DUCO PROJECTS: 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.
What changed
DUCO PROJECTS
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €2.7m-€229,350
Equity
€18.5m
2024 · €16.7m+€1.7m
Cash
€2.4m
2024 · €2.9m-€421,793
Balance sheet total
€23.3m
2024 · €21.2m+€2.1m
Largest movements
Assets
- Current investments +€1.5m
up €1.5m (+14.6%), from €10.4m to €11.9m
- Tangible fixed assets +€854,540
up €854,540 (+155.8%), from €548,602 to €1.4m
of which Assets under construction and advance payments: +€689,319
- Cash -€421,793
down €421,793 (-14.8%), from €2.9m to €2.4m
mainly Current investments (-€1.5m) and Investment in fixed assets (net) (-€986,487)
Equity and liabilities
- Profit (loss) carried forward +€874,397
up €874,397 (+8.8%), from €9.9m to €10.8m
- Reserves +€842,000
up €842,000 (+12.5%), from €6.7m to €7.6m
of which Distributable reserves: +€1.1m
- Trade debts +€275,135
up €275,135 (+61.9%), from €444,495 to €719,630
Income statement
- Turnover +€1.4m
up €1.4m (+8.7%), from €16.1m to €17.5m
- Goods and materials +€1.1m
up €1.1m (+15.7%), from €7.0m to €8.1m
of which Purchases: +€1.3m
- Services and other goods +€787,286
up €787,286 (+31.1%), from €2.5m to €3.3m
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
€2.7m
Turnover
+€1.4m
Other operating income
-€21,227
Goods and materials
-€1.1m
Services and other goods
-€787,286
Staff costs
-€78,519
Depreciation
+€72,110
Write-downs
+€46,402
Other operating charges
+€5,956
Other operating items
+€213,926
Financial income
-€36,763
Financial charges
-€58,188
Taxes
+€114,946
Deferred taxes and other
-€232
Result 2025
€2.5m
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
+€2.7m
Investment
-€2.5m
Financing
-€612,169
Cash 2024
€2.9m
From operations (derived)
+€2.7m
Net result for the year
+€2.5m
Depreciation
+€141,710
Stocks and contracts
-€37,020
Receivables within one year
-€168,954
Deferred charges and accrued income
+€14,578
Trade debts
+€275,135
Smaller working-capital items
+€17
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€986,487
Current investments
-€1.5m
Financing
-€612,169
Debts after one year
+€140,000
Contributions, distributions and other
-€752,169
Cash 2025
€2.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,169,749 | €23,299,129 | +€2.1m | +10.1% |
| Fixed assets | 21/28 | €586,202 | €1,430,980 | +€844,777 | +144.1% |
| Intangible fixed assets | 21 | €15,081 | €6,037 | -€9,044 | -60.0% |
| Tangible fixed assets | 22/27 | €548,602 | €1,403,142 | +€854,540 | +155.8% |
| Land and buildings | 22 | €284,944 | €272,975 | -€11,969 | -4.2% |
| Plant, machinery and equipment | 23 | €187,818 | €262,028 | +€74,210 | +39.5% |
| Furniture and vehicles | 24 | €75,840 | €178,820 | +€102,980 | +135.8% |
| Assets under construction and advance payments | 27 | - | €689,319 | +€689,319 | |
| Financial fixed assets | 28 | €22,519 | €21,800 | -€719 | -3.2% |
| Other financial fixed assets | 284/8 | €22,519 | €21,800 | -€719 | -3.2% |
| Amounts receivable and cash guarantees | 285/8 | €22,519 | €21,800 | -€719 | -3.2% |
| Current assets | 29/58 | €20,583,546 | €21,868,149 | +€1.3m | +6.2% |
| Stocks and contracts in progress | 3 | €3,924,773 | €3,961,793 | +€37,020 | +0.9% |
| Stocks | 30/36 | €3,924,773 | €3,961,793 | +€37,020 | +0.9% |
| Raw materials and consumables | 30/31 | €3,230,196 | €3,348,310 | +€118,113 | +3.7% |
| Finished goods | 33 | €694,577 | €613,484 | -€81,093 | -11.7% |
| Amounts receivable within one year | 40/41 | €3,368,726 | €3,537,680 | +€168,954 | +5.0% |
| Trade receivables | 40 | €2,713,395 | €2,746,038 | +€32,643 | +1.2% |
| Other amounts receivable | 41 | €655,331 | €791,641 | +€136,310 | +20.8% |
| Current investments | 50/53 | €10,385,000 | €11,900,000 | +€1.5m | +14.6% |
| Other investments | 51/53 | €10,385,000 | €11,900,000 | +€1.5m | +14.6% |
| Cash at bank and in hand | 54/58 | €2,858,025 | €2,436,232 | -€421,793 | -14.8% |
| Deferred charges and accrued income | 490/1 | €47,022 | €32,444 | -€14,578 | -31.0% |
| Total equity and liabilities | 10/49 | €21,169,749 | €23,299,129 | +€2.1m | +10.1% |
