DUCHEEL: 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.
DUCHEEL
Largest movements
- Tangible fixed assets -€122,045
down €122,045 (-41.5%), from €294,006 to €171,961
of which Furniture and vehicles: -€106,378
- Cash +€20,265
up €20,265 (+37.5%), from €53,987 to €74,252
mainly Depreciation (+€122,045) and Net result for the year (+€106,130)
- Receivables within one year -€17,803
down €17,803 (-23.5%), from €75,601 to €57,798
of which Other amounts receivable: -€16,545
- Other debts -€110,000
no longer reported in 2025 (was €110,000)
- Reserves +€51,130
up €51,130 (+58.6%), from €87,240 to €138,370
- Trade debts -€35,309
down €35,309 (-93.2%), from €37,891 to €2,583
- Debts after one year -€33,676
down €33,676 (-36.0%), from €93,460 to €59,783
- Tax, wage and social debts +€16,067
up €16,067 (+39.3%), from €40,924 to €56,991
of which Remuneration and social security: +€8,388
- Gross operating margin +€173,113
up €173,113 (+25.5%), from €679,065 to €852,178
- Staff costs +€84,308
up €84,308 (+17.4%), from €485,627 to €569,936
- Depreciation +€40,955
up €40,955 (+50.5%), from €81,089 to €122,045
- Taxes +€21,767
up €21,767 (+150.4%), from €14,476 to €36,243
- Financial charges +€13,480
up €13,480 (+341.8%), from €3,944 to €17,424
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 | €428,753 | €311,171 | -€117,583 | -27.4% |
| Fixed assets | 21/28 | €299,166 | €179,121 | -€120,045 | -40.1% |
| Tangible fixed assets | 22/27 | €294,006 | €171,961 | -€122,045 | -41.5% |
| Furniture and vehicles | 24 | €249,018 | €142,640 | -€106,378 | -42.7% |
| Leasing and similar rights | 25 | €44,988 | €29,321 | -€15,667 | -34.8% |
| Financial fixed assets | 28 | €5,160 | €7,160 | +€2,000 | +38.8% |
| Current assets | 29/58 | €129,587 | €132,049 | +€2,462 | +1.9% |
| Amounts receivable within one year | 40/41 | €75,601 | €57,798 | -€17,803 | -23.5% |
| Trade receivables | 40 | €3,945 | €2,687 | -€1,259 | -31.9% |
| Other amounts receivable | 41 | €71,655 | €55,111 | -€16,545 | -23.1% |
| Cash at bank and in hand | 54/58 | €53,987 | €74,252 | +€20,265 | +37.5% |
| Total equity and liabilities | 10/49 | €428,753 | €311,171 | -€117,583 | -27.4% |
| Equity | 10/15 | €105,832 | €156,962 | +€51,130 | +48.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €87,240 | €138,370 | +€51,130 | +58.6% |
| Distributable reserves | 133 | €87,240 | €138,370 | +€51,130 | +58.6% |
| Amounts payable | 17/49 | €322,921 | €154,209 | -€168,712 | -52.2% |
| Amounts payable after more than one year | 17 | €93,460 | €59,783 | -€33,676 | -36.0% |
| Financial debts | 170/4 | €93,460 | €59,783 | -€33,676 | -36.0% |
| Amounts payable within one year | 42/48 | €229,461 | €94,425 | -€135,036 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €40,646 | €34,852 | -€5,794 | -14.3% |
| Trade debts | 44 | €37,891 | €2,583 | -€35,309 | -93.2% |
| Suppliers | 440/4 | €37,891 | €2,583 | -€35,309 | -93.2% |
| Taxes, remuneration and social security | 45 | €40,924 | €56,991 | +€16,067 | +39.3% |
| Taxes | 450/3 | - | €7,679 | +€7,679 | |
| Remuneration and social security | 454/9 | €40,924 | €49,312 | +€8,388 | +20.5% |
| Other amounts payable | 47/48 | €110,000 | - | -€110,000 | |
| Non-recurring operating income | 76A | €15,644 | - | -€15,644 | |
| Remuneration, social security and pensions | 62 | €485,627 | €569,936 | +€84,308 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,089 | €122,045 | +€40,955 | +50.5% |
| Other operating charges | 640/8 | €649 | €400 | -€249 | -38.4% |
| Non-recurring operating charges | 66A | €37,800 | - | -€37,800 | |
| Gross operating margin | 9900 | €679,065 | €852,178 | +€173,113 | +25.5% |
| Operating profit (loss) | 9901 | €73,900 | €159,797 | +€85,898 | +116.2% |
| Financial charges | 65/66B | €3,944 | €17,424 | +€13,480 | +341.8% |
| Recurring financial charges | 65 | €3,944 | €17,424 | +€13,480 | +341.8% |
| Profit (loss) for the period before taxes | 9903 | €69,955 | €142,373 | +€72,418 | +103.5% |
| Income taxes | 67/77 | €14,476 | €36,243 | +€21,767 | +150.4% |
| Profit (loss) for the period | 9904 | €55,479 | €106,130 | +€50,650 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,479 | €106,130 | +€50,650 | +91.3% |
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 9 October 2026 via checked.be.