DEVAE: 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.
DEVAE
Largest movements
- Receivables within one year -€16,788
down €16,788 (-34.0%), from €49,366 to €32,578
of which Trade receivables: -€14,854
- Cash -€8,182
down €8,182 (-28.0%), from €29,255 to €21,073
mainly Contributions, distributions and other (-€22,000) and Investment in fixed assets (net) (-€17,974)
- Tangible fixed assets +€7,964
up €7,964 (+26.9%), from €29,562 to €37,526
of which Other tangible fixed assets: +€11,109
- Stocks and contracts +€5,226
up €5,226 (+2.6%), from €198,202 to €203,428
- Profit (loss) carried forward -€21,331
down €21,331 (-23.7%), from €89,826 to €68,495
- Reserves +€16,000
up €16,000 (+30.5%), from €52,500 to €68,500
of which Distributable reserves: +€16,000
- Trade debts +€11,854
up €11,854 (+54.0%), from €21,966 to €33,821
- Other debts -€10,971
down €10,971 (-28.0%), from €39,215 to €28,244
- Tax, wage and social debts -€6,940
no longer reported in 2025 (was €6,940)
of which Remuneration and social security: -€4,934
- Staff costs +€9,706
up €9,706 (+5.3%), from €181,898 to €191,605
- Other operating charges -€6,873
down €6,873 (-74.2%), from €9,259 to €2,386
- Gross operating margin +€4,264
up €4,264 (+1.9%), from €219,098 to €223,362
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 | €306,385 | €294,604 | -€11,781 | -3.8% |
| Fixed assets | 21/28 | €29,562 | €37,526 | +€7,964 | +26.9% |
| Tangible fixed assets | 22/27 | €29,562 | €37,526 | +€7,964 | +26.9% |
| Plant, machinery and equipment | 23 | €15,189 | €11,025 | -€4,164 | -27.4% |
| Furniture and vehicles | 24 | €9,975 | €10,993 | +€1,019 | +10.2% |
| Other tangible fixed assets | 26 | €4,398 | €15,507 | +€11,109 | +253% |
| Current assets | 29/58 | €276,823 | €257,078 | -€19,745 | -7.1% |
| Stocks and contracts in progress | 3 | €198,202 | €203,428 | +€5,226 | +2.6% |
| Stocks | 30/36 | €198,202 | €203,428 | +€5,226 | +2.6% |
| Amounts receivable within one year | 40/41 | €49,366 | €32,578 | -€16,788 | -34.0% |
| Trade receivables | 40 | €37,407 | €22,553 | -€14,854 | -39.7% |
| Other amounts receivable | 41 | €11,959 | €10,025 | -€1,934 | -16.2% |
| Cash at bank and in hand | 54/58 | €29,255 | €21,073 | -€8,182 | -28.0% |
| Total equity and liabilities | 10/49 | €306,385 | €294,604 | -€11,781 | -3.8% |
| Equity | 10/15 | €222,326 | €216,995 | -€5,331 | -2.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €52,500 | €68,500 | +€16,000 | +30.5% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €44,500 | €60,500 | +€16,000 | +36.0% |
| Profit (loss) carried forward | 14 | €89,826 | €68,495 | -€21,331 | -23.7% |
| Amounts payable | 17/49 | €84,059 | €77,609 | -€6,450 | -7.7% |
| Amounts payable after more than one year | 17 | €11,838 | €8,065 | -€3,773 | -31.9% |
| Financial debts | 170/4 | €11,838 | €8,065 | -€3,773 | -31.9% |
| Amounts payable within one year | 42/48 | €72,221 | €65,838 | -€6,384 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €3,610 | €3,773 | +€163 | +4.5% |
| Trade debts | 44 | €21,966 | €33,821 | +€11,854 | +54.0% |
| Suppliers | 440/4 | €21,966 | €33,821 | +€11,854 | +54.0% |
| Advances received on contracts in progress | 46 | €490 | - | -€490 | |
| Taxes, remuneration and social security | 45 | €6,940 | - | -€6,940 | |
| Taxes | 450/3 | €2,006 | - | -€2,006 | |
| Remuneration and social security | 454/9 | €4,934 | - | -€4,934 | |
| Other amounts payable | 47/48 | €39,215 | €28,244 | -€10,971 | -28.0% |
| Accrued charges and deferred income | 492/3 | - | €3,707 | +€3,707 | |
| Non-recurring operating income | 76A | €4,959 | €7,970 | +€3,011 | +60.7% |
| Remuneration, social security and pensions | 62 | €181,898 | €191,605 | +€9,706 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,793 | €10,010 | +€1,217 | +13.8% |
| Other operating charges | 640/8 | €9,259 | €2,386 | -€6,873 | -74.2% |
| Gross operating margin | 9900 | €219,098 | €223,362 | +€4,264 | +1.9% |
| Operating profit (loss) | 9901 | €19,148 | €19,361 | +€213 | +1.1% |
| Financial income | 75/76B | €5,615 | €5,380 | -€235 | -4.2% |
| Recurring financial income | 75 | €5,615 | €5,380 | -€235 | -4.2% |
| Financial charges | 65/66B | €938 | €711 | -€227 | -24.2% |
| Recurring financial charges | 65 | €938 | €711 | -€227 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €23,825 | €24,030 | +€205 | +0.9% |
| Income taxes | 67/77 | €8,615 | €7,360 | -€1,255 | -14.6% |
| Profit (loss) for the period | 9904 | €15,209 | €16,669 | +€1,460 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,209 | €16,669 | +€1,460 | +9.6% |
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 17 October 2026 via checked.be.