DE VOLDER: 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.
DE VOLDER
Largest movements
- Cash +€428,774
up €428,774 (+130.2%), from €329,367 to €758,141
mainly Net result for the year (+€418,044) and Trade debts (+€151,947)
- Receivables within one year +€145,366
up €145,366 (+11.8%), from €1.2m to €1.4m
of which Trade receivables: +€106,471
- Stocks and contracts -€47,850
down €47,850 (-37.0%), from €129,200 to €81,350
- Tangible fixed assets -€25,782
down €25,782 (-23.4%), from €110,045 to €84,263
of which Furniture and vehicles: -€25,456
- Reserves +€418,044
up €418,044 (+49.0%), from €852,781 to €1.3m
of which Distributable reserves: +€418,044
- Trade debts +€151,947
up €151,947 (+20.9%), from €727,512 to €879,459
- Short-term financial debts -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Tax, wage and social debts +€30,875
up €30,875 (+92.1%), from €33,534 to €64,409
of which Taxes: +€34,562
- Debts after one year -€25,482
down €25,482 (-32.0%), from €79,517 to €54,035
- Gross operating margin +€606,107
up €606,107 (+53.8%), from €1.1m to €1.7m
- Taxes +€129,858
up €129,858 (+564.5%), from €23,004 to €152,862
- Staff costs +€102,546
up €102,546 (+10.5%), from €975,127 to €1.1m
- Financial charges +€22,370
up €22,370 (+74.7%), from €29,950 to €52,320
- Write-downs -€20,255
down €20,255 (-81.3%), from €24,903 to €4,648
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 | €1,813,530 | €2,315,876 | +€502,345 | +27.7% |
| Fixed assets | 21/28 | €118,165 | €92,383 | -€25,782 | -21.8% |
| Tangible fixed assets | 22/27 | €110,045 | €84,263 | -€25,782 | -23.4% |
| Plant, machinery and equipment | 23 | €1,023 | €698 | -€326 | -31.8% |
| Furniture and vehicles | 24 | €109,022 | €83,566 | -€25,456 | -23.3% |
| Financial fixed assets | 28 | €8,120 | €8,120 | = | 0.0% |
| Current assets | 29/58 | €1,695,365 | €2,223,492 | +€528,127 | +31.2% |
| Stocks and contracts in progress | 3 | €129,200 | €81,350 | -€47,850 | -37.0% |
| Stocks | 30/36 | €129,200 | €81,350 | -€47,850 | -37.0% |
| Amounts receivable within one year | 40/41 | €1,234,554 | €1,379,921 | +€145,366 | +11.8% |
| Trade receivables | 40 | €1,025,732 | €1,132,203 | +€106,471 | +10.4% |
| Other amounts receivable | 41 | €208,822 | €247,718 | +€38,895 | +18.6% |
| Cash at bank and in hand | 54/58 | €329,367 | €758,141 | +€428,774 | +130.2% |
| Deferred charges and accrued income | 490/1 | €2,244 | €4,081 | +€1,837 | +81.9% |
| Total equity and liabilities | 10/49 | €1,813,530 | €2,315,876 | +€502,345 | +27.7% |
| Equity | 10/15 | €871,331 | €1,289,375 | +€418,044 | +48.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €852,781 | €1,270,825 | +€418,044 | +49.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €796,531 | €1,214,575 | +€418,044 | +52.5% |
| Amounts payable | 17/49 | €942,200 | €1,026,500 | +€84,301 | +8.9% |
| Amounts payable after more than one year | 17 | €79,517 | €54,035 | -€25,482 | -32.0% |
| Financial debts | 170/4 | €79,517 | €54,035 | -€25,482 | -32.0% |
| Amounts payable within one year | 42/48 | €861,563 | €971,847 | +€110,284 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €24,557 | €25,482 | +€925 | +3.8% |
| Financial debts | 43 | €75,000 | €0 | -€75,000 | -100.0% |
| Credit institutions | 430/8 | €75,000 | €0 | -€75,000 | -100.0% |
| Trade debts | 44 | €727,512 | €879,459 | +€151,947 | +20.9% |
| Suppliers | 440/4 | €727,512 | €879,459 | +€151,947 | +20.9% |
| Taxes, remuneration and social security | 45 | €33,534 | €64,409 | +€30,875 | +92.1% |
| Taxes | 450/3 | €13,793 | €48,355 | +€34,562 | +250.6% |
| Remuneration and social security | 454/9 | €19,741 | €16,054 | -€3,687 | -18.7% |
| Other amounts payable | 47/48 | €960 | €2,497 | +€1,537 | +160.1% |
| Accrued charges and deferred income | 492/3 | €1,120 | €619 | -€501 | -44.8% |
| Remuneration, social security and pensions | 62 | €975,127 | €1,077,673 | +€102,546 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,876 | €25,782 | +€7,906 | +44.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,903 | €4,648 | -€20,255 | -81.3% |
| Other operating charges | 640/8 | €6,966 | €5,652 | -€1,313 | -18.9% |
| Gross operating margin | 9900 | €1,127,611 | €1,733,718 | +€606,107 | +53.8% |
| Operating profit (loss) | 9901 | €102,740 | €619,963 | +€517,223 | +503.4% |
| Financial income | 75/76B | €2,329 | €3,264 | +€935 | +40.1% |
| Recurring financial income | 75 | €2,329 | €3,264 | +€935 | +40.1% |
| Financial charges | 65/66B | €29,950 | €52,320 | +€22,370 | +74.7% |
| Recurring financial charges | 65 | €29,950 | €52,320 | +€22,370 | +74.7% |
| Profit (loss) for the period before taxes | 9903 | €75,119 | €570,907 | +€495,788 | +660.0% |
| Income taxes | 67/77 | €23,004 | €152,862 | +€129,858 | +564.5% |
| Profit (loss) for the period | 9904 | €52,115 | €418,044 | +€365,929 | +702.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,115 | €418,044 | +€365,929 | +702.2% |
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 12 October 2026 via checked.be.