DUCASSE DEVELOPPEMENT: 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.
What changed
DUCASSE DEVELOPPEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.3m
2024 · €683,675+€1.6m
Equity
€46.5m
2024 · €44.3m+€2.3m
Cash
€3.0m
2024 · €381,906+€2.6m
Balance sheet total
€72.7m
2024 · €55.7m+€17.1m
Largest movements
Assets
- Receivables within one year +€9.0m
up €9.0m (+39.5%), from €22.9m to €31.9m
of which Other amounts receivable: +€7.9m
- Financial fixed assets +€5.3m
up €5.3m (+19.5%), from €27.2m to €32.5m
of which Affiliated companies: +€5.3m
- Cash +€2.6m
up €2.6m (+689%), from €381,906 to €3.0m
mainly Debts after one year (+€20.0m) and Net result for the year (+€2.3m)
- Receivables after one year -€1.3m
down €1.3m (-36.6%), from €3.5m to €2.2m
- Deferred charges and accrued income +€1.1m
up €1.1m (+63.8%), from €1.7m to €2.7m
Equity and liabilities
- Debts after one year +€20.0m
up €20.0m (+25,509%), from €78,227 to €20.0m
- Other debts -€6.6m
down €6.6m (-67.3%), from €9.8m to €3.2m
- Profit (loss) carried forward +€2.3m
up €2.3m (+39.0%), from -€5.8m to -€3.5m
- Accrued charges and deferred income +€1.4m
up €1.4m (+196%), from €706,088 to €2.1m
Income statement
- Financial income +€2.8m
up €2.8m (+538%), from €517,093 to €3.3m
of which Non-recurring financial income: +€1.6m
- Other operating income -€686,198
down €686,198 (-39.9%), from €1.7m to €1.0m
- Financial charges +€519,135
up €519,135 (+179%), from €289,824 to €808,959
- Taxes +€147,103
up €147,103 (+57.4%), from €256,110 to €403,213
- Services and other goods -€126,450
down €126,450 (-9.5%), from €1.3m to €1.2m
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.
Result 2024
€683,675
Turnover
+€86,386
Other operating income
-€686,198
Services and other goods
+€126,450
Depreciation
-€75,274
Other operating charges
+€10,995
Financial income
+€2.8m
Financial charges
-€519,135
Taxes
-€147,103
Result 2025
€2.3m
raises the resultlowers the result
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.
From operations
-€11.6m
Investment
-€5.7m
Financing
+€20.0m
Cash 2024
€381,906
From operations (derived)
-€11.6m
Net result for the year
+€2.3m
Depreciation
+€75,274
Receivables after one year
+€1.3m
Receivables within one year
-€9.0m
Deferred charges and accrued income
-€1.1m
Trade debts
-€48,609
Tax, wage and social debts
+€106,125
Other debts
-€6.6m
Accrued charges and deferred income
+€1.4m
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€5.7m
Financing
+€20.0m
Debts after one year
+€20.0m
Current portion of long-term debt
+€877
Cash 2025
€3.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,651,216 | €72,731,090 | +€17.1m | +30.7% |
| Formation expenses | 20 | - | €317,226 | +€317,226 | |
| Fixed assets | 21/28 | €27,275,444 | €32,580,052 | +€5.3m | +19.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €53,464 | €53,464 | = | 0.0% |
| Other tangible fixed assets | 26 | €53,464 | €53,464 | = | 0.0% |
| Financial fixed assets | 28 | €27,221,979 | €32,526,587 | +€5.3m | +19.5% |
| Affiliated companies | 280/1 | €27,211,979 | €32,516,086 | +€5.3m | +19.5% |
| Participating interests | 280 | €27,211,979 | €32,516,086 | +€5.3m | +19.5% |
| Companies linked by participating interests | 282/3 | €1,500 | €1,500 | = | 0.0% |
| Participating interests | 282 | €1,500 | €1,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,500 | €9,001 | +€501 | +5.9% |
| Shares | 284 | €5,500 | €6,001 | +€501 | +9.1% |
| Amounts receivable and cash guarantees | 285/8 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €28,375,772 | €39,833,812 | +€11.5m | +40.4% |
| Amounts receivable after more than one year | 29 | €3,461,593 | €2,194,600 | -€1.3m | -36.6% |
| Other amounts receivable | 291 | €3,461,593 | €2,194,600 | -€1.3m | -36.6% |
| Amounts receivable within one year | 40/41 | €22,864,199 | €31,892,116 | +€9.0m | +39.5% |
