Divanu: 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.
Divanu
Largest movements
- Cash -€49,761
down €49,761 (-38.3%), from €129,778 to €80,016
mainly Net result for the year (-€33,751) and Receivables within one year (-€21,727)
- Stocks and contracts -€25,386
down €25,386 (-54.0%), from €46,982 to €21,596
of which Contracts in progress: -€22,960
- Receivables within one year +€21,727
up €21,727 (+237.6%), from €9,145 to €30,872
of which Trade receivables: +€24,965
- Tangible fixed assets -€11,221
down €11,221 (-17.7%), from €63,368 to €52,147
of which Plant, machinery and equipment: -€10,684
- Profit (loss) carried forward -€33,751
new in 2025: -€33,751
- Trade debts -€18,484
down €18,484 (-55.8%), from €33,115 to €14,631
- Debts after one year -€9,844
down €9,844 (-43.1%), from €22,823 to €12,978
- Tax, wage and social debts -€3,176
down €3,176 (-20.6%), from €15,413 to €12,237
of which Remuneration and social security: -€7,418
- Gross operating margin -€91,369
down €91,369 (-55.3%), from €165,338 to €73,969
- Taxes -€14,506
no longer reported in 2025 (was €14,506)
- Staff costs -€12,815
down €12,815 (-11.9%), from €107,327 to €94,512
- Financial charges -€2,654
down €2,654 (-64.5%), from €4,117 to €1,463
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 | €249,408 | €184,769 | -€64,639 | -25.9% |
| Fixed assets | 21/28 | €63,368 | €52,147 | -€11,221 | -17.7% |
| Tangible fixed assets | 22/27 | €63,368 | €52,147 | -€11,221 | -17.7% |
| Plant, machinery and equipment | 23 | €61,930 | €51,246 | -€10,684 | -17.3% |
| Furniture and vehicles | 24 | €1,437 | €900 | -€537 | -37.4% |
| Current assets | 29/58 | €186,040 | €132,623 | -€53,418 | -28.7% |
| Stocks and contracts in progress | 3 | €46,982 | €21,596 | -€25,386 | -54.0% |
| Stocks | 30/36 | €24,022 | €21,596 | -€2,426 | -10.1% |
| Contracts in progress | 37 | €22,960 | - | -€22,960 | |
| Amounts receivable within one year | 40/41 | €9,145 | €30,872 | +€21,727 | +237.6% |
| Trade receivables | 40 | €5,857 | €30,822 | +€24,965 | +426.3% |
| Other amounts receivable | 41 | €3,288 | €50 | -€3,238 | -98.5% |
| Cash at bank and in hand | 54/58 | €129,778 | €80,016 | -€49,761 | -38.3% |
| Deferred charges and accrued income | 490/1 | €136 | €139 | +€3 | +2.1% |
| Total equity and liabilities | 10/49 | €249,408 | €184,769 | -€64,639 | -25.9% |
| Equity | 10/15 | €168,668 | €135,079 | -€33,589 | -19.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €162,468 | €162,630 | +€162 | +0.1% |
| Distributable reserves | 133 | €162,468 | €162,630 | +€162 | +0.1% |
| Profit (loss) carried forward | 14 | - | -€33,751 | -€33,751 | |
| Amounts payable | 17/49 | €80,740 | €49,691 | -€31,050 | -38.5% |
| Amounts payable after more than one year | 17 | €22,823 | €12,978 | -€9,844 | -43.1% |
| Financial debts | 170/4 | €22,823 | €12,978 | -€9,844 | -43.1% |
| Amounts payable within one year | 42/48 | €57,918 | €36,712 | -€21,205 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €9,390 | €9,844 | +€455 | +4.8% |
| Trade debts | 44 | €33,115 | €14,631 | -€18,484 | -55.8% |
| Suppliers | 440/4 | €33,115 | €14,631 | -€18,484 | -55.8% |
| Taxes, remuneration and social security | 45 | €15,413 | €12,237 | -€3,176 | -20.6% |
| Taxes | 450/3 | - | €4,242 | +€4,242 | |
| Remuneration and social security | 454/9 | €15,413 | €7,995 | -€7,418 | -48.1% |
| Non-recurring operating income | 76A | - | €3,500 | +€3,500 | |
| Remuneration, social security and pensions | 62 | €107,327 | €94,512 | -€12,815 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,012 | €11,221 | +€209 | +1.9% |
| Other operating charges | 640/8 | €513 | €527 | +€14 | +2.8% |
| Gross operating margin | 9900 | €165,338 | €73,969 | -€91,369 | -55.3% |
| Operating profit (loss) | 9901 | €46,486 | -€32,291 | -€78,777 | |
| Financial income | 75/76B | €13 | €3 | -€10 | -77.1% |
| Recurring financial income | 75 | €13 | €3 | -€10 | -77.1% |
| Financial charges | 65/66B | €4,117 | €1,463 | -€2,654 | -64.5% |
| Recurring financial charges | 65 | €4,117 | €1,463 | -€2,654 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €42,382 | -€33,751 | -€76,134 | |
| Income taxes | 67/77 | €14,506 | - | -€14,506 | |
| Profit (loss) for the period | 9904 | €27,877 | -€33,751 | -€61,628 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,877 | -€33,751 | -€61,628 |
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 11 October 2026 via checked.be.