DAVST: 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.
DAVST
Largest movements
- Tangible fixed assets +€402,009
up €402,009 (+213.5%), from €188,251 to €590,260
of which Other tangible fixed assets: +€237,380
- Cash -€125,391
down €125,391 (-28.4%), from €441,871 to €316,480
mainly Investment in fixed assets (net) (-€481,290) and Receivables after one year (-€40,000)
- Receivables after one year +€40,000
new in 2025: €40,000
- Receivables within one year +€32,604
up €32,604 (+142.2%), from €22,928 to €55,531
of which Other amounts receivable: +€20,051
- Debts after one year +€192,071
up €192,071 (+621.3%), from €30,915 to €222,986
- Trade debts +€84,510
up €84,510 (+124.5%), from €67,861 to €152,372
- Current portion of long-term debt +€38,877
up €38,877 (+127.8%), from €30,408 to €69,285
- Reserves +€35,000
up €35,000 (+10.2%), from €341,860 to €376,860
of which Distributable reserves: +€35,000
- Tax, wage and social debts -€17,326
down €17,326 (-16.0%), from €108,366 to €91,040
of which Remuneration and social security: -€18,398
- Gross operating margin -€672,345
down €672,345 (-48.0%), from €1.4m to €727,680
- Staff costs -€375,579
down €375,579 (-40.5%), from €927,662 to €552,083
- Taxes -€107,188
down €107,188 (-92.8%), from €115,538 to €8,350
- Depreciation +€15,000
up €15,000 (+23.3%), from €64,281 to €79,281
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 | €699,809 | €1,047,647 | +€347,837 | +49.7% |
| Fixed assets | 21/28 | €188,251 | €590,260 | +€402,009 | +213.5% |
| Tangible fixed assets | 22/27 | €188,251 | €590,260 | +€402,009 | +213.5% |
| Plant, machinery and equipment | 23 | €40,049 | €187,186 | +€147,136 | +367.4% |
| Furniture and vehicles | 24 | €83,765 | €101,257 | +€17,492 | +20.9% |
| Other tangible fixed assets | 26 | €64,437 | €301,818 | +€237,380 | +368.4% |
| Current assets | 29/58 | €511,558 | €457,387 | -€54,171 | -10.6% |
| Amounts receivable after more than one year | 29 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 291 | - | €40,000 | +€40,000 | |
| Stocks and contracts in progress | 3 | €36,603 | €43,646 | +€7,042 | +19.2% |
| Stocks | 30/36 | €36,603 | €43,646 | +€7,042 | +19.2% |
| Amounts receivable within one year | 40/41 | €22,928 | €55,531 | +€32,604 | +142.2% |
| Trade receivables | 40 | €4,197 | €16,750 | +€12,553 | +299.1% |
| Other amounts receivable | 41 | €18,731 | €38,781 | +€20,051 | +107.0% |
| Cash at bank and in hand | 54/58 | €441,871 | €316,480 | -€125,391 | -28.4% |
| Deferred charges and accrued income | 490/1 | €10,156 | €1,730 | -€8,425 | -83.0% |
| Total equity and liabilities | 10/49 | €699,809 | €1,047,647 | +€347,837 | +49.7% |
| Equity | 10/15 | €431,729 | €467,722 | +€35,993 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €341,860 | €376,860 | +€35,000 | +10.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €340,000 | €375,000 | +€35,000 | +10.3% |
| Profit (loss) carried forward | 14 | €71,269 | €72,262 | +€993 | +1.4% |
| Provisions and deferred taxes | 16 | €28,914 | €44,242 | +€15,327 | +53.0% |
| Provisions for liabilities and charges | 160/5 | €28,914 | €44,242 | +€15,327 | +53.0% |
| Other liabilities and charges | 164/5 | €28,914 | €44,242 | +€15,327 | +53.0% |
| Amounts payable | 17/49 | €239,166 | €535,683 | +€296,517 | +124.0% |
| Amounts payable after more than one year | 17 | €30,915 | €222,986 | +€192,071 | +621.3% |
| Financial debts | 170/4 | €30,915 | €222,986 | +€192,071 | +621.3% |
| Amounts payable within one year | 42/48 | €206,636 | €312,696 | +€106,061 | +51.3% |
| Current portion of amounts payable after more than one year | 42 | €30,408 | €69,285 | +€38,877 | +127.8% |
| Trade debts | 44 | €67,861 | €152,372 | +€84,510 | +124.5% |
| Suppliers | 440/4 | €67,861 | €152,372 | +€84,510 | +124.5% |
| Taxes, remuneration and social security | 45 | €108,366 | €91,040 | -€17,326 | -16.0% |
| Taxes | 450/3 | €32,330 | €33,402 | +€1,072 | +3.3% |
| Remuneration and social security | 454/9 | €76,036 | €57,637 | -€18,398 | -24.2% |
| Accrued charges and deferred income | 492/3 | €1,615 | - | -€1,615 | |
| Remuneration, social security and pensions | 62 | €927,662 | €552,083 | -€375,579 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,281 | €79,281 | +€15,000 | +23.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,914 | €15,327 | -€13,587 | -47.0% |
| Other operating charges | 640/8 | €3,037 | €3,457 | +€420 | +13.8% |
| Non-recurring operating charges | 66A | €3,771 | - | -€3,771 | |
| Gross operating margin | 9900 | €1,400,025 | €727,680 | -€672,345 | -48.0% |
| Operating profit (loss) | 9901 | €372,359 | €77,532 | -€294,827 | -79.2% |
| Financial income | 75/76B | €2,099 | €1,949 | -€151 | -7.2% |
| Recurring financial income | 75 | €2,099 | €1,949 | -€151 | -7.2% |
| Financial charges | 65/66B | €36,182 | €35,137 | -€1,046 | -2.9% |
| Recurring financial charges | 65 | €36,182 | €35,137 | -€1,046 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €338,276 | €44,343 | -€293,932 | -86.9% |
| Income taxes | 67/77 | €115,538 | €8,350 | -€107,188 | -92.8% |
| Profit (loss) for the period | 9904 | €222,738 | €35,993 | -€186,745 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €222,738 | €35,993 | -€186,745 | -83.8% |
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 28 September 2026 via checked.be.