Davo Projects: 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 Projects
Largest movements
- Receivables within one year +€46,703
up €46,703 (+213%), from €21,889 to €68,592
of which Other amounts receivable: +€44,418
- Cash -€10,854
down €10,854 (-28.2%), from €38,443 to €27,590
mainly Receivables within one year (-€46,703) and Investment in fixed assets (net) (-€13,372)
- Tangible fixed assets -€7,737
down €7,737 (-8.9%), from €86,923 to €79,186
of which Furniture and vehicles: -€16,739
- Trade debts +€15,951
up €15,951 (+93.1%), from €17,143 to €33,094
- Debts after one year +€15,885
up €15,885 (+26.6%), from €59,751 to €75,636
- Reserves -€12,384
down €12,384 (-26.9%), from €46,101 to €33,718
- Current portion of long-term debt +€10,817
up €10,817 (+70.7%), from €15,290 to €26,107
- Other debts -€2,140
no longer reported in 2025 (was €2,140)
- Gross operating margin -€49,630
down €49,630 (-75.6%), from €65,608 to €15,978
- Depreciation +€14,588
up €14,588 (+224%), from €6,521 to €21,109
- Taxes -€11,690
down €11,690, from €11,647 to -€43
- Financial charges +€5,825
up €5,825 (+484%), from €1,204 to €7,029
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 | €147,255 | €175,367 | +€28,112 | +19.1% |
| Fixed assets | 21/28 | €86,923 | €79,186 | -€7,737 | -8.9% |
| Tangible fixed assets | 22/27 | €86,923 | €79,186 | -€7,737 | -8.9% |
| Plant, machinery and equipment | 23 | €8,638 | €17,640 | +€9,002 | +104% |
| Furniture and vehicles | 24 | €78,285 | €61,546 | -€16,739 | -21.4% |
| Current assets | 29/58 | €60,332 | €96,181 | +€35,849 | +59.4% |
| Amounts receivable within one year | 40/41 | €21,889 | €68,592 | +€46,703 | +213% |
| Trade receivables | 40 | €8,832 | €11,117 | +€2,285 | +25.9% |
| Other amounts receivable | 41 | €13,057 | €57,475 | +€44,418 | +340% |
| Cash at bank and in hand | 54/58 | €38,443 | €27,590 | -€10,854 | -28.2% |
| Total equity and liabilities | 10/49 | €147,255 | €175,367 | +€28,112 | +19.1% |
| Equity | 10/15 | €49,101 | €36,718 | -€12,384 | -25.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,101 | €33,718 | -€12,384 | -26.9% |
| Distributable reserves | 133 | €46,101 | €33,718 | -€12,384 | -26.9% |
| Amounts payable | 17/49 | €98,154 | €138,650 | +€40,496 | +41.3% |
| Amounts payable after more than one year | 17 | €59,751 | €75,636 | +€15,885 | +26.6% |
| Financial debts | 170/4 | €59,751 | €75,636 | +€15,885 | +26.6% |
| Amounts payable within one year | 42/48 | €38,403 | €63,014 | +€24,611 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €15,290 | €26,107 | +€10,817 | +70.7% |
| Financial debts | 43 | €3,813 | €3,813 | = | 0.0% |
| Credit institutions | 430/8 | €3,813 | €3,813 | = | 0.0% |
| Trade debts | 44 | €17,143 | €33,094 | +€15,951 | +93.1% |
| Suppliers | 440/4 | €17,143 | €33,094 | +€15,951 | +93.1% |
| Taxes, remuneration and social security | 45 | €17 | - | -€17 | |
| Taxes | 450/3 | €17 | - | -€17 | |
| Other amounts payable | 47/48 | €2,140 | - | -€2,140 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,521 | €21,109 | +€14,588 | +224% |
| Other operating charges | 640/8 | €144 | €269 | +€124 | +86.2% |
| Gross operating margin | 9900 | €65,608 | €15,978 | -€49,630 | -75.6% |
| Operating profit (loss) | 9901 | €58,943 | -€5,400 | -€64,343 | |
| Financial income | 75/76B | €10 | €2 | -€8 | -79.2% |
| Recurring financial income | 75 | €10 | €2 | -€8 | -79.2% |
| Financial charges | 65/66B | €1,204 | €7,029 | +€5,825 | +484% |
| Recurring financial charges | 65 | €1,204 | €7,029 | +€5,825 | +484% |
| Profit (loss) for the period before taxes | 9903 | €57,749 | -€12,427 | -€70,175 | |
| Income taxes | 67/77 | €11,647 | -€43 | -€11,690 | |
| Profit (loss) for the period | 9904 | €46,101 | -€12,384 | -€58,485 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,101 | -€12,384 | -€58,485 |
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.