DUCHEYNE: 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.
DUCHEYNE
Largest movements
- Cash -€376,231
down €376,231 (-33.1%), from €1.1m to €759,351
mainly Contributions, distributions and other (-€1.1m) and Current investments (-€252,125)
- Current investments +€252,125
up €252,125 (+166.0%), from €151,875 to €404,000
- Tangible fixed assets -€108,581
down €108,581 (-9.4%), from €1.2m to €1.1m
of which Land and buildings: -€58,328
- Receivables within one year +€90,990
up €90,990 (+33.2%), from €274,337 to €365,327
of which Other amounts receivable: +€97,989
- Reserves -€1.0m
down €1.0m (-52.1%), from €2.0m to €943,886
of which Distributable reserves: -€882,131
- Other debts +€794,224
up €794,224 (+1877.2%), from €42,309 to €836,533
- Tax, wage and social debts +€116,138
up €116,138 (+136.1%), from €85,328 to €201,466
of which Taxes: +€139,990
- Debts after one year -€57,151
down €57,151 (-11.0%), from €518,873 to €461,722
- Trade debts +€30,482
up €30,482 (+72.0%), from €42,311 to €72,793
- Gross operating margin -€390,582
down €390,582 (-39.5%), from €987,725 to €597,144
- Other operating charges +€141,918
up €141,918 (+1615.8%), from €8,783 to €150,702
- Taxes -€139,263
down €139,263 (-76.6%), from €181,863 to €42,600
- Staff costs -€106,718
down €106,718 (-39.8%), from €268,426 to €161,708
- Depreciation +€19,642
up €19,642 (+18.5%), from €106,442 to €126,084
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 | €2,742,773 | €2,602,881 | -€139,891 | -5.1% |
| Fixed assets | 21/28 | €1,159,403 | €1,050,822 | -€108,581 | -9.4% |
| Tangible fixed assets | 22/27 | €1,159,403 | €1,050,822 | -€108,581 | -9.4% |
| Land and buildings | 22 | €923,953 | €865,625 | -€58,328 | -6.3% |
| Plant, machinery and equipment | 23 | €48,644 | €38,923 | -€9,721 | -20.0% |
| Furniture and vehicles | 24 | €142,641 | €118,881 | -€23,760 | -16.7% |
| Leasing and similar rights | 25 | €44,165 | €27,393 | -€16,772 | -38.0% |
| Current assets | 29/58 | €1,583,370 | €1,552,060 | -€31,310 | -2.0% |
| Stocks and contracts in progress | 3 | €10,951 | €9,982 | -€969 | -8.8% |
| Stocks | 30/36 | €10,951 | €9,982 | -€969 | -8.8% |
| Amounts receivable within one year | 40/41 | €274,337 | €365,327 | +€90,990 | +33.2% |
| Trade receivables | 40 | €222,364 | €215,365 | -€6,999 | -3.1% |
| Other amounts receivable | 41 | €51,973 | €149,963 | +€97,989 | +188.5% |
| Current investments | 50/53 | €151,875 | €404,000 | +€252,125 | +166.0% |
| Cash at bank and in hand | 54/58 | €1,135,581 | €759,351 | -€376,231 | -33.1% |
| Deferred charges and accrued income | 490/1 | €10,625 | €13,399 | +€2,774 | +26.1% |
| Total equity and liabilities | 10/49 | €2,742,773 | €2,602,881 | -€139,891 | -5.1% |
| Equity | 10/15 | €1,989,617 | €962,486 | -€1.0m | -51.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,971,017 | €943,886 | -€1.0m | -52.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €745,170 | €602,030 | -€143,140 | -19.2% |
| Distributable reserves | 133 | €1,223,987 | €341,856 | -€882,131 | -72.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €753,156 | €1,640,395 | +€887,239 | +117.8% |
| Amounts payable after more than one year | 17 | €518,873 | €461,722 | -€57,151 | -11.0% |
| Financial debts | 170/4 | €518,873 | €461,722 | -€57,151 | -11.0% |
| Amounts payable within one year | 42/48 | €226,555 | €1,170,638 | +€944,083 | +416.7% |
| Current portion of amounts payable after more than one year | 42 | €55,812 | €58,223 | +€2,411 | +4.3% |
| Financial debts | 43 | €795 | €1,623 | +€828 | +104.2% |
| Other loans | 439 | €795 | €1,623 | +€828 | +104.2% |
| Trade debts | 44 | €42,311 | €72,793 | +€30,482 | +72.0% |
| Suppliers | 440/4 | €42,311 | €72,793 | +€30,482 | +72.0% |
| Taxes, remuneration and social security | 45 | €85,328 | €201,466 | +€116,138 | +136.1% |
| Taxes | 450/3 | €51,896 | €191,886 | +€139,990 | +269.7% |
| Remuneration and social security | 454/9 | €33,431 | €9,580 | -€23,851 | -71.3% |
| Other amounts payable | 47/48 | €42,309 | €836,533 | +€794,224 | +1877.2% |
| Accrued charges and deferred income | 492/3 | €7,728 | €8,035 | +€307 | +4.0% |
| Remuneration, social security and pensions | 62 | €268,426 | €161,708 | -€106,718 | -39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,442 | €126,084 | +€19,642 | +18.5% |
| Other operating charges | 640/8 | €8,783 | €150,702 | +€141,918 | +1615.8% |
| Gross operating margin | 9900 | €987,725 | €597,144 | -€390,582 | -39.5% |
| Operating profit (loss) | 9901 | €604,075 | €158,650 | -€445,424 | -73.7% |
| Financial income | 75/76B | €34,152 | €23,618 | -€10,534 | -30.8% |
| Recurring financial income | 75 | €34,152 | €23,618 | -€10,534 | -30.8% |
| Financial charges | 65/66B | €30,187 | €40,691 | +€10,504 | +34.8% |
| Recurring financial charges | 65 | €30,187 | €40,691 | +€10,504 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €608,040 | €141,577 | -€466,463 | -76.7% |
| Income taxes | 67/77 | €181,863 | €42,600 | -€139,263 | -76.6% |
| Profit (loss) for the period | 9904 | €426,176 | €98,977 | -€327,200 | -76.8% |
| Transfer from tax-exempt reserves | 789 | - | €143,140 | +€143,140 | |
| Transfer to tax-exempt reserves | 689 | €168,400 | €0 | -€168,400 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €257,776 | €242,117 | -€15,660 | -6.1% |
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 12 October 2026 via checked.be.