DECLERCK-DUFOUR: 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.
DECLERCK-DUFOUR
Largest movements
- Cash +€36,753
up €36,753 (+34.9%), from €105,204 to €141,956
mainly Net result for the year (+€78,061) and Depreciation (+€39,824)
- Tangible fixed assets -€31,990
down €31,990 (-12.2%), from €261,291 to €229,302
of which Furniture and vehicles: -€32,105
- Receivables within one year -€9,726
down €9,726 (-84.0%), from €11,584 to €1,858
- Reserves +€78,061
up €78,061 (+73.6%), from €106,132 to €184,193
of which Distributable reserves: +€78,061
- Trade debts -€50,006
down €50,006 (-74.1%), from €67,510 to €17,504
- Other debts -€20,473
no longer reported in 2025 (was €20,473)
- Debts after one year -€7,365
down €7,365 (-5.7%), from €129,564 to €122,199
- Current portion of long-term debt -€6,354
down €6,354 (-14.2%), from €44,904 to €38,550
- Gross operating margin +€46,369
up €46,369 (+36.6%), from €126,582 to €172,951
- Depreciation +€14,212
up €14,212 (+55.5%), from €25,612 to €39,824
- Taxes +€8,113
up €8,113 (+31.5%), from €25,729 to €33,842
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 | €386,724 | €381,476 | -€5,248 | -1.4% |
| Fixed assets | 21/28 | €261,311 | €229,322 | -€31,990 | -12.2% |
| Tangible fixed assets | 22/27 | €261,291 | €229,302 | -€31,990 | -12.2% |
| Land and buildings | 22 | €116,697 | €111,119 | -€5,578 | -4.8% |
| Plant, machinery and equipment | 23 | €3,229 | €8,923 | +€5,694 | +176% |
| Furniture and vehicles | 24 | €141,365 | €109,260 | -€32,105 | -22.7% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €125,413 | €152,154 | +€26,741 | +21.3% |
| Stocks and contracts in progress | 3 | €8,625 | €8,340 | -€285 | -3.3% |
| Stocks | 30/36 | €8,625 | €8,340 | -€285 | -3.3% |
| Amounts receivable within one year | 40/41 | €11,584 | €1,858 | -€9,726 | -84.0% |
| Other amounts receivable | 41 | €11,584 | €1,858 | -€9,726 | -84.0% |
| Cash at bank and in hand | 54/58 | €105,204 | €141,956 | +€36,753 | +34.9% |
| Total equity and liabilities | 10/49 | €386,724 | €381,476 | -€5,248 | -1.4% |
| Equity | 10/15 | €116,132 | €194,193 | +€78,061 | +67.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €106,132 | €184,193 | +€78,061 | +73.6% |
| Tax-exempt reserves | 132 | €64 | €64 | = | 0.0% |
| Distributable reserves | 133 | €106,068 | €184,129 | +€78,061 | +73.6% |
| Amounts payable | 17/49 | €270,593 | €187,283 | -€83,309 | -30.8% |
| Amounts payable after more than one year | 17 | €129,564 | €122,199 | -€7,365 | -5.7% |
| Financial debts | 170/4 | €129,564 | €122,199 | -€7,365 | -5.7% |
| Amounts payable within one year | 42/48 | €141,029 | €65,085 | -€75,944 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €44,904 | €38,550 | -€6,354 | -14.2% |
| Trade debts | 44 | €67,510 | €17,504 | -€50,006 | -74.1% |
| Suppliers | 440/4 | €67,510 | €17,504 | -€50,006 | -74.1% |
| Taxes, remuneration and social security | 45 | €8,142 | €9,031 | +€889 | +10.9% |
| Taxes | 450/3 | €7,206 | €8,071 | +€864 | +12.0% |
| Remuneration and social security | 454/9 | €935 | €960 | +€25 | +2.6% |
| Other amounts payable | 47/48 | €20,473 | - | -€20,473 | |
| Non-recurring operating income | 76A | - | €34,889 | +€34,889 | |
| Remuneration, social security and pensions | 62 | €8,005 | €9,425 | +€1,420 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,612 | €39,824 | +€14,212 | +55.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€774 | - | +€774 | |
| Other operating charges | 640/8 | €3,178 | €3,152 | -€26 | -0.8% |
| Gross operating margin | 9900 | €126,582 | €172,951 | +€46,369 | +36.6% |
| Operating profit (loss) | 9901 | €90,561 | €120,549 | +€29,988 | +33.1% |
| Financial income | 75/76B | €367 | €729 | +€362 | +98.6% |
| Recurring financial income | 75 | €367 | €729 | +€362 | +98.6% |
| Financial charges | 65/66B | €10,923 | €9,375 | -€1,548 | -14.2% |
| Recurring financial charges | 65 | €10,923 | €9,375 | -€1,548 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €80,005 | €111,903 | +€31,898 | +39.9% |
| Income taxes | 67/77 | €25,729 | €33,842 | +€8,113 | +31.5% |
| Profit (loss) for the period | 9904 | €54,276 | €78,061 | +€23,785 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,276 | €78,061 | +€23,785 | +43.8% |
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 25 October 2026 via checked.be.