DESVECO: 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.
DESVECO
Largest movements
- Current investments +€74,859
up €74,859 (+28.7%), from €261,020 to €335,879
- Cash -€37,421
down €37,421 (-13.0%), from €287,251 to €249,830
mainly Current investments (-€74,859) and Contributions, distributions and other (-€38,881)
- Tangible fixed assets -€21,340
down €21,340 (-13.6%), from €157,236 to €135,896
of which Furniture and vehicles: -€15,768
- Reserves +€28,155
up €28,155 (+5.9%), from €478,171 to €506,326
of which Distributable reserves: +€28,155
- Debts after one year -€10,194
no longer reported in 2025 (was €10,194)
- Gross operating margin -€54,920
down €54,920 (-28.7%), from €191,509 to €136,590
- Taxes -€17,811
down €17,811 (-35.0%), from €50,910 to €33,099
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 | €821,904 | €838,484 | +€16,580 | +2.0% |
| Fixed assets | 21/28 | €249,236 | €227,896 | -€21,340 | -8.6% |
| Tangible fixed assets | 22/27 | €157,236 | €135,896 | -€21,340 | -13.6% |
| Land and buildings | 22 | €123,765 | €118,193 | -€5,572 | -4.5% |
| Furniture and vehicles | 24 | €33,471 | €17,703 | -€15,768 | -47.1% |
| Financial fixed assets | 28 | €92,000 | €92,000 | = | 0.0% |
| Current assets | 29/58 | €572,667 | €610,588 | +€37,920 | +6.6% |
| Amounts receivable within one year | 40/41 | €24,396 | €24,855 | +€459 | +1.9% |
| Trade receivables | 40 | €24,396 | €17,558 | -€6,838 | -28.0% |
| Other amounts receivable | 41 | €0 | €7,296 | +€7,296 | |
| Current investments | 50/53 | €261,020 | €335,879 | +€74,859 | +28.7% |
| Cash at bank and in hand | 54/58 | €287,251 | €249,830 | -€37,421 | -13.0% |
| Deferred charges and accrued income | 490/1 | - | €23 | +€23 | |
| Total equity and liabilities | 10/49 | €821,904 | €838,484 | +€16,580 | +2.0% |
| Equity | 10/15 | €595,171 | €623,326 | +€28,155 | +4.7% |
| Contributions | 10/11 | €117,000 | €117,000 | = | 0.0% |
| Reserves | 13 | €478,171 | €506,326 | +€28,155 | +5.9% |
| Tax-exempt reserves | 132 | €1,542 | €1,542 | = | 0.0% |
| Distributable reserves | 133 | €476,630 | €504,785 | +€28,155 | +5.9% |
| Amounts payable | 17/49 | €226,732 | €215,157 | -€11,575 | -5.1% |
| Amounts payable after more than one year | 17 | €10,194 | - | -€10,194 | |
| Financial debts | 170/4 | €10,194 | - | -€10,194 | |
| Amounts payable within one year | 42/48 | €205,856 | €202,629 | -€3,227 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €10,096 | €10,194 | +€98 | +1.0% |
| Trade debts | 44 | €1,784 | €449 | -€1,335 | -74.8% |
| Suppliers | 440/4 | €1,784 | €449 | -€1,335 | -74.8% |
| Taxes, remuneration and social security | 45 | €22,711 | €21,045 | -€1,666 | -7.3% |
| Taxes | 450/3 | €22,711 | €21,045 | -€1,666 | -7.3% |
| Other amounts payable | 47/48 | €171,264 | €170,941 | -€323 | -0.2% |
| Accrued charges and deferred income | 492/3 | €10,683 | €12,528 | +€1,845 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,920 | €22,891 | -€28 | -0.1% |
| Other operating charges | 640/8 | €2,083 | €2,615 | +€532 | +25.5% |
| Gross operating margin | 9900 | €191,509 | €136,590 | -€54,920 | -28.7% |
| Operating profit (loss) | 9901 | €166,507 | €111,083 | -€55,423 | -33.3% |
| Financial income | 75/76B | €716 | €1,495 | +€779 | +109% |
| Recurring financial income | 75 | €716 | €1,495 | +€779 | +109% |
| Financial charges | 65/66B | €11,129 | €12,443 | +€1,314 | +11.8% |
| Recurring financial charges | 65 | €11,129 | €12,443 | +€1,314 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €156,094 | €100,135 | -€55,959 | -35.8% |
| Income taxes | 67/77 | €50,910 | €33,099 | -€17,811 | -35.0% |
| Profit (loss) for the period | 9904 | €105,184 | €67,036 | -€38,148 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €105,184 | €67,036 | -€38,148 | -36.3% |
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.