DAVU: 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.
DAVU
Largest movements
- Tangible fixed assets -€830,451
down €830,451 (-31.8%), from €2.6m to €1.8m
of which Land and buildings: -€825,557
- Cash +€656,866
up €656,866 (+7209.1%), from €9,112 to €665,978
mainly Other debts (+€2.1m) and Investment in fixed assets (net) (+€788,716)
- Other debts +€2.1m
up €2.1m (+95.1%), from €2.2m to €4.3m
- Short-term financial debts -€1.9m
down €1.9m (-100.0%), from €1.9m to €0
- Reserves -€238,494
down €238,494 (-33.5%), from €710,862 to €472,368
of which Distributable reserves: -€222,975
- Trade debts +€130,172
up €130,172 (+39.0%), from €334,012 to €464,185
- Gross operating margin -€434,350
down €434,350, from €369,136 to -€65,214
- Financial charges -€66,438
down €66,438 (-26.6%), from €249,926 to €183,488
- Depreciation -€23,205
down €23,205 (-35.7%), from €64,940 to €41,735
- Financial income +€4,534
up €4,534 (+733.6%), from €618 to €5,152
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 | €12,581,278 | €12,544,106 | -€37,172 | -0.3% |
| Fixed assets | 21/28 | €2,611,319 | €1,780,868 | -€830,451 | -31.8% |
| Tangible fixed assets | 22/27 | €2,611,319 | €1,780,868 | -€830,451 | -31.8% |
| Land and buildings | 22 | €2,598,668 | €1,773,111 | -€825,557 | -31.8% |
| Furniture and vehicles | 24 | €12,650 | €7,756 | -€4,894 | -38.7% |
| Current assets | 29/58 | €9,969,959 | €10,763,238 | +€793,279 | +8.0% |
| Stocks and contracts in progress | 3 | €9,767,495 | €9,865,646 | +€98,150 | +1.0% |
| Stocks | 30/36 | €9,767,495 | €9,865,646 | +€98,150 | +1.0% |
| Amounts receivable within one year | 40/41 | €184,013 | €230,645 | +€46,633 | +25.3% |
| Trade receivables | 40 | €9,975 | €7,411 | -€2,565 | -25.7% |
| Other amounts receivable | 41 | €174,038 | €223,235 | +€49,197 | +28.3% |
| Cash at bank and in hand | 54/58 | €9,112 | €665,978 | +€656,866 | +7209.1% |
| Deferred charges and accrued income | 490/1 | €9,340 | €969 | -€8,370 | -89.6% |
| Total equity and liabilities | 10/49 | €12,581,278 | €12,544,106 | -€37,172 | -0.3% |
| Equity | 10/15 | €1,413,362 | €1,081,266 | -€332,095 | -23.5% |
| Contributions | 10/11 | €702,500 | €702,500 | = | 0.0% |
| Reserves | 13 | €710,862 | €472,368 | -€238,494 | -33.5% |
| Tax-exempt reserves | 132 | €487,887 | €472,368 | -€15,519 | -3.2% |
| Distributable reserves | 133 | €222,975 | €0 | -€222,975 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€93,602 | -€93,602 | |
| Provisions and deferred taxes | 16 | €162,629 | €157,456 | -€5,173 | -3.2% |
| Deferred taxes | 168 | €162,629 | €157,456 | -€5,173 | -3.2% |
| Amounts payable | 17/49 | €11,005,288 | €11,305,383 | +€300,096 | +2.7% |
| Amounts payable after more than one year | 17 | €6,557,696 | €6,504,416 | -€53,280 | -0.8% |
| Financial debts | 170/4 | €6,557,696 | €6,504,416 | -€53,280 | -0.8% |
| Amounts payable within one year | 42/48 | €4,444,642 | €4,798,018 | +€353,376 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €52,434 | €53,280 | +€846 | +1.6% |
| Financial debts | 43 | €1,863,996 | €0 | -€1.9m | -100.0% |
| Credit institutions | 430/8 | €1,863,996 | €0 | -€1.9m | -100.0% |
| Trade debts | 44 | €334,012 | €464,185 | +€130,172 | +39.0% |
| Suppliers | 440/4 | €334,012 | €464,185 | +€130,172 | +39.0% |
| Other amounts payable | 47/48 | €2,194,199 | €4,280,553 | +€2.1m | +95.1% |
| Accrued charges and deferred income | 492/3 | €2,950 | €2,950 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,940 | €41,735 | -€23,205 | -35.7% |
| Other operating charges | 640/8 | €12,828 | €11,012 | -€1,816 | -14.2% |
| Non-recurring operating charges | 66A | - | €40,972 | +€40,972 | |
| Gross operating margin | 9900 | €369,136 | -€65,214 | -€434,350 | |
| Operating profit (loss) | 9901 | €291,368 | -€158,933 | -€450,301 | |
| Financial income | 75/76B | €618 | €5,152 | +€4,534 | +733.6% |
| Recurring financial income | 75 | €618 | €5,152 | +€4,534 | +733.6% |
| Financial charges | 65/66B | €249,926 | €183,488 | -€66,438 | -26.6% |
| Recurring financial charges | 65 | €249,926 | €183,488 | -€66,438 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €42,060 | -€337,268 | -€379,328 | |
| Transfer from deferred taxes | 780 | €5,173 | €5,173 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €47,233 | -€332,095 | -€379,328 | |
| Transfer from tax-exempt reserves | 789 | €15,519 | €15,519 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,752 | -€316,576 | -€379,328 |
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.