DUBECOR: 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.
DUBECOR
Largest movements
- Receivables within one year +€187,861
up €187,861 (+55.9%), from €335,922 to €523,783
of which Trade receivables: +€333,325
- Cash +€110,001
up €110,001 (+130%), from €84,896 to €194,896
mainly Advances received (+€361,744) and Net result for the year (+€122,314)
- Tangible fixed assets +€26,749
up €26,749 (+318%), from €8,404 to €35,153
of which Plant, machinery and equipment: +€28,095
- Financial fixed assets +€14,772
up €14,772 (+75.8%), from €19,483 to €34,254
- Advances received +€361,744
up €361,744 (+2,521%), from €14,347 to €376,091
- Trade debts +€67,577
up €67,577 (+35.8%), from €188,642 to €256,219
- Other debts -€62,014
down €62,014 (-63.1%), from €98,206 to €36,192
- Short-term financial debts -€58,039
down €58,039 (-16.9%), from €343,206 to €285,167
- Tax, wage and social debts +€24,420
up €24,420 (+1,441%), from €1,695 to €26,114
of which Taxes: +€22,006
- Gross operating margin +€95,242
up €95,242 (+66.7%), from €142,774 to €238,016
- Staff costs +€30,046
up €30,046, from €0 to €30,046
- Taxes +€22,482
up €22,482 (+68.3%), from €32,900 to €55,382
- Depreciation -€8,897
down €8,897 (-59.8%), from €14,883 to €5,985
- Other operating charges +€8,441
up €8,441 (+376%), from €2,242 to €10,683
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 | €1,071,764 | €1,418,825 | +€347,060 | +32.4% |
| Fixed assets | 21/28 | €29,815 | €70,915 | +€41,101 | +138% |
| Intangible fixed assets | 21 | €1,928 | €1,508 | -€420 | -21.8% |
| Tangible fixed assets | 22/27 | €8,404 | €35,153 | +€26,749 | +318% |
| Plant, machinery and equipment | 23 | €458 | €28,553 | +€28,095 | +6,128% |
| Furniture and vehicles | 24 | €7,946 | €6,600 | -€1,346 | -16.9% |
| Financial fixed assets | 28 | €19,483 | €34,254 | +€14,772 | +75.8% |
| Current assets | 29/58 | €1,041,950 | €1,347,909 | +€305,960 | +29.4% |
| Stocks and contracts in progress | 3 | €608,538 | €618,839 | +€10,301 | +1.7% |
| Stocks | 30/36 | €608,538 | €618,839 | +€10,301 | +1.7% |
| Amounts receivable within one year | 40/41 | €335,922 | €523,783 | +€187,861 | +55.9% |
| Trade receivables | 40 | €120,966 | €454,291 | +€333,325 | +276% |
| Other amounts receivable | 41 | €214,956 | €69,492 | -€145,463 | -67.7% |
| Cash at bank and in hand | 54/58 | €84,896 | €194,896 | +€110,001 | +130% |
| Deferred charges and accrued income | 490/1 | €12,594 | €10,391 | -€2,203 | -17.5% |
| Total equity and liabilities | 10/49 | €1,071,764 | €1,418,825 | +€347,060 | +32.4% |
| Equity | 10/15 | €423,372 | €405,686 | -€17,686 | -4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €404,772 | €387,086 | -€17,686 | -4.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €404,772 | €387,086 | -€17,686 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €648,393 | €1,013,138 | +€364,746 | +56.3% |
| Amounts payable after more than one year | 17 | €0 | €23,912 | +€23,912 | |
| Financial debts | 170/4 | €0 | €23,912 | +€23,912 | |
| Amounts payable within one year | 42/48 | €648,375 | €987,598 | +€339,223 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €2,280 | €7,816 | +€5,536 | +243% |
| Financial debts | 43 | €343,206 | €285,167 | -€58,039 | -16.9% |
| Credit institutions | 430/8 | €343,206 | €285,167 | -€58,039 | -16.9% |
| Trade debts | 44 | €188,642 | €256,219 | +€67,577 | +35.8% |
| Suppliers | 440/4 | €188,642 | €256,219 | +€67,577 | +35.8% |
| Advances received on contracts in progress | 46 | €14,347 | €376,091 | +€361,744 | +2,521% |
| Taxes, remuneration and social security | 45 | €1,695 | €26,114 | +€24,420 | +1,441% |
| Taxes | 450/3 | €1,695 | €23,701 | +€22,006 | +1,299% |
| Remuneration and social security | 454/9 | €0 | €2,414 | +€2,414 | |
| Other amounts payable | 47/48 | €98,206 | €36,192 | -€62,014 | -63.1% |
| Accrued charges and deferred income | 492/3 | €17 | €1,628 | +€1,611 | +9,236% |
| Non-recurring operating income | 76A | - | €20,504 | +€20,504 | |
| Remuneration, social security and pensions | 62 | €0 | €30,046 | +€30,046 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,883 | €5,985 | -€8,897 | -59.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,829 | -€1,829 | -€3,658 | |
| Other operating charges | 640/8 | €2,242 | €10,683 | +€8,441 | +376% |
| Gross operating margin | 9900 | €142,774 | €238,016 | +€95,242 | +66.7% |
| Operating profit (loss) | 9901 | €123,821 | €193,130 | +€69,310 | +56.0% |
| Financial income | 75/76B | €7,871 | €130 | -€7,741 | -98.3% |
| Recurring financial income | 75 | €7,871 | €130 | -€7,741 | -98.3% |
| Financial charges | 65/66B | €21,175 | €15,564 | -€5,611 | -26.5% |
| Recurring financial charges | 65 | €21,175 | €15,564 | -€5,611 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €110,517 | €177,696 | +€67,179 | +60.8% |
| Income taxes | 67/77 | €32,900 | €55,382 | +€22,482 | +68.3% |
| Profit (loss) for the period | 9904 | €77,617 | €122,314 | +€44,697 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €77,617 | €122,314 | +€44,697 | +57.6% |
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 15 October 2026 via checked.be.