DEUCE: 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.
DEUCE
Largest movements
- Cash -€55,771
down €55,771 (-35.1%), from €159,093 to €103,322
mainly Net result for the year (-€49,276) and Investment in fixed assets (net) (-€30,109)
- Tangible fixed assets +€14,158
up €14,158 (+20.2%), from €70,121 to €84,279
- Receivables within one year +€8,349
up €8,349 (+107.7%), from €7,754 to €16,103
of which Trade receivables: +€5,797
- Stocks and contracts +€4,623
up €4,623 (+29.3%), from €15,753 to €20,376
- Profit (loss) carried forward -€49,276
down €49,276 (-1907.6%), from -€2,583 to -€51,860
- Trade debts +€21,685
up €21,685 (+62.8%), from €34,536 to €56,220
- Tax, wage and social debts +€19,503
up €19,503 (+112.7%), from €17,299 to €36,802
of which Remuneration and social security: +€16,808
- Accrued charges and deferred income -€11,165
down €11,165 (-37.8%), from €29,533 to €18,368
- Other debts -€9,541
down €9,541 (-86.1%), from €11,084 to €1,543
- Staff costs +€111,199
up €111,199 (+24.8%), from €449,221 to €560,420
- Gross operating margin +€42,898
up €42,898 (+8.9%), from €483,107 to €526,005
- Taxes -€7,723
down €7,723 (-95.5%), from €8,086 to €363
- Depreciation +€5,499
up €5,499 (+52.6%), from €10,452 to €15,951
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 | €258,599 | €230,309 | -€28,290 | -10.9% |
| Fixed assets | 21/28 | €70,121 | €84,279 | +€14,158 | +20.2% |
| Tangible fixed assets | 22/27 | €70,121 | €84,279 | +€14,158 | +20.2% |
| Land and buildings | 22 | €36,295 | €40,011 | +€3,716 | +10.2% |
| Plant, machinery and equipment | 23 | €30,663 | €37,376 | +€6,713 | +21.9% |
| Furniture and vehicles | 24 | €3,164 | €6,893 | +€3,729 | +117.9% |
| Current assets | 29/58 | €188,477 | €146,030 | -€42,447 | -22.5% |
| Stocks and contracts in progress | 3 | €15,753 | €20,376 | +€4,623 | +29.3% |
| Stocks | 30/36 | €15,753 | €20,376 | +€4,623 | +29.3% |
| Amounts receivable within one year | 40/41 | €7,754 | €16,103 | +€8,349 | +107.7% |
| Trade receivables | 40 | €3,754 | €9,551 | +€5,797 | +154.4% |
| Other amounts receivable | 41 | €4,000 | €6,552 | +€2,552 | +63.8% |
| Cash at bank and in hand | 54/58 | €159,093 | €103,322 | -€55,771 | -35.1% |
| Deferred charges and accrued income | 490/1 | €5,878 | €6,229 | +€352 | +6.0% |
| Total equity and liabilities | 10/49 | €258,599 | €230,309 | -€28,290 | -10.9% |
| Equity | 10/15 | €164,340 | €115,063 | -€49,276 | -30.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €136,923 | €136,923 | = | 0.0% |
| Distributable reserves | 133 | €136,923 | €136,923 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,583 | -€51,860 | -€49,276 | -1907.6% |
| Amounts payable | 17/49 | €94,259 | €115,245 | +€20,987 | +22.3% |
| Amounts payable within one year | 42/48 | €64,726 | €96,878 | +€32,152 | +49.7% |
| Trade debts | 44 | €34,536 | €56,220 | +€21,685 | +62.8% |
| Suppliers | 440/4 | €34,536 | €56,220 | +€21,685 | +62.8% |
| Advances received on contracts in progress | 46 | €1,807 | €2,312 | +€505 | +27.9% |
| Taxes, remuneration and social security | 45 | €17,299 | €36,802 | +€19,503 | +112.7% |
| Taxes | 450/3 | €4,383 | €7,078 | +€2,695 | +61.5% |
| Remuneration and social security | 454/9 | €12,916 | €29,724 | +€16,808 | +130.1% |
| Other amounts payable | 47/48 | €11,084 | €1,543 | -€9,541 | -86.1% |
| Accrued charges and deferred income | 492/3 | €29,533 | €18,368 | -€11,165 | -37.8% |
| Remuneration, social security and pensions | 62 | €449,221 | €560,420 | +€111,199 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,452 | €15,951 | +€5,499 | +52.6% |
| Other operating charges | 640/8 | €3,880 | €2,052 | -€1,828 | -47.1% |
| Gross operating margin | 9900 | €483,107 | €526,005 | +€42,898 | +8.9% |
| Operating profit (loss) | 9901 | €19,554 | -€52,419 | -€71,973 | |
| Financial income | 75/76B | €4,434 | €4,561 | +€127 | +2.9% |
| Recurring financial income | 75 | €4,434 | €4,561 | +€127 | +2.9% |
| Financial charges | 65/66B | €1,106 | €1,056 | -€50 | -4.5% |
| Recurring financial charges | 65 | €1,106 | €1,056 | -€50 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €22,881 | -€48,914 | -€71,795 | |
| Income taxes | 67/77 | €8,086 | €363 | -€7,723 | -95.5% |
| Profit (loss) for the period | 9904 | €14,796 | -€49,276 | -€64,072 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,796 | -€49,276 | -€64,072 |
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.