DONALD: 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.
DONALD
Largest movements
- Tangible fixed assets -€20,114
down €20,114 (-5.1%), from €397,101 to €376,987
of which Land and buildings: -€18,492
- Cash +€16,827
up €16,827 (+66.3%), from €25,383 to €42,210
mainly Net result for the year (+€52,534) and Depreciation (+€44,674)
- Receivables within one year +€7,556
up €7,556 (+54.0%), from €14,000 to €21,556
- Profit (loss) carried forward +€52,534
up €52,534 (+37.3%), from €140,742 to €193,276
- Debts after one year -€48,753
down €48,753 (-23.0%), from €211,861 to €163,108
- Tax, wage and social debts +€6,726
up €6,726 (+31.5%), from €21,379 to €28,105
of which Taxes: +€7,064
- Current portion of long-term debt -€5,364
down €5,364 (-17.8%), from €30,116 to €24,752
- Gross operating margin +€57,720
up €57,720 (+16.0%), from €361,025 to €418,745
- Turnover +€52,319
up €52,319 (+7.0%), from €742,497 to €794,816
- Staff costs +€37,159
up €37,159 (+14.3%), from €260,571 to €297,730
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 | €454,099 | €457,490 | +€3,391 | +0.7% |
| Fixed assets | 21/28 | €397,101 | €376,987 | -€20,114 | -5.1% |
| Tangible fixed assets | 22/27 | €397,101 | €376,987 | -€20,114 | -5.1% |
| Land and buildings | 22 | €321,592 | €303,100 | -€18,492 | -5.8% |
| Plant, machinery and equipment | 23 | €40,700 | €51,114 | +€10,414 | +25.6% |
| Furniture and vehicles | 24 | €34,809 | €22,773 | -€12,036 | -34.6% |
| Current assets | 29/58 | €56,998 | €80,503 | +€23,505 | +41.2% |
| Amounts receivable after more than one year | 29 | €330 | €330 | = | 0.0% |
| Other amounts receivable | 291 | €330 | €330 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,285 | €16,407 | -€878 | -5.1% |
| Stocks | 30/36 | €17,285 | €15,167 | -€2,118 | -12.3% |
| Contracts in progress | 37 | - | €1,240 | +€1,240 | |
| Amounts receivable within one year | 40/41 | €14,000 | €21,556 | +€7,556 | +54.0% |
| Other amounts receivable | 41 | €14,000 | €21,556 | +€7,556 | +54.0% |
| Cash at bank and in hand | 54/58 | €25,383 | €42,210 | +€16,827 | +66.3% |
| Total equity and liabilities | 10/49 | €454,099 | €457,490 | +€3,391 | +0.7% |
| Equity | 10/15 | €154,040 | €206,574 | +€52,534 | +34.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,098 | €7,098 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,238 | €5,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | €140,742 | €193,276 | +€52,534 | +37.3% |
| Amounts payable | 17/49 | €300,059 | €250,916 | -€49,143 | -16.4% |
| Amounts payable after more than one year | 17 | €211,861 | €163,108 | -€48,753 | -23.0% |
| Financial debts | 170/4 | €211,861 | €163,108 | -€48,753 | -23.0% |
| Amounts payable within one year | 42/48 | €85,787 | €83,649 | -€2,138 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €30,116 | €24,752 | -€5,364 | -17.8% |
| Trade debts | 44 | €5,396 | €2,319 | -€3,077 | -57.0% |
| Suppliers | 440/4 | €5,396 | €2,319 | -€3,077 | -57.0% |
| Advances received on contracts in progress | 46 | €28,325 | €28,473 | +€148 | +0.5% |
| Taxes, remuneration and social security | 45 | €21,379 | €28,105 | +€6,726 | +31.5% |
| Taxes | 450/3 | €10,464 | €17,528 | +€7,064 | +67.5% |
| Remuneration and social security | 454/9 | €10,915 | €10,577 | -€338 | -3.1% |
| Other amounts payable | 47/48 | €571 | - | -€571 | |
| Accrued charges and deferred income | 492/3 | €2,411 | €4,159 | +€1,748 | +72.5% |
| Turnover | 70 | €742,497 | €794,816 | +€52,319 | +7.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €381,472 | €376,071 | -€5,401 | -1.4% |
| Remuneration, social security and pensions | 62 | €260,571 | €297,730 | +€37,159 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,345 | €44,674 | -€7,671 | -14.7% |
| Other operating charges | 640/8 | €151 | €153 | +€2 | +1.3% |
| Gross operating margin | 9900 | €361,025 | €418,745 | +€57,720 | +16.0% |
| Operating profit (loss) | 9901 | €47,958 | €76,188 | +€28,230 | +58.9% |
| Financial charges | 65/66B | €6,923 | €7,460 | +€537 | +7.8% |
| Recurring financial charges | 65 | €6,788 | €7,345 | +€557 | +8.2% |
| Non-recurring financial charges | 66B | €135 | €115 | -€20 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €41,035 | €68,728 | +€27,693 | +67.5% |
| Income taxes | 67/77 | €10,464 | €16,194 | +€5,730 | +54.8% |
| Profit (loss) for the period | 9904 | €30,571 | €52,534 | +€21,963 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,571 | €52,534 | +€21,963 | +71.8% |
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 12 October 2026 via checked.be.