DIANNA DAVID: 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.
DIANNA DAVID
Largest movements
- Tangible fixed assets -€426,434
down €426,434 (-63.7%), from €669,652 to €243,218
of which Land and buildings: -€223,451
- Receivables within one year +€176,267
up €176,267 (+1,391%), from €12,670 to €188,936
of which Other amounts receivable: +€176,327
- Stocks and contracts -€82,401
down €82,401 (-9.8%), from €837,731 to €755,331
of which Contracts in progress: -€59,357
- Debts after one year -€181,054
down €181,054 (-75.0%), from €241,351 to €60,296
- Current portion of long-term debt -€90,579
down €90,579 (-59.4%), from €152,422 to €61,843
- Trade debts -€53,810
down €53,810 (-49.0%), from €109,836 to €56,026
- Advances received -€29,815
down €29,815 (-18.6%), from €159,955 to €130,140
- Tax, wage and social debts -€19,944
down €19,944 (-15.3%), from €130,717 to €110,773
of which Taxes: -€12,433
- Staff costs -€107,473
down €107,473 (-25.6%), from €419,398 to €311,926
- Gross operating margin -€89,563
down €89,563 (-16.5%), from €543,600 to €454,037
- Write-downs +€50,671
new in 2025: €50,671
- Depreciation -€26,262
down €26,262 (-44.6%), from €58,913 to €32,651
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 | €1,540,629 | €1,208,106 | -€332,523 | -21.6% |
| Fixed assets | 21/28 | €674,787 | €250,901 | -€423,886 | -62.8% |
| Tangible fixed assets | 22/27 | €669,652 | €243,218 | -€426,434 | -63.7% |
| Land and buildings | 22 | €330,211 | €106,760 | -€223,451 | -67.7% |
| Plant, machinery and equipment | 23 | €222,063 | €18,686 | -€203,377 | -91.6% |
| Furniture and vehicles | 24 | €117,378 | €117,772 | +€394 | +0.3% |
| Financial fixed assets | 28 | €5,136 | €7,683 | +€2,548 | +49.6% |
| Current assets | 29/58 | €865,842 | €957,205 | +€91,363 | +10.6% |
| Stocks and contracts in progress | 3 | €837,731 | €755,331 | -€82,401 | -9.8% |
| Stocks | 30/36 | €758,854 | €735,810 | -€23,044 | -3.0% |
| Contracts in progress | 37 | €78,878 | €19,521 | -€59,357 | -75.3% |
| Amounts receivable within one year | 40/41 | €12,670 | €188,936 | +€176,267 | +1,391% |
| Trade receivables | 40 | €309 | €249 | -€60 | -19.4% |
| Other amounts receivable | 41 | €12,361 | €188,688 | +€176,327 | +1,426% |
| Cash at bank and in hand | 54/58 | €7,237 | €3,504 | -€3,733 | -51.6% |
| Deferred charges and accrued income | 490/1 | €8,204 | €9,434 | +€1,230 | +15.0% |
| Total equity and liabilities | 10/49 | €1,540,629 | €1,208,106 | -€332,523 | -21.6% |
| Equity | 10/15 | €255,882 | €260,395 | +€4,513 | +1.8% |
| Contributions | 10/11 | €174,000 | €174,000 | = | 0.0% |
| Capital | 10 | €174,000 | €174,000 | = | 0.0% |
| Issued capital | 100 | €174,000 | €174,000 | = | 0.0% |
| Reserves | 13 | €81,882 | €86,395 | +€4,513 | +5.5% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Distributable reserves | 133 | €64,530 | €69,042 | +€4,513 | +7.0% |
| Amounts payable | 17/49 | €1,284,747 | €947,711 | -€337,036 | -26.2% |
| Amounts payable after more than one year | 17 | €241,351 | €60,296 | -€181,054 | -75.0% |
| Financial debts | 170/4 | €241,351 | €60,296 | -€181,054 | -75.0% |
| Amounts payable within one year | 42/48 | €1,043,396 | €868,929 | -€174,467 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €152,422 | €61,843 | -€90,579 | -59.4% |
| Financial debts | 43 | €255,000 | €265,000 | +€10,000 | +3.9% |
| Credit institutions | 430/8 | €255,000 | €265,000 | +€10,000 | +3.9% |
| Trade debts | 44 | €109,836 | €56,026 | -€53,810 | -49.0% |
| Suppliers | 440/4 | €109,836 | €56,026 | -€53,810 | -49.0% |
| Advances received on contracts in progress | 46 | €159,955 | €130,140 | -€29,815 | -18.6% |
| Taxes, remuneration and social security | 45 | €130,717 | €110,773 | -€19,944 | -15.3% |
| Taxes | 450/3 | €99,958 | €87,525 | -€12,433 | -12.4% |
| Remuneration and social security | 454/9 | €30,759 | €23,248 | -€7,512 | -24.4% |
| Other amounts payable | 47/48 | €235,466 | €245,148 | +€9,682 | +4.1% |
| Accrued charges and deferred income | 492/3 | - | €18,485 | +€18,485 | |
| Non-recurring operating income | 76A | €36,876 | - | -€36,876 | |
| Remuneration, social security and pensions | 62 | €419,398 | €311,926 | -€107,473 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,913 | €32,651 | -€26,262 | -44.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,671 | +€50,671 | |
| Other operating charges | 640/8 | €9,399 | €9,648 | +€249 | +2.6% |
| Gross operating margin | 9900 | €543,600 | €454,037 | -€89,563 | -16.5% |
| Operating profit (loss) | 9901 | €55,889 | €49,141 | -€6,748 | -12.1% |
| Financial income | 75/76B | €199 | - | -€199 | |
| Recurring financial income | 75 | €199 | - | -€199 | |
| Financial charges | 65/66B | €35,947 | €36,377 | +€430 | +1.2% |
| Recurring financial charges | 65 | €35,947 | €31,896 | -€4,051 | -11.3% |
| Non-recurring financial charges | 66B | - | €4,482 | +€4,482 | |
| Profit (loss) for the period before taxes | 9903 | €20,141 | €12,764 | -€7,377 | -36.6% |
| Income taxes | 67/77 | €4,636 | €8,251 | +€3,615 | +78.0% |
| Profit (loss) for the period | 9904 | €15,505 | €4,513 | -€10,992 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,505 | €4,513 | -€10,992 | -70.9% |
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 15 October 2026 via checked.be.