DESVAN: 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.
DESVAN
Largest movements
- Cash -€18,370
down €18,370 (-36.9%), from €49,849 to €31,479
mainly Short-term financial debts (-€215,508) and Investment in fixed assets (net) (-€25,572)
- Stocks and contracts -€6,981
down €6,981 (-8.7%), from €79,798 to €72,817
- Receivables within one year +€4,666
up €4,666 (+7.2%), from €65,105 to €69,771
of which Other amounts receivable: +€4,812
- Short-term financial debts -€215,508
down €215,508 (-92.7%), from €232,355 to €16,847
- Debts after one year +€181,709
new in 2025: €181,709
- Current portion of long-term debt +€10,589
new in 2025: €10,589
- Reserves +€6,640
up €6,640 (+14.8%), from €44,775 to €51,416
of which Distributable reserves: +€6,640
- Financial charges -€5,136
down €5,136 (-27.9%), from €18,433 to €13,298
- Depreciation +€3,278
up €3,278 (+16.2%), from €20,284 to €23,562
- Gross operating margin -€1,744
down €1,744 (-3.2%), from €55,182 to €53,438
- Other operating charges +€1,224
up €1,224 (+17.8%), from €6,877 to €8,101
- Taxes +€666
up €666 (+19.6%), from €3,406 to €4,072
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 | €328,584 | €309,910 | -€18,675 | -5.7% |
| Fixed assets | 21/28 | €133,832 | €135,842 | +€2,010 | +1.5% |
| Tangible fixed assets | 22/27 | €133,832 | €135,842 | +€2,010 | +1.5% |
| Land and buildings | 22 | €88,492 | €85,433 | -€3,059 | -3.5% |
| Plant, machinery and equipment | 23 | €28,463 | €16,183 | -€12,280 | -43.1% |
| Furniture and vehicles | 24 | €16,877 | €34,227 | +€17,350 | +103% |
| Current assets | 29/58 | €194,752 | €174,067 | -€20,685 | -10.6% |
| Stocks and contracts in progress | 3 | €79,798 | €72,817 | -€6,981 | -8.7% |
| Stocks | 30/36 | €79,798 | €72,817 | -€6,981 | -8.7% |
| Amounts receivable within one year | 40/41 | €65,105 | €69,771 | +€4,666 | +7.2% |
| Trade receivables | 40 | €17,038 | €16,892 | -€146 | -0.9% |
| Other amounts receivable | 41 | €48,067 | €52,879 | +€4,812 | +10.0% |
| Cash at bank and in hand | 54/58 | €49,849 | €31,479 | -€18,370 | -36.9% |
| Total equity and liabilities | 10/49 | €328,584 | €309,910 | -€18,675 | -5.7% |
| Equity | 10/15 | €63,375 | €70,016 | +€6,640 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44,775 | €51,416 | +€6,640 | +14.8% |
| 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 | €42,915 | €49,556 | +€6,640 | +15.5% |
| Amounts payable | 17/49 | €265,209 | €239,894 | -€25,315 | -9.5% |
| Amounts payable after more than one year | 17 | - | €181,709 | +€181,709 | |
| Financial debts | 170/4 | - | €181,709 | +€181,709 | |
| Amounts payable within one year | 42/48 | €262,929 | €55,010 | -€207,919 | -79.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,589 | +€10,589 | |
| Financial debts | 43 | €232,355 | €16,847 | -€215,508 | -92.7% |
| Credit institutions | 430/8 | €232,355 | €16,847 | -€215,508 | -92.7% |
| Trade debts | 44 | €12,073 | €12,691 | +€618 | +5.1% |
| Suppliers | 440/4 | €12,073 | €12,691 | +€618 | +5.1% |
| Taxes, remuneration and social security | 45 | €12,441 | €10,822 | -€1,619 | -13.0% |
| Taxes | 450/3 | €12,441 | €10,822 | -€1,619 | -13.0% |
| Other amounts payable | 47/48 | €6,061 | €4,061 | -€2,000 | -33.0% |
| Accrued charges and deferred income | 492/3 | €2,280 | €3,175 | +€895 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,284 | €23,562 | +€3,278 | +16.2% |
| Other operating charges | 640/8 | €6,877 | €8,101 | +€1,224 | +17.8% |
| Gross operating margin | 9900 | €55,182 | €53,438 | -€1,744 | -3.2% |
| Operating profit (loss) | 9901 | €28,021 | €21,776 | -€6,245 | -22.3% |
| Financial income | 75/76B | €1,988 | €2,235 | +€247 | +12.4% |
| Recurring financial income | 75 | €1,988 | €2,235 | +€247 | +12.4% |
| Financial charges | 65/66B | €18,433 | €13,298 | -€5,136 | -27.9% |
| Recurring financial charges | 65 | €18,433 | €13,298 | -€5,136 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €11,575 | €10,713 | -€863 | -7.5% |
| Income taxes | 67/77 | €3,406 | €4,072 | +€666 | +19.6% |
| Profit (loss) for the period | 9904 | €8,169 | €6,640 | -€1,529 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,169 | €6,640 | -€1,529 | -18.7% |
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 14 October 2026 via checked.be.