DHAVONS: 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.
DHAVONS
Largest movements
- Tangible fixed assets -€153,513
down €153,513 (-6.8%), from €2.2m to €2.1m
of which Land and buildings: -€139,301
- Cash +€103,756
up €103,756 (+153.7%), from €67,486 to €171,242
mainly Depreciation (+€169,145) and Debts after one year (+€52,346)
- Reserves -€77,589
down €77,589 (-11.4%), from €683,080 to €605,491
of which Tax-exempt reserves: -€51,889
- Debts after one year +€52,346
up €52,346 (+6.6%), from €788,655 to €841,000
- Gross operating margin +€22,682
up €22,682 (+12.9%), from €175,624 to €198,306
- Depreciation +€3,267
up €3,267 (+2.0%), from €165,878 to €169,145
- Financial charges -€2,348
down €2,348 (-3.9%), from €60,143 to €57,794
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 | €3,309,638 | €3,289,193 | -€20,445 | -0.6% |
| Fixed assets | 21/28 | €2,248,036 | €2,094,523 | -€153,513 | -6.8% |
| Tangible fixed assets | 22/27 | €2,248,036 | €2,094,523 | -€153,513 | -6.8% |
| Land and buildings | 22 | €1,907,404 | €1,768,103 | -€139,301 | -7.3% |
| Furniture and vehicles | 24 | €10,267 | €6,239 | -€4,027 | -39.2% |
| Other tangible fixed assets | 26 | €330,365 | €320,181 | -€10,184 | -3.1% |
| Current assets | 29/58 | €1,061,602 | €1,194,670 | +€133,068 | +12.5% |
| Stocks and contracts in progress | 3 | €131,285 | €131,285 | = | 0.0% |
| Stocks | 30/36 | €131,285 | €131,285 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €2,655 | +€2,655 | |
| Trade receivables | 40 | - | €2,655 | +€2,655 | |
| Current investments | 50/53 | €862,831 | €889,488 | +€26,657 | +3.1% |
| Cash at bank and in hand | 54/58 | €67,486 | €171,242 | +€103,756 | +153.7% |
| Total equity and liabilities | 10/49 | €3,309,638 | €3,289,193 | -€20,445 | -0.6% |
| Equity | 10/15 | €2,101,486 | €2,023,084 | -€78,402 | -3.7% |
| Contributions | 10/11 | €845,000 | €845,000 | = | 0.0% |
| Capital | 10 | €845,000 | €845,000 | = | 0.0% |
| Issued capital | 100 | €845,000 | €845,000 | = | 0.0% |
| Reserves | 13 | €683,080 | €605,491 | -€77,589 | -11.4% |
| Non-distributable reserves | 130/1 | €61,725 | €62,475 | +€750 | +1.2% |
| Legal reserve | 130 | €61,725 | €62,475 | +€750 | +1.2% |
| Tax-exempt reserves | 132 | €482,905 | €431,016 | -€51,889 | -10.7% |
| Distributable reserves | 133 | €138,450 | €112,000 | -€26,450 | -19.1% |
| Profit (loss) carried forward | 14 | €573,405 | €572,592 | -€813 | -0.1% |
| Provisions and deferred taxes | 16 | €214,071 | €189,539 | -€24,532 | -11.5% |
| Deferred taxes | 168 | €214,071 | €189,539 | -€24,532 | -11.5% |
| Amounts payable | 17/49 | €994,081 | €1,076,571 | +€82,489 | +8.3% |
| Amounts payable after more than one year | 17 | €788,655 | €841,000 | +€52,346 | +6.6% |
| Other amounts payable | 178/9 | €788,655 | €841,000 | +€52,346 | +6.6% |
| Amounts payable within one year | 42/48 | €40,306 | €45,478 | +€5,172 | +12.8% |
| Trade debts | 44 | €2,122 | €18,363 | +€16,241 | +765.4% |
| Suppliers | 440/4 | €2,122 | €18,363 | +€16,241 | +765.4% |
| Taxes, remuneration and social security | 45 | €31,925 | €20,882 | -€11,043 | -34.6% |
| Taxes | 450/3 | €31,925 | €20,882 | -€11,043 | -34.6% |
| Other amounts payable | 47/48 | €6,259 | €6,233 | -€26 | -0.4% |
| Accrued charges and deferred income | 492/3 | €165,121 | €190,093 | +€24,972 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,878 | €169,145 | +€3,267 | +2.0% |
| Other operating charges | 640/8 | €31,016 | €31,765 | +€748 | +2.4% |
| Gross operating margin | 9900 | €175,624 | €198,306 | +€22,682 | +12.9% |
| Operating profit (loss) | 9901 | -€21,270 | -€2,603 | +€18,667 | +87.8% |
| Financial income | 75/76B | €219 | €281 | +€62 | +28.2% |
| Recurring financial income | 75 | €219 | €281 | +€62 | +28.2% |
| Financial charges | 65/66B | €60,143 | €57,794 | -€2,348 | -3.9% |
| Recurring financial charges | 65 | €60,143 | €57,794 | -€2,348 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€81,194 | -€60,117 | +€21,077 | +26.0% |
| Transfer from deferred taxes | 780 | €24,532 | €24,532 | = | 0.0% |
| Income taxes | 67/77 | €350 | €1,634 | +€1,285 | +367.1% |
| Profit (loss) for the period | 9904 | -€57,011 | -€37,219 | +€19,792 | +34.7% |
| Transfer from tax-exempt reserves | 789 | €51,889 | €51,889 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,122 | €14,670 | +€19,792 |
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 7 October 2026 via checked.be.