DRS VOLON-BERTIN: 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.
DRS VOLON-BERTIN
Largest movements
- Intangible fixed assets -€50,975
down €50,975 (-25.0%), from €203,900 to €152,925
- Receivables within one year -€7,756
no longer reported in 2025 (was €7,756)
- Deferred charges and accrued income +€5,268
up €5,268 (+11.0%), from €47,965 to €53,232
- Cash -€3,639
down €3,639 (-7.0%), from €52,031 to €48,392
mainly Contributions, distributions and other (-€89,554) and Other debts (-€28,423)
- Other debts -€28,423
down €28,423 (-18.4%), from €154,178 to €125,755
- Debts after one year -€23,590
down €23,590 (-43.8%), from €53,903 to €30,312
- Current portion of long-term debt -€5,480
down €5,480 (-18.9%), from €29,070 to €23,590
- Gross operating margin -€5,417
down €5,417 (-2.9%), from €189,014 to €183,597
- Depreciation -€2,746
down €2,746 (-4.0%), from €68,094 to €65,348
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 | €332,574 | €273,935 | -€58,639 | -17.6% |
| Fixed assets | 21/28 | €224,823 | €172,311 | -€52,512 | -23.4% |
| Intangible fixed assets | 21 | €203,900 | €152,925 | -€50,975 | -25.0% |
| Tangible fixed assets | 22/27 | €20,923 | €19,386 | -€1,537 | -7.3% |
| Land and buildings | 22 | €165 | - | -€165 | |
| Furniture and vehicles | 24 | €20,758 | €19,386 | -€1,372 | -6.6% |
| Current assets | 29/58 | €107,752 | €101,624 | -€6,127 | -5.7% |
| Amounts receivable within one year | 40/41 | €7,756 | - | -€7,756 | |
| Other amounts receivable | 41 | €7,756 | - | -€7,756 | |
| Cash at bank and in hand | 54/58 | €52,031 | €48,392 | -€3,639 | -7.0% |
| Deferred charges and accrued income | 490/1 | €47,965 | €53,232 | +€5,268 | +11.0% |
| Total equity and liabilities | 10/49 | €332,574 | €273,935 | -€58,639 | -17.6% |
| Equity | 10/15 | €91,554 | €90,106 | -€1,447 | -1.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,554 | €88,106 | -€1,447 | -1.6% |
| Amounts payable | 17/49 | €241,021 | €183,829 | -€57,191 | -23.7% |
| Amounts payable after more than one year | 17 | €53,903 | €30,312 | -€23,590 | -43.8% |
| Financial debts | 170/4 | €53,903 | €30,312 | -€23,590 | -43.8% |
| Amounts payable within one year | 42/48 | €187,118 | €153,517 | -€33,601 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €29,070 | €23,590 | -€5,480 | -18.9% |
| Trade debts | 44 | €1,206 | €1,390 | +€184 | +15.2% |
| Suppliers | 440/4 | €1,206 | €1,390 | +€184 | +15.2% |
| Taxes, remuneration and social security | 45 | €2,663 | €2,781 | +€118 | +4.4% |
| Taxes | 450/3 | €2,663 | €2,781 | +€118 | +4.4% |
| Other amounts payable | 47/48 | €154,178 | €125,755 | -€28,423 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,094 | €65,348 | -€2,746 | -4.0% |
| Other operating charges | 640/8 | €2,258 | €2,186 | -€73 | -3.2% |
| Non-recurring operating charges | 66A | €45 | €220 | +€175 | +389% |
| Gross operating margin | 9900 | €189,014 | €183,597 | -€5,417 | -2.9% |
| Operating profit (loss) | 9901 | €118,616 | €115,843 | -€2,774 | -2.3% |
| Financial income | 75/76B | €32 | €54 | +€22 | +69.9% |
| Recurring financial income | 75 | €32 | €54 | +€22 | +69.9% |
| Financial charges | 65/66B | €3,541 | €2,672 | -€869 | -24.6% |
| Recurring financial charges | 65 | €3,541 | €2,672 | -€869 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €115,107 | €113,224 | -€1,882 | -1.6% |
| Income taxes | 67/77 | €25,553 | €25,118 | -€435 | -1.7% |
| Profit (loss) for the period | 9904 | €89,554 | €88,106 | -€1,447 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,554 | €88,106 | -€1,447 | -1.6% |
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 30 October 2026 via checked.be.