DUCAN: 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.
DUCAN
Largest movements
- Cash -€52,804
down €52,804 (-90.8%), from €58,132 to €5,328
mainly Other debts (-€3.6m) and Net result for the year (-€92,447)
- Tangible fixed assets -€30,307
down €30,307 (-11.9%), from €255,352 to €225,045
of which Plant, machinery and equipment: -€16,367
- Receivables within one year -€23,393
down €23,393 (-99.8%), from €23,432 to €39
- Deferred charges and accrued income -€6,663
down €6,663 (-89.7%), from €7,425 to €762
- Contributions +€3.7m
up €3.7m (+135.2%), from €2.7m to €6.4m
- Other debts -€3.6m
down €3.6m (-98.4%), from €3.7m to €58,102
- Profit (loss) carried forward -€92,447
down €92,447 (-1.4%), from -€6.6m to -€6.7m
- Debts after one year -€45,000
down €45,000 (-9.1%), from €495,000 to €450,000
- Trade debts +€6,203
up €6,203 (+394.4%), from €1,573 to €7,776
- Gross operating margin -€932
down €932 (-1.6%), from -€58,663 to -€59,595
- Financial charges -€887
down €887 (-78.4%), from €1,131 to €244
- Depreciation -€770
down €770 (-2.4%), from €31,687 to €30,917
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 | €349,186 | €233,788 | -€115,398 | -33.0% |
| Fixed assets | 21/28 | €258,091 | €227,173 | -€30,917 | -12.0% |
| Intangible fixed assets | 21 | €2,538 | €1,928 | -€610 | -24.0% |
| Tangible fixed assets | 22/27 | €255,352 | €225,045 | -€30,307 | -11.9% |
| Plant, machinery and equipment | 23 | €241,216 | €224,848 | -€16,367 | -6.8% |
| Furniture and vehicles | 24 | €14,137 | €197 | -€13,940 | -98.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €91,095 | €6,615 | -€84,480 | -92.7% |
| Stocks and contracts in progress | 3 | €2,106 | €486 | -€1,621 | -76.9% |
| Stocks | 30/36 | €2,106 | €486 | -€1,621 | -76.9% |
| Amounts receivable within one year | 40/41 | €23,432 | €39 | -€23,393 | -99.8% |
| Other amounts receivable | 41 | €23,432 | €39 | -€23,393 | -99.8% |
| Cash at bank and in hand | 54/58 | €58,132 | €5,328 | -€52,804 | -90.8% |
| Deferred charges and accrued income | 490/1 | €7,425 | €762 | -€6,663 | -89.7% |
| Total equity and liabilities | 10/49 | €349,186 | €233,788 | -€115,398 | -33.0% |
| Equity | 10/15 | -€3,840,634 | -€283,081 | +€3.6m | +92.6% |
| Contributions | 10/11 | €2,700,000 | €6,350,000 | +€3.7m | +135.2% |
| Reserves | 13 | €31,594 | €31,594 | = | 0.0% |
| Distributable reserves | 133 | €31,594 | €31,594 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,572,228 | -€6,664,675 | -€92,447 | -1.4% |
| Amounts payable | 17/49 | €4,189,820 | €516,869 | -€3.7m | -87.7% |
| Amounts payable after more than one year | 17 | €495,000 | €450,000 | -€45,000 | -9.1% |
| Other amounts payable | 178/9 | €495,000 | €450,000 | -€45,000 | -9.1% |
| Amounts payable within one year | 42/48 | €3,694,820 | €66,659 | -€3.6m | -98.2% |
| Trade debts | 44 | €1,573 | €7,776 | +€6,203 | +394.4% |
| Suppliers | 440/4 | €1,573 | €7,776 | +€6,203 | +394.4% |
| Taxes, remuneration and social security | 45 | €655 | €781 | +€126 | +19.2% |
| Taxes | 450/3 | €655 | €781 | +€126 | +19.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,692,592 | €58,102 | -€3.6m | -98.4% |
| Accrued charges and deferred income | 492/3 | - | €210 | +€210 | |
| Non-recurring operating income | 76A | - | €5,584 | +€5,584 | |
| Remuneration, social security and pensions | 62 | €503 | €0 | -€503 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,687 | €30,917 | -€770 | -2.4% |
| Other operating charges | 640/8 | €1,176 | €1,551 | +€375 | +31.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€58,663 | -€59,595 | -€932 | -1.6% |
| Operating profit (loss) | 9901 | -€92,029 | -€92,063 | -€34 | 0.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.5% |
| Financial charges | 65/66B | €1,131 | €244 | -€887 | -78.4% |
| Recurring financial charges | 65 | €1,131 | €244 | -€887 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | -€93,159 | -€92,307 | +€852 | +0.9% |
| Income taxes | 67/77 | €155 | €140 | -€15 | -9.7% |
| Profit (loss) for the period | 9904 | -€93,315 | -€92,447 | +€867 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,315 | -€92,447 | +€867 | +0.9% |
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 7 October 2026 via checked.be.