DUFO WEST: 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.
DUFO WEST
Largest movements
- Cash -€163,549
down €163,549 (-36.8%), from €444,313 to €280,765
mainly Investment in fixed assets (net) (-€237,240) and Current investments (-€150,000)
- Current investments +€150,000
new in 2025: €150,000
- Tangible fixed assets +€115,963
up €115,963 (+13.1%), from €885,697 to €1.0m
of which Plant, machinery and equipment: +€191,471
- Stocks and contracts +€34,502
up €34,502 (+8.0%), from €432,840 to €467,342
- Reserves +€228,000
up €228,000 (+59.8%), from €381,359 to €609,359
- Debts after one year -€92,042
down €92,042 (-18.1%), from €507,166 to €415,123
- Tax, wage and social debts +€48,090
up €48,090 (+58.3%), from €82,538 to €130,628
- Current portion of long-term debt -€35,786
down €35,786 (-27.8%), from €128,573 to €92,787
- Depreciation +€125,778
new in 2025: €125,778
- Write-downs -€125,603
no longer reported in 2025 (was €125,603)
- Taxes +€17,159
up €17,159 (+20.9%), from €82,129 to €99,288
- Financial income +€13,864
up €13,864 (+320%), from €4,330 to €18,194
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.
Derived cash bridge
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 | €1,833,085 | €1,983,425 | +€150,340 | +8.2% |
| Fixed assets | 21/28 | €911,783 | €1,023,245 | +€111,462 | +12.2% |
| Intangible fixed assets | 21 | €9,311 | €4,810 | -€4,501 | -48.3% |
| Tangible fixed assets | 22/27 | €885,697 | €1,001,660 | +€115,963 | +13.1% |
| Land and buildings | 22 | €718,323 | €672,942 | -€45,381 | -6.3% |
| Plant, machinery and equipment | 23 | €83,351 | €274,823 | +€191,471 | +230% |
| Furniture and vehicles | 24 | €84,022 | €53,896 | -€30,126 | -35.9% |
| Financial fixed assets | 28 | €16,775 | €16,775 | = | 0.0% |
| Current assets | 29/58 | €921,303 | €960,180 | +€38,877 | +4.2% |
| Stocks and contracts in progress | 3 | €432,840 | €467,342 | +€34,502 | +8.0% |
| Stocks | 30/36 | €432,840 | €467,342 | +€34,502 | +8.0% |
| Amounts receivable within one year | 40/41 | €36,290 | €54,023 | +€17,732 | +48.9% |
| Trade receivables | 40 | €33,578 | €50,836 | +€17,258 | +51.4% |
| Other amounts receivable | 41 | €2,712 | €3,187 | +€475 | +17.5% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €444,313 | €280,765 | -€163,549 | -36.8% |
| Deferred charges and accrued income | 490/1 | €7,859 | €8,051 | +€192 | +2.4% |
| Total equity and liabilities | 10/49 | €1,833,085 | €1,983,425 | +€150,340 | +8.2% |
| Equity | 10/15 | €999,087 | €1,231,708 | +€232,622 | +23.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €381,359 | €609,359 | +€228,000 | +59.8% |
| Distributable reserves | 133 | €381,359 | €609,359 | +€228,000 | +59.8% |
| Profit (loss) carried forward | 14 | €560,050 | €560,655 | +€605 | +0.1% |
| Investment grants | 15 | €39,086 | €43,103 | +€4,017 | +10.3% |
| Provisions and deferred taxes | 16 | €11,258 | €12,665 | +€1,407 | +12.5% |
| Deferred taxes | 168 | €11,258 | €12,665 | +€1,407 | +12.5% |
| Amounts payable | 17/49 | €822,741 | €739,052 | -€83,689 | -10.2% |
| Amounts payable after more than one year | 17 | €507,166 | €415,123 | -€92,042 | -18.1% |
| Financial debts | 170/4 | €507,166 | €415,123 | -€92,042 | -18.1% |
| Amounts payable within one year | 42/48 | €297,674 | €292,248 | -€5,426 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €128,573 | €92,787 | -€35,786 | -27.8% |
| Trade debts | 44 | €59,263 | €45,915 | -€13,349 | -22.5% |
| Suppliers | 440/4 | €59,263 | €45,915 | -€13,349 | -22.5% |
| Taxes, remuneration and social security | 45 | €82,538 | €130,628 | +€48,090 | +58.3% |
| Taxes | 450/3 | €82,538 | €130,628 | +€48,090 | +58.3% |
| Other amounts payable | 47/48 | €27,300 | €22,918 | -€4,382 | -16.1% |
| Accrued charges and deferred income | 492/3 | €17,901 | €31,681 | +€13,779 | +77.0% |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €125,778 | +€125,778 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €125,603 | - | -€125,603 | |
| Other operating charges | 640/8 | €16,945 | €18,124 | +€1,179 | +7.0% |
| Gross operating margin | 9900 | €462,937 | €459,282 | -€3,655 | -0.8% |
| Operating profit (loss) | 9901 | €320,390 | €315,381 | -€5,009 | -1.6% |
| Financial income | 75/76B | €4,330 | €18,194 | +€13,864 | +320% |
| Recurring financial income | 75 | €4,330 | €18,194 | +€13,864 | +320% |
| Financial charges | 65/66B | €14,180 | €10,794 | -€3,386 | -23.9% |
| Recurring financial charges | 65 | €14,180 | €10,794 | -€3,386 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €310,540 | €322,781 | +€12,241 | +3.9% |
| Transfer from deferred taxes | 780 | €1,126 | €5,112 | +€3,986 | +354% |
| Income taxes | 67/77 | €82,129 | €99,288 | +€17,159 | +20.9% |
| Profit (loss) for the period | 9904 | €229,536 | €228,605 | -€932 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €229,536 | €228,605 | -€932 | -0.4% |
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 17 October 2026 via checked.be.