Devlin Management: 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.
Devlin Management
Largest movements
- Cash -€76,381
down €76,381 (-56.7%), from €134,726 to €58,345
mainly Other debts (-€104,310) and Contributions, distributions and other (-€26,341)
- Tangible fixed assets -€13,012
down €13,012 (-4.3%), from €303,992 to €290,980
of which Land and buildings: -€15,001
- Receivables after one year +€6,050
new in 2025: €6,050
- Other debts -€104,310
down €104,310 (-80.5%), from €129,536 to €25,226
- Reserves +€38,716
up €38,716 (+33.1%), from €117,094 to €155,811
- Debts after one year -€15,094
down €15,094 (-9.0%), from €167,148 to €152,053
of which Financial debts: -€15,094
- Gross operating margin +€21,110
up €21,110 (+24.4%), from €86,379 to €107,489
- Depreciation -€5,864
down €5,864 (-23.1%), from €25,339 to €19,475
- Taxes +€3,332
up €3,332 (+28.2%), from €11,800 to €15,132
- Other operating charges -€3,173
down €3,173 (-68.4%), from €4,641 to €1,467
- Financial charges +€1,161
up €1,161 (+20.6%), from €5,634 to €6,795
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 | €448,455 | €362,153 | -€86,302 | -19.2% |
| Fixed assets | 21/28 | €304,592 | €290,980 | -€13,612 | -4.5% |
| Tangible fixed assets | 22/27 | €303,992 | €290,980 | -€13,012 | -4.3% |
| Land and buildings | 22 | €277,168 | €262,167 | -€15,001 | -5.4% |
| Plant, machinery and equipment | 23 | €15,614 | €13,942 | -€1,672 | -10.7% |
| Furniture and vehicles | 24 | €11,210 | €8,752 | -€2,457 | -21.9% |
| Other tangible fixed assets | 26 | - | €6,118 | +€6,118 | |
| Financial fixed assets | 28 | €600 | - | -€600 | |
| Current assets | 29/58 | €143,864 | €71,174 | -€72,690 | -50.5% |
| Amounts receivable after more than one year | 29 | - | €6,050 | +€6,050 | |
| Other amounts receivable | 291 | - | €6,050 | +€6,050 | |
| Amounts receivable within one year | 40/41 | €7,157 | €4,157 | -€3,000 | -41.9% |
| Trade receivables | 40 | €3,000 | €3,000 | = | 0.0% |
| Other amounts receivable | 41 | €4,157 | €1,157 | -€3,000 | -72.2% |
| Cash at bank and in hand | 54/58 | €134,726 | €58,345 | -€76,381 | -56.7% |
| Deferred charges and accrued income | 490/1 | €1,981 | €2,622 | +€641 | +32.4% |
| Total equity and liabilities | 10/49 | €448,455 | €362,153 | -€86,302 | -19.2% |
| Equity | 10/15 | €117,194 | €155,911 | +€38,716 | +33.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €117,094 | €155,811 | +€38,716 | +33.1% |
| Distributable reserves | 133 | €117,094 | €155,811 | +€38,716 | +33.1% |
| Amounts payable | 17/49 | €331,261 | €206,243 | -€125,018 | -37.7% |
| Amounts payable after more than one year | 17 | €167,148 | €152,053 | -€15,094 | -9.0% |
| Financial debts | 170/4 | €166,303 | €151,208 | -€15,094 | -9.1% |
| Other amounts payable | 178/9 | €845 | €845 | = | 0.0% |
| Amounts payable within one year | 42/48 | €163,731 | €54,189 | -€109,541 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €19,426 | €16,335 | -€3,091 | -15.9% |
| Trade debts | 44 | €11,621 | €9,481 | -€2,140 | -18.4% |
| Suppliers | 440/4 | €11,621 | €9,481 | -€2,140 | -18.4% |
| Taxes, remuneration and social security | 45 | €3,147 | €3,147 | = | 0.0% |
| Remuneration and social security | 454/9 | €3,147 | €3,147 | = | 0.0% |
| Other amounts payable | 47/48 | €129,536 | €25,226 | -€104,310 | -80.5% |
| Accrued charges and deferred income | 492/3 | €383 | - | -€383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,339 | €19,475 | -€5,864 | -23.1% |
| Other operating charges | 640/8 | €4,641 | €1,467 | -€3,173 | -68.4% |
| Gross operating margin | 9900 | €86,379 | €107,489 | +€21,110 | +24.4% |
| Operating profit (loss) | 9901 | €56,399 | €86,546 | +€30,147 | +53.5% |
| Financial income | 75/76B | €1,089 | €438 | -€650 | -59.7% |
| Recurring financial income | 75 | €1,089 | €438 | -€650 | -59.7% |
| Financial charges | 65/66B | €5,634 | €6,795 | +€1,161 | +20.6% |
| Recurring financial charges | 65 | €5,634 | €6,795 | +€1,161 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €51,854 | €80,189 | +€28,336 | +54.6% |
| Income taxes | 67/77 | €11,800 | €15,132 | +€3,332 | +28.2% |
| Profit (loss) for the period | 9904 | €40,054 | €65,058 | +€25,004 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,054 | €65,058 | +€25,004 | +62.4% |
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 8 October 2026 via checked.be.