| Trade receivables | 40 | €2,582,119 | €3,685,443 | +€1.1m | +42.7% |
| Other amounts receivable | 41 | €20,282,080 | €28,206,673 | +€7.9m | +39.1% |
| Cash at bank and in hand | 54/58 | €381,906 | €3,014,207 | +€2.6m | +689% |
| Deferred charges and accrued income | 490/1 | €1,668,074 | €2,732,889 | +€1.1m | +63.8% |
| Total equity and liabilities | 10/49 | €55,651,216 | €72,731,090 | +€17.1m | +30.7% |
| Equity | 10/15 | €44,263,043 | €46,525,716 | +€2.3m | +5.1% |
| Contributions | 10/11 | €49,803,509 | €49,803,509 | = | 0.0% |
| Capital | 10 | €48,769,857 | €48,769,857 | = | 0.0% |
| Issued capital | 100 | €48,769,857 | €48,769,857 | = | 0.0% |
| Contributions outside capital | 11 | €1,033,652 | €1,033,652 | = | 0.0% |
| Share premium | 1100/10 | €1,033,652 | €1,033,652 | = | 0.0% |
| Reserves | 13 | €263,202 | €263,202 | = | 0.0% |
| Non-distributable reserves | 130/1 | €263,202 | €263,202 | = | 0.0% |
| Legal reserve | 130 | €263,202 | €263,202 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,803,668 | -€3,540,995 | +€2.3m | +39.0% |
| Amounts payable | 17/49 | €11,388,173 | €26,205,374 | +€14.8m | +130% |
| Amounts payable after more than one year | 17 | €78,227 | €20,033,183 | +€20.0m | +25,509% |
| Financial debts | 170/4 | €78,227 | €20,033,183 | +€20.0m | +25,509% |
| Unsubordinated bonds | 171 | €13,320 | €20,012,957 | +€20.0m | +150,147% |
| Leasing and similar obligations | 172 | €64,907 | €20,226 | -€44,681 | -68.8% |
| Amounts payable within one year | 42/48 | €10,603,858 | €4,084,515 | -€6.5m | -61.5% |
| Current portion of amounts payable after more than one year | 42 | €43,804 | €44,681 | +€877 | +2.0% |
| Trade debts | 44 | €298,473 | €249,864 | -€48,609 | -16.3% |
| Suppliers | 440/4 | €298,473 | €249,864 | -€48,609 | -16.3% |
| Taxes, remuneration and social security | 45 | €483,091 | €589,216 | +€106,125 | +22.0% |
| Taxes | 450/3 | €483,091 | €589,216 | +€106,125 | +22.0% |
| Other amounts payable | 47/48 | €9,778,490 | €3,200,754 | -€6.6m | -67.3% |
| Accrued charges and deferred income | 492/3 | €706,088 | €2,087,676 | +€1.4m | +196% |
| Operating income | 70/76A | €2,055,182 | €1,455,370 | -€599,812 | -29.2% |
| Turnover | 70 | €336,000 | €422,386 | +€86,386 | +25.7% |
| Other operating income | 74 | €1,719,182 | €1,032,984 | -€686,198 | -39.9% |
| Operating charges | 60/66A | €1,342,666 | €1,280,495 | -€62,171 | -4.6% |
| Services and other goods | 61 | €1,330,532 | €1,204,082 | -€126,450 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €75,274 | +€75,274 | |
| Other operating charges | 640/8 | €12,134 | €1,139 | -€10,995 | -90.6% |
| Operating profit (loss) | 9901 | €712,516 | €174,875 | -€537,641 | -75.5% |
| Financial income | 75/76B | €517,093 | €3,299,970 | +€2.8m | +538% |
| Recurring financial income | 75 | €517,093 | €1,668,970 | +€1.2m | +223% |
| Income from financial fixed assets | 750 | €42,152 | - | -€42,152 | |
| Income from current assets | 751 | €474,941 | €1,668,970 | +€1.2m | +251% |
| Non-recurring financial income | 76B | - | €1,631,000 | +€1.6m | |
| Financial charges | 65/66B | €289,824 | €808,959 | +€519,135 | +179% |
| Recurring financial charges | 65 | €289,824 | €808,959 | +€519,135 | +179% |
| Debt charges | 650 | €258,386 | €799,640 | +€541,254 | +209% |
| Other financial charges | 652/9 | €31,438 | €9,319 | -€22,119 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €939,785 | €2,665,886 | +€1.7m | +184% |
| Income taxes | 67/77 | €256,110 | €403,213 | +€147,103 | +57.4% |
| Taxes | 670/3 | €256,110 | €403,213 | +€147,103 | +57.4% |
| Profit (loss) for the period | 9904 | €683,675 | €2,262,673 | +€1.6m | +231% |
| Profit (loss) for the period to be appropriated | 9905 | €683,675 | €2,262,673 | +€1.6m | +231% |
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 22 October 2026 via checked.be.