DEVOET: 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.
DEVOET
Largest movements
- Cash +€41,643
up €41,643 (+9,063%), from €459 to €42,103
mainly Net result for the year (+€38,396) and Depreciation (+€34,385)
- Tangible fixed assets +€19,593
up €19,593 (+4.3%), from €460,545 to €480,138
of which Land and buildings: +€17,099
- Stocks and contracts +€14,702
up €14,702 (+17.8%), from €82,691 to €97,394
- Reserves +€38,396
up €38,396 (+17.2%), from €222,947 to €261,343
of which Distributable reserves: +€38,396
- Trade debts +€19,351
up €19,351 (+338%), from €5,729 to €25,081
- Tax, wage and social debts +€9,184
up €9,184 (+232%), from €3,966 to €13,150
of which Taxes: +€8,588
- Gross operating margin +€21,690
up €21,690 (+30.5%), from €71,148 to €92,838
- Taxes +€10,018
up €10,018 (+194%), from €5,157 to €15,175
- Depreciation -€2,479
down €2,479 (-6.7%), from €36,865 to €34,385
- Financial charges +€1,829
up €1,829 (+53.6%), from €3,410 to €5,239
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 | €550,117 | €624,172 | +€74,054 | +13.5% |
| Fixed assets | 21/28 | €460,545 | €480,138 | +€19,593 | +4.3% |
| Tangible fixed assets | 22/27 | €460,545 | €480,138 | +€19,593 | +4.3% |
| Land and buildings | 22 | €375,760 | €392,859 | +€17,099 | +4.6% |
| Plant, machinery and equipment | 23 | €14,920 | €19,030 | +€4,110 | +27.5% |
| Furniture and vehicles | 24 | €1,587 | €1,547 | -€40 | -2.5% |
| Other tangible fixed assets | 26 | €68,279 | €66,702 | -€1,577 | -2.3% |
| Current assets | 29/58 | €89,572 | €144,034 | +€54,462 | +60.8% |
| Stocks and contracts in progress | 3 | €82,691 | €97,394 | +€14,702 | +17.8% |
| Stocks | 30/36 | €82,691 | €97,394 | +€14,702 | +17.8% |
| Amounts receivable within one year | 40/41 | €4,780 | €2,602 | -€2,177 | -45.6% |
| Trade receivables | 40 | €4,780 | €2,602 | -€2,177 | -45.6% |
| Cash at bank and in hand | 54/58 | €459 | €42,103 | +€41,643 | +9,063% |
| Deferred charges and accrued income | 490/1 | €1,642 | €1,935 | +€293 | +17.9% |
| Total equity and liabilities | 10/49 | €550,117 | €624,172 | +€74,054 | +13.5% |
| Equity | 10/15 | €241,547 | €279,943 | +€38,396 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €222,947 | €261,343 | +€38,396 | +17.2% |
| Tax-exempt reserves | 132 | €14,494 | €14,494 | = | 0.0% |
| Distributable reserves | 133 | €208,453 | €246,849 | +€38,396 | +18.4% |
| Amounts payable | 17/49 | €308,570 | €344,229 | +€35,659 | +11.6% |
| Amounts payable after more than one year | 17 | €261,433 | €262,790 | +€1,356 | +0.5% |
| Financial debts | 170/4 | €261,433 | €262,790 | +€1,356 | +0.5% |
| Amounts payable within one year | 42/48 | €47,137 | €81,439 | +€34,302 | +72.8% |
| Current portion of amounts payable after more than one year | 42 | €22,300 | €28,146 | +€5,846 | +26.2% |
| Financial debts | 43 | €1,837 | - | -€1,837 | |
| Credit institutions | 430/8 | €1,837 | - | -€1,837 | |
| Trade debts | 44 | €5,729 | €25,081 | +€19,351 | +338% |
| Suppliers | 440/4 | €5,729 | €25,081 | +€19,351 | +338% |
| Taxes, remuneration and social security | 45 | €3,966 | €13,150 | +€9,184 | +232% |
| Taxes | 450/3 | €1,822 | €10,410 | +€8,588 | +471% |
| Remuneration and social security | 454/9 | €2,144 | €2,740 | +€596 | +27.8% |
| Other amounts payable | 47/48 | €13,305 | €15,063 | +€1,758 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,865 | €34,385 | -€2,479 | -6.7% |
| Other operating charges | 640/8 | €1,097 | €950 | -€147 | -13.4% |
| Gross operating margin | 9900 | €71,148 | €92,838 | +€21,690 | +30.5% |
| Operating profit (loss) | 9901 | €33,186 | €57,503 | +€24,317 | +73.3% |
| Financial income | 75/76B | €1,174 | €1,307 | +€133 | +11.3% |
| Recurring financial income | 75 | €1,174 | €1,307 | +€133 | +11.3% |
| Financial charges | 65/66B | €3,410 | €5,239 | +€1,829 | +53.6% |
| Recurring financial charges | 65 | €3,410 | €5,239 | +€1,829 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €30,950 | €53,571 | +€22,621 | +73.1% |
| Income taxes | 67/77 | €5,157 | €15,175 | +€10,018 | +194% |
| Profit (loss) for the period | 9904 | €25,793 | €38,396 | +€12,603 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,793 | €38,396 | +€12,603 | +48.9% |
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 19 October 2026 via checked.be.