DUBAR GROUP: 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.
DUBAR GROUP
Largest movements
- Financial fixed assets -€6.0m
down €6.0m (-34.4%), from €17.4m to €11.4m
- Receivables within one year +€1.1m
up €1.1m (+28.3%), from €4.1m to €5.2m
of which Other amounts receivable: +€1.2m
- Reserves -€4.1m
down €4.1m (-23.7%), from €17.3m to €13.2m
- Other debts -€702,096
down €702,096 (-24.0%), from €2.9m to €2.2m
- Write-downs +€6.0m
new in 2025: €6.0m
- Financial income +€1.2m
up €1.2m (+147%), from €808,298 to €2.0m
- Provisions +€50,937
up €50,937, from -€48,000 to €2,937
- Gross operating margin -€49,974
down €49,974 (-233%), from -€21,461 to -€71,436
- Taxes -€894
down €894 (-74.9%), from €1,194 to €300
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 | €23,667,478 | €18,863,691 | -€4.8m | -20.3% |
| Fixed assets | 21/28 | €17,422,989 | €11,423,549 | -€6.0m | -34.4% |
| Tangible fixed assets | 22/27 | €4,400 | €4,400 | = | 0.0% |
| Furniture and vehicles | 24 | €4,400 | €4,400 | = | 0.0% |
| Financial fixed assets | 28 | €17,418,589 | €11,419,149 | -€6.0m | -34.4% |
| Current assets | 29/58 | €6,244,489 | €7,440,142 | +€1.2m | +19.1% |
| Amounts receivable within one year | 40/41 | €4,052,308 | €5,199,119 | +€1.1m | +28.3% |
| Trade receivables | 40 | €18,654 | €10,920 | -€7,735 | -41.5% |
| Other amounts receivable | 41 | €4,033,654 | €5,188,200 | +€1.2m | +28.6% |
| Current investments | 50/53 | €1,496,000 | €1,467,278 | -€28,722 | -1.9% |
| Cash at bank and in hand | 54/58 | €662,211 | €686,375 | +€24,164 | +3.6% |
| Deferred charges and accrued income | 490/1 | €33,971 | €87,370 | +€53,399 | +157% |
| Total equity and liabilities | 10/49 | €23,667,478 | €18,863,691 | -€4.8m | -20.3% |
| Equity | 10/15 | €20,725,082 | €16,636,646 | -€4.1m | -19.7% |
| Contributions | 10/11 | €3,474,842 | €3,474,842 | = | 0.0% |
| Reserves | 13 | €17,250,239 | €13,161,804 | -€4.1m | -23.7% |
| Distributable reserves | 133 | €17,250,239 | €13,161,804 | -€4.1m | -23.7% |
| Amounts payable | 17/49 | €2,942,396 | €2,227,044 | -€715,352 | -24.3% |
| Amounts payable within one year | 42/48 | €2,942,396 | €2,227,044 | -€715,352 | -24.3% |
| Trade debts | 44 | €12,347 | €3,313 | -€9,034 | -73.2% |
| Suppliers | 440/4 | €12,347 | €3,313 | -€9,034 | -73.2% |
| Taxes, remuneration and social security | 45 | €4,222 | €0 | -€4,222 | -100% |
| Taxes | 450/3 | €4,222 | €0 | -€4,222 | -100% |
| Other amounts payable | 47/48 | €2,925,827 | €2,223,731 | -€702,096 | -24.0% |
| Non-recurring operating income | 76A | €41,459 | €0 | -€41,459 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000,000 | +€6.0m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€48,000 | €2,937 | +€50,937 | |
| Other operating charges | 640/8 | €4,582 | €4,030 | -€552 | -12.0% |
| Gross operating margin | 9900 | -€21,461 | -€71,436 | -€49,974 | -233% |
| Operating profit (loss) | 9901 | €21,957 | -€6,078,403 | -€6.1m | |
| Financial income | 75/76B | €808,298 | €1,994,560 | +€1.2m | +147% |
| Recurring financial income | 75 | €808,298 | €1,994,560 | +€1.2m | +147% |
| Financial charges | 65/66B | €4,754 | €4,293 | -€461 | -9.7% |
| Recurring financial charges | 65 | €4,754 | €4,293 | -€461 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €825,501 | -€4,088,136 | -€4.9m | |
| Income taxes | 67/77 | €1,194 | €300 | -€894 | -74.9% |
| Profit (loss) for the period | 9904 | €824,308 | -€4,088,436 | -€4.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €824,308 | -€4,088,436 | -€4.9m |
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.