DERVEAUX SELECT: 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.
DERVEAUX SELECT
Largest movements
- Current investments +€179,730
up €179,730 (+36.9%), from €486,623 to €666,353
- Cash -€125,297
down €125,297 (-61.7%), from €203,104 to €77,807
mainly Current investments (-€179,730) and Investment in fixed assets (net) (-€74,310)
- Tangible fixed assets +€23,467
up €23,467 (+2.9%), from €811,929 to €835,396
of which Furniture and vehicles: +€36,913
- Reserves +€51,900
up €51,900 (+3.5%), from €1.5m to €1.5m
of which Distributable reserves: +€51,900
- Trade debts +€22,195
up €22,195 (+252.0%), from €8,806 to €31,001
- Gross operating margin -€109,862
down €109,862 (-43.3%), from €253,475 to €143,613
- Taxes -€29,152
down €29,152 (-48.3%), from €60,357 to €31,204
- Financial charges +€19,707
up €19,707 (+1416.7%), from €1,391 to €21,098
- Depreciation -€15,223
down €15,223 (-23.0%), from €66,066 to €50,843
- Financial income +€7,981
up €7,981 (+106.8%), from €7,475 to €15,456
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 | €1,521,434 | €1,598,596 | +€77,162 | +5.1% |
| Fixed assets | 21/28 | €811,929 | €835,396 | +€23,467 | +2.9% |
| Tangible fixed assets | 22/27 | €811,929 | €835,396 | +€23,467 | +2.9% |
| Land and buildings | 22 | €737,106 | €705,126 | -€31,979 | -4.3% |
| Plant, machinery and equipment | 23 | €23,820 | €19,288 | -€4,532 | -19.0% |
| Furniture and vehicles | 24 | €11,883 | €48,796 | +€36,913 | +310.7% |
| Other tangible fixed assets | 26 | €39,120 | €62,186 | +€23,066 | +59.0% |
| Current assets | 29/58 | €709,505 | €763,200 | +€53,695 | +7.6% |
| Amounts receivable within one year | 40/41 | €17,753 | €16,929 | -€824 | -4.6% |
| Trade receivables | 40 | €6,442 | €16,910 | +€10,469 | +162.5% |
| Other amounts receivable | 41 | €11,311 | €19 | -€11,292 | -99.8% |
| Current investments | 50/53 | €486,623 | €666,353 | +€179,730 | +36.9% |
| Cash at bank and in hand | 54/58 | €203,104 | €77,807 | -€125,297 | -61.7% |
| Deferred charges and accrued income | 490/1 | €2,026 | €2,111 | +€85 | +4.2% |
| Total equity and liabilities | 10/49 | €1,521,434 | €1,598,596 | +€77,162 | +5.1% |
| Equity | 10/15 | €1,509,914 | €1,561,913 | +€51,999 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,489,971 | €1,541,871 | +€51,900 | +3.5% |
| Tax-exempt reserves | 132 | €37,111 | €37,111 | = | 0.0% |
| Distributable reserves | 133 | €1,452,860 | €1,504,760 | +€51,900 | +3.6% |
| Profit (loss) carried forward | 14 | €1,342 | €1,442 | +€99 | +7.4% |
| Amounts payable | 17/49 | €11,520 | €36,683 | +€25,163 | +218.4% |
| Amounts payable within one year | 42/48 | €10,385 | €36,499 | +€26,114 | +251.5% |
| Trade debts | 44 | €8,806 | €31,001 | +€22,195 | +252.0% |
| Suppliers | 440/4 | €8,806 | €31,001 | +€22,195 | +252.0% |
| Taxes, remuneration and social security | 45 | €811 | €4,629 | +€3,818 | +471.0% |
| Taxes | 450/3 | €811 | €4,629 | +€3,818 | +471.0% |
| Other amounts payable | 47/48 | €768 | €869 | +€101 | +13.1% |
| Accrued charges and deferred income | 492/3 | €1,135 | €184 | -€951 | -83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,066 | €50,843 | -€15,223 | -23.0% |
| Other operating charges | 640/8 | €3,816 | €3,924 | +€108 | +2.8% |
| Gross operating margin | 9900 | €253,475 | €143,613 | -€109,862 | -43.3% |
| Operating profit (loss) | 9901 | €183,593 | €88,846 | -€94,746 | -51.6% |
| Financial income | 75/76B | €7,475 | €15,456 | +€7,981 | +106.8% |
| Recurring financial income | 75 | €7,475 | €15,456 | +€7,981 | +106.8% |
| Financial charges | 65/66B | €1,391 | €21,098 | +€19,707 | +1416.7% |
| Recurring financial charges | 65 | €1,391 | €21,098 | +€19,707 | +1416.7% |
| Profit (loss) for the period before taxes | 9903 | €189,677 | €83,204 | -€106,473 | -56.1% |
| Income taxes | 67/77 | €60,357 | €31,204 | -€29,152 | -48.3% |
| Profit (loss) for the period | 9904 | €129,320 | €51,999 | -€77,321 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €129,320 | €51,999 | -€77,321 | -59.8% |
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 5 October 2026 via checked.be.