DUFEYS: 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.
DUFEYS
Largest movements
- Cash +€493,890
up €493,890 (+116.2%), from €425,074 to €918,964
mainly Net result for the year (+€797,954) and Stocks and contracts (+€73,623)
- Current investments +€250,000
up €250,000 (+41.7%), from €600,000 to €850,000
- Stocks and contracts -€73,623
down €73,623 (-41.3%), from €178,456 to €104,834
- Receivables within one year -€42,393
down €42,393 (-23.2%), from €182,978 to €140,585
of which Trade receivables: -€53,976
- Reserves +€720,000
up €720,000 (+89.2%), from €807,582 to €1.5m
of which Distributable reserves: +€720,000
- Other debts -€66,217
down €66,217 (-46.8%), from €141,408 to €75,191
- Tax, wage and social debts -€58,830
down €58,830 (-72.6%), from €81,069 to €22,239
of which Taxes: -€58,190
- Trade debts +€32,868
up €32,868 (+796.0%), from €4,129 to €36,997
- Gross operating margin +€535,635
up €535,635 (+59.1%), from €906,336 to €1.4m
- Taxes +€168,150
up €168,150 (+77.0%), from €218,360 to €386,510
- Staff costs +€21,066
up €21,066 (+11.6%), from €182,132 to €203,198
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 | €1,823,462 | €2,453,232 | +€629,769 | +34.5% |
| Fixed assets | 21/28 | €436,954 | €426,452 | -€10,501 | -2.4% |
| Tangible fixed assets | 22/27 | €436,954 | €426,452 | -€10,501 | -2.4% |
| Land and buildings | 22 | €399,063 | €397,705 | -€1,358 | -0.3% |
| Plant, machinery and equipment | 23 | €14,648 | €11,546 | -€3,102 | -21.2% |
| Furniture and vehicles | 24 | €23,243 | €17,201 | -€6,042 | -26.0% |
| Current assets | 29/58 | €1,386,509 | €2,026,779 | +€640,271 | +46.2% |
| Stocks and contracts in progress | 3 | €178,456 | €104,834 | -€73,623 | -41.3% |
| Stocks | 30/36 | €178,456 | €104,834 | -€73,623 | -41.3% |
| Amounts receivable within one year | 40/41 | €182,978 | €140,585 | -€42,393 | -23.2% |
| Trade receivables | 40 | €182,978 | €129,002 | -€53,976 | -29.5% |
| Other amounts receivable | 41 | - | €11,582 | +€11,582 | |
| Current investments | 50/53 | €600,000 | €850,000 | +€250,000 | +41.7% |
| Cash at bank and in hand | 54/58 | €425,074 | €918,964 | +€493,890 | +116.2% |
| Deferred charges and accrued income | 490/1 | - | €12,397 | +€12,397 | |
| Total equity and liabilities | 10/49 | €1,823,462 | €2,453,232 | +€629,769 | +34.5% |
| Equity | 10/15 | €1,596,857 | €2,318,805 | +€721,948 | +45.2% |
| Contributions | 10/11 | €200,852 | €200,852 | = | 0.0% |
| Capital | 10 | €144,000 | €144,000 | = | 0.0% |
| Issued capital | 100 | €144,000 | €144,000 | = | 0.0% |
| Outside capital | 11 | €56,852 | €56,852 | = | 0.0% |
| Share premium | 1100/10 | €56,852 | €56,852 | = | 0.0% |
| Reserves | 13 | €807,582 | €1,527,582 | +€720,000 | +89.2% |
| Non-distributable reserves | 130/1 | €14,400 | €14,400 | = | 0.0% |
| Legal reserve | 130 | €14,400 | €14,400 | = | 0.0% |
| Distributable reserves | 133 | €793,182 | €1,513,182 | +€720,000 | +90.8% |
| Profit (loss) carried forward | 14 | €565,876 | €573,830 | +€7,954 | +1.4% |
| Investment grants | 15 | €22,547 | €16,541 | -€6,006 | -26.6% |
| Amounts payable | 17/49 | €226,606 | €134,426 | -€92,179 | -40.7% |
| Amounts payable within one year | 42/48 | €226,606 | €134,426 | -€92,179 | -40.7% |
| Trade debts | 44 | €4,129 | €36,997 | +€32,868 | +796.0% |
| Suppliers | 440/4 | €4,129 | €36,997 | +€32,868 | +796.0% |
| Taxes, remuneration and social security | 45 | €81,069 | €22,239 | -€58,830 | -72.6% |
| Taxes | 450/3 | €58,190 | - | -€58,190 | |
| Remuneration and social security | 454/9 | €22,879 | €22,239 | -€640 | -2.8% |
| Other amounts payable | 47/48 | €141,408 | €75,191 | -€66,217 | -46.8% |
| Remuneration, social security and pensions | 62 | €182,132 | €203,198 | +€21,066 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,414 | €62,168 | -€245 | -0.4% |
| Other operating charges | 640/8 | €2,350 | €15,554 | +€13,204 | +562.0% |
| Gross operating margin | 9900 | €906,336 | €1,441,971 | +€535,635 | +59.1% |
| Operating profit (loss) | 9901 | €659,441 | €1,161,051 | +€501,610 | +76.1% |
| Financial income | 75/76B | €20,909 | €29,635 | +€8,725 | +41.7% |
| Recurring financial income | 75 | €20,909 | €29,635 | +€8,725 | +41.7% |
| Financial charges | 65/66B | €3,926 | €6,222 | +€2,296 | +58.5% |
| Recurring financial charges | 65 | €3,926 | €6,222 | +€2,296 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €676,424 | €1,184,464 | +€508,040 | +75.1% |
| Income taxes | 67/77 | €218,360 | €386,510 | +€168,150 | +77.0% |
| Profit (loss) for the period | 9904 | €458,065 | €797,954 | +€339,890 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €458,065 | €797,954 | +€339,890 | +74.2% |
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 1 October 2026 via checked.be.