db&vo: 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.
db&vo
Largest movements
- Financial fixed assets -€248,929
down €248,929 (-17.6%), from €1.4m to €1.2m
- Cash -€233,001
down €233,001 (-4.8%), from €4.8m to €4.6m
mainly Debts after one year (-€1.1m) and Net result for the year (-€355,370)
- Receivables after one year -€100,000
down €100,000 (-74.1%), from €135,000 to €35,000
- Debts after one year -€1.1m
down €1.1m (-87.5%), from €1.2m to €150,000
- Short-term financial debts +€1.0m
up €1.0m (+210.5%), from €475,000 to €1.5m
- Reserves -€355,370
down €355,370 (-5.0%), from €7.1m to €6.8m
- Financial charges -€219,795
down €219,795 (-33.3%), from €661,034 to €441,239
of which Financial charges: -€579,450
- Write-downs +€134,643
new in 2025: €134,643
- Financial income +€53,890
up €53,890 (+31.3%), from €172,212 to €226,102
- Taxes -€19,136
down €19,136 (-93.1%), from €20,565 to €1,428
- Gross operating margin +€2,359
up €2,359 (+42.7%), from -€5,522 to -€3,163
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 | €9,555,847 | €9,072,202 | -€483,645 | -5.1% |
| Fixed assets | 21/28 | €1,843,000 | €1,594,072 | -€248,929 | -13.5% |
| Tangible fixed assets | 22/27 | €425,000 | €425,000 | = | 0.0% |
| Land and buildings | 22 | €425,000 | €425,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,418,000 | €1,169,072 | -€248,929 | -17.6% |
| Current assets | 29/58 | €7,712,847 | €7,478,131 | -€234,716 | -3.0% |
| Amounts receivable after more than one year | 29 | €135,000 | €35,000 | -€100,000 | -74.1% |
| Other amounts receivable | 291 | €135,000 | €35,000 | -€100,000 | -74.1% |
| Amounts receivable within one year | 40/41 | €1,772,704 | €1,857,923 | +€85,218 | +4.8% |
| Other amounts receivable | 41 | €1,772,704 | €1,857,923 | +€85,218 | +4.8% |
| Current investments | 50/53 | €840,009 | €889,080 | +€49,071 | +5.8% |
| Cash at bank and in hand | 54/58 | €4,820,912 | €4,587,911 | -€233,001 | -4.8% |
| Deferred charges and accrued income | 490/1 | €144,222 | €108,218 | -€36,004 | -25.0% |
| Total equity and liabilities | 10/49 | €9,555,847 | €9,072,202 | -€483,645 | -5.1% |
| Equity | 10/15 | €7,718,367 | €7,362,997 | -€355,370 | -4.6% |
| Contributions | 10/11 | €606,361 | €606,361 | = | 0.0% |
| Reserves | 13 | €7,112,006 | €6,756,636 | -€355,370 | -5.0% |
| Distributable reserves | 133 | €7,112,006 | €6,756,636 | -€355,370 | -5.0% |
| Amounts payable | 17/49 | €1,837,480 | €1,709,205 | -€128,275 | -7.0% |
| Amounts payable after more than one year | 17 | €1,200,000 | €150,000 | -€1.1m | -87.5% |
| Financial debts | 170/4 | €1,200,000 | €150,000 | -€1.1m | -87.5% |
| Amounts payable within one year | 42/48 | €546,787 | €1,528,000 | +€981,213 | +179.5% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 43 | €475,000 | €1,475,000 | +€1.0m | +210.5% |
| Credit institutions | 430/8 | €475,000 | €1,475,000 | +€1.0m | +210.5% |
| Trade debts | 44 | €3,500 | €3,000 | -€500 | -14.3% |
| Suppliers | 440/4 | €3,500 | €3,000 | -€500 | -14.3% |
| Taxes, remuneration and social security | 45 | €18,287 | - | -€18,287 | |
| Taxes | 450/3 | €18,287 | - | -€18,287 | |
| Accrued charges and deferred income | 492/3 | €90,693 | €31,205 | -€59,488 | -65.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €134,643 | +€134,643 | |
| Other operating charges | 640/8 | €1,179 | €998 | -€180 | -15.3% |
| Gross operating margin | 9900 | -€5,522 | -€3,163 | +€2,359 | +42.7% |
| Operating profit (loss) | 9901 | -€6,701 | -€138,805 | -€132,104 | -1971.4% |
| Financial income | 75/76B | €172,212 | €226,102 | +€53,890 | +31.3% |
| Recurring financial income | 75 | €172,212 | €226,102 | +€53,890 | +31.3% |
| Financial charges | 65/66B | €661,034 | €441,239 | -€219,795 | -33.3% |
| Recurring financial charges | 65 | €661,034 | €81,583 | -€579,450 | -87.7% |
| Non-recurring financial charges | 66B | - | €359,655 | +€359,655 | |
| Profit (loss) for the period before taxes | 9903 | -€495,522 | -€353,942 | +€141,580 | +28.6% |
| Income taxes | 67/77 | €20,565 | €1,428 | -€19,136 | -93.1% |
| Profit (loss) for the period | 9904 | -€516,087 | -€355,370 | +€160,717 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€516,087 | -€355,370 | +€160,717 | +31.1% |
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 8 October 2026 via checked.be.