DUBATEX: 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.
DUBATEX
Largest movements
- Receivables within one year +€1.8m
up €1.8m (+2,351%), from €76,206 to €1.9m
of which Other amounts receivable: +€1.8m
- Tangible fixed assets -€148,323
down €148,323 (-18.3%), from €812,419 to €664,097
of which Land and buildings: -€148,462
- Deferred charges and accrued income +€38,266
up €38,266 (+935%), from €4,095 to €42,361
- Other debts +€2.1m
up €2.1m, from €0 to €2.1m
- Reserves -€387,931
down €387,931 (-91.2%), from €425,220 to €37,289
of which Distributable reserves: -€391,122
- Trade debts -€107,561
down €107,561 (-97.3%), from €110,539 to €2,978
- Contributions +€31,914
up €31,914 (+9.4%), from €340,977 to €372,891
- Gross operating margin +€1.6m
up €1.6m, from -€322,976 to €1.2m
- Write-downs +€315,329
up €315,329, from -€315,329 to €0
- Taxes +€153,409
new in 2025: €153,409
- Financial charges -€28,150
down €28,150 (-99.8%), from €28,201 to €51
- Financial income +€26,952
up €26,952 (+1,288%), from €2,092 to €29,043
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 | €893,634 | €2,574,832 | +€1.7m | +188% |
| Fixed assets | 21/28 | €812,419 | €664,097 | -€148,323 | -18.3% |
| Tangible fixed assets | 22/27 | €812,419 | €664,097 | -€148,323 | -18.3% |
| Land and buildings | 22 | €812,419 | €663,958 | -€148,462 | -18.3% |
| Furniture and vehicles | 24 | €0 | €139 | +€139 | |
| Current assets | 29/58 | €81,215 | €1,910,735 | +€1.8m | +2,253% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €76,206 | €1,867,939 | +€1.8m | +2,351% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €76,206 | €1,867,939 | +€1.8m | +2,351% |
| Cash at bank and in hand | 54/58 | €914 | €435 | -€479 | -52.4% |
| Deferred charges and accrued income | 490/1 | €4,095 | €42,361 | +€38,266 | +935% |
| Total equity and liabilities | 10/49 | €893,634 | €2,574,832 | +€1.7m | +188% |
| Equity | 10/15 | €766,197 | €410,180 | -€356,016 | -46.5% |
| Contributions | 10/11 | €340,977 | €372,891 | +€31,914 | +9.4% |
| Capital | 10 | €340,977 | €372,891 | +€31,914 | +9.4% |
| Issued capital | 100 | €340,977 | €372,891 | +€31,914 | +9.4% |
| Reserves | 13 | €425,220 | €37,289 | -€387,931 | -91.2% |
| Non-distributable reserves | 130/1 | €34,098 | €37,289 | +€3,191 | +9.4% |
| Legal reserve | 130 | €34,098 | €37,289 | +€3,191 | +9.4% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €391,122 | €0 | -€391,122 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €127,438 | €2,164,652 | +€2.0m | +1,599% |
| Amounts payable within one year | 42/48 | €110,699 | €2,162,368 | +€2.1m | +1,853% |
| Trade debts | 44 | €110,539 | €2,978 | -€107,561 | -97.3% |
| Suppliers | 440/4 | €110,539 | €2,978 | -€107,561 | -97.3% |
| Taxes, remuneration and social security | 45 | €160 | €23,409 | +€23,250 | +14,546% |
| Taxes | 450/3 | €0 | €23,409 | +€23,409 | |
| Remuneration and social security | 454/9 | €160 | €0 | -€160 | -100% |
| Other amounts payable | 47/48 | €0 | €2,135,981 | +€2.1m | |
| Accrued charges and deferred income | 492/3 | €16,739 | €2,284 | -€14,455 | -86.4% |
| Non-recurring operating income | 76A | €120 | €1,257,581 | +€1.3m | +1,047,884% |
| Remuneration, social security and pensions | 62 | €8,973 | €0 | -€8,973 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,554 | €26,951 | +€5,397 | +25.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€315,329 | €0 | +€315,329 | |
| Other operating charges | 640/8 | €11,696 | €10,809 | -€887 | -7.6% |
| Non-recurring operating charges | 66A | €365 | €0 | -€365 | -100% |
| Gross operating margin | 9900 | -€322,976 | €1,247,352 | +€1.6m | |
| Operating profit (loss) | 9901 | -€50,236 | €1,209,592 | +€1.3m | |
| Financial income | 75/76B | €2,092 | €29,043 | +€26,952 | +1,288% |
| Recurring financial income | 75 | €2,092 | €29,043 | +€26,952 | +1,288% |
| Financial charges | 65/66B | €28,201 | €51 | -€28,150 | -99.8% |
| Recurring financial charges | 65 | €28,201 | €51 | -€28,150 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | -€76,345 | €1,238,584 | +€1.3m | |
| Income taxes | 67/77 | - | €153,409 | +€153,409 | |
| Profit (loss) for the period | 9904 | -€76,345 | €1,085,175 | +€1.2m | |
| Transfer from tax-exempt reserves | 789 | €9,133 | €0 | -€9,133 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€67,212 | €1,085,175 | +€1.2m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.