DUCAD: what changed
Two fiscal 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.
DUCAD
Largest movements
- Receivables within one year -€35,614
down €35,614 (-39.5%), from €90,225 to €54,611
of which Other amounts receivable: -€32,893
- Tangible fixed assets +€33,165
up €33,165 (+103.5%), from €32,052 to €65,217
of which Furniture and vehicles: +€37,722
- Cash -€2,500
down €2,500 (-45.4%), from €5,501 to €3,002
mainly Investment in fixed assets (net) (-€49,422) and Contributions, distributions and other (-€28,571)
- Trade debts -€24,772
down €24,772 (-44.7%), from €55,379 to €30,607
- Tax, wage and social debts +€15,117
up €15,117 (+71.0%), from €21,295 to €36,412
of which Taxes: +€12,917
- Profit (loss) carried forward +€10,584
up €10,584 (+25.6%), from €41,267 to €51,851
- Short-term financial debts -€4,838
no longer reported in 2025 (was €4,838)
- Gross operating margin +€26,621
up €26,621 (+51.2%), from €52,041 to €78,662
- Other operating charges +€7,418
up €7,418 (+579.7%), from €1,280 to €8,698
- Depreciation +€7,185
up €7,185 (+79.2%), from €9,072 to €16,257
- Taxes +€4,220
up €4,220 (+43.1%), from €9,793 to €14,012
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.
Cash bridge derived
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 | €127,779 | €123,870 | -€3,909 | -3.1% |
| Fixed assets | 21/28 | €32,052 | €65,217 | +€33,165 | +103.5% |
| Tangible fixed assets | 22/27 | €32,052 | €65,217 | +€33,165 | +103.5% |
| Plant, machinery and equipment | 23 | €13,975 | €9,418 | -€4,557 | -32.6% |
| Furniture and vehicles | 24 | €18,078 | €55,800 | +€37,722 | +208.7% |
| Current assets | 29/58 | €95,726 | €58,653 | -€37,074 | -38.7% |
| Amounts receivable within one year | 40/41 | €90,225 | €54,611 | -€35,614 | -39.5% |
| Trade receivables | 40 | €42,473 | €39,751 | -€2,722 | -6.4% |
| Other amounts receivable | 41 | €47,752 | €14,860 | -€32,893 | -68.9% |
| Cash at bank and in hand | 54/58 | €5,501 | €3,002 | -€2,500 | -45.4% |
| Deferred charges and accrued income | 490/1 | - | €1,040 | +€1,040 | |
| Total equity and liabilities | 10/49 | €127,779 | €123,870 | -€3,909 | -3.1% |
| Equity | 10/15 | €46,267 | €56,851 | +€10,584 | +22.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,267 | €51,851 | +€10,584 | +25.6% |
| Amounts payable | 17/49 | €81,512 | €67,019 | -€14,493 | -17.8% |
| Amounts payable within one year | 42/48 | €81,512 | €67,019 | -€14,493 | -17.8% |
| Financial debts | 43 | €4,838 | - | -€4,838 | |
| Credit institutions | 430/8 | €4,838 | - | -€4,838 | |
| Trade debts | 44 | €55,379 | €30,607 | -€24,772 | -44.7% |
| Suppliers | 440/4 | €55,379 | €30,607 | -€24,772 | -44.7% |
| Taxes, remuneration and social security | 45 | €21,295 | €36,412 | +€15,117 | +71.0% |
| Taxes | 450/3 | €21,295 | €34,212 | +€12,917 | +60.7% |
| Remuneration and social security | 454/9 | - | €2,200 | +€2,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,072 | €16,257 | +€7,185 | +79.2% |
| Other operating charges | 640/8 | €1,280 | €8,698 | +€7,418 | +579.7% |
| Gross operating margin | 9900 | €52,041 | €78,662 | +€26,621 | +51.2% |
| Operating profit (loss) | 9901 | €41,689 | €53,707 | +€12,018 | +28.8% |
| Financial income | 75/76B | €27 | €8 | -€19 | -71.3% |
| Recurring financial income | 75 | €27 | €8 | -€19 | -71.3% |
| Financial charges | 65/66B | €653 | €547 | -€106 | -16.2% |
| Recurring financial charges | 65 | €653 | €547 | -€106 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €41,063 | €53,167 | +€12,105 | +29.5% |
| Income taxes | 67/77 | €9,793 | €14,012 | +€4,220 | +43.1% |
| Profit (loss) for the period | 9904 | €31,270 | €39,155 | +€7,885 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,270 | €39,155 | +€7,885 | +25.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.