Receivables within one year -€44,361
down €44,361 (-11.1%), from €398,553 to €354,192
of which Trade receivables: -€37,987
- Intangible fixed assets -€43,662
down €43,662 (-43.2%), from €101,002 to €57,340
- Deferred charges and accrued income +€33,154
up €33,154 (+47.1%), from €70,377 to €103,530
- Provisions +€61,500
up €61,500 (+94.9%), from €64,777 to €126,277
- Reserves +€40,806
up €40,806 (+10.5%), from €387,194 to €428,000
- Trade debts -€40,059
down €40,059 (-6.5%), from €612,457 to €572,398
- Advances received +€34,893
up €34,893 (+4361.6%), from €800 to €35,693
- Other operating charges -€152,299
down €152,299 (-49.4%), from €308,172 to €155,873
- Gross operating margin +€122,542
up €122,542 (+7.0%), from €1.8m to €1.9m
- Staff costs -€82,473
down €82,473 (-5.1%), from €1.6m to €1.5m
- Financial income -€20,770
down €20,770 (-67.5%), from €30,782 to €10,012
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 | €2,810,185 | €2,915,726 | +€105,541 | +3.8% |
| Fixed assets | 21/28 | €450,449 | €420,401 | -€30,047 | -6.7% |
| Intangible fixed assets | 21 | €101,002 | €57,340 | -€43,662 | -43.2% |
| Tangible fixed assets | 22/27 | €7,306 | €21,022 | +€13,715 | +187.7% |
| Plant, machinery and equipment | 23 | €829 | €16,714 | +€15,885 | +1915.9% |
| Furniture and vehicles | 24 | €4,962 | €4,236 | -€726 | -14.6% |
| Other tangible fixed assets | 26 | €1,515 | €71 | -€1,444 | -95.3% |
| Financial fixed assets | 28 | €342,140 | €342,040 | -€100 | 0.0% |
| Current assets | 29/58 | €2,359,737 | €2,495,325 | +€135,588 | +5.7% |
| Stocks and contracts in progress | 3 | €154,705 | €175,339 | +€20,634 | +13.3% |
| Stocks | 30/36 | €154,705 | €175,339 | +€20,634 | +13.3% |
| Amounts receivable within one year | 40/41 | €398,553 | €354,192 | -€44,361 | -11.1% |
| Trade receivables | 40 | €241,276 | €203,289 | -€37,987 | -15.7% |
| Other amounts receivable | 41 | €157,277 | €150,903 | -€6,374 | -4.1% |
| Current investments | 50/53 | €0 | €273,157 | +€273,157 | |
| Cash at bank and in hand | 54/58 | €1,736,103 | €1,589,106 | -€146,997 | -8.5% |
| Deferred charges and accrued income | 490/1 | €70,377 | €103,530 | +€33,154 | +47.1% |
| Total equity and liabilities | 10/49 | €2,810,185 | €2,915,726 | +€105,541 | +3.8% |
| Equity | 10/15 | €1,111,367 | €1,161,191 | +€49,824 | +4.5% |
| Contributions | 10/11 | €702,993 | €702,993 | = | 0.0% |
| Capital | 10 | €702,993 | €702,993 | = | 0.0% |
| Reserves | 13 | €387,194 | €428,000 | +€40,806 | +10.5% |
| Profit (loss) carried forward | 14 | €21,181 | €30,198 | +€9,018 | +42.6% |
| Provisions and deferred taxes | 16 | €64,777 | €126,277 | +€61,500 | +94.9% |
| Provisions for liabilities and charges | 160/5 | €64,777 | €126,277 | +€61,500 | +94.9% |
| Other liabilities and charges | 164/5 | €64,777 | €126,277 | +€61,500 | +94.9% |
| Amounts payable | 17/49 | €1,634,041 | €1,628,258 | -€5,783 | -0.4% |
| Amounts payable within one year | 42/48 | €771,395 | €763,720 | -€7,675 | -1.0% |
| Trade debts | 44 | €612,457 | €572,398 | -€40,059 | -6.5% |
| Suppliers | 440/4 | €612,457 | €572,398 | -€40,059 | -6.5% |
| Advances received on contracts in progress | 46 | €800 | €35,693 | +€34,893 | +4361.6% |
| Taxes, remuneration and social security | 45 | €158,138 | €155,630 | -€2,509 | -1.6% |
| Taxes | 450/3 | €2,941 | €4,962 | +€2,021 | +68.7% |
| Remuneration and social security | 454/9 | €155,198 | €150,668 | -€4,530 | -2.9% |
| Accrued charges and deferred income | 492/3 | €862,646 | €864,538 | +€1,891 | +0.2% |
| Non-recurring operating income | 76A | €37,763 | €2,584 | -€35,179 | -93.2% |
| Remuneration, social security and pensions | 62 | €1,630,811 | €1,548,338 | -€82,473 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,900 | €58,726 | +€5,826 | +11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €308,172 | €155,873 | -€152,299 | -49.4% |
| Gross operating margin | 9900 | €1,752,320 | €1,874,862 | +€122,542 | +7.0% |
| Operating profit (loss) | 9901 | -€155,962 | €50,425 | +€206,386 | |
| Financial income | 75/76B | €30,782 | €10,012 | -€20,770 | -67.5% |
| Recurring financial income | 75 | €30,782 | €10,012 | -€20,770 | -67.5% |
| Financial charges | 65/66B | €12,095 | €10,998 | -€1,097 | -9.1% |
| Recurring financial charges | 65 | €10,895 | €10,998 | +€103 | +0.9% |
| Non-recurring financial charges | 66B | €1,200 | - | -€1,200 | |
| Profit (loss) for the period before taxes | 9903 | -€137,275 | €49,439 | +€186,714 | |
| Income taxes | 67/77 | €11,053 | -€385 | -€11,438 | |
| Profit (loss) for the period | 9904 | -€148,328 | €49,824 | +€198,152 | |
| Profit (loss) for the period to be appropriated | 9905 | -€148,328 | €49,824 | +€198,152 |
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 4 October 2026 via checked.be.