DAVY NAERT: 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 NAERT
Largest movements
- Cash +€40,962
up €40,962 (+1,741%), from €2,353 to €43,315
mainly Net result for the year (+€74,799) and Other debts (+€54,969)
- Stocks and contracts -€11,454
no longer reported in 2025 (was €11,454)
- Tangible fixed assets +€8,891
up €8,891 (+3.0%), from €295,491 to €304,382
of which Furniture and vehicles: +€22,364
- Receivables within one year -€8,309
down €8,309 (-14.4%), from €57,541 to €49,231
of which Other amounts receivable: -€10,240
- Debts after one year -€61,356
down €61,356 (-26.5%), from €231,542 to €170,186
- Other debts +€54,969
new in 2025: €54,969
- Tax, wage and social debts +€29,955
up €29,955 (+1,049%), from €2,855 to €32,810
- Reserves +€15,799
up €15,799 (+15.9%), from €99,659 to €115,458
- Trade debts -€13,360
down €13,360 (-51.4%), from €25,992 to €12,631
- Gross operating margin +€100,123
up €100,123 (+290%), from €34,506 to €134,629
- Taxes +€26,581
up €26,581 (+1,472%), from €1,806 to €28,387
- Depreciation +€1,786
up €1,786 (+8.3%), from €21,523 to €23,309
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 | €374,118 | €400,447 | +€26,329 | +7.0% |
| Fixed assets | 21/28 | €296,083 | €304,931 | +€8,848 | +3.0% |
| Tangible fixed assets | 22/27 | €295,491 | €304,382 | +€8,891 | +3.0% |
| Land and buildings | 22 | €276,740 | €266,450 | -€10,290 | -3.7% |
| Plant, machinery and equipment | 23 | €7,407 | €4,224 | -€3,183 | -43.0% |
| Furniture and vehicles | 24 | €11,345 | €33,709 | +€22,364 | +197% |
| Financial fixed assets | 28 | €592 | €549 | -€43 | -7.3% |
| Current assets | 29/58 | €78,035 | €95,517 | +€17,482 | +22.4% |
| Stocks and contracts in progress | 3 | €11,454 | - | -€11,454 | |
| Stocks | 30/36 | €11,454 | - | -€11,454 | |
| Amounts receivable within one year | 40/41 | €57,541 | €49,231 | -€8,309 | -14.4% |
| Trade receivables | 40 | €45,977 | €47,908 | +€1,931 | +4.2% |
| Other amounts receivable | 41 | €11,564 | €1,324 | -€10,240 | -88.6% |
| Cash at bank and in hand | 54/58 | €2,353 | €43,315 | +€40,962 | +1,741% |
| Deferred charges and accrued income | 490/1 | €6,687 | €2,970 | -€3,717 | -55.6% |
| Total equity and liabilities | 10/49 | €374,118 | €400,447 | +€26,329 | +7.0% |
| Equity | 10/15 | €105,859 | €121,658 | +€15,799 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €99,659 | €115,458 | +€15,799 | +15.9% |
| Distributable reserves | 133 | €99,659 | €115,458 | +€15,799 | +15.9% |
| Amounts payable | 17/49 | €268,259 | €278,789 | +€10,531 | +3.9% |
| Amounts payable after more than one year | 17 | €231,542 | €170,186 | -€61,356 | -26.5% |
| Financial debts | 170/4 | €231,542 | €170,186 | -€61,356 | -26.5% |
| Amounts payable within one year | 42/48 | €36,716 | €108,603 | +€71,887 | +196% |
| Current portion of amounts payable after more than one year | 42 | €7,869 | €8,193 | +€324 | +4.1% |
| Trade debts | 44 | €25,992 | €12,631 | -€13,360 | -51.4% |
| Suppliers | 440/4 | €25,992 | €12,631 | -€13,360 | -51.4% |
| Taxes, remuneration and social security | 45 | €2,855 | €32,810 | +€29,955 | +1,049% |
| Taxes | 450/3 | €2,855 | €32,810 | +€29,955 | +1,049% |
| Other amounts payable | 47/48 | - | €54,969 | +€54,969 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,523 | €23,309 | +€1,786 | +8.3% |
| Other operating charges | 640/8 | €1,957 | €1,878 | -€78 | -4.0% |
| Gross operating margin | 9900 | €34,506 | €134,629 | +€100,123 | +290% |
| Operating profit (loss) | 9901 | €11,026 | €109,441 | +€98,416 | +893% |
| Financial income | 75/76B | €421 | €22 | -€399 | -94.7% |
| Recurring financial income | 75 | €421 | €22 | -€399 | -94.7% |
| Financial charges | 65/66B | €5,995 | €6,278 | +€284 | +4.7% |
| Recurring financial charges | 65 | €5,995 | €6,278 | +€284 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €5,452 | €103,186 | +€97,733 | +1,793% |
| Income taxes | 67/77 | €1,806 | €28,387 | +€26,581 | +1,472% |
| Profit (loss) for the period | 9904 | €3,646 | €74,799 | +€71,153 | +1,952% |
| Profit (loss) for the period to be appropriated | 9905 | €3,646 | €74,799 | +€71,153 | +1,952% |
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 18 October 2026 via checked.be.