DUBAERE LADDERS: 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.
DUBAERE LADDERS
Largest movements
- Tangible fixed assets +€114,993
up €114,993 (+207%), from €55,583 to €170,576
of which Furniture and vehicles: +€111,373
- Current investments +€105,868
up €105,868 (+146%), from €72,269 to €178,137
- Cash -€91,311
down €91,311 (-13.2%), from €692,863 to €601,553
mainly Investment in fixed assets (net) (-€136,598) and Current investments (-€105,868)
- Receivables within one year -€31,174
down €31,174 (-32.5%), from €96,006 to €64,832
of which Other amounts receivable: -€18,250
- Reserves +€62,148
up €62,148 (+7.5%), from €828,408 to €890,556
- Other debts +€48,438
up €48,438 (+19.6%), from €247,522 to €295,961
- Current portion of long-term debt -€16,217
down €16,217 (-100%), from €16,217 to €0
- Trade debts +€13,419
up €13,419 (+63.6%), from €21,084 to €34,502
- Staff costs -€19,587
down €19,587 (-30.8%), from €63,517 to €43,930
- Depreciation -€9,416
down €9,416 (-30.4%), from €31,021 to €21,605
- Taxes +€8,757
up €8,757 (+15.8%), from €55,487 to €64,244
- Financial charges -€4,227
down €4,227 (-19.5%), from €21,693 to €17,466
- Gross operating margin -€3,141
down €3,141 (-1.1%), from €293,260 to €290,119
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 | €1,180,859 | €1,286,872 | +€106,013 | +9.0% |
| Fixed assets | 21/28 | €55,583 | €170,576 | +€114,993 | +207% |
| Tangible fixed assets | 22/27 | €55,583 | €170,576 | +€114,993 | +207% |
| Plant, machinery and equipment | 23 | €474 | €4,669 | +€4,195 | +886% |
| Furniture and vehicles | 24 | €47,385 | €158,758 | +€111,373 | +235% |
| Other tangible fixed assets | 26 | €7,724 | €7,149 | -€575 | -7.4% |
| Current assets | 29/58 | €1,125,275 | €1,116,296 | -€8,980 | -0.8% |
| Stocks and contracts in progress | 3 | €255,948 | €263,224 | +€7,276 | +2.8% |
| Stocks | 30/36 | €255,948 | €263,224 | +€7,276 | +2.8% |
| Amounts receivable within one year | 40/41 | €96,006 | €64,832 | -€31,174 | -32.5% |
| Trade receivables | 40 | €74,704 | €61,780 | -€12,924 | -17.3% |
| Other amounts receivable | 41 | €21,302 | €3,052 | -€18,250 | -85.7% |
| Current investments | 50/53 | €72,269 | €178,137 | +€105,868 | +146% |
| Cash at bank and in hand | 54/58 | €692,863 | €601,553 | -€91,311 | -13.2% |
| Deferred charges and accrued income | 490/1 | €8,189 | €8,550 | +€361 | +4.4% |
| Total equity and liabilities | 10/49 | €1,180,859 | €1,286,872 | +€106,013 | +9.0% |
| Equity | 10/15 | €848,408 | €910,556 | +€62,148 | +7.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €828,408 | €890,556 | +€62,148 | +7.5% |
| Distributable reserves | 133 | €828,408 | €890,556 | +€62,148 | +7.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €332,451 | €376,316 | +€43,866 | +13.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €311,664 | €359,423 | +€47,759 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €16,217 | €0 | -€16,217 | -100% |
| Trade debts | 44 | €21,084 | €34,502 | +€13,419 | +63.6% |
| Suppliers | 440/4 | €21,084 | €34,502 | +€13,419 | +63.6% |
| Taxes, remuneration and social security | 45 | €26,841 | €28,960 | +€2,119 | +7.9% |
| Taxes | 450/3 | €25,841 | €22,716 | -€3,125 | -12.1% |
| Remuneration and social security | 454/9 | €1,000 | €6,244 | +€5,244 | +524% |
| Other amounts payable | 47/48 | €247,522 | €295,961 | +€48,438 | +19.6% |
| Accrued charges and deferred income | 492/3 | €20,787 | €16,893 | -€3,893 | -18.7% |
| Non-recurring operating income | 76A | - | €35,656 | +€35,656 | |
| Remuneration, social security and pensions | 62 | €63,517 | €43,930 | -€19,587 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,021 | €21,605 | -€9,416 | -30.4% |
| Other operating charges | 640/8 | €2,075 | €2,876 | +€801 | +38.6% |
| Gross operating margin | 9900 | €293,260 | €290,119 | -€3,141 | -1.1% |
| Operating profit (loss) | 9901 | €196,647 | €221,708 | +€25,061 | +12.7% |
| Financial income | 75/76B | €7,173 | €9,181 | +€2,008 | +28.0% |
| Recurring financial income | 75 | €7,173 | €9,181 | +€2,008 | +28.0% |
| Financial charges | 65/66B | €21,693 | €17,466 | -€4,227 | -19.5% |
| Recurring financial charges | 65 | €21,693 | €17,466 | -€4,227 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €182,126 | €213,423 | +€31,296 | +17.2% |
| Income taxes | 67/77 | €55,487 | €64,244 | +€8,757 | +15.8% |
| Profit (loss) for the period | 9904 | €126,639 | €149,178 | +€22,539 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €126,639 | €149,178 | +€22,539 | +17.8% |
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 14 October 2026 via checked.be.