DAVOINE: 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.
DAVOINE
Largest movements
- Cash +€82,035
up €82,035 (+3,655%), from €2,245 to €84,279
mainly Net result for the year (+€178,455) and Investment in fixed assets (net) (+€80,010)
- Tangible fixed assets -€80,160
down €80,160 (-98.8%), from €81,095 to €935
of which Land and buildings: -€80,010
- Receivables within one year +€70,760
up €70,760 (+6.0%), from €1.2m to €1.3m
of which Other amounts receivable: +€69,104
- Reserves +€178,455
up €178,455 (+14.2%), from €1.3m to €1.4m
- Other debts -€99,684
down €99,684 (-13.6%), from €734,953 to €635,269
- Short-term financial debts +€57,389
up €57,389 (+1,018%), from €5,637 to €63,026
- Debts after one year -€42,466
down €42,466 (-100%), from €42,466 to €0
- Gross operating margin +€193,440
up €193,440 (+2,365%), from €8,179 to €201,619
- Taxes +€61,860
up €61,860 (+262%), from €23,638 to €85,498
- Staff costs +€39,595
up €39,595, from -€39,595 to €0
- Depreciation -€11,360
down €11,360 (-98.7%), from €11,510 to €150
- Financial income -€3,177
down €3,177 (-4.6%), from €68,699 to €65,522
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 | €2,139,511 | €2,212,145 | +€72,635 | +3.4% |
| Fixed assets | 21/28 | €954,029 | €873,869 | -€80,160 | -8.4% |
| Tangible fixed assets | 22/27 | €81,095 | €935 | -€80,160 | -98.8% |
| Land and buildings | 22 | €80,010 | €0 | -€80,010 | -100% |
| Plant, machinery and equipment | 23 | €1,086 | €935 | -€150 | -13.8% |
| Financial fixed assets | 28 | €872,934 | €872,934 | = | 0.0% |
| Current assets | 29/58 | €1,185,482 | €1,338,277 | +€152,795 | +12.9% |
| Amounts receivable within one year | 40/41 | €1,182,751 | €1,253,511 | +€70,760 | +6.0% |
| Trade receivables | 40 | €468 | €2,124 | +€1,656 | +354% |
| Other amounts receivable | 41 | €1,182,283 | €1,251,387 | +€69,104 | +5.8% |
| Cash at bank and in hand | 54/58 | €2,245 | €84,279 | +€82,035 | +3,655% |
| Deferred charges and accrued income | 490/1 | €487 | €487 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,139,511 | €2,212,145 | +€72,635 | +3.4% |
| Equity | 10/15 | €1,277,124 | €1,455,579 | +€178,455 | +14.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,258,532 | €1,436,987 | +€178,455 | +14.2% |
| Distributable reserves | 133 | €1,258,532 | €1,436,987 | +€178,455 | +14.2% |
| Amounts payable | 17/49 | €862,387 | €756,567 | -€105,820 | -12.3% |
| Amounts payable after more than one year | 17 | €42,466 | €0 | -€42,466 | -100% |
| Financial debts | 170/4 | €42,466 | €0 | -€42,466 | -100% |
| Amounts payable within one year | 42/48 | €819,921 | €756,567 | -€63,354 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €11,693 | €0 | -€11,693 | -100% |
| Financial debts | 43 | €5,637 | €63,026 | +€57,389 | +1,018% |
| Credit institutions | 430/8 | €5,637 | €63,026 | +€57,389 | +1,018% |
| Trade debts | 44 | €160 | €1,088 | +€929 | +581% |
| Suppliers | 440/4 | €160 | €1,088 | +€929 | +581% |
| Taxes, remuneration and social security | 45 | €67,478 | €57,184 | -€10,295 | -15.3% |
| Taxes | 450/3 | €57,487 | €47,192 | -€10,295 | -17.9% |
| Remuneration and social security | 454/9 | €9,992 | €9,992 | = | 0.0% |
| Other amounts payable | 47/48 | €734,953 | €635,269 | -€99,684 | -13.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,000 | €204,990 | +€189,990 | +1,267% |
| Remuneration, social security and pensions | 62 | -€39,595 | €0 | +€39,595 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,510 | €150 | -€11,360 | -98.7% |
| Other operating charges | 640/8 | €2,262 | €416 | -€1,846 | -81.6% |
| Non-recurring operating charges | 66A | €28,122 | €0 | -€28,122 | -100% |
| Gross operating margin | 9900 | €8,179 | €201,619 | +€193,440 | +2,365% |
| Operating profit (loss) | 9901 | €5,880 | €201,053 | +€195,173 | +3,319% |
| Financial income | 75/76B | €68,699 | €65,522 | -€3,177 | -4.6% |
| Recurring financial income | 75 | €68,699 | €65,522 | -€3,177 | -4.6% |
| Financial charges | 65/66B | €4,858 | €2,622 | -€2,236 | -46.0% |
| Recurring financial charges | 65 | €4,858 | €2,622 | -€2,236 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €69,721 | €263,952 | +€194,231 | +279% |
| Income taxes | 67/77 | €23,638 | €85,498 | +€61,860 | +262% |
| Profit (loss) for the period | 9904 | €46,083 | €178,455 | +€132,371 | +287% |
| Profit (loss) for the period to be appropriated | 9905 | €46,083 | €178,455 | +€132,371 | +287% |
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 17 October 2026 via checked.be.