DUCARDIS: 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.
DUCARDIS
Largest movements
- Cash +€373,862
up €373,862 (+70.8%), from €528,276 to €902,139
mainly Net result for the year (+€608,877) and Trade debts (+€79,062)
- Receivables within one year -€77,117
down €77,117 (-10.0%), from €773,542 to €696,424
of which Other amounts receivable: -€90,211
- Stocks and contracts +€47,733
up €47,733 (+6.7%), from €716,512 to €764,245
- Tangible fixed assets -€37,040
down €37,040 (-25.2%), from €146,703 to €109,663
of which Other tangible fixed assets: -€33,036
- Profit (loss) carried forward +€162,477
up €162,477 (+407%), from €39,949 to €202,426
- Trade debts +€79,062
up €79,062 (+7.1%), from €1.1m to €1.2m
- Other debts +€44,640
up €44,640 (+11.1%), from €401,760 to €446,400
- Gross operating margin +€232,664
up €232,664 (+18.8%), from €1.2m to €1.5m
- Depreciation -€72,846
down €72,846 (-65.6%), from €111,086 to €38,240
- Taxes +€72,171
up €72,171 (+49.0%), from €147,190 to €219,361
- Staff costs +€68,413
up €68,413 (+13.1%), from €521,245 to €589,659
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 | €2,315,160 | €2,627,572 | +€312,412 | +13.5% |
| Fixed assets | 21/28 | €296,830 | €259,790 | -€37,040 | -12.5% |
| Tangible fixed assets | 22/27 | €146,703 | €109,663 | -€37,040 | -25.2% |
| Plant, machinery and equipment | 23 | €10,294 | €7,599 | -€2,695 | -26.2% |
| Furniture and vehicles | 24 | €1,660 | €351 | -€1,309 | -78.8% |
| Other tangible fixed assets | 26 | €134,748 | €101,712 | -€33,036 | -24.5% |
| Financial fixed assets | 28 | €150,127 | €150,127 | = | 0.0% |
| Current assets | 29/58 | €2,018,330 | €2,367,782 | +€349,452 | +17.3% |
| Stocks and contracts in progress | 3 | €716,512 | €764,245 | +€47,733 | +6.7% |
| Stocks | 30/36 | €716,512 | €764,245 | +€47,733 | +6.7% |
| Amounts receivable within one year | 40/41 | €773,542 | €696,424 | -€77,117 | -10.0% |
| Trade receivables | 40 | €147,413 | €160,507 | +€13,094 | +8.9% |
| Other amounts receivable | 41 | €626,129 | €535,917 | -€90,211 | -14.4% |
| Cash at bank and in hand | 54/58 | €528,276 | €902,139 | +€373,862 | +70.8% |
| Deferred charges and accrued income | 490/1 | - | €4,974 | +€4,974 | |
| Total equity and liabilities | 10/49 | €2,315,160 | €2,627,572 | +€312,412 | +13.5% |
| Equity | 10/15 | €715,469 | €877,946 | +€162,477 | +22.7% |
| Contributions | 10/11 | €245,520 | €245,520 | = | 0.0% |
| Reserves | 13 | €430,000 | €430,000 | = | 0.0% |
| Distributable reserves | 133 | €430,000 | €430,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,949 | €202,426 | +€162,477 | +407% |
| Amounts payable | 17/49 | €1,599,691 | €1,749,626 | +€149,935 | +9.4% |
| Amounts payable within one year | 42/48 | €1,575,562 | €1,717,275 | +€141,713 | +9.0% |
| Trade debts | 44 | €1,111,195 | €1,190,257 | +€79,062 | +7.1% |
| Suppliers | 440/4 | €1,111,195 | €1,190,257 | +€79,062 | +7.1% |
| Taxes, remuneration and social security | 45 | €62,607 | €80,618 | +€18,012 | +28.8% |
| Taxes | 450/3 | €716 | €6,652 | +€5,936 | +829% |
| Remuneration and social security | 454/9 | €61,891 | €73,966 | +€12,075 | +19.5% |
| Other amounts payable | 47/48 | €401,760 | €446,400 | +€44,640 | +11.1% |
| Accrued charges and deferred income | 492/3 | €24,129 | €32,351 | +€8,222 | +34.1% |
| Remuneration, social security and pensions | 62 | €521,245 | €589,659 | +€68,413 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,086 | €38,240 | -€72,846 | -65.6% |
| Other operating charges | 640/8 | €2,661 | €4,586 | +€1,925 | +72.4% |
| Gross operating margin | 9900 | €1,237,844 | €1,470,508 | +€232,664 | +18.8% |
| Operating profit (loss) | 9901 | €602,852 | €838,023 | +€235,171 | +39.0% |
| Financial income | 75/76B | €2,098 | €11,387 | +€9,290 | +443% |
| Recurring financial income | 75 | €2,098 | €11,387 | +€9,290 | +443% |
| Financial charges | 65/66B | €20,939 | €21,172 | +€233 | +1.1% |
| Recurring financial charges | 65 | €20,939 | €21,172 | +€233 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €584,011 | €828,238 | +€244,228 | +41.8% |
| Income taxes | 67/77 | €147,190 | €219,361 | +€72,171 | +49.0% |
| Profit (loss) for the period | 9904 | €436,820 | €608,877 | +€172,057 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €436,820 | €608,877 | +€172,057 | +39.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.