DONOVIC: 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.
DONOVIC
Largest movements
- Receivables within one year +€393,768
up €393,768 (+111%), from €354,704 to €748,472
of which Trade receivables: +€460,206
- Deferred charges and accrued income -€160,432
down €160,432 (-93.7%), from €171,165 to €10,733
- Stocks and contracts -€74,836
down €74,836 (-8.1%), from €923,615 to €848,778
- Tangible fixed assets -€29,398
down €29,398 (-7.8%), from €377,442 to €348,044
- Short-term financial debts +€159,850
up €159,850 (+42.6%), from €375,000 to €534,850
- Debts after one year -€79,133
down €79,133 (-20.6%), from €383,931 to €304,797
- Reserves -€65,744
down €65,744 (-11.3%), from €580,234 to €514,490
of which Distributable reserves: -€57,420
- Trade debts +€63,735
up €63,735 (+66.8%), from €95,371 to €159,106
- Other debts +€57,930
up €57,930 (+46.4%), from €124,956 to €182,886
- Gross operating margin -€202,498
down €202,498 (-41.0%), from €493,857 to €291,359
- Financial charges -€78,182
down €78,182 (-51.1%), from €153,085 to €74,903
- Staff costs -€53,193
down €53,193 (-36.8%), from €144,616 to €91,423
- Depreciation -€24,814
down €24,814 (-40.9%), from €60,657 to €35,843
- Other operating charges -€22,711
down €22,711 (-19.9%), from €113,908 to €91,197
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 | €1,863,340 | €1,991,528 | +€128,188 | +6.9% |
| Fixed assets | 21/28 | €378,390 | €357,244 | -€21,146 | -5.6% |
| Tangible fixed assets | 22/27 | €377,442 | €348,044 | -€29,398 | -7.8% |
| Land and buildings | 22 | €275,204 | €264,244 | -€10,961 | -4.0% |
| Plant, machinery and equipment | 23 | €85,336 | €72,441 | -€12,895 | -15.1% |
| Furniture and vehicles | 24 | €16,903 | €11,360 | -€5,543 | -32.8% |
| Financial fixed assets | 28 | €948 | €9,200 | +€8,252 | +870% |
| Current assets | 29/58 | €1,484,949 | €1,634,284 | +€149,334 | +10.1% |
| Stocks and contracts in progress | 3 | €923,615 | €848,778 | -€74,836 | -8.1% |
| Stocks | 30/36 | €923,615 | €848,778 | -€74,836 | -8.1% |
| Amounts receivable within one year | 40/41 | €354,704 | €748,472 | +€393,768 | +111% |
| Trade receivables | 40 | €175,527 | €635,733 | +€460,206 | +262% |
| Other amounts receivable | 41 | €179,177 | €112,739 | -€66,438 | -37.1% |
| Cash at bank and in hand | 54/58 | €35,465 | €26,301 | -€9,164 | -25.8% |
| Deferred charges and accrued income | 490/1 | €171,165 | €10,733 | -€160,432 | -93.7% |
| Total equity and liabilities | 10/49 | €1,863,340 | €1,991,528 | +€128,188 | +6.9% |
| Equity | 10/15 | €605,279 | €539,490 | -€65,788 | -10.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €580,234 | €514,490 | -€65,744 | -11.3% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,848 | €95,524 | -€8,324 | -8.0% |
| Distributable reserves | 133 | €473,886 | €416,466 | -€57,420 | -12.1% |
| Profit (loss) carried forward | 14 | €44 | €0 | -€44 | -99.7% |
| Provisions and deferred taxes | 16 | €83,030 | €83,030 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €83,030 | €83,030 | = | 0.0% |
| Pensions and similar obligations | 160 | €83,030 | €83,030 | = | 0.0% |
| Amounts payable | 17/49 | €1,175,031 | €1,369,007 | +€193,976 | +16.5% |
| Amounts payable after more than one year | 17 | €383,931 | €304,797 | -€79,133 | -20.6% |
| Financial debts | 170/4 | €383,931 | €304,797 | -€79,133 | -20.6% |
| Amounts payable within one year | 42/48 | €783,552 | €1,052,171 | +€268,619 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €74,721 | €79,092 | +€4,371 | +5.8% |
| Financial debts | 43 | €375,000 | €534,850 | +€159,850 | +42.6% |
| Credit institutions | 430/8 | €375,000 | €534,850 | +€159,850 | +42.6% |
| Trade debts | 44 | €95,371 | €159,106 | +€63,735 | +66.8% |
| Suppliers | 440/4 | €95,371 | €159,106 | +€63,735 | +66.8% |
| Taxes, remuneration and social security | 45 | €113,504 | €96,237 | -€17,267 | -15.2% |
| Taxes | 450/3 | €88,031 | €78,024 | -€10,007 | -11.4% |
| Remuneration and social security | 454/9 | €25,473 | €18,214 | -€7,260 | -28.5% |
| Other amounts payable | 47/48 | €124,956 | €182,886 | +€57,930 | +46.4% |
| Accrued charges and deferred income | 492/3 | €7,548 | €12,039 | +€4,491 | +59.5% |
| Remuneration, social security and pensions | 62 | €144,616 | €91,423 | -€53,193 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,657 | €35,843 | -€24,814 | -40.9% |
| Other operating charges | 640/8 | €113,908 | €91,197 | -€22,711 | -19.9% |
| Gross operating margin | 9900 | €493,857 | €291,359 | -€202,498 | -41.0% |
| Operating profit (loss) | 9901 | €174,676 | €72,896 | -€101,780 | -58.3% |
| Financial income | 75/76B | €17,264 | €11,798 | -€5,465 | -31.7% |
| Recurring financial income | 75 | €17,264 | €11,798 | -€5,465 | -31.7% |
| Financial charges | 65/66B | €153,085 | €74,903 | -€78,182 | -51.1% |
| Recurring financial charges | 65 | €153,085 | €74,903 | -€78,182 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €38,855 | €9,792 | -€29,063 | -74.8% |
| Income taxes | 67/77 | €16,997 | €10,635 | -€6,362 | -37.4% |
| Profit (loss) for the period | 9904 | €21,858 | -€843 | -€22,701 | |
| Transfer from tax-exempt reserves | 789 | €9,204 | €8,324 | -€880 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,062 | €7,481 | -€23,581 | -75.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.