DUCAVO: 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.
DUCAVO
Largest movements
- Cash +€9,806
up €9,806 (+10.8%), from €91,059 to €100,865
mainly Net result for the year (+€10,597) and Receivables within one year (+€5,793)
- Receivables within one year -€5,793
down €5,793 (-18.0%), from €32,147 to €26,354
of which Trade receivables: -€5,371
- Tangible fixed assets +€2,979
up €2,979 (+11.1%), from €26,891 to €29,870
of which Furniture and vehicles: +€3,556
- Deferred charges and accrued income -€2,000
no longer reported in 2025 (was €2,000)
- Trade debts -€10,990
down €10,990 (-13.0%), from €84,316 to €73,326
- Reserves +€10,597
up €10,597 (+43.2%), from €24,527 to €35,124
- Other debts +€3,949
up €3,949 (+87.7%), from €4,505 to €8,455
- Gross operating margin +€13,331
up €13,331 (+7.8%), from €170,762 to €184,093
- Staff costs +€3,191
up €3,191 (+2.0%), from €159,772 to €162,963
- Taxes +€2,562
up €2,562 (+75.3%), from €3,401 to €5,964
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 | €152,097 | €157,089 | +€4,992 | +3.3% |
| Fixed assets | 21/28 | €26,891 | €29,870 | +€2,979 | +11.1% |
| Tangible fixed assets | 22/27 | €26,891 | €29,870 | +€2,979 | +11.1% |
| Land and buildings | 22 | €25,753 | €25,708 | -€45 | -0.2% |
| Plant, machinery and equipment | 23 | €1,025 | €493 | -€532 | -51.9% |
| Furniture and vehicles | 24 | €113 | €3,669 | +€3,556 | +3138.2% |
| Current assets | 29/58 | €125,206 | €127,219 | +€2,013 | +1.6% |
| Amounts receivable within one year | 40/41 | €32,147 | €26,354 | -€5,793 | -18.0% |
| Trade receivables | 40 | €29,866 | €24,495 | -€5,371 | -18.0% |
| Other amounts receivable | 41 | €2,281 | €1,859 | -€422 | -18.5% |
| Cash at bank and in hand | 54/58 | €91,059 | €100,865 | +€9,806 | +10.8% |
| Deferred charges and accrued income | 490/1 | €2,000 | - | -€2,000 | |
| Total equity and liabilities | 10/49 | €152,097 | €157,089 | +€4,992 | +3.3% |
| Equity | 10/15 | €43,446 | €54,043 | +€10,597 | +24.4% |
| Contributions | 10/11 | €18,919 | €18,919 | = | 0.0% |
| Reserves | 13 | €24,527 | €35,124 | +€10,597 | +43.2% |
| Distributable reserves | 133 | €24,527 | €35,124 | +€10,597 | +43.2% |
| Amounts payable | 17/49 | €108,651 | €103,045 | -€5,605 | -5.2% |
| Amounts payable within one year | 42/48 | €108,651 | €103,045 | -€5,605 | -5.2% |
| Financial debts | 43 | €1,690 | €1,682 | -€8 | -0.5% |
| Other loans | 439 | €1,690 | €1,682 | -€8 | -0.5% |
| Trade debts | 44 | €84,316 | €73,326 | -€10,990 | -13.0% |
| Suppliers | 440/4 | €84,316 | €73,326 | -€10,990 | -13.0% |
| Taxes, remuneration and social security | 45 | €18,139 | €19,582 | +€1,443 | +8.0% |
| Taxes | 450/3 | €18,139 | €964 | -€17,175 | -94.7% |
| Remuneration and social security | 454/9 | - | €18,618 | +€18,618 | |
| Other amounts payable | 47/48 | €4,505 | €8,455 | +€3,949 | +87.7% |
| Non-recurring operating income | 76A | - | €4,800 | +€4,800 | |
| Remuneration, social security and pensions | 62 | €159,772 | €162,963 | +€3,191 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,791 | €1,821 | +€30 | +1.7% |
| Other operating charges | 640/8 | €2,125 | €2,695 | +€571 | +26.9% |
| Gross operating margin | 9900 | €170,762 | €184,093 | +€13,331 | +7.8% |
| Operating profit (loss) | 9901 | €7,075 | €16,614 | +€9,539 | +134.8% |
| Financial income | 75/76B | €511 | €486 | -€26 | -5.0% |
| Recurring financial income | 75 | €511 | €486 | -€26 | -5.0% |
| Financial charges | 65/66B | €349 | €539 | +€190 | +54.3% |
| Recurring financial charges | 65 | €349 | €539 | +€190 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €7,237 | €16,561 | +€9,324 | +128.8% |
| Income taxes | 67/77 | €3,401 | €5,964 | +€2,562 | +75.3% |
| Profit (loss) for the period | 9904 | €3,835 | €10,597 | +€6,762 | +176.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,835 | €10,597 | +€6,762 | +176.3% |
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 30 September 2026 via checked.be.