DAVY RAHIER: 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 RAHIER
Largest movements
- Receivables within one year -€28,041
down €28,041 (-33.6%), from €83,545 to €55,504
of which Other amounts receivable: -€27,250
- Cash +€25,633
up €25,633 (+50.8%), from €50,462 to €76,095
mainly Receivables within one year (+€28,041) and Depreciation (+€23,167)
- Deferred charges and accrued income +€20,216
up €20,216 (+345%), from €5,854 to €26,070
- Tangible fixed assets -€19,358
down €19,358 (-45.1%), from €42,893 to €23,535
of which Furniture and vehicles: -€17,360
- Reserves +€12,885
up €12,885 (+9.1%), from €141,945 to €154,830
of which Distributable reserves: +€12,885
- Current portion of long-term debt -€8,122
down €8,122 (-52.2%), from €15,571 to €7,449
- Debts after one year -€7,449
down €7,449 (-58.5%), from €12,737 to €5,287
- Trade debts -€6,117
down €6,117 (-68.5%), from €8,934 to €2,817
- Tax, wage and social debts +€5,903
up €5,903 (+132%), from €4,467 to €10,370
of which Taxes: +€3,753
- Gross operating margin -€8,214
down €8,214 (-16.1%), from €51,126 to €42,912
- Write-downs -€1,654
no longer reported in 2025 (was €1,654)
- Financial charges -€1,152
down €1,152 (-76.7%), from €1,502 to €350
- Taxes -€819
down €819 (-11.3%), from €7,282 to €6,462
- Financial income -€765
down €765 (-35.3%), from €2,169 to €1,404
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 | €183,654 | €182,104 | -€1,550 | -0.8% |
| Fixed assets | 21/28 | €43,793 | €24,435 | -€19,358 | -44.2% |
| Tangible fixed assets | 22/27 | €42,893 | €23,535 | -€19,358 | -45.1% |
| Land and buildings | 22 | €3,592 | €1,839 | -€1,753 | -48.8% |
| Plant, machinery and equipment | 23 | €664 | €420 | -€244 | -36.8% |
| Furniture and vehicles | 24 | €38,636 | €21,276 | -€17,360 | -44.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €139,861 | €157,669 | +€17,808 | +12.7% |
| Amounts receivable within one year | 40/41 | €83,545 | €55,504 | -€28,041 | -33.6% |
| Trade receivables | 40 | €43,211 | €42,419 | -€791 | -1.8% |
| Other amounts receivable | 41 | €40,334 | €13,085 | -€27,250 | -67.6% |
| Cash at bank and in hand | 54/58 | €50,462 | €76,095 | +€25,633 | +50.8% |
| Deferred charges and accrued income | 490/1 | €5,854 | €26,070 | +€20,216 | +345% |
| Total equity and liabilities | 10/49 | €183,654 | €182,104 | -€1,550 | -0.8% |
| Equity | 10/15 | €141,945 | €154,830 | +€12,885 | +9.1% |
| Reserves | 13 | €141,945 | €154,830 | +€12,885 | +9.1% |
| Tax-exempt reserves | 132 | €240 | €240 | = | 0.0% |
| Distributable reserves | 133 | €141,705 | €154,590 | +€12,885 | +9.1% |
| Amounts payable | 17/49 | €41,709 | €27,274 | -€14,435 | -34.6% |
| Amounts payable after more than one year | 17 | €12,737 | €5,287 | -€7,449 | -58.5% |
| Financial debts | 170/4 | €12,737 | €5,287 | -€7,449 | -58.5% |
| Amounts payable within one year | 42/48 | €28,972 | €20,636 | -€8,336 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €15,571 | €7,449 | -€8,122 | -52.2% |
| Trade debts | 44 | €8,934 | €2,817 | -€6,117 | -68.5% |
| Suppliers | 440/4 | €8,934 | €2,817 | -€6,117 | -68.5% |
| Taxes, remuneration and social security | 45 | €4,467 | €10,370 | +€5,903 | +132% |
| Taxes | 450/3 | €4,467 | €8,220 | +€3,753 | +84.0% |
| Remuneration and social security | 454/9 | - | €2,150 | +€2,150 | |
| Accrued charges and deferred income | 492/3 | - | €1,350 | +€1,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,918 | €23,167 | -€751 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,654 | - | -€1,654 | |
| Other operating charges | 640/8 | €1,363 | €1,452 | +€89 | +6.5% |
| Gross operating margin | 9900 | €51,126 | €42,912 | -€8,214 | -16.1% |
| Operating profit (loss) | 9901 | €24,191 | €18,293 | -€5,898 | -24.4% |
| Financial income | 75/76B | €2,169 | €1,404 | -€765 | -35.3% |
| Recurring financial income | 75 | €2,169 | €1,404 | -€765 | -35.3% |
| Financial charges | 65/66B | €1,502 | €350 | -€1,152 | -76.7% |
| Recurring financial charges | 65 | €1,502 | €350 | -€1,152 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €24,858 | €19,347 | -€5,510 | -22.2% |
| Income taxes | 67/77 | €7,282 | €6,462 | -€819 | -11.3% |
| Profit (loss) for the period | 9904 | €17,576 | €12,885 | -€4,691 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,576 | €12,885 | -€4,691 | -26.7% |
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 19 October 2026 via checked.be.