Davy: 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.
Davy
Largest movements
- Tangible fixed assets +€472,423
up €472,423 (+28,783%), from €1,641 to €474,065
of which Land and buildings: +€473,342
- Cash -€72,474
down €72,474 (-19.6%), from €369,099 to €296,625
mainly Investment in fixed assets (net) (-€480,200) and Contributions, distributions and other (-€450,000)
- Other debts +€371,743
up €371,743 (+24,341%), from €1,527 to €373,270
- Reserves +€44,790
up €44,790 (+13.8%), from €323,784 to €368,575
of which Distributable reserves: +€44,790
- Trade debts -€14,540
down €14,540 (-25.6%), from €56,786 to €42,247
- Gross operating margin +€49,889
up €49,889 (+8.3%), from €600,741 to €650,630
- Financial income -€12,699
down €12,699 (-83.4%), from €15,229 to €2,530
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €423,873 | €819,640 | +€395,767 | +93.4% |
| Fixed assets | 21/28 | €1,641 | €474,065 | +€472,423 | +28,783% |
| Tangible fixed assets | 22/27 | €1,641 | €474,065 | +€472,423 | +28,783% |
| Land and buildings | 22 | - | €473,342 | +€473,342 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,641 | €723 | -€918 | -56.0% |
| Current assets | 29/58 | €422,232 | €345,576 | -€76,657 | -18.2% |
| Amounts receivable within one year | 40/41 | €53,134 | €48,951 | -€4,183 | -7.9% |
| Trade receivables | 40 | €53,134 | €36,261 | -€16,873 | -31.8% |
| Other amounts receivable | 41 | - | €12,690 | +€12,690 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €369,099 | €296,625 | -€72,474 | -19.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €423,873 | €819,640 | +€395,767 | +93.4% |
| Equity | 10/15 | €342,384 | €387,175 | +€44,790 | +13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €323,784 | €368,575 | +€44,790 | +13.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €305,034 | €349,825 | +€44,790 | +14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €81,489 | €432,466 | +€350,977 | +431% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €77,689 | €428,666 | +€350,977 | +452% |
| Trade debts | 44 | €56,786 | €42,247 | -€14,540 | -25.6% |
| Suppliers | 440/4 | €56,786 | €42,247 | -€14,540 | -25.6% |
| Taxes, remuneration and social security | 45 | €19,375 | €13,148 | -€6,227 | -32.1% |
| Taxes | 450/3 | €19,375 | €13,148 | -€6,227 | -32.1% |
| Other amounts payable | 47/48 | €1,527 | €373,270 | +€371,743 | +24,341% |
| Accrued charges and deferred income | 492/3 | €3,800 | €3,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,628 | €7,777 | +€6,148 | +378% |
| Other operating charges | 640/8 | €1,078 | €1,436 | +€358 | +33.2% |
| Gross operating margin | 9900 | €600,741 | €650,630 | +€49,889 | +8.3% |
| Operating profit (loss) | 9901 | €598,034 | €641,417 | +€43,382 | +7.3% |
| Financial income | 75/76B | €15,229 | €2,530 | -€12,699 | -83.4% |
| Recurring financial income | 75 | €15,229 | €2,530 | -€12,699 | -83.4% |
| Financial charges | 65/66B | €2,885 | €1,125 | -€1,759 | -61.0% |
| Recurring financial charges | 65 | €2,885 | €1,125 | -€1,759 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €610,379 | €642,821 | +€32,442 | +5.3% |
| Income taxes | 67/77 | €147,864 | €148,031 | +€167 | +0.1% |
| Profit (loss) for the period | 9904 | €462,515 | €494,790 | +€32,275 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €462,515 | €494,790 | +€32,275 | +7.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.