DUCAGEST: 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.
DUCAGEST
Largest movements
- Current investments -€2.4m
down €2.4m (-53.4%), from €4.5m to €2.1m
- Receivables within one year +€2.0m
up €2.0m (+120.2%), from €1.6m to €3.6m
of which Other amounts receivable: +€2.0m
- Reserves +€3.2m
up €3.2m (+468.5%), from €674,865 to €3.8m
- Other debts -€3.1m
down €3.1m (-100.0%), from €3.1m to €303
- Debts after one year -€524,678
down €524,678 (-12.9%), from €4.1m to €3.6m
- Financial income +€3.1m
up €3.1m (+2268.2%), from €137,727 to €3.3m
- Financial charges +€19,060
up €19,060, from -€16,922 to €2,139
of which Financial charges: +€19,060
- Gross operating margin +€4,744
up €4,744 (+13.6%), from -€34,869 to -€30,126
- Staff costs -€3,407
down €3,407 (-8.5%), from €40,178 to €36,770
- Depreciation -€684
down €684 (-2.5%), from €27,172 to €26,487
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,728,284 | €9,305,144 | -€423,140 | -4.3% |
| Fixed assets | 21/28 | €2,489,175 | €2,460,474 | -€28,701 | -1.2% |
| Tangible fixed assets | 22/27 | €566,494 | €546,043 | -€20,451 | -3.6% |
| Land and buildings | 22 | €558,299 | €540,504 | -€17,795 | -3.2% |
| Plant, machinery and equipment | 23 | €5,860 | €3,813 | -€2,047 | -34.9% |
| Furniture and vehicles | 24 | €2,335 | €1,726 | -€609 | -26.1% |
| Financial fixed assets | 28 | €1,922,681 | €1,914,431 | -€8,250 | -0.4% |
| Current assets | 29/58 | €7,239,109 | €6,844,670 | -€394,440 | -5.4% |
| Amounts receivable within one year | 40/41 | €1,637,805 | €3,606,735 | +€2.0m | +120.2% |
| Trade receivables | 40 | €91,687 | €92,305 | +€618 | +0.7% |
| Other amounts receivable | 41 | €1,546,118 | €3,514,430 | +€2.0m | +127.3% |
| Current investments | 50/53 | €4,525,799 | €2,111,191 | -€2.4m | -53.4% |
| Cash at bank and in hand | 54/58 | €1,071,569 | €1,125,048 | +€53,479 | +5.0% |
| Deferred charges and accrued income | 490/1 | €3,937 | €1,696 | -€2,241 | -56.9% |
| Total equity and liabilities | 10/49 | €9,728,284 | €9,305,144 | -€423,140 | -4.3% |
| Equity | 10/15 | €2,574,865 | €5,736,439 | +€3.2m | +122.8% |
| Contributions | 10/11 | €1,900,000 | €1,900,000 | = | 0.0% |
| Reserves | 13 | €674,865 | €3,836,439 | +€3.2m | +468.5% |
| Distributable reserves | 133 | €674,865 | €3,836,439 | +€3.2m | +468.5% |
| Amounts payable | 17/49 | €7,153,419 | €3,568,704 | -€3.6m | -50.1% |
| Amounts payable after more than one year | 17 | €4,075,851 | €3,551,173 | -€524,678 | -12.9% |
| Other amounts payable | 178/9 | €4,075,851 | €3,551,173 | -€524,678 | -12.9% |
| Amounts payable within one year | 42/48 | €3,077,568 | €17,316 | -€3.1m | -99.4% |
| Trade debts | 44 | €11,169 | €3,487 | -€7,682 | -68.8% |
| Suppliers | 440/4 | €11,169 | €3,487 | -€7,682 | -68.8% |
| Taxes, remuneration and social security | 45 | €10,099 | €13,526 | +€3,427 | +33.9% |
| Taxes | 450/3 | €274 | €1,199 | +€925 | +338.0% |
| Remuneration and social security | 454/9 | €9,826 | €12,327 | +€2,502 | +25.5% |
| Other amounts payable | 47/48 | €3,056,300 | €303 | -€3.1m | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €215 | +€215 | |
| Remuneration, social security and pensions | 62 | €40,178 | €36,770 | -€3,407 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,172 | €26,487 | -€684 | -2.5% |
| Other operating charges | 640/8 | €4,064 | €4,238 | +€174 | +4.3% |
| Gross operating margin | 9900 | -€34,869 | -€30,126 | +€4,744 | +13.6% |
| Operating profit (loss) | 9901 | -€106,283 | -€97,622 | +€8,661 | +8.1% |
| Financial income | 75/76B | €137,727 | €3,261,633 | +€3.1m | +2268.2% |
| Recurring financial income | 75 | €137,727 | €3,261,633 | +€3.1m | +2268.2% |
| Financial charges | 65/66B | -€16,922 | €2,139 | +€19,060 | |
| Recurring financial charges | 65 | -€16,922 | €2,139 | +€19,060 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €48,366 | €3,161,873 | +€3.1m | +6437.4% |
| Income taxes | 67/77 | €359 | €298 | -€61 | -16.9% |
| Profit (loss) for the period | 9904 | €48,007 | €3,161,574 | +€3.1m | +6485.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,007 | €3,161,574 | +€3.1m | +6485.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.