DAVO: 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.
DAVO
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€52,600
up €52,600 (+14.3%), from €368,975 to €421,575
- Profit (loss) carried forward -€18,650
down €18,650 (-47.9%), from -€38,922 to -€57,571
- Reserves -€17,851
down €17,851 (-2.0%), from €886,076 to €868,224
of which Tax-exempt reserves: -€17,851
- Gross operating margin +€11,492
up €11,492 (+40.8%), from €28,170 to €39,662
- Depreciation +€6,338
up €6,338 (+13.5%), from €46,954 to €53,292
- Financial charges -€5,875
down €5,875 (-19.3%), from €30,398 to €24,523
- Financial income -€2,532
down €2,532 (-68.7%), from €3,683 to €1,151
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,394,443 | €1,392,748 | -€1,695 | -0.1% |
| Fixed assets | 21/28 | €1,326,554 | €1,331,026 | +€4,472 | +0.3% |
| Tangible fixed assets | 22/27 | €1,326,554 | €1,331,026 | +€4,472 | +0.3% |
| Land and buildings | 22 | €1,254,438 | €1,264,104 | +€9,666 | +0.8% |
| Plant, machinery and equipment | 23 | €18,773 | €18,885 | +€111 | +0.6% |
| Furniture and vehicles | 24 | €12,125 | €6,249 | -€5,876 | -48.5% |
| Other tangible fixed assets | 26 | €41,218 | €41,788 | +€570 | +1.4% |
| Current assets | 29/58 | €67,889 | €61,722 | -€6,167 | -9.1% |
| Amounts receivable within one year | 40/41 | €4,864 | €7,162 | +€2,298 | +47.2% |
| Trade receivables | 40 | €543 | €0 | -€543 | -100.0% |
| Other amounts receivable | 41 | €4,321 | €7,162 | +€2,841 | +65.7% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,947 | €4,097 | -€7,850 | -65.7% |
| Deferred charges and accrued income | 490/1 | €1,078 | €463 | -€615 | -57.1% |
| Total equity and liabilities | 10/49 | €1,394,443 | €1,392,748 | -€1,695 | -0.1% |
| Equity | 10/15 | €865,754 | €829,253 | -€36,501 | -4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €886,076 | €868,224 | -€17,851 | -2.0% |
| Tax-exempt reserves | 132 | €368,933 | €351,082 | -€17,851 | -4.8% |
| Distributable reserves | 133 | €517,143 | €517,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,922 | -€57,571 | -€18,650 | -47.9% |
| Provisions and deferred taxes | 16 | €122,978 | €117,027 | -€5,950 | -4.8% |
| Deferred taxes | 168 | €122,978 | €117,027 | -€5,950 | -4.8% |
| Amounts payable | 17/49 | €405,711 | €446,467 | +€40,756 | +10.0% |
| Amounts payable within one year | 42/48 | €369,893 | €422,055 | +€52,162 | +14.1% |
| Trade debts | 44 | €627 | €480 | -€147 | -23.5% |
| Suppliers | 440/4 | €627 | €480 | -€147 | -23.5% |
| Advances received on contracts in progress | 46 | €291 | €0 | -€291 | -100.0% |
| Other amounts payable | 47/48 | €368,975 | €421,575 | +€52,600 | +14.3% |
| Accrued charges and deferred income | 492/3 | €35,818 | €24,412 | -€11,406 | -31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,954 | €53,292 | +€6,338 | +13.5% |
| Other operating charges | 640/8 | €5,222 | €5,449 | +€227 | +4.3% |
| Gross operating margin | 9900 | €28,170 | €39,662 | +€11,492 | +40.8% |
| Operating profit (loss) | 9901 | -€24,007 | -€19,080 | +€4,927 | +20.5% |
| Financial income | 75/76B | €3,683 | €1,151 | -€2,532 | -68.7% |
| Recurring financial income | 75 | €3,683 | €1,151 | -€2,532 | -68.7% |
| Financial charges | 65/66B | €30,398 | €24,523 | -€5,875 | -19.3% |
| Recurring financial charges | 65 | €30,398 | €24,523 | -€5,875 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | -€50,722 | -€42,452 | +€8,270 | +16.3% |
| Transfer from deferred taxes | 780 | €5,952 | €5,950 | -€2 | 0.0% |
| Profit (loss) for the period | 9904 | -€44,769 | -€36,501 | +€8,268 | +18.5% |
| Transfer from tax-exempt reserves | 789 | €17,857 | €17,851 | -€6 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,912 | -€18,650 | +€8,263 | +30.7% |
Source: filed annual accounts (NBB), financial years ended 30 March 2025 and 30 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.