DHOVAN: 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.
DHOVAN
Largest movements
- Cash +€51,959
up €51,959 (+101.6%), from €51,146 to €103,105
mainly Net result for the year (+€135,780) and Depreciation (+€42,198)
- Current investments +€38,330
up €38,330 (+65.2%), from €58,757 to €97,087
- Stocks and contracts -€22,342
down €22,342 (-24.9%), from €89,639 to €67,297
- Tangible fixed assets +€18,969
up €18,969 (+2.1%), from €900,684 to €919,654
of which Furniture and vehicles: +€44,620
- Reserves +€135,780
up €135,780 (+16.1%), from €843,120 to €978,900
of which Distributable reserves: +€132,104
- Debts after one year -€45,661
down €45,661 (-31.5%), from €145,162 to €99,501
- Gross operating margin +€64,712
up €64,712 (+35.8%), from €180,923 to €245,636
- Taxes +€15,034
up €15,034 (+38.3%), from €39,211 to €54,246
- Depreciation +€3,913
up €3,913 (+10.2%), from €38,284 to €42,198
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 | €1,113,976 | €1,208,029 | +€94,053 | +8.4% |
| Fixed assets | 21/28 | €900,684 | €919,654 | +€18,969 | +2.1% |
| Tangible fixed assets | 22/27 | €900,684 | €919,654 | +€18,969 | +2.1% |
| Land and buildings | 22 | €879,632 | €856,438 | -€23,194 | -2.6% |
| Plant, machinery and equipment | 23 | €5,735 | €3,278 | -€2,456 | -42.8% |
| Furniture and vehicles | 24 | €15,317 | €59,937 | +€44,620 | +291.3% |
| Current assets | 29/58 | €213,292 | €288,375 | +€75,083 | +35.2% |
| Stocks and contracts in progress | 3 | €89,639 | €67,297 | -€22,342 | -24.9% |
| Stocks | 30/36 | €89,639 | €67,297 | -€22,342 | -24.9% |
| Amounts receivable within one year | 40/41 | €12,888 | €19,995 | +€7,107 | +55.1% |
| Trade receivables | 40 | €11,731 | €19,995 | +€8,264 | +70.4% |
| Other amounts receivable | 41 | €1,157 | €0 | -€1,157 | -100.0% |
| Current investments | 50/53 | €58,757 | €97,087 | +€38,330 | +65.2% |
| Cash at bank and in hand | 54/58 | €51,146 | €103,105 | +€51,959 | +101.6% |
| Deferred charges and accrued income | 490/1 | €863 | €891 | +€28 | +3.3% |
| Total equity and liabilities | 10/49 | €1,113,976 | €1,208,029 | +€94,053 | +8.4% |
| Equity | 10/15 | €861,670 | €997,450 | +€135,780 | +15.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €843,120 | €978,900 | +€135,780 | +16.1% |
| Tax-exempt reserves | 132 | - | €3,676 | +€3,676 | |
| Distributable reserves | 133 | €843,120 | €975,224 | +€132,104 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €1,225 | +€1,225 | |
| Deferred taxes | 168 | - | €1,225 | +€1,225 | |
| Amounts payable | 17/49 | €252,306 | €209,354 | -€42,952 | -17.0% |
| Amounts payable after more than one year | 17 | €145,162 | €99,501 | -€45,661 | -31.5% |
| Financial debts | 170/4 | €145,162 | €99,501 | -€45,661 | -31.5% |
| Amounts payable within one year | 42/48 | €107,038 | €108,744 | +€1,706 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €85,415 | €91,876 | +€6,461 | +7.6% |
| Trade debts | 44 | €2,608 | €1,956 | -€651 | -25.0% |
| Suppliers | 440/4 | €2,608 | €1,956 | -€651 | -25.0% |
| Taxes, remuneration and social security | 45 | €18,385 | €14,270 | -€4,115 | -22.4% |
| Taxes | 450/3 | €18,385 | €14,270 | -€4,115 | -22.4% |
| Other amounts payable | 47/48 | €630 | €642 | +€12 | +1.9% |
| Accrued charges and deferred income | 492/3 | €105 | €1,108 | +€1,003 | +951.4% |
| Non-recurring operating income | 76A | - | €5,082 | +€5,082 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,284 | €42,198 | +€3,913 | +10.2% |
| Other operating charges | 640/8 | €4,917 | €5,154 | +€238 | +4.8% |
| Non-recurring operating charges | 66A | - | €965 | +€965 | |
| Gross operating margin | 9900 | €180,923 | €245,636 | +€64,712 | +35.8% |
| Operating profit (loss) | 9901 | €137,723 | €197,319 | +€59,596 | +43.3% |
| Financial income | 75/76B | €520 | €430 | -€90 | -17.3% |
| Recurring financial income | 75 | €520 | €430 | -€90 | -17.3% |
| Financial charges | 65/66B | €5,396 | €6,498 | +€1,103 | +20.4% |
| Recurring financial charges | 65 | €5,396 | €6,498 | +€1,103 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €132,847 | €191,251 | +€58,403 | +44.0% |
| Transfer from deferred taxes | 780 | - | €45 | +€45 | |
| Transfer to deferred taxes | 680 | - | €1,270 | +€1,270 | |
| Income taxes | 67/77 | €39,211 | €54,246 | +€15,034 | +38.3% |
| Profit (loss) for the period | 9904 | €93,636 | €135,780 | +€42,144 | +45.0% |
| Transfer from tax-exempt reserves | 789 | - | €136 | +€136 | |
| Transfer to tax-exempt reserves | 689 | - | €3,811 | +€3,811 | |
| Profit (loss) for the period to be appropriated | 9905 | €93,636 | €132,104 | +€38,468 | +41.1% |
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.