DAVY VERDURMEN: 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 VERDURMEN
Largest movements
- Stocks and contracts -€220,115
down €220,115 (-100%), from €220,115 to €0
- Receivables within one year +€153,815
up €153,815 (+419%), from €36,688 to €190,503
of which Other amounts receivable: +€149,927
- Cash +€94,388
up €94,388 (+586%), from €16,107 to €110,494
- Tangible fixed assets -€25,603
down €25,603 (-5.3%), from €478,609 to €453,006
of which Land and buildings: -€18,179
- Debts after one year -€128,082
down €128,082 (-25.4%), from €505,215 to €377,133
- Reserves +€64,337
up €64,337 (+38.8%), from €165,956 to €230,293
of which Distributable reserves: +€64,337
- Trade debts +€62,037
up €62,037 (+605%), from €10,260 to €72,298
- Accrued charges and deferred income +€19,175
up €19,175 (+472%), from €4,063 to €23,238
- Other debts -€9,609
down €9,609 (-33.1%), from €29,015 to €19,406
- Gross operating margin +€133,394
up €133,394 (+177%), from €75,261 to €208,655
- Financial charges +€73,464
up €73,464 (+616%), from €11,927 to €85,391
- Taxes +€9,591
up €9,591 (+68.0%), from €14,105 to €23,695
- Depreciation +€7,899
up €7,899 (+44.6%), from €17,704 to €25,603
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €776,495 | €778,294 | +€1,799 | +0.2% |
| Fixed assets | 21/28 | €500,951 | €475,348 | -€25,603 | -5.1% |
| Tangible fixed assets | 22/27 | €478,609 | €453,006 | -€25,603 | -5.3% |
| Land and buildings | 22 | €462,885 | €444,706 | -€18,179 | -3.9% |
| Plant, machinery and equipment | 23 | €845 | €13 | -€832 | -98.4% |
| Furniture and vehicles | 24 | €121 | €0 | -€121 | -100% |
| Leasing and similar rights | 25 | €14,758 | €8,287 | -€6,471 | -43.8% |
| Financial fixed assets | 28 | €22,342 | €22,342 | = | 0.0% |
| Current assets | 29/58 | €275,543 | €302,945 | +€27,402 | +9.9% |
| Stocks and contracts in progress | 3 | €220,115 | €0 | -€220,115 | -100% |
| Stocks | 30/36 | €220,115 | €0 | -€220,115 | -100% |
| Amounts receivable within one year | 40/41 | €36,688 | €190,503 | +€153,815 | +419% |
| Trade receivables | 40 | €22,974 | €26,861 | +€3,888 | +16.9% |
| Other amounts receivable | 41 | €13,715 | €163,642 | +€149,927 | +1,093% |
| Cash at bank and in hand | 54/58 | €16,107 | €110,494 | +€94,388 | +586% |
| Deferred charges and accrued income | 490/1 | €2,634 | €1,949 | -€685 | -26.0% |
| Total equity and liabilities | 10/49 | €776,495 | €778,294 | +€1,799 | +0.2% |
| Equity | 10/15 | €185,075 | €248,893 | +€63,817 | +34.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,956 | €230,293 | +€64,337 | +38.8% |
| Tax-exempt reserves | 132 | €10,875 | €10,875 | = | 0.0% |
| Distributable reserves | 133 | €155,081 | €219,418 | +€64,337 | +41.5% |
| Profit (loss) carried forward | 14 | €519 | €0 | -€519 | -100% |
| Amounts payable | 17/49 | €591,419 | €529,401 | -€62,018 | -10.5% |
| Amounts payable after more than one year | 17 | €505,215 | €377,133 | -€128,082 | -25.4% |
| Financial debts | 170/4 | €505,215 | €377,133 | -€128,082 | -25.4% |
| Amounts payable within one year | 42/48 | €82,141 | €129,030 | +€46,889 | +57.1% |
| Current portion of amounts payable after more than one year | 42 | €34,463 | €35,732 | +€1,270 | +3.7% |
| Financial debts | 43 | €3,386 | €845 | -€2,542 | -75.1% |
| Credit institutions | 430/8 | €3,386 | €845 | -€2,542 | -75.1% |
| Trade debts | 44 | €10,260 | €72,298 | +€62,037 | +605% |
| Suppliers | 440/4 | €10,260 | €72,298 | +€62,037 | +605% |
| Taxes, remuneration and social security | 45 | €5,017 | €750 | -€4,267 | -85.1% |
| Taxes | 450/3 | €5,017 | €750 | -€4,267 | -85.1% |
| Other amounts payable | 47/48 | €29,015 | €19,406 | -€9,609 | -33.1% |
| Accrued charges and deferred income | 492/3 | €4,063 | €23,238 | +€19,175 | +472% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,704 | €25,603 | +€7,899 | +44.6% |
| Other operating charges | 640/8 | €1,849 | €3,047 | +€1,198 | +64.8% |
| Gross operating margin | 9900 | €75,261 | €208,655 | +€133,394 | +177% |
| Operating profit (loss) | 9901 | €55,708 | €180,005 | +€124,296 | +223% |
| Financial income | 75/76B | €1 | €47 | +€47 | +5,062% |
| Recurring financial income | 75 | €1 | €47 | +€47 | +5,062% |
| Financial charges | 65/66B | €11,927 | €85,391 | +€73,464 | +616% |
| Recurring financial charges | 65 | €11,927 | €85,391 | +€73,464 | +616% |
| Profit (loss) for the period before taxes | 9903 | €43,783 | €94,661 | +€50,879 | +116% |
| Income taxes | 67/77 | €14,105 | €23,695 | +€9,591 | +68.0% |
| Profit (loss) for the period | 9904 | €29,678 | €70,966 | +€41,288 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €29,678 | €70,966 | +€41,288 | +139% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.