Duchi-Naert: 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.
Duchi-Naert
Largest movements
- Cash +€21,578
up €21,578 (+102.2%), from €21,107 to €42,685
mainly Net result for the year (+€107,518) and Investment in fixed assets (net) (+€10,481)
- Reserves +€107,518
up €107,518 (+23.7%), from €454,566 to €562,084
- Debts after one year -€89,820
down €89,820 (-11.2%), from €803,730 to €713,910
- Gross operating margin -€17,749
down €17,749 (-10.2%), from €173,754 to €156,005
- Depreciation -€8,085
down €8,085 (-98.1%), from €8,243 to €157
- Taxes -€4,511
down €4,511 (-13.8%), from €32,594 to €28,083
- Financial charges -€2,651
down €2,651 (-12.5%), from €21,206 to €18,555
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 | €1,509,888 | €1,521,313 | +€11,425 | +0.8% |
| Fixed assets | 21/28 | €1,487,349 | €1,476,710 | -€10,638 | -0.7% |
| Tangible fixed assets | 22/27 | €11,111 | €472 | -€10,638 | -95.7% |
| Furniture and vehicles | 24 | €11,111 | €472 | -€10,638 | -95.7% |
| Financial fixed assets | 28 | €1,476,238 | €1,476,238 | = | 0.0% |
| Current assets | 29/58 | €22,539 | €44,603 | +€22,064 | +97.9% |
| Amounts receivable within one year | 40/41 | €1,212 | €1,917 | +€705 | +58.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,212 | €1,917 | +€705 | +58.2% |
| Cash at bank and in hand | 54/58 | €21,107 | €42,685 | +€21,578 | +102.2% |
| Deferred charges and accrued income | 490/1 | €220 | €0 | -€220 | -100.0% |
| Total equity and liabilities | 10/49 | €1,509,888 | €1,521,313 | +€11,425 | +0.8% |
| Equity | 10/15 | €473,166 | €580,684 | +€107,518 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €454,566 | €562,084 | +€107,518 | +23.7% |
| Distributable reserves | 133 | €454,566 | €562,084 | +€107,518 | +23.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,036,722 | €940,629 | -€96,092 | -9.3% |
| Amounts payable after more than one year | 17 | €803,730 | €713,910 | -€89,820 | -11.2% |
| Financial debts | 170/4 | €803,730 | €713,910 | -€89,820 | -11.2% |
| Amounts payable within one year | 42/48 | €232,942 | €226,690 | -€6,251 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €94,202 | €86,664 | -€7,538 | -8.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,679 | €22,056 | +€6,376 | +40.7% |
| Suppliers | 440/4 | €15,679 | €22,056 | +€6,376 | +40.7% |
| Taxes, remuneration and social security | 45 | €20,047 | €19,985 | -€62 | -0.3% |
| Taxes | 450/3 | €18,847 | €19,985 | +€1,138 | +6.0% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €103,013 | €97,986 | -€5,027 | -4.9% |
| Accrued charges and deferred income | 492/3 | €50 | €29 | -€21 | -42.3% |
| Non-recurring operating income | 76A | - | €16,506 | +€16,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,243 | €157 | -€8,085 | -98.1% |
| Other operating charges | 640/8 | €1,745 | €1,692 | -€52 | -3.0% |
| Non-recurring operating charges | 66A | €45 | €0 | -€45 | -100.0% |
| Gross operating margin | 9900 | €173,754 | €156,005 | -€17,749 | -10.2% |
| Operating profit (loss) | 9901 | €163,722 | €154,155 | -€9,567 | -5.8% |
| Financial charges | 65/66B | €21,206 | €18,555 | -€2,651 | -12.5% |
| Recurring financial charges | 65 | €21,206 | €18,555 | -€2,651 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €142,516 | €135,600 | -€6,915 | -4.9% |
| Income taxes | 67/77 | €32,594 | €28,083 | -€4,511 | -13.8% |
| Profit (loss) for the period | 9904 | €109,922 | €107,518 | -€2,404 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,922 | €107,518 | -€2,404 | -2.2% |
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.