Davos: 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.
Davos
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+169%), from €1.5m to €4.1m
of which Other amounts receivable: +€2.5m
- Cash -€1.2m
down €1.2m (-79.5%), from €1.5m to €310,331
mainly Receivables within one year (-€2.6m) and Net result for the year (-€966,957)
- Tangible fixed assets -€463,836
down €463,836 (-2.2%), from €21.0m to €20.5m
- Debts after one year +€1.9m
up €1.9m (+16.7%), from €11.3m to €13.1m
of which Financial debts: +€1.9m
- Profit (loss) carried forward -€966,957
down €966,957 (-35.8%), from -€2.7m to -€3.7m
- Short-term financial debts -€486,727
down €486,727 (-100%), from €486,727 to €0
- Revaluation surpluses -€418,586
down €418,586 (-3.9%), from €10.7m to €10.3m
- Reserves +€418,586
up €418,586 (+20.0%), from €2.1m to €2.5m
- Gross operating margin -€859,528
down €859,528 (-60.2%), from €1.4m to €567,692
- Financial charges +€275,321
up €275,321 (+69.4%), from €396,457 to €671,778
- Depreciation -€116,705
down €116,705 (-12.8%), from €911,175 to €794,469
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 | €25,025,422 | €25,984,673 | +€959,251 | +3.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €20,989,527 | €20,525,691 | -€463,836 | -2.2% |
| Tangible fixed assets | 22/27 | €20,989,527 | €20,525,691 | -€463,836 | -2.2% |
| Land and buildings | 22 | €20,989,527 | €20,525,691 | -€463,836 | -2.2% |
| Current assets | 29/58 | €4,035,895 | €5,458,982 | +€1.4m | +35.3% |
| Amounts receivable within one year | 40/41 | €1,540,103 | €4,146,769 | +€2.6m | +169% |
| Trade receivables | 40 | €197,897 | €265,674 | +€67,777 | +34.2% |
| Other amounts receivable | 41 | €1,342,206 | €3,881,095 | +€2.5m | +189% |
| Cash at bank and in hand | 54/58 | €1,514,749 | €310,331 | -€1.2m | -79.5% |
| Deferred charges and accrued income | 490/1 | €981,043 | €1,001,881 | +€20,838 | +2.1% |
| Total equity and liabilities | 10/49 | €25,025,422 | €25,984,673 | +€959,251 | +3.8% |
| Equity | 10/15 | €11,741,727 | €10,774,770 | -€966,957 | -8.2% |
| Contributions | 10/11 | €1,638,552 | €1,638,552 | = | 0.0% |
| Capital | 10 | €1,638,552 | €1,638,552 | = | 0.0% |
| Issued capital | 100 | €1,638,552 | €1,638,552 | = | 0.0% |
| Revaluation surpluses | 12 | €10,711,349 | €10,292,763 | -€418,586 | -3.9% |
| Reserves | 13 | €2,096,049 | €2,514,635 | +€418,586 | +20.0% |
| Distributable reserves | 133 | €2,096,049 | €2,514,635 | +€418,586 | +20.0% |
| Profit (loss) carried forward | 14 | -€2,704,222 | -€3,671,180 | -€966,957 | -35.8% |
| Amounts payable | 17/49 | €13,283,695 | €15,209,903 | +€1.9m | +14.5% |
| Amounts payable after more than one year | 17 | €11,264,479 | €13,148,380 | +€1.9m | +16.7% |
| Financial debts | 170/4 | €11,082,364 | €12,966,265 | +€1.9m | +17.0% |
| Other amounts payable | 178/9 | €182,115 | €182,115 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,646,418 | €1,649,485 | +€3,067 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | - | €401,018 | +€401,018 | |
| Financial debts | 43 | €486,727 | €0 | -€486,727 | -100% |
| Other loans | 439 | €486,727 | €0 | -€486,727 | -100% |
| Trade debts | 44 | €1,015,320 | €1,238,971 | +€223,651 | +22.0% |
| Suppliers | 440/4 | €1,015,320 | €1,238,971 | +€223,651 | +22.0% |
| Taxes, remuneration and social security | 45 | €1,221 | €9,496 | +€8,274 | +677% |
| Taxes | 450/3 | €1,221 | €9,496 | +€8,274 | +677% |
| Other amounts payable | 47/48 | €143,150 | €0 | -€143,150 | -100% |
| Accrued charges and deferred income | 492/3 | €372,798 | €412,038 | +€39,240 | +10.5% |
| Non-recurring operating income | 76A | €232,609 | €0 | -€232,609 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €911,175 | €794,469 | -€116,705 | -12.8% |
| Other operating charges | 640/8 | €122,426 | €118,794 | -€3,632 | -3.0% |
| Gross operating margin | 9900 | €1,427,220 | €567,692 | -€859,528 | -60.2% |
| Operating profit (loss) | 9901 | €393,620 | -€345,571 | -€739,191 | |
| Financial income | 75/76B | €44,441 | €50,391 | +€5,950 | +13.4% |
| Recurring financial income | 75 | €44,441 | €50,391 | +€5,950 | +13.4% |
| Financial charges | 65/66B | €396,457 | €671,778 | +€275,321 | +69.4% |
| Recurring financial charges | 65 | €396,457 | €671,778 | +€275,321 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | €41,605 | -€966,957 | -€1.0m | |
| Profit (loss) for the period | 9904 | €41,605 | -€966,957 | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €41,605 | -€966,957 | -€1.0m |
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 15 October 2026 via checked.be.