DEVEUX & VANERUM: 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.
DEVEUX & VANERUM
Largest movements
- Stocks and contracts -€3.4m
down €3.4m (-37.0%), from €9.2m to €5.8m
- Current investments -€1.2m
down €1.2m (-80.5%), from €1.5m to €300,000
- Receivables within one year +€1.1m
up €1.1m (+28.3%), from €4.1m to €5.2m
of which Trade receivables: +€2.8m
- Reserves -€8.2m
down €8.2m (-71.6%), from €11.5m to €3.3m
of which Distributable reserves: -€8.0m
- Other debts +€5.9m
up €5.9m (+48,371,270%), from €12 to €5.9m
- Short-term financial debts -€1.3m
no longer reported in 2025 (was €1.3m)
- Gross operating margin +€2.4m
up €2.4m (+2,593%), from €91,092 to €2.5m
- Taxes +€538,665
up €538,665 (+216%), from €249,820 to €788,485
- Financial income -€417,443
down €417,443 (-42.3%), from €986,632 to €569,189
- Financial charges -€233,191
down €233,191 (-58.0%), from €402,329 to €169,138
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 | €15,016,502 | €11,360,659 | -€3.7m | -24.3% |
| Fixed assets | 21/28 | €439 | €318 | -€121 | -27.6% |
| Tangible fixed assets | 22/27 | €439 | €318 | -€121 | -27.6% |
| Furniture and vehicles | 24 | €439 | €318 | -€121 | -27.6% |
| Current assets | 29/58 | €15,016,064 | €11,360,342 | -€3.7m | -24.3% |
| Stocks and contracts in progress | 3 | €9,182,611 | €5,787,334 | -€3.4m | -37.0% |
| Stocks | 30/36 | €9,182,611 | €5,787,334 | -€3.4m | -37.0% |
| Amounts receivable within one year | 40/41 | €4,050,690 | €5,196,713 | +€1.1m | +28.3% |
| Trade receivables | 40 | €2,127,000 | €4,963,369 | +€2.8m | +133% |
| Other amounts receivable | 41 | €1,923,690 | €233,344 | -€1.7m | -87.9% |
| Current investments | 50/53 | €1,538,816 | €300,000 | -€1.2m | -80.5% |
| Cash at bank and in hand | 54/58 | €200,267 | €76,295 | -€123,972 | -61.9% |
| Deferred charges and accrued income | 490/1 | €43,681 | - | -€43,681 | |
| Total equity and liabilities | 10/49 | €15,016,502 | €11,360,659 | -€3.7m | -24.3% |
| Equity | 10/15 | €13,701,738 | €5,507,440 | -€8.2m | -59.8% |
| Contributions | 10/11 | €2,250,104 | €2,250,104 | = | 0.0% |
| Reserves | 13 | €11,451,634 | €3,257,336 | -€8.2m | -71.6% |
| Tax-exempt reserves | 132 | €1,195,640 | €989,350 | -€206,290 | -17.3% |
| Distributable reserves | 133 | €10,255,994 | €2,267,986 | -€8.0m | -77.9% |
| Amounts payable | 17/49 | €1,314,764 | €5,853,220 | +€4.5m | +345% |
| Amounts payable within one year | 42/48 | €1,314,764 | €5,853,220 | +€4.5m | +345% |
| Financial debts | 43 | €1,300,000 | - | -€1.3m | |
| Credit institutions | 430/8 | €1,300,000 | - | -€1.3m | |
| Trade debts | 44 | €654 | €284 | -€370 | -56.6% |
| Suppliers | 440/4 | €654 | €284 | -€370 | -56.6% |
| Taxes, remuneration and social security | 45 | €14,098 | - | -€14,098 | |
| Taxes | 450/3 | €14,098 | - | -€14,098 | |
| Other amounts payable | 47/48 | €12 | €5,852,936 | +€5.9m | +48,371,270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121 | €121 | = | 0.0% |
| Other operating charges | 640/8 | €8,224 | €3,240 | -€4,984 | -60.6% |
| Gross operating margin | 9900 | €91,092 | €2,453,491 | +€2.4m | +2,593% |
| Operating profit (loss) | 9901 | €82,747 | €2,450,129 | +€2.4m | +2,861% |
| Financial income | 75/76B | €986,632 | €569,189 | -€417,443 | -42.3% |
| Recurring financial income | 75 | €986,632 | €569,189 | -€417,443 | -42.3% |
| Financial charges | 65/66B | €402,329 | €169,138 | -€233,191 | -58.0% |
| Recurring financial charges | 65 | €402,329 | €169,138 | -€233,191 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €667,051 | €2,850,180 | +€2.2m | +327% |
| Income taxes | 67/77 | €249,820 | €788,485 | +€538,665 | +216% |
| Profit (loss) for the period | 9904 | €417,230 | €2,061,696 | +€1.6m | +394% |
| Transfer from tax-exempt reserves | 789 | - | €206,290 | +€206,290 | |
| Transfer to tax-exempt reserves | 689 | €378,900 | - | -€378,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,330 | €2,267,986 | +€2.2m | +5,817% |
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 21 October 2026 via checked.be.