DUCK: 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.
What changed
DUCK
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,032
2024 · -€14,305+€17,337
Equity
€998,575
2024 · €995,543+€3,032
Cash
€6,568
2024 · €45,361-€38,793
Balance sheet total
€5.3m
2024 · €5.3m+€69,132
Largest movements
Assets
- Receivables within one year +€316,109
up €316,109 (+167.3%), from €188,896 to €505,005
of which Other amounts receivable: +€276,947
- Tangible fixed assets -€184,581
down €184,581 (-4.1%), from €4.4m to €4.3m
of which Land and buildings: -€187,209
Equity and liabilities
- Current portion of long-term debt -€565,732
down €565,732 (-65.3%), from €866,756 to €301,024
- Debts after one year +€402,661
up €402,661 (+16.5%), from €2.4m to €2.8m
of which Financial debts: +€401,510
- Other debts +€216,412
up €216,412 (+24.9%), from €870,301 to €1.1m
Income statement
- Taxes -€63,740
down €63,740 (-98.7%), from €64,580 to €840
- Gross operating margin -€53,624
down €53,624 (-14.4%), from €371,924 to €318,300
- Financial income +€32,067
up €32,067 (+2613.7%), from €1,227 to €33,294
- Financial charges +€26,266
up €26,266 (+27.4%), from €95,709 to €121,974
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.
Result 2024
-€14,305
Gross operating margin
-€53,624
Staff costs
-€1,178
Depreciation
+€1,253
Other operating charges
+€1,166
Other operating items
+€178
Financial income
+€32,067
Financial charges
-€26,266
Taxes
+€63,740
Result 2025
€3,032
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.
From operations
+€89,695
Investment
+€34,584
Financing
-€163,072
Cash 2024
€45,361
From operations (derived)
+€89,695
Net result for the year
+€3,032
Depreciation
+€192,815
Receivables after one year
-€18,354
Receivables within one year
-€316,109
Deferred charges and accrued income
-€861
Trade debts
+€34,090
Tax, wage and social debts
-€23,241
Other debts
+€216,412
Accrued charges and deferred income
+€1,910
Investment (derived)
+€34,584
Investment in fixed assets (net)
+€34,584
Financing
-€163,072
Debts after one year
+€402,661
Current portion of long-term debt
-€565,732
Cash 2025
€6,568
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,276,678 | €5,345,810 | +€69,132 | +1.3% |
| Fixed assets | 21/28 | €4,634,553 | €4,407,153 | -€227,399 | -4.9% |
| Tangible fixed assets | 22/27 | €4,449,670 | €4,265,089 | -€184,581 | -4.1% |
| Land and buildings | 22 | €4,445,962 | €4,258,753 | -€187,209 | -4.2% |
| Plant, machinery and equipment | 23 | €838 | €381 | -€457 | -54.5% |
| Furniture and vehicles | 24 | €0 | €3,085 | +€3,085 | +30851500.0% |
| Other tangible fixed assets | 26 | €2,870 | €2,870 | = | 0.0% |
| Financial fixed assets | 28 | €184,883 | €142,064 | -€42,819 | -23.2% |
| Current assets | 29/58 | €642,125 | €938,657 | +€296,531 | +46.2% |
| Amounts receivable after more than one year | 29 | €407,869 | €426,223 | +€18,354 | +4.5% |
| Other amounts receivable | 291 | €407,869 | €426,223 | +€18,354 | +4.5% |
| Amounts receivable within one year | 40/41 | €188,896 | €505,005 | +€316,109 | +167.3% |
| Trade receivables | 40 | €51,988 | €91,150 | +€39,162 | +75.3% |
| Other amounts receivable | 41 | €136,907 | €413,855 | +€276,947 | +202.3% |
| Cash at bank and in hand | 54/58 | €45,361 | €6,568 | -€38,793 | -85.5% |
| Deferred charges and accrued income | 490/1 | €0 | €861 | +€861 | |
| Total equity and liabilities | 10/49 | €5,276,678 | €5,345,810 | +€69,132 | +1.3% |
| Equity | 10/15 | €995,543 | €998,575 | +€3,032 | +0.3% |
| Contributions | 10/11 | €961,500 | €961,500 | = | 0.0% |
| Capital | 10 | €961,500 | €961,500 | = | 0.0% |
| Issued capital | 100 | €961,500 | €961,500 | = | 0.0% |
| Reserves | 13 | €96,150 | €96,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96,150 | €96,150 | = | 0.0% |
| Legal reserve | 130 | €96,150 | €96,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,107 | -€59,075 | +€3,032 | +4.9% |
| Amounts payable | 17/49 | €4,281,135 | €4,347,235 | +€66,100 | +1.5% |
| Amounts payable after more than one year | 17 | €2,439,479 | €2,842,140 | +€402,661 | +16.5% |
| Financial debts | 170/4 | €2,439,479 | €2,840,989 | +€401,510 | +16.5% |
| Other amounts payable | 178/9 | - | €1,151 | +€1,151 | |
| Amounts payable within one year | 42/48 | €1,818,777 | €1,480,306 | -€338,471 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €866,756 | €301,024 | -€565,732 | -65.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €722 | €34,812 | +€34,090 | +4722.1% |
| Suppliers | 440/4 | €722 | €34,812 | +€34,090 | +4722.1% |
| Taxes, remuneration and social security | 45 | €80,998 | €57,757 | -€23,241 | -28.7% |
| Taxes | 450/3 | €79,448 | €56,103 | -€23,345 | -29.4% |
| Remuneration and social security | 454/9 | €1,550 | €1,654 | +€104 | +6.7% |
| Other amounts payable | 47/48 | €870,301 | €1,086,712 | +€216,412 | +24.9% |
| Accrued charges and deferred income | 492/3 | €22,880 | €24,790 | +€1,910 | +8.3% |
| Remuneration, social security and pensions | 62 | €17,111 | €18,288 | +€1,178 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,069 | €192,815 | -€1,253 | -0.6% |
| Other operating charges | 640/8 | €15,810 | €14,644 | -€1,166 | -7.4% |
| Non-recurring operating charges | 66A | €178 | €0 | -€178 | -100.0% |
| Gross operating margin | 9900 | €371,924 | €318,300 | -€53,624 | -14.4% |
| Operating profit (loss) | 9901 | €144,757 | €92,553 | -€52,204 | -36.1% |
| Financial income | 75/76B | €1,227 | €33,294 | +€32,067 | +2613.7% |
| Recurring financial income | 75 | €1,227 | €33,294 | +€32,067 | +2613.7% |
| Financial charges | 65/66B | €95,709 | €121,974 | +€26,266 | +27.4% |
| Recurring financial charges | 65 | €95,709 | €121,974 | +€26,266 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €50,275 | €3,872 | -€46,403 | -92.3% |
| Income taxes | 67/77 | €64,580 | €840 | -€63,740 | -98.7% |
| Profit (loss) for the period | 9904 | -€14,305 | €3,032 | +€17,337 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,305 | €3,032 | +€17,337 |
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.