| Equity | 10/15 | €16,747,016 | €18,461,244 | +€1.7m | +10.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,728,922 | €7,570,922 | +€842,000 | +12.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,494,300 | €3,241,700 | -€252,600 | -7.2% |
| Distributable reserves | 133 | €3,228,422 | €4,323,022 | +€1.1m | +33.9% |
| Profit (loss) carried forward | 14 | €9,948,439 | €10,822,837 | +€874,397 | +8.8% |
| Investment grants | 15 | €7,654 | €5,485 | -€2,169 | -28.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €4,422,733 | €4,837,885 | +€415,151 | +9.4% |
| Amounts payable after more than one year | 17 | €2,840,000 | €2,980,000 | +€140,000 | +4.9% |
| Financial debts | 170/4 | €2,840,000 | €2,980,000 | +€140,000 | +4.9% |
| Other loans | 174 | €2,840,000 | €2,980,000 | +€140,000 | +4.9% |
| Amounts payable within one year | 42/48 | €1,582,540 | €1,852,443 | +€269,903 | +17.1% |
| Trade debts | 44 | €444,495 | €719,630 | +€275,135 | +61.9% |
| Suppliers | 440/4 | €444,495 | €719,630 | +€275,135 | +61.9% |
| Taxes, remuneration and social security | 45 | €388,044 | €382,813 | -€5,232 | -1.3% |
| Taxes | 450/3 | €69,488 | €69,003 | -€485 | -0.7% |
| Remuneration and social security | 454/9 | €318,556 | €313,810 | -€4,746 | -1.5% |
| Other amounts payable | 47/48 | €750,000 | €750,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €193 | €5,442 | +€5,249 | +2714.1% |
| Operating income | 70/76A | €16,299,165 | €17,914,200 | +€1.6m | +9.9% |
| Turnover | 70 | €16,101,552 | €17,504,739 | +€1.4m | +8.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€291,768 | -€81,093 | +€210,674 | +72.2% |
| Other operating income | 74 | €480,091 | €458,865 | -€21,227 | -4.4% |
| Non-recurring operating income | 76A | €9,290 | €31,690 | +€22,400 | +241.1% |
| Operating charges | 60/66A | €13,400,490 | €15,264,639 | +€1.9m | +13.9% |
| Goods for resale, raw materials and consumables | 60 | €7,031,717 | €8,135,380 | +€1.1m | +15.7% |
| Purchases | 600/8 | €6,939,942 | €8,269,409 | +€1.3m | +19.2% |
| Change in stocks: decrease (increase) | 609 | €91,775 | -€134,030 | -€225,805 | |
| Services and other goods | 61 | €2,529,893 | €3,317,179 | +€787,286 | +31.1% |
| Remuneration, social security and pensions | 62 | €3,425,279 | €3,503,798 | +€78,519 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,820 | €141,710 | -€72,110 | -33.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €79,240 | €32,839 | -€46,402 | -58.6% |
| Other operating charges | 640/8 | €120,531 | €114,575 | -€5,956 | -4.9% |
| Non-recurring operating charges | 66A | €10 | €19,159 | +€19,149 | +191489.9% |
| Operating profit (loss) | 9901 | €2,898,675 | €2,649,561 | -€249,114 | -8.6% |
| Financial income | 75/76B | €593,775 | €557,013 | -€36,763 | -6.2% |
| Recurring financial income | 75 | €593,775 | €557,013 | -€36,763 | -6.2% |
| Income from current assets | 751 | €447,402 | €373,817 | -€73,585 | -16.4% |
| Other financial income | 752/9 | €146,373 | €183,195 | +€36,822 | +25.2% |
| Financial charges | 65/66B | €159,427 | €217,614 | +€58,188 | +36.5% |
| Recurring financial charges | 65 | €159,427 | €217,614 | +€58,188 | +36.5% |
| Debt charges | 650 | €137,250 | €200,523 | +€63,273 | +46.1% |
| Other financial charges | 652/9 | €22,177 | €17,092 | -€5,085 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €3,333,023 | €2,988,959 | -€344,064 | -10.3% |
| Transfer from deferred taxes | 780 | €232 | €0 | -€232 | -100.0% |
| Income taxes | 67/77 | €637,508 | €522,562 | -€114,946 | -18.0% |
| Taxes | 670/3 | €637,508 | €543,812 | -€93,696 | -14.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €21,250 | +€21,250 | |
| Profit (loss) for the period | 9904 | €2,695,747 | €2,466,397 | -€229,350 | -8.5% |
| Transfer from tax-exempt reserves | 789 | €378,900 | €1,094,600 | +€715,700 | +188.9% |
| Transfer to tax-exempt reserves | 689 | €842,000 | €842,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,232,647 | €2,718,997 | +€486,350 | +21.8% |
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 9 October 2026 via checked.be.