Devarco: 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.
Devarco
Largest movements
- Current investments +€375,000
up €375,000 (+3,273%), from €11,458 to €386,458
- Tangible fixed assets +€252,563
up €252,563 (+42.7%), from €591,410 to €843,973
of which Leasing and similar rights: +€207,837
- Receivables within one year -€87,031
down €87,031 (-72.6%), from €119,819 to €32,787
of which Trade receivables: -€97,058
- Reserves +€650,887
up €650,887 (+224%), from €291,122 to €942,009
of which Distributable reserves: +€398,287
- Trade debts -€112,259
down €112,259 (-81.0%), from €138,519 to €26,260
- Current portion of long-term debt +€75,406
up €75,406 (+128%), from €58,943 to €134,349
- Other debts -€65,213
down €65,213 (-42.1%), from €154,928 to €89,715
- Gross operating margin +€782,805
up €782,805 (+324%), from €241,716 to €1.0m
- Taxes +€242,649
up €242,649 (+1,334%), from €18,189 to €260,838
- Depreciation +€44,184
up €44,184 (+153%), from €28,815 to €72,999
- Financial charges -€10,789
down €10,789 (-47.2%), from €22,841 to €12,051
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 | €848,001 | €1,389,072 | +€541,070 | +63.8% |
| Fixed assets | 21/28 | €591,410 | €843,973 | +€252,563 | +42.7% |
| Tangible fixed assets | 22/27 | €591,410 | €843,973 | +€252,563 | +42.7% |
| Land and buildings | 22 | €571,229 | €549,653 | -€21,576 | -3.8% |
| Plant, machinery and equipment | 23 | €14,432 | €82,854 | +€68,421 | +474% |
| Furniture and vehicles | 24 | €5,748 | €3,630 | -€2,119 | -36.9% |
| Leasing and similar rights | 25 | - | €207,837 | +€207,837 | |
| Current assets | 29/58 | €256,592 | €545,099 | +€288,507 | +112% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €119,819 | €32,787 | -€87,031 | -72.6% |
| Trade receivables | 40 | €119,819 | €22,761 | -€97,058 | -81.0% |
| Other amounts receivable | 41 | - | €10,027 | +€10,027 | |
| Current investments | 50/53 | €11,458 | €386,458 | +€375,000 | +3,273% |
| Cash at bank and in hand | 54/58 | €119,930 | €112,839 | -€7,091 | -5.9% |
| Deferred charges and accrued income | 490/1 | €5,385 | €13,014 | +€7,629 | +142% |
| Total equity and liabilities | 10/49 | €848,001 | €1,389,072 | +€541,070 | +63.8% |
| Equity | 10/15 | €309,789 | €960,675 | +€650,887 | +210% |
| Contributions | 10/11 | €18,666 | €18,666 | = | 0.0% |
| Reserves | 13 | €291,122 | €942,009 | +€650,887 | +224% |
| Tax-exempt reserves | 132 | €6,114 | €258,714 | +€252,600 | +4,132% |
| Distributable reserves | 133 | €285,008 | €683,295 | +€398,287 | +140% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €538,213 | €428,396 | -€109,816 | -20.4% |
| Amounts payable after more than one year | 17 | €169,142 | €156,471 | -€12,671 | -7.5% |
| Financial debts | 170/4 | €169,142 | €156,471 | -€12,671 | -7.5% |
| Amounts payable within one year | 42/48 | €365,206 | €271,926 | -€93,280 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €58,943 | €134,349 | +€75,406 | +128% |
| Trade debts | 44 | €138,519 | €26,260 | -€112,259 | -81.0% |
| Suppliers | 440/4 | €138,519 | €26,260 | -€112,259 | -81.0% |
| Taxes, remuneration and social security | 45 | €12,817 | €21,602 | +€8,785 | +68.5% |
| Taxes | 450/3 | €9,942 | €18,727 | +€8,785 | +88.4% |
| Remuneration and social security | 454/9 | €2,875 | €2,875 | = | 0.0% |
| Other amounts payable | 47/48 | €154,928 | €89,715 | -€65,213 | -42.1% |
| Accrued charges and deferred income | 492/3 | €3,865 | €0 | -€3,865 | -100% |
| Remuneration, social security and pensions | 62 | - | €273 | +€273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,815 | €72,999 | +€44,184 | +153% |
| Other operating charges | 640/8 | €8,561 | €10,172 | +€1,611 | +18.8% |
| Gross operating margin | 9900 | €241,716 | €1,024,521 | +€782,805 | +324% |
| Operating profit (loss) | 9901 | €204,340 | €941,077 | +€736,737 | +361% |
| Financial income | 75/76B | €677 | €692 | +€14 | +2.1% |
| Recurring financial income | 75 | €677 | €692 | +€14 | +2.1% |
| Financial charges | 65/66B | €22,841 | €12,051 | -€10,789 | -47.2% |
| Recurring financial charges | 65 | €22,841 | €12,051 | -€10,789 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €182,177 | €929,717 | +€747,541 | +410% |
| Income taxes | 67/77 | €18,189 | €260,838 | +€242,649 | +1,334% |
| Profit (loss) for the period | 9904 | €163,988 | €668,880 | +€504,892 | +308% |
| Transfer to tax-exempt reserves | 689 | - | €252,600 | +€252,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €163,988 | €416,280 | +€252,292 | +154% |
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 13 October 2026 via checked.be.