DUCENDA: 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.
DUCENDA
Largest movements
- Current investments +€26,700
up €26,700 (+17.8%), from €150,000 to €176,700
- Cash -€12,346
down €12,346 (-66.7%), from €18,502 to €6,156
mainly Contributions, distributions and other (-€130,901) and Current investments (-€26,700)
- Tangible fixed assets -€9,095
down €9,095 (-42.8%), from €21,241 to €12,147
of which Furniture and vehicles: -€8,767
- Receivables within one year -€4,294
down €4,294 (-14.3%), from €29,950 to €25,656
of which Other amounts receivable: -€5,194
- Deferred charges and accrued income +€2,956
up €2,956 (+65.4%), from €4,518 to €7,474
- Trade debts +€3,689
up €3,689 (+499.0%), from €739 to €4,429
- Financial income -€12,206
down €12,206 (-81.5%), from €14,983 to €2,778
of which Financial income: -€8,278
- Gross operating margin +€10,780
up €10,780 (+6.5%), from €165,457 to €176,236
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 | €224,212 | €228,132 | +€3,921 | +1.7% |
| Fixed assets | 21/28 | €21,241 | €12,147 | -€9,095 | -42.8% |
| Tangible fixed assets | 22/27 | €21,241 | €12,147 | -€9,095 | -42.8% |
| Furniture and vehicles | 24 | €18,827 | €10,060 | -€8,767 | -46.6% |
| Other tangible fixed assets | 26 | €2,415 | €2,087 | -€328 | -13.6% |
| Current assets | 29/58 | €202,970 | €215,986 | +€13,015 | +6.4% |
| Amounts receivable within one year | 40/41 | €29,950 | €25,656 | -€4,294 | -14.3% |
| Trade receivables | 40 | €24,756 | €25,656 | +€900 | +3.6% |
| Other amounts receivable | 41 | €5,194 | €0 | -€5,194 | -100.0% |
| Current investments | 50/53 | €150,000 | €176,700 | +€26,700 | +17.8% |
| Cash at bank and in hand | 54/58 | €18,502 | €6,156 | -€12,346 | -66.7% |
| Deferred charges and accrued income | 490/1 | €4,518 | €7,474 | +€2,956 | +65.4% |
| Total equity and liabilities | 10/49 | €224,212 | €228,132 | +€3,921 | +1.7% |
| Equity | 10/15 | €6,836 | €5,000 | -€1,836 | -26.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,836 | €0 | -€1,836 | -100.0% |
| Amounts payable | 17/49 | €217,376 | €223,132 | +€5,757 | +2.6% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Financial debts | 170/4 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €177,001 | €182,757 | +€5,757 | +3.3% |
| Trade debts | 44 | €739 | €4,429 | +€3,689 | +499.0% |
| Suppliers | 440/4 | €739 | €4,429 | +€3,689 | +499.0% |
| Taxes, remuneration and social security | 45 | €20,781 | €21,061 | +€280 | +1.3% |
| Taxes | 450/3 | €20,781 | €21,061 | +€280 | +1.3% |
| Other amounts payable | 47/48 | €155,480 | €157,268 | +€1,787 | +1.1% |
| Accrued charges and deferred income | 492/3 | €375 | €375 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,708 | €9,095 | -€613 | -6.3% |
| Other operating charges | 640/8 | €654 | €1,192 | +€538 | +82.3% |
| Gross operating margin | 9900 | €165,457 | €176,236 | +€10,780 | +6.5% |
| Operating profit (loss) | 9901 | €155,095 | €165,950 | +€10,855 | +7.0% |
| Financial income | 75/76B | €14,983 | €2,778 | -€12,206 | -81.5% |
| Recurring financial income | 75 | €11,055 | €2,778 | -€8,278 | -74.9% |
| Non-recurring financial income | 76B | €3,928 | €0 | -€3,928 | -100.0% |
| Financial charges | 65/66B | €893 | €861 | -€31 | -3.5% |
| Recurring financial charges | 65 | €893 | €861 | -€31 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €169,186 | €167,866 | -€1,320 | -0.8% |
| Income taxes | 67/77 | €37,349 | €38,801 | +€1,452 | +3.9% |
| Profit (loss) for the period | 9904 | €131,836 | €129,065 | -€2,771 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €131,836 | €129,065 | -€2,771 | -2.1% |
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.