DERVU: 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.
DERVU
Largest movements
- Stocks and contracts +€236,500
up €236,500 (+60.4%), from €391,700 to €628,200
- Cash +€21,074
up €21,074 (+9.7%), from €216,379 to €237,453
mainly Other debts (+€170,299) and Net result for the year (+€55,928)
- Other debts +€170,299
up €170,299 (+70.5%), from €241,728 to €412,027
- Reserves +€55,928
up €55,928 (+165.0%), from €33,886 to €89,814
of which Distributable reserves: +€55,928
- Accrued charges and deferred income +€28,257
new in 2025: €28,257
- Trade debts +€9,514
up €9,514 (+7.0%), from €136,625 to €146,139
- Gross operating margin +€76,876
up €76,876 (+172.1%), from €44,666 to €121,542
- Financial charges +€28,190
up €28,190 (+6013.1%), from €469 to €28,659
- Taxes +€18,799
up €18,799 (+172.4%), from €10,903 to €29,701
- Depreciation -€3,975
down €3,975 (-38.0%), from €10,470 to €6,495
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 | €645,435 | €903,530 | +€258,095 | +40.0% |
| Fixed assets | 21/28 | €23,097 | €16,602 | -€6,495 | -28.1% |
| Tangible fixed assets | 22/27 | €22,932 | €16,437 | -€6,495 | -28.3% |
| Land and buildings | 22 | €17,402 | €15,900 | -€1,501 | -8.6% |
| Plant, machinery and equipment | 23 | €4,831 | €186 | -€4,644 | -96.1% |
| Other tangible fixed assets | 26 | €700 | €350 | -€350 | -50.0% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €622,338 | €886,928 | +€264,590 | +42.5% |
| Stocks and contracts in progress | 3 | €391,700 | €628,200 | +€236,500 | +60.4% |
| Stocks | 30/36 | €391,700 | €628,200 | +€236,500 | +60.4% |
| Amounts receivable within one year | 40/41 | €13,855 | €19,925 | +€6,070 | +43.8% |
| Trade receivables | 40 | €13,111 | €19,580 | +€6,469 | +49.3% |
| Other amounts receivable | 41 | €744 | €345 | -€399 | -53.6% |
| Cash at bank and in hand | 54/58 | €216,379 | €237,453 | +€21,074 | +9.7% |
| Deferred charges and accrued income | 490/1 | €405 | €1,350 | +€946 | +233.6% |
| Total equity and liabilities | 10/49 | €645,435 | €903,530 | +€258,095 | +40.0% |
| Equity | 10/15 | €261,179 | €317,108 | +€55,928 | +21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,886 | €89,814 | +€55,928 | +165.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €32,026 | €87,954 | +€55,928 | +174.6% |
| Profit (loss) carried forward | 14 | €208,693 | €208,693 | = | 0.0% |
| Amounts payable | 17/49 | €384,256 | €586,422 | +€202,167 | +52.6% |
| Amounts payable within one year | 42/48 | €384,256 | €558,165 | +€173,909 | +45.3% |
| Financial debts | 43 | €0 | €0 | -€0 | -100.0% |
| Credit institutions | 430/8 | €0 | €0 | -€0 | -100.0% |
| Trade debts | 44 | €136,625 | €146,139 | +€9,514 | +7.0% |
| Suppliers | 440/4 | €136,625 | €146,139 | +€9,514 | +7.0% |
| Taxes, remuneration and social security | 45 | €5,903 | €0 | -€5,903 | -100.0% |
| Taxes | 450/3 | €5,903 | €0 | -€5,903 | -100.0% |
| Other amounts payable | 47/48 | €241,728 | €412,027 | +€170,299 | +70.5% |
| Accrued charges and deferred income | 492/3 | - | €28,257 | +€28,257 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,470 | €6,495 | -€3,975 | -38.0% |
| Other operating charges | 640/8 | €891 | €812 | -€79 | -8.8% |
| Gross operating margin | 9900 | €44,666 | €121,542 | +€76,876 | +172.1% |
| Operating profit (loss) | 9901 | €33,305 | €114,234 | +€80,929 | +243.0% |
| Financial income | 75/76B | €918 | €54 | -€864 | -94.1% |
| Recurring financial income | 75 | €918 | €54 | -€864 | -94.1% |
| Financial charges | 65/66B | €469 | €28,659 | +€28,190 | +6013.1% |
| Recurring financial charges | 65 | €469 | €28,659 | +€28,190 | +6013.1% |
| Profit (loss) for the period before taxes | 9903 | €33,755 | €85,630 | +€51,875 | +153.7% |
| Income taxes | 67/77 | €10,903 | €29,701 | +€18,799 | +172.4% |
| Profit (loss) for the period | 9904 | €22,852 | €55,928 | +€33,076 | +144.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,852 | €55,928 | +€33,076 | +144.7% |
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 3 October 2026 via checked.be.