DUCALION: 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.
DUCALION
Largest movements
- Tangible fixed assets +€158,976
up €158,976 (+2486.7%), from €6,393 to €165,369
of which Land and buildings: +€159,100
- Cash -€3,144
down €3,144 (-11.5%), from €27,437 to €24,293
mainly Investment in fixed assets (net) (-€188,751) and Other debts (-€19,835)
- Debts after one year +€155,061
up €155,061 (+775.3%), from €20,000 to €175,061
of which Financial debts: +€155,061
- Other debts -€19,835
down €19,835 (-7.6%), from €262,286 to €242,451
- Current portion of long-term debt +€12,053
new in 2025: €12,053
- Profit (loss) carried forward +€11,255
up €11,255 (+4.2%), from -€266,240 to -€254,985
- Tax, wage and social debts -€3,707
down €3,707 (-99.9%), from €3,712 to €5
- Depreciation +€28,858
up €28,858 (+3146.4%), from €917 to €29,775
- Gross operating margin -€18,110
down €18,110 (-28.7%), from €63,049 to €44,939
- Financial charges +€2,465
up €2,465 (+2161.1%), from €114 to €2,579
- Other operating charges +€907
up €907 (+198.6%), from €457 to €1,364
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 | €38,648 | €195,589 | +€156,941 | +406.1% |
| Fixed assets | 21/28 | €10,572 | €169,548 | +€158,976 | +1503.8% |
| Tangible fixed assets | 22/27 | €6,393 | €165,369 | +€158,976 | +2486.7% |
| Land and buildings | 22 | - | €159,100 | +€159,100 | |
| Furniture and vehicles | 24 | €6,393 | €6,269 | -€124 | -1.9% |
| Financial fixed assets | 28 | €4,179 | €4,179 | = | 0.0% |
| Current assets | 29/58 | €28,076 | €26,042 | -€2,035 | -7.2% |
| Amounts receivable within one year | 40/41 | €640 | €64 | -€576 | -90.0% |
| Trade receivables | 40 | €141 | - | -€141 | |
| Other amounts receivable | 41 | €499 | €64 | -€435 | -87.2% |
| Cash at bank and in hand | 54/58 | €27,437 | €24,293 | -€3,144 | -11.5% |
| Deferred charges and accrued income | 490/1 | - | €1,685 | +€1,685 | |
| Total equity and liabilities | 10/49 | €38,648 | €195,589 | +€156,941 | +406.1% |
| Equity | 10/15 | -€247,640 | -€236,385 | +€11,255 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€266,240 | -€254,985 | +€11,255 | +4.2% |
| Amounts payable | 17/49 | €286,288 | €431,974 | +€145,686 | +50.9% |
| Amounts payable after more than one year | 17 | €20,000 | €175,061 | +€155,061 | +775.3% |
| Financial debts | 170/4 | - | €155,061 | +€155,061 | |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €265,998 | €256,614 | -€9,384 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | - | €12,053 | +€12,053 | |
| Trade debts | 44 | - | €2,105 | +€2,105 | |
| Suppliers | 440/4 | - | €2,105 | +€2,105 | |
| Taxes, remuneration and social security | 45 | €3,712 | €5 | -€3,707 | -99.9% |
| Taxes | 450/3 | €3,712 | €5 | -€3,707 | -99.9% |
| Other amounts payable | 47/48 | €262,286 | €242,451 | -€19,835 | -7.6% |
| Accrued charges and deferred income | 492/3 | €291 | €300 | +€9 | +3.2% |
| Remuneration, social security and pensions | 62 | €30 | €0 | -€30 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €917 | €29,775 | +€28,858 | +3146.4% |
| Other operating charges | 640/8 | €457 | €1,364 | +€907 | +198.6% |
| Gross operating margin | 9900 | €63,049 | €44,939 | -€18,110 | -28.7% |
| Operating profit (loss) | 9901 | €61,645 | €13,800 | -€47,845 | -77.6% |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €114 | €2,579 | +€2,465 | +2161.1% |
| Recurring financial charges | 65 | €114 | €2,579 | +€2,465 | +2161.1% |
| Profit (loss) for the period before taxes | 9903 | €61,530 | €11,255 | -€50,275 | -81.7% |
| Profit (loss) for the period | 9904 | €61,530 | €11,255 | -€50,275 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,530 | €11,255 | -€50,275 | -81.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.