DUALCO: 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.
DUALCO
Largest movements
- Tangible fixed assets +€113,820
up €113,820 (+447%), from €25,481 to €139,300
of which Land and buildings: +€106,528
- Cash -€39,158
down €39,158 (-46.5%), from €84,220 to €45,062
mainly Investment in fixed assets (net) (-€142,233) and Other debts (-€47,170)
- Debts after one year +€78,314
up €78,314 (+3,425%), from €2,287 to €80,601
- Profit (loss) carried forward +€67,765
up €67,765 (+31,045%), from €218 to €67,983
- Other debts -€47,170
down €47,170 (-63.2%), from €74,630 to €27,459
- Short-term financial debts -€17,812
down €17,812 (-88.8%), from €20,054 to €2,242
- Tax, wage and social debts -€9,545
down €9,545 (-57.7%), from €16,533 to €6,988
of which Taxes: -€9,920
- Depreciation +€15,633
up €15,633 (+122%), from €12,780 to €28,413
- Gross operating margin +€8,266
up €8,266 (+7.4%), from €111,619 to €119,885
- Financial charges +€3,769
up €3,769 (+268%), from €1,407 to €5,176
- Taxes -€2,493
down €2,493 (-12.8%), from €19,499 to €17,007
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 | €149,882 | €221,483 | +€71,601 | +47.8% |
| Fixed assets | 21/28 | €25,481 | €139,300 | +€113,820 | +447% |
| Tangible fixed assets | 22/27 | €25,481 | €139,300 | +€113,820 | +447% |
| Land and buildings | 22 | - | €106,528 | +€106,528 | |
| Plant, machinery and equipment | 23 | €12,810 | €9,645 | -€3,164 | -24.7% |
| Furniture and vehicles | 24 | €1,192 | €14,690 | +€13,498 | +1,133% |
| Leasing and similar rights | 25 | €11,479 | €2,658 | -€8,821 | -76.8% |
| Other tangible fixed assets | 26 | - | €5,779 | +€5,779 | |
| Current assets | 29/58 | €124,402 | €82,183 | -€42,219 | -33.9% |
| Stocks and contracts in progress | 3 | €1,736 | €1,223 | -€513 | -29.6% |
| Stocks | 30/36 | €1,736 | €1,223 | -€513 | -29.6% |
| Amounts receivable within one year | 40/41 | €36,988 | €35,898 | -€1,091 | -2.9% |
| Trade receivables | 40 | €31,199 | €27,175 | -€4,023 | -12.9% |
| Other amounts receivable | 41 | €5,790 | €8,722 | +€2,933 | +50.6% |
| Cash at bank and in hand | 54/58 | €84,220 | €45,062 | -€39,158 | -46.5% |
| Deferred charges and accrued income | 490/1 | €1,457 | - | -€1,457 | |
| Total equity and liabilities | 10/49 | €149,882 | €221,483 | +€71,601 | +47.8% |
| Equity | 10/15 | €23,820 | €91,585 | +€67,765 | +284% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €17,602 | €17,602 | = | 0.0% |
| Distributable reserves | 133 | €17,602 | €17,602 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218 | €67,983 | +€67,765 | +31,045% |
| Amounts payable | 17/49 | €126,063 | €129,898 | +€3,835 | +3.0% |
| Amounts payable after more than one year | 17 | €2,287 | €80,601 | +€78,314 | +3,425% |
| Financial debts | 170/4 | €2,287 | €80,601 | +€78,314 | +3,425% |
| Amounts payable within one year | 42/48 | €123,776 | €49,298 | -€74,478 | -60.2% |
| Current portion of amounts payable after more than one year | 42 | €9,691 | €10,423 | +€732 | +7.6% |
| Financial debts | 43 | €20,054 | €2,242 | -€17,812 | -88.8% |
| Credit institutions | 430/8 | €20,054 | €2,242 | -€17,812 | -88.8% |
| Trade debts | 44 | €2,868 | €2,185 | -€682 | -23.8% |
| Suppliers | 440/4 | €2,868 | €2,185 | -€682 | -23.8% |
| Taxes, remuneration and social security | 45 | €16,533 | €6,988 | -€9,545 | -57.7% |
| Taxes | 450/3 | €14,533 | €4,613 | -€9,920 | -68.3% |
| Remuneration and social security | 454/9 | €2,000 | €2,375 | +€375 | +18.8% |
| Other amounts payable | 47/48 | €74,630 | €27,459 | -€47,170 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,780 | €28,413 | +€15,633 | +122% |
| Other operating charges | 640/8 | €1,482 | €1,527 | +€44 | +3.0% |
| Gross operating margin | 9900 | €111,619 | €119,885 | +€8,266 | +7.4% |
| Operating profit (loss) | 9901 | €97,356 | €89,945 | -€7,411 | -7.6% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €1,407 | €5,176 | +€3,769 | +268% |
| Recurring financial charges | 65 | €1,407 | €5,176 | +€3,769 | +268% |
| Profit (loss) for the period before taxes | 9903 | €95,949 | €84,772 | -€11,177 | -11.6% |
| Income taxes | 67/77 | €19,499 | €17,007 | -€2,493 | -12.8% |
| Profit (loss) for the period | 9904 | €76,449 | €67,765 | -€8,684 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,449 | €67,765 | -€8,684 | -11.4% |
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 17 October 2026 via checked.